Topic: Topic- How can we eliminate ICO's and Pre-mines? (Read 2993 times)

I don't think you can eliminate ICO and pre-miners coins, it is a new found money and people will also invest/gamble into something their is possibility of making profit from. I personally I've invested into projects that have given me more than 8X return, where in the world would I get that if not in Cryptospace.

Since there is no regulation in space it can't be stopped, I believe the space will evolve over time and get mature. Now it is becoming apparent to know a scam project unlike before where some will just come and collect money and disappear.

That's why I thought, we can't eliminate ICO's and premines as everyone has a right to choose whether to invest or not.
Neither nor for divide bitcoin fees into 5 parts as it had set belong to the miners since the first time, it's fair enough.
On the other hand, bitcoin may can not develop very well without all new coins which could act as testnet for bitcoin. Moreover, many traders have gained big profits from those coins, we can't say it's wrong at all.

I don't foresee a total inhalation of ICO's, as you have pointed out they are vital in today's day and age. I could see it knocking out the need for premines. There are some successful ico in the past and more of such ico shall still come, i guess we should better educate ourselves with good knowledge of a scam free ico road map/agenda etc. Ico cannot be fully eradicated before it does not limit to the forum alone but this forum plays a major role in their exposure.

You know, i don't think the problem is in the ICO mechanism itself, many projects on bitcointalk are legit, but they require funds to be able to achieve their goals.
ICOs rised because people doesn't donate anymore, ask someone who is asking for bitcoin donations, you will see that the address is empty, or with 1 or 2 donations of no more then 100k satoshi, nothing really fancy.
There are other ways to fund projects, crowd funding is one of them, but nowadays we lack of CFC platforms, there is also the donations, but as i said earlier, you won't have much.

Now if you really want to stop ICOs IPOs and the other methods involving high scam potencial, you should offer a side solution, one who can satisfy both donators and receivers. The problem is that such a solution requires a lot of money as the only way i can find is to guarantee the refund to donators.

You are correct, you can't force anyone to do anything. But, this could give direction to future coin devs who want to drift away from the ICO's and Premines giving the community a much better feeling of someone who is going to stick around. A simple .jpg with dates called "roadmap" is not sufficient enough anymore. In any case, it was a suggestion and I'm all ears for someone who would like to debate or talk about the subject.

There is nothing inherently wrong with ICOs.
You are investing based on your trust in the developers of the coin. Sometimes you misplace your trust and lose your investment. It is a good way to get good projects of the ground, just make sure you do research beforehand.
Also, I do agree that a certain percentage of transaction fees should go towards future development.

There are successful ICO's like Ethereum, and successful premines like Bitcoin. If the coin is good than those things are not a problem. If you are concerned about people being scammed, take a role of "scam buster", check all new threads in Altcoin section and throw your accusations against ICO's and premines. Even if you develop your transaction fee reward system,  you can't make devs use it, it's their right to create whatever their want, and user's right to invest/mine whatever they want.

It is fair in theory, but the practice is just too tempting for the creators to get one over on investors. I think their track record says enough about how good an idea they are.

I think ICO is the most fair distribution, because all people can invest in it, but the coins need to be mined are unfair, because not everyone is miner.

Most of the fund gathered during ICO will be held by escrow but they will release it when developer releases their wallet and some basic things. And they promise to come up with bigger updates and improvement but they keep postponing it and keep enjoying what they have got during ICO.

No any developers are willing to put their own money on starting to develop something and launch their coin without any premining. Your idea looks good and hope we will see some project based on your idea in near future.

It is not a problem whether your solution to control ICOs is feasible and easy to implement. It is rather whole concept of ICOs that is wrong.
Even if you came up with the best and ideal solution to regulate ICOs. Who is gonna accept it? Do you think that ICO owner/creator/developer will comply to your rules?

This quest sounds very good in theory but i feel that the better concern of the community is how to eliminate scam icos and pre-mines.
Practically some icos have made people happy  while some have painted the community red.
We should educate ourselves more on what are the possible signs or signals to watch out for in order to know if a coin project is a scam or not, i guess this might make us happier rather than killing the system completely because it is 2 ways thing.

The way I see it is that most coins with ore-mines and more specifically ICOs are more likely to be scam coins. The best way to decoupage the continuation of these ICOs is just to not support them. The less support they get the fewer scam-coins that are created as the creators will see that nobody would buy into their 'scheme'.

I don't foresee a total inhalation of ICO's, as you have pointed out they are vital in today's day and age. I could see it knocking out the need for premines.

That will never, ever, ever happen. Too many clueless and greedy people. If Bitcoin and friends really takes off then you ain't seen nothing yet. there's a never ending supply of the stupid, lazy and greedy.

ICO is the opportunity for many to multiply their initial investment in short terms so even if they lost in few of the ICOs, they will just forget about it and try to recover it from another good one.

@OP what you have proposed may work but may not eliminate need of ICO and premine because much of the funds needed for any alt is during early stage of development and marketing.

if no one is joining then ICO's are a thing of the past

Very Easy. If community ignores at all. Then ICOS vanish automatically.

With all new coins, we are seeing an uptrend of ICO's and Pre-mines that lead the teams to doom. These teams will build up an ICO and vanish or create massive pre-mines and dump once they hit the exchange. That is where this topic comes in. How do we eliminate the overuse of ICO's and Pre-mines?

Here is a suggestion I've come up with, and I'm not sure if it's feasible. Transaction Fees! Can we create the transaction fees of coins to get distributed as follows-

50%- Miners
10%- R&D
10%- Security
20%- Future Development
10%- Basic Income

I would like to give each of these its own multi-sig wallet and have the transfer fees being split into these groups (with the possible elimination of some).

Miners will get 50% of the transfer fee’s generated per block

Our Research and Development lab for blockchain technology will receive 15% of each transaction fee.
 
Our Security team will receive 10% of the fees from each transaction fee.

The team will receive 15% of the transaction fees for future development

Plus 10% of all transaction fees to go into a Basic Income for all holders of our coin.

Each set of transfer fees will have its own multi-sig wallet (Total of 5 Wallets)


Again, I'm not sure if this is feasible or not. This is where you come in, to add your suggestions to how we can eliminate these ICO's and Pre-Mines.