Why smart-contracts are so strange? | Bitcointalksearch.org

asayoyaasa

copper member

Activity: 648

Merit: 159

Quote from: bubuliks on April 02, 2019, 11:44:03 AM

Let me clarify, I'm talking about ERC20 contracts, I have nothing against them, they are a good decision.

I'm just confused about contracts of some ICO which do not indicate soft cap in their code, but they talk about it on their website.
At the moment, I do not understand just that, because this is a guarantee of investor safety

Cause most of them not even care about that, they just want to make money. Sometimes if the soft cap isn't reached they just flew with your money and no refund at all given to the investor. Besides that, not all ICO requires you to send eth directly to smart contract some of them go to an unique wallet, also most ICO not only accept ethereum they accept some major currency like BTC LTC and you can even make a direct deposit using USD. So by all that most of ICO dev don't bother to add a soft cap code at their smart contract.

muslol67

hero member

Activity: 1582

Merit: 670

Quote from: bubuliks on April 02, 2019, 07:03:27 AM

Hello dear friends,

I have not found such a question.
You do not find strange many ICO smart contracts?

I don’t want to give specific examples here, but many of them haven’t soft-cap in code.

First of all, are you sure you can read the smart contracts correctly? Many projects and teams can design them very nicely. Moreover, there are some applications that can write these contracts. I think it's very important for the future. Both smart contract and DAPPS.

green547

full member

Activity: 385

Merit: 101

Ethereum can do a lot of different things which makes it easy to hang yourself with all the rope they give you. This is why people have lost millions in smart contracts because they weren't careful and didn't know what the hell they were even doing.

neonshium

hero member

Activity: 1134

Merit: 515

Quote from: bubuliks on April 02, 2019, 07:03:27 AM

Hello dear friends,

I have not found such a question.
You do not find strange many ICO smart contracts?

I don’t want to give specific examples here, but many of them haven’t soft-cap in code.

If you are not a programmer, I think this is only when smart contract would look strange to you because it is normal with life, as people always say, knowledge is power, once you don't know how something works or how to get it to work, then it would always look strange to you until you are opened to that knowledge. Smart contract is a deployed code on the ethereum blockchain to create a token with different blockchain features.

rockethead

legendary

Activity: 1059

Merit: 1016

Quote from: bubuliks on April 02, 2019, 11:44:03 AM

Quote from: andor.gellenhidi on April 02, 2019, 11:08:39 AM

No, I don’t see something very strange in them, because I think that all they can really do is just create planned actions that you can observe today, for example, at ETH. There are already functions that are already standard. Therefore, in general, change can only worsen the situation.

Let me clarify, I'm talking about ERC20 contracts, I have nothing against them, they are a good decision.

I'm just confused about contracts of some ICO which do not indicate soft cap in their code, but they talk about it on their website.
At the moment, I do not understand just that, because this is a guarantee of investor safety

yes for the security of ico investors it wouldn't be wrong. as often as during an ico or ieo recently goals and processes are changed
many would have a problem with that. so i think that's rather ignored. the goals and plans on a website are changed fast Roll Eyes

bubuliks

newbie

Activity: 37

Merit: 0

Quote from: bubuliks on April 02, 2019, 11:44:03 AM

Quote from: andor.gellenhidi on April 02, 2019, 11:08:39 AM

No, I don’t see something very strange in them, because I think that all they can really do is just create planned actions that you can observe today, for example, at ETH. There are already functions that are already standard. Therefore, in general, change can only worsen the situation.

Let me clarify, I'm talking about ERC20 contracts, I have nothing against them, they are a good decision.

I'm just confused about contracts of some ICO which do not indicate soft cap in their code, but they talk about it on their website.
At the moment, I do not understand just that, because this is a guarantee of investor safety

Maybe you have some ideas, guys?

bubuliks

newbie

Activity: 37

Merit: 0

Quote from: andor.gellenhidi on April 02, 2019, 11:08:39 AM

No, I don’t see something very strange in them, because I think that all they can really do is just create planned actions that you can observe today, for example, at ETH. There are already functions that are already standard. Therefore, in general, change can only worsen the situation.

Let me clarify, I'm talking about ERC20 contracts, I have nothing against them, they are a good decision.

I'm just confused about contracts of some ICO which do not indicate soft cap in their code, but they talk about it on their website.
At the moment, I do not understand just that, because this is a guarantee of investor safety

andor.gellenhidi

full member

Activity: 602

Merit: 100

No, I don’t see something very strange in them, because I think that all they can really do is just create planned actions that you can observe today, for example, at ETH. There are already functions that are already standard. Therefore, in general, change can only worsen the situation.

Forbiddenone

sr. member

Activity: 585

Merit: 251

if you are thinking of just pure abstraction means just a type a function and rest of code is executed then it is better to use gui code generator rather than going for manual coding .fist you have to understand that blockchain tech is not easy and pretty new and designing a simple syntax contract language will be difficult.

bubuliks

newbie

Activity: 37

Merit: 0

Quote from: chocopapaya on April 02, 2019, 10:27:46 AM

It's simple, those ICOs are terrible.
But, in their defence, how do you expect the softcap to be written?
A lot of the promises made for reaching softcap are off chain after all.

Or are you thinking that the contract is something like: "Once ____eth gets deposited in this account, tokens are automatically released"?
Well, most ICOs automatically have tokens distributed for donating.
So that is taken care of.

But as far as promises to keep the company going if a softcap is reached is all off the blockchain.

I guess, an important takeaway is that it is important to look at their tech footprint.
Basically, part of researching an ICO is to look at their github.
They should have all smartcontract info there.
If you don't know how to understand it, just have a techie frined look at it.
Or start a tech discussion about it here.

Yes, I will think about the technical discussion, maybe I do not understand something, but the language is not complicated, especially as there are notes in the code, I will read the forum rules and continue my thoughts, thanks for the answers!

chocopapaya

full member

Activity: 686

Merit: 131

It's simple, those ICOs are terrible.
But, in their defence, how do you expect the softcap to be written?
A lot of the promises made for reaching softcap are off chain after all.

Or are you thinking that the contract is something like: "Once ____eth gets deposited in this account, tokens are automatically released"?
Well, most ICOs automatically have tokens distributed for donating.
So that is taken care of.

But as far as promises to keep the company going if a softcap is reached is all off the blockchain.

I guess, an important takeaway is that it is important to look at their tech footprint.
Basically, part of researching an ICO is to look at their github.
They should have all smartcontract info there.
If you don't know how to understand it, just have a techie frined look at it.
Or start a tech discussion about it here.

bubuliks

newbie

Activity: 37

Merit: 0

Quote from: Nalbo on April 02, 2019, 10:14:02 AM

Most of the ICOs don't even have a smart contract.
Smart contracts are generally there to regulate issuance and freezing of tokens rather than measuring a cap. Though some of them have an automation to transfer back the coins if the stated minimum amount is not collected.

I wonder how this is possible today, yes, it is not necessary, but you always know that your nuts are protected

Especially if the project does not have serious progress, besides, it is unclear how much the project actually collected

Nalbo

full member

Activity: 874

Merit: 125

Most of the ICOs don't even have a smart contract.
Smart contracts are generally there to regulate issuance and freezing of tokens rather than measuring a cap. Though some of them have an automation to transfer back the coins if the stated minimum amount is not collected.

bubuliks

newbie

Activity: 37

Merit: 0

Quote from: CuriousGeorge on April 02, 2019, 09:59:16 AM

Quote from: bubuliks on April 02, 2019, 07:03:27 AM

Hello dear friends,

I have not found such a question.
You do not find strange many ICO smart contracts?

I don’t want to give specific examples here, but many of them haven’t soft-cap in code.

I think that you will not find soft cap but it looks like rather than softcap and the developer was putting how many tokens that available for the tokensale. Some platforms are not creating automation to its ico and that means the token will be distributed after the ico.

Possibly,
I mean ERC20 in this case. I saw contracts with refund or soft-cap or something else code, but often in the code, there is no soft cap. It confuses me

CuriousGeorge

sr. member

Activity: 1498

Merit: 251

KUWA.ai

Quote from: bubuliks on April 02, 2019, 07:03:27 AM

Hello dear friends,

I have not found such a question.
You do not find strange many ICO smart contracts?

I don’t want to give specific examples here, but many of them haven’t soft-cap in code.

I think that you will not find soft cap but it looks like rather than softcap and the developer was putting how many tokens that available for the tokensale. Some platforms are not creating automation to its ico and that means the token will be distributed after the ico.

bubuliks

newbie

Activity: 37

Merit: 0

If you have any ideas, I'll be really appreciated!

bubuliks

newbie

Activity: 37

Merit: 0

Quote from: bigcash2011 on April 02, 2019, 08:10:03 AM

Not having soft capis not a critical issue as some projects already have the starting capital to start the project, some projects have private and angel investors so soft cap is not required by such projects that is why they do not implement it in their smart contract.

Yes, it's absolutely fine if they don't have a soft cap, it's ok for sure.

But if they indicated a soft-cap on a website and a WP, but did not indicate it in the smart contract, then this is strange, isn't it? Undecided

bigcash2011

sr. member

Activity: 1442

Merit: 265

Not having soft capis not a critical issue as some projects already have the starting capital to start the project, some projects have private and angel investors so soft cap is not required by such projects that is why they do not implement it in their smart contract.

bubuliks

newbie

Activity: 37

Merit: 0

Quote from: IParn on April 02, 2019, 07:08:01 AM

I think that the whole thing is that now everyone is making coins. And since there is nothing new to come up with, they cannot begin to copy what is. And since Ethereum has the greatest popularity, people begin to use the features that Ethereum has, namely smart contracts. Well, in the end it turns out not always successfully because they are so strange.

But really nobody notices this? Huh

On some ratings, a frank scam gets a good rating, they don't even check the smart contract.

bubuliks

newbie

Activity: 37

Merit: 0

Quote from: rockethead on April 02, 2019, 07:08:22 AM

i don't know exactly what you mean. would you perhaps have an example for us?
probably it would help many people if there was a simple smart contract faq. so easily prepared for basic information.

For example, in the GitHub code with string "uint256 initialSupply"

As I understand, in the same code there should be a code for soft cap, right?

It would be really great if investors receive a brief manual for analyzing the smart contract of red flags, for example, the presence of soft caps in the code or other moments.

Topic: Why smart-contracts are so strange? (Read 224 times)