Should there be some kind of Ethics Counsel for Altcoins?

coupable

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Quote from: semobo on June 24, 2020, 11:42:13 AM

Quote from: coupable on June 23, 2020, 06:29:08 PM

Quote from: semobo on June 23, 2020, 05:48:22 PM

Don't worry probably the new coin with the same name will be disappeared once their ICO finished because they can't list their project on reputed exchange and even CMC won't since they have same name and symbol so the new project was created just to make some money.

I don't think CMC will be interested in delisting coins having the same symbols or even the same templates as long they pay them. And the same with exchanges.
I remember the case of two coins having the same symbol [UAH if am not wrong], one is a cryptocurrency and the other is a fiat currency but in CMC the exchanges marked for the crypto one includes the exchanges use the Fiat one. This caused a disaster for traders who mistakenly bought the coin thinking that it's a great opportunity because the huge difference in price between the exchanges.

First of all I doubt that they won't let those coins to be listed on CMC, since coinmarket cap was acquired by binance they are changing lot of metrics and features so I feel this also will be included.

Maybe you are right, but personally i don't trust the team behind cmc as i know how many times i discovered that it promotes shit coins or reporting fake trading volumes for many scam exchanges. It won't bother them to list coins with the same brand and create that sort of confusion even for a determined short period of time then just delist it after someone officially reported it.
The example i gave above was a catastrophy, please search for more details about it.

bgaf

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This is a problem in cryptocurrency. There are dozen of names and ticker that are the same. For me its unfair on the old compound coin that a new coin is mooning and now traded on big exchange. The 2nd project should consider putting its name or changing it.

Quote from: slaman29 on June 25, 2020, 02:12:56 AM

Anyway, the system is not patented. Open source means free to be taken and used. It should credit the original but hey even McAfee steals coins whitepapers directly:)

I think this is different case, cause both ticker will be listed on cmc, and some interested investors and traders are likely found it really confusing. For me the 2nd project the new one consider changing ticker symbol at least to give respect on the first one.

slaman29

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Quote from: paramind22 on June 23, 2020, 03:26:22 PM

There is a new coin that just called itself Compound Coin but as probably many of you know, there has been an active coin named Compound Coin for five or more years. They both have the same symbol.

The old Compound coin has an active community.

What can we do about people just coming in and stealing coin's intellectual property?

Websites have a system, I think we need a system, at least with heavyweights like Charlie Lee, etc. and various bloggers picketing the new thieving coin.

Old active community is a new thing for me, I've been in the space for a few years so I would feel like I know almost every coin out there but this is the first time I'm hearing about Compound Coin!

Anyway, the system is not patented. Open source means free to be taken and used. It should credit the original but hey even McAfee steals coins whitepapers directly:)

semobo

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Quote from: meanwords on June 24, 2020, 11:54:35 PM

Quote from: semobo on June 23, 2020, 05:48:22 PM

Quote from: paramind22 on June 23, 2020, 03:26:22 PM

There is a new coin that just called itself Compound Coin but as probably many of you know, there has been an active coin named Compound Coin for five or more years. They both have the same symbol.

The old Compound coin has an active community.

What can we do about people just coming in and stealing coin's intellectual property?

Websites have a system, I think we need a system, at least with heavyweights like Charlie Lee, etc. and various bloggers picketing the new thieving coin.

Don't worry probably the new coin with the same name will be disappeared once their ICO finished because they can't list their project on reputed exchange and even CMC won't since they have same name and symbol so the new project was created just to make some money.

Agreed. They will be forced to change their name if it's just a coincidence that they have a similar name. But if the owner of the new coin doesn't, then it's pretty clear that they are here to scam people by using an older projects name because no one would accept them and they can't be listed on anything except shady exchanges too.

They also can't register it in trade mark because they'll have to give out their identity completely which I think they wouldn't do considering that they looks like they are trying to scam people.

Likely they won't get listed on good exchanges so we don't need any council to handle this kind of issues because it is not possible in the decentralization world.We just need our common sense to be used here to invest on any projects.

Kotone

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Actually I got confuse too when I checked the compound coin on cmc, there is a low price while on some twitter it said the price reaches 300$ so meaning there are two projects with same name. This should have been taken care of or at lesst changed the ticker. Agree with OP, there must be a checker or site that approved first whether the name is already been used or not cause there will be confusion among traders and investors. Probably some got it wrong already, about the comp tokens.

meanwords

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Quote from: semobo on June 23, 2020, 05:48:22 PM

Quote from: paramind22 on June 23, 2020, 03:26:22 PM

There is a new coin that just called itself Compound Coin but as probably many of you know, there has been an active coin named Compound Coin for five or more years. They both have the same symbol.

The old Compound coin has an active community.

What can we do about people just coming in and stealing coin's intellectual property?

Websites have a system, I think we need a system, at least with heavyweights like Charlie Lee, etc. and various bloggers picketing the new thieving coin.

Don't worry probably the new coin with the same name will be disappeared once their ICO finished because they can't list their project on reputed exchange and even CMC won't since they have same name and symbol so the new project was created just to make some money.

Agreed. They will be forced to change their name if it's just a coincidence that they have a similar name. But if the owner of the new coin doesn't, then it's pretty clear that they are here to scam people by using an older projects name because no one would accept them and they can't be listed on anything except shady exchanges too.

They also can't register it in trade mark because they'll have to give out their identity completely which I think they wouldn't do considering that they looks like they are trying to scam people.

milandres0207

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Quote from: paramind22 on June 23, 2020, 03:26:22 PM

There is a new coin that just called itself Compound Coin but as probably many of you know, there has been an active coin named Compound Coin for five or more years. They both have the same symbol.

The old Compound coin has an active community.

What can we do about people just coming in and stealing coin's intellectual property?

Websites have a system, I think we need a system, at least with heavyweights like Charlie Lee, etc. and various bloggers picketing the new thieving coin.

If that is true, the original old coin can file a complaint to that new coin isn't it right?
However, if the old coin is not complaining, well we don't know the reason for it.
But at least we aware of this thing and We know what we are going to do.

aioc

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Quote from: serjent05 on June 23, 2020, 05:21:25 PM

If the old Compund Coin owner registered the name under Trade Mark Law then they can file a case against someone who uses it for their own benefit. If not then there is nothing they can do and if this new one registered it then the old one will be forced to change their name. It cannot be an intellectual property if it is not registered under the said law.

That's true only a registered trademark can make the other party to stop imitating your brand, that is why some of the big domain name see to it to buy all the name and extensions associated with their name and point it to the main domain, this is to avoid imitating their brand or their domain.

bobitza

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Quote from: dunfida on June 23, 2020, 05:28:20 PM

Quote from: serjent05 on June 23, 2020, 05:21:25 PM

If the old Compund Coin owner registered the name under Trade Mark Law then they can file a case against someone who uses it for their own benefit. If not then there is nothing they can do and if this new one registered it then the old one will be forced to change their name. It cannot be an intellectual property if it is not registered under the said law.

You are correct and since this is a free market where anyone can easily copy out your own projects utility idea or some sort and if this one doesnt connect with any legal aspect
then theres nothing they would able to do.

It doesnt mean that they would be forced to change their name since people will eventually find out on which one whom they do should support.

If the said two is just the same then people or investors would find their own path or way on verifying on where they should go.

We are participating in the forum together and we all have certain goals. And I think the most important thing is that we make money. There are good ideas out there that everyone can copy and do because they're not strictly regulated. We can help each other but being ethical must be involved in any issue. Want to get other people's ideas not to be stolen but have to ask permission.

qazgroup

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Quote from: paramind22 on June 23, 2020, 03:26:22 PM

There is a new coin that just called itself Compound Coin but as probably many of you know, there has been an active coin named Compound Coin for five or more years. They both have the same symbol.

The old Compound coin has an active community.

What can we do about people just coming in and stealing coin's intellectual property?

Websites have a system, I think we need a system, at least with heavyweights like Charlie Lee, etc. and various bloggers picketing the new thieving coin.

One solution could be that already existing coin data and stats platforms like cmc or coingecko start offering this validation service where the project owners and developers when coming up with a new project can check the new name for uniqueness as compared to all other coins available in the market same can be done for symbol as well as other metrics like supply and price etc, it will not only make sure uniqueness but will also help new projects to calculate their supply and relevant ico price for their token.

South Park

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Quote from: serjent05 on June 23, 2020, 05:21:25 PM

If the old Compund Coin owner registered the name under Trade Mark Law then they can file a case against someone who uses it for their own benefit. If not then there is nothing they can do and if this new one registered it then the old one will be forced to change their name. It cannot be an intellectual property if it is not registered under the said law.

It is that simple, if this was a mistake, after all there are more than 7k coins active at the moment and there are probably thousands of coins in development and thousands of coins that had disappeared that it makes sense that out of sheer luck some names and symbols could repeat themselves over the years, and the developers of such coin were honest it will be the easiest thing on the world to change the name of their coin, but if the developers of the second coin decide to not do so then the only way to force them is the use of the law, but this is only available if the old developers trademarked their brand, but if they did not and the developers of this new coin did so it is possible the developers of the first coin will be the ones forced to change the name of their project.

Maxstl007

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Quote from: paramind22 on June 23, 2020, 03:26:22 PM

There is a new coin that just called itself Compound Coin but as probably many of you know, there has been an active coin named Compound Coin for five or more years. They both have the same symbol.

The old Compound coin has an active community.

What can we do about people just coming in and stealing coin's intellectual property?

Websites have a system, I think we need a system, at least with heavyweights like Charlie Lee, etc. and various bloggers picketing the new thieving coin.

So if any new developers find their way into crypto space today they should start looking for coins that might Shar same name with the name they picked for their project? No that's not going to work and I don't see anything wrong with this, if name is nearly identical symbol will be different

semobo

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Quote from: coupable on June 23, 2020, 06:29:08 PM

Quote from: semobo on June 23, 2020, 05:48:22 PM

Don't worry probably the new coin with the same name will be disappeared once their ICO finished because they can't list their project on reputed exchange and even CMC won't since they have same name and symbol so the new project was created just to make some money.

I don't think CMC will be interested in delisting coins having the same symbols or even the same templates as long they pay them. And the same with exchanges.
I remember the case of two coins having the same symbol [UAH if am not wrong], one is a cryptocurrency and the other is a fiat currency but in CMC the exchanges marked for the crypto one includes the exchanges use the Fiat one. This caused a disaster for traders who mistakenly bought the coin thinking that it's a great opportunity because the huge difference in price between the exchanges.

First of all I doubt that they won't let those coins to be listed on CMC, since coinmarket cap was acquired by binance they are changing lot of metrics and features so I feel this also will be included.

robelneo

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Quote from: paramind22 on June 23, 2020, 03:26:22 PM

There is a new coin that just called itself Compound Coin but as probably many of you know, there has been an active coin named Compound Coin for five or more years. They both have the same symbol.

The old Compound coin has an active community.

What can we do about people just coming in and stealing coin's intellectual property?

Websites have a system, I think we need a system, at least with heavyweights like Charlie Lee, etc. and various bloggers picketing the new thieving coin.

I wish there is one because it will serve the interest of all concerns here if we have one, but many things are not moderated here and one of them is the announcement of a new project coming in, the only way we can do is to educate ourselves and to do a lot of research and have a discerning eye and a good judgement on the kind of project that we invest and supports.

TravelMug

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Quote from: paramind22 on June 23, 2020, 03:26:22 PM

There is a new coin that just called itself Compound Coin but as probably many of you know, there has been an active coin named Compound Coin for five or more years. They both have the same symbol.

The old Compound coin has an active community.

What can we do about people just coming in and stealing coin's intellectual property?

Websites have a system, I think we need a system, at least with heavyweights like Charlie Lee, etc. and various bloggers picketing the new thieving coin.

It's blatantly copy and paste and clone of the original Compound coin, so this is stealing per se, similar to scam projects whose post pictures that you can find in the internet and copying other projects whitepaper.

I think the original project has a good cause, however, there is no crypto governing body to hear this cases. It's really up to crypto community raise the red flag and made it aware that someone is cloning a project's name. And I do hope that it will backfire on the clone project and people are going to see the original as the true and legit, similar to other bitcoin forks.

Kemarit

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Quote from: paramind22 on June 23, 2020, 03:26:22 PM

There is a new coin that just called itself Compound Coin but as probably many of you know, there has been an active coin named Compound Coin for five or more years. They both have the same symbol.

The old Compound coin has an active community.

If they are active as you claim then they could fight it out with the impersonating or copy-cate Compound coins.

Quote from: paramind22 on June 23, 2020, 03:26:22 PM

What can we do about people just coming in and stealing coin's intellectual property?

Same question with scammers though, what should we do to them? Obviously, we wanted to get justice and to an extend sent them to jail

Quote from: paramind22 on June 23, 2020, 03:26:22 PM

Websites have a system, I think we need a system, at least with heavyweights like Charlie Lee, etc. and various bloggers picketing the new thieving coin.

I don't know if we need such system though, this is a free market, everything is open for everyone. But each and everyone of us has a duty to call out if we see such clone happening in crypto space. Checking coingecko, I saw two coins:

Compound (COMP)
Compound Coin (COMP)

This could really mislead investors.

tabas

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The community of the original Compound Coin can easily make awareness call that there's this imitator that's stealing the real things from the original compound coin.
They can do a mass report for the website or just raise awareness as much as possible. We have no counsel for this matter but raising awareness to the community is going to be the best option.

coupable

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For an honest project, it is necessary to take care on how to chose its brand name.
During my stay here, i faced a lot of similar cases and even report some of them. But unfortunetly, nothing to do against those using the same brand of another project.

Quote from: semobo on June 23, 2020, 05:48:22 PM

Don't worry probably the new coin with the same name will be disappeared once their ICO finished because they can't list their project on reputed exchange and even CMC won't since they have same name and symbol so the new project was created just to make some money.

I don't think CMC will be interested in delisting coins having the same symbols or even the same templates as long they pay them. And the same with exchanges.
I remember the case of two coins having the same symbol [UAH if am not wrong], one is a cryptocurrency and the other is a fiat currency but in CMC the exchanges marked for the crypto one includes the exchanges use the Fiat one. This caused a disaster for traders who mistakenly bought the coin thinking that it's a great opportunity because the huge difference in price between the exchanges.

semobo

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Quote from: paramind22 on June 23, 2020, 03:26:22 PM

There is a new coin that just called itself Compound Coin but as probably many of you know, there has been an active coin named Compound Coin for five or more years. They both have the same symbol.

The old Compound coin has an active community.

What can we do about people just coming in and stealing coin's intellectual property?

Websites have a system, I think we need a system, at least with heavyweights like Charlie Lee, etc. and various bloggers picketing the new thieving coin.

Don't worry probably the new coin with the same name will be disappeared once their ICO finished because they can't list their project on reputed exchange and even CMC won't since they have same name and symbol so the new project was created just to make some money.

pixie85

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There's a lot of similar cases in the crypto world.

BCH used to be named BCC but there was already a coin with that name (bitconnect), so they switched to BCH and BCC, which was a scam, disappeared.
There's an exchange named Bitbay and a coin with the same name that was created later. The exchange and the coin have no connection.

We could make a whole thread dedicated to those cases.

I've read today that some new guy trademarked the Bitcoin logo Cheesy

dunfida

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Quote from: serjent05 on June 23, 2020, 05:21:25 PM

If the old Compund Coin owner registered the name under Trade Mark Law then they can file a case against someone who uses it for their own benefit. If not then there is nothing they can do and if this new one registered it then the old one will be forced to change their name. It cannot be an intellectual property if it is not registered under the said law.

You are correct and since this is a free market where anyone can easily copy out your own projects utility idea or some sort and if this one doesnt connect with any legal aspect
then theres nothing they would able to do.

It doesnt mean that they would be forced to change their name since people will eventually find out on which one whom they do should support.

If the said two is just the same then people or investors would find their own path or way on verifying on where they should go.

kindbtc

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Quote from: paramind22 on June 23, 2020, 03:26:22 PM

There is a new coin that just called itself Compound Coin but as probably many of you know, there has been an active coin named Compound Coin for five or more years. They both have the same symbol.

The old Compound coin has an active community.

What can we do about people just coming in and stealing coin's intellectual property?

Websites have a system, I think we need a system, at least with heavyweights like Charlie Lee, etc. and various bloggers picketing the new thieving coin.

I totally agree with you and there is a high need of some regulator that monitors and controls all the troubling issues, for now atleast this can be done that the teams should atleast do complete research about all the present and past coins and only come up with a unique name and the short code or trading name for each project should also be different and unique atleast for compliance and avoid confusion and also to avoid wrong investments.

serjent05

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If the old Compund Coin owner registered the name under Trade Mark Law then they can file a case against someone who uses it for their own benefit. If not then there is nothing they can do and if this new one registered it then the old one will be forced to change their name. It cannot be an intellectual property if it is not registered under the said law.

paramind22

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There is a new coin that just called itself Compound Coin but as probably many of you know, there has been an active coin named Compound Coin for five or more years. They both have the same symbol.

The old Compound coin has an active community.

What can we do about people just coming in and stealing coin's intellectual property?

Websites have a system, I think we need a system, at least with heavyweights like Charlie Lee, etc. and various bloggers picketing the new thieving coin.

Topic: Should there be some kind of Ethics Counsel for Altcoins? (Read 310 times)