Why does Owner of the token/coin when it has value always change Smart Contracts

RealMalatesta

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Quote from: justdimin on July 08, 2022, 06:26:56 AM

I believe that most of the time they are "updating" it to make it better in the code part of it. Audits are a real thing, and when you create a token with a contract that doesn't pass the audit check, then it is going to be a problem. I have seen many people who did it because they found some problems with the contract.

It is simple really, if CertiK for example says that there is something wrong with it, you update it, do a new contract, and ask them to check it again, and if it is clear then you stay with that but if there is some more then you make another one and check it again. One project I worked with literally had 3 contracts because of an issue.

This is true and very real. I have met with quite a lot of people back in the day, and most of them went ahead and made their own projects later in life. When you have been in crypto for so many years like me, you meet with a lot of people who get rich, and when they get rich, they want to get richer and they build new projects.

I have seen all of them get audits, and at least half of them would have another token with a new contract after the audit to fix things, and maybe like 5-10% of them would get a third one to get even a better one. Sure,it is a bad situation for the project no doubt, but having a shitty contract and sticking with it would have been even worse.

ragini330

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Quote from: samcrypto on July 06, 2022, 04:52:10 PM

Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

As a bounty hunter, I will definitely be happy to receive the results of the campaigns that have been followed in this forum, but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

There’s a two reason, either to improve the project by using other contracts or to scam their investors.
There’s a lot of situation like this before and some turns into a scam project after collecting money from the investors. This is why we should always take profit with our bounty reward since not all can sustain their momentum in long term. If you see a project change into another contract better to analyze it, and know if its still worth it to hold that token.
[Because they are insecured like the market getting volatile. I suggest one should have alternative investment and earnings. Have you heard of Mallconomy]

justdimin

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Quote from: arwin100 on July 07, 2022, 06:52:12 AM

Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

As a bounty hunter, I will definitely be happy to receive the results of the campaigns that have been followed in this forum, but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

The common reason is they want to make people think that they are creating something good to their tokens and hoping for investors to see that this is good updates happen to their project.

But eventhough that's the case sometimes this is not the intention of some developers and actually we cannot hit up the main intention because as many says devs have different reason on why they implement a replacement on their smart contracts.

I believe that most of the time they are "updating" it to make it better in the code part of it. Audits are a real thing, and when you create a token with a contract that doesn't pass the audit check, then it is going to be a problem. I have seen many people who did it because they found some problems with the contract.

It is simple really, if CertiK for example says that there is something wrong with it, you update it, do a new contract, and ask them to check it again, and if it is clear then you stay with that but if there is some more then you make another one and check it again. One project I worked with literally had 3 contracts because of an issue.

icalical

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The good reason could be that the project want to move to their own Blockchain mainnet, starting with their own Blockchain is expensive so the solution would be to just create a token under smart contract platform, and later on after they raise some funds they can start developing their own Blockchain. Some other reasons would be that a new platform development that turns out to be more suitable for the project, I believe many ERC-20 token move to BSC.

The worst scenario is that the project turn out to be scam, and the moving is just some stalling and bullshit reasons to steal the investors money.

arwin100

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Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

As a bounty hunter, I will definitely be happy to receive the results of the campaigns that have been followed in this forum, but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

The common reason is they want to make people think that they are creating something good to their tokens and hoping for investors to see that this is good updates happen to their project.

But eventhough that's the case sometimes this is not the intention of some developers and actually we cannot hit up the main intention because as many says devs have different reason on why they implement a replacement on their smart contracts.

Saisher

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Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

As a bounty hunter, I will definitely be happy to receive the results of the campaigns that have been followed in this forum, but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

There are a lot of reasons for this, hacking is one of the main reasons another one is a change of supply for a new one, the introduction of another feature, and transferring from one chain to another, so it is very important to keep updated on the development of the token you're holding or you will be late in swapping your old token to a new one, not because it is distributed and you want to hold your token it is always safe in your wallet if you are late your token will become useless.

TastyChillySauce00

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Quote from: Gayong88 on July 05, 2022, 08:17:32 AM

Quote from: shinratensei_ on July 05, 2022, 07:32:58 AM

Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

It's not for fun. This can be various reason who have been making the developers are always replacing their old token with the new tokens. I can mention some reasons as example

Just like these

1. The developers might found there was a crucial bug in their smartonctract
2. Scamming purpose
3. Avoid to the problem in short term.

There are so many reasons that used by the developers to replace their tokens. Investors are also feeling confused with it as developers are always swapping their tokens.

I myself think this has yet another impact where Many people are disappointed with it, and a large number of investors who had the opportunity to participate in ICO projects have stopped predicting project tokens. There is no more excitement in this area, and there is strong opposition to it on the assumption that tokens can replace the same coins again.

No problem. THese days investors become even smarter than before by filtering the garbage project. There are so many successful IDO recently, poeople are still looking for the new projects that can give them all huge return. This can't be done through investing in the existing token. The new projects are much more preferable to all of investors for now. I think that some legit projects were changing smartcontract for ugent reasons

samcrypto

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Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

As a bounty hunter, I will definitely be happy to receive the results of the campaigns that have been followed in this forum, but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

There’s a two reason, either to improve the project by using other contracts or to scam their investors.
There’s a lot of situation like this before and some turns into a scam project after collecting money from the investors. This is why we should always take profit with our bounty reward since not all can sustain their momentum in long term. If you see a project change into another contract better to analyze it, and know if its still worth it to hold that token.

Jackl87

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Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

As a bounty hunter, I will definitely be happy to receive the results of the campaigns that have been followed in this forum, but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

As others in this thread already said there can be a lot of different reasons why a project team has to update or switch to a new token with a new smart contract address and just for fun is not the reason in 99% of the cases in my opinion. The first and most severe one for me is that there was a major bug in the first smart contract code. In that case you have to halt the blockchain or remove the liquidity from the token until you have a fix for the bug and then the old tokens can be swapped for the new ones.
Another reason is that the project is building it's own chain but is not finished with it yet. Then you get a ERC-20 or BSC token and once the own chain is done you can swap to the new native tokens. Radix did it that way for example.

serjent05

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I have lots of tokens that have gone wasted because of this change of smart contract. I find it the way for the developer to confiscate the token of the unattentive holder since they always put time frame for token swap, only a few I know that swap the token automatically when they change the smart contract.

in addition to the earlier replies,

the developer might find that there is glitches or bag in the current smart contract.
there is an exchange hack and the developer wanted to nullify the hacked token thus the change in the smart contract.
the developer just wanted to trim down holders and retake the token holdings of the unattentive investors. More or less to rob their token holder.

MAAManda

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Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

As a bounty hunter, I will definitely be happy to receive the results of the campaigns that have been followed in this forum, but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

Always? don't joke mate, Not all projects will change their smart-contracts. And talking about smart-contract changes, it's usually the developers who change their smart contracts because they find loopholes that might be very dangerous if the current contact continues to be used. one more thing, if the developer changes their smart-contract, it will affect you, as far as I know, if they change the smart-contract, they will tell their token holders to swap tokens from the old contract to the new one.

Dart18

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Swaps. 1 = 1000 or vice versa. I have seen this happened with one project that I invested with and it the effects doesn't look good. Before it was a manual thing done by each investor. DIY. I also wish it will be an automatic swap for other investors might not be notified about it.
There are different reasons why they do this.
One is increase the amount so it gives chance to new investors while others are for bad intentions. Anyone who won't do the swap will be burnt in the time given.

zasad@

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Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

As a bounty hunter, I will definitely be happy to receive the results of the campaigns that have been followed in this forum, but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

Previously, projects collected investments in the ethereum ecosystem, because many people use this ecosystem. Then they built their own blockchain (like an EOS) or went to other ecosystems or developed smart contracts for the tasks of the project. The first smart contract was usually for receiving investments.

Davian144

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Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

As a bounty hunter, I will definitely be happy to receive the results of the campaigns that have been followed in this forum, but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

Usually every time there is any change to the token that has been launched is for a reason and it is made for the good of a token. Actually you can just ask this to the token developer directly through the available media, although asking in this forum will not be wrong, but the answers you will receive will definitely vary greatly.
So try to ask the token developer in question for a very specific answer to this.

Kelvinid

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Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

As a bounty hunter, I will definitely be happy to receive the results of the campaigns that have been followed in this forum, but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

Running to a business like this wasn't a joke unless the intent is for scamming. But in some cases, some projects change their smart contract to speed up transactions and fees.
It is very important that we are also updated with the team/developers especially if we are holding coins. Some participants had missed the updates and it confuse them which lead them not able to trade or sell. And for sure they will explain their reason why conducting such changes and to help understand every holder and every investor.

Gayong88

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Quote from: yazher on July 05, 2022, 10:23:04 AM

Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

As a bounty hunter, I will definitely be happy to receive the results of the campaigns that have been followed in this forum, but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

They change and sometimes changed back again and this kind of matters only the team knows the reasons behind it and as a bounty hunter, all you have to worry about is your payment and how effective you promote their projects. You don't need to worry about such things because this kind of matter is for the team only. Just follow their instructions on how you will gonna withdraw your rewards and I'm sure most of them won't let their bounty participants down after all they are one of the main keys to why their project has earned popularity.

True, but the important point here is that the value paid to participants after the campaign ends is very much different and very low than the value of the new coin that has changed its Smart Contracts.

yazher

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Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

As a bounty hunter, I will definitely be happy to receive the results of the campaigns that have been followed in this forum, but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

They change and sometimes changed back again and this kind of matters only the team knows the reasons behind it and as a bounty hunter, all you have to worry about is your payment and how effective you promote their projects. You don't need to worry about such things because this kind of matter is for the team only. Just follow their instructions on how you will gonna withdraw your rewards and I'm sure most of them won't let their bounty participants down after all they are one of the main keys to why their project has earned popularity.

tbct_mt2

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Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

As a bounty hunter, I will definitely be happy to receive the results of the campaigns that have been followed in this forum, but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

One of reasons is bounty hunters are very impatient. They want quick money even it does not help them richer.

Last two years, things are changing with DeFi and decentralized exchanges, so some of bounty hunders can create trading pairs on Pancakeswap, add community liquidity there. They dump their tokens received from bounty on DEX while public sale is still going. That is very harmful for projects and they change smart contract.

Bounty hunters have their responsibility there too but projects should plan to distribute bounty reward only after their public sale is finished.

Gayong88

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Quote from: shinratensei_ on July 05, 2022, 07:32:58 AM

Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

It's not for fun. This can be various reason who have been making the developers are always replacing their old token with the new tokens. I can mention some reasons as example

Just like these

1. The developers might found there was a crucial bug in their smartonctract
2. Scamming purpose
3. Avoid to the problem in short term.

There are so many reasons that used by the developers to replace their tokens. Investors are also feeling confused with it as developers are always swapping their tokens.

I myself think this has yet another impact where Many people are disappointed with it, and a large number of investors who had the opportunity to participate in ICO projects have stopped predicting project tokens. There is no more excitement in this area, and there is strong opposition to it on the assumption that tokens can replace the same coins again.

shinratensei_

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Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

It's not for fun. This can be various reason who have been making the developers are always replacing their old token with the new tokens. I can mention some reasons as example

Just like these

1. The developers might found there was a crucial bug in their smartonctract
2. Scamming purpose
3. Avoid to the problem in short term.

There are so many reasons that used by the developers to replace their tokens. Investors are also feeling confused with it as developers are always swapping their tokens.

Ifemini

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Quote from: Gayong88 on July 05, 2022, 01:41:28 AM

As a bounty hunter, I will definitely be happy to receive the results of the campaigns that have been followed in this forum, but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

There are always reason why devs change smart contract from v1 to v2. For some projects it is to enhance more features to the new contract, for some it is to protect the project (if dev notice any vulnerability). while some its to enable the contract to perform more functions (especially gaming platforms). And yes some projects do this to scam bounty participants, they send v1, create v2 and ask users to swap 10% monthly.

ryzaadit

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There always has some reason for the token swap contract.

You should ask to the project group or admin for the reason, however they always tell via "news article" for the reason swap. Not only for bounty but also for the investor too with various reasons.

Because not every token swap reason is the same.

Gayong88

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As a bounty hunter, I will definitely be happy to receive the results of the campaigns that have been followed in this forum, but I myself am confused why the Owner always replaces the smart contract even though the token/coin is already known. what is the meaning of the tokens that have been distributed to participants, is it just for fun?

Topic: Why does Owner of the token/coin when it has value always change Smart Contracts (Read 215 times)