Bitcoin Forum

 :o As I was surfing the web today I came across this wonderful news=

https://cointelegraph.com/news/erc-20-co-author-proposes-new-ico-model-to-protect-investors-from-fraudulent-token-sales

 very soon we will start seeing reversible ICOs projects which will reduced scammy and fraudulent project ,finally dreams are coming true,the capability of been able to reverse your invested money in any ICO is wow!

You can also check this one: https://tokensale.w12.io
This ICO aims to a protocol to reduce scam/fraud ICOs and project benefit of investors as well.

I think this ICO model is quite risky for startups because many speculators easily panic in this market, maybe FUD will be a weapon to destroy ICO projects because most people in this market are easily panicked by FUD and startups will go bankrupt if they return most of the project funds to investors, they can sell back the returned token but I'm not sure market demand will be enough to cover that

The good news is that people don’t wait, but they themselves take control and increase quality. And this is a very good and correct step towards further development, I would add a project to reduce clones.

I have seen many projects in the past that returned investors fund to them when they could not raise enough funding to move ahead with project. It is important that project also as investors are protected against FUD as well!

The concept of reverse ICO(RICO) is a wonderful concept that will be welcomed in the cryptocurrency community, if implemented will go a long way in stabilizing the already dwindling cryptocurrency ICO market.

I joined an ICO that had escrows, not the same as this RICO, but it was an idea that started out really well but still ended up disappointing a lot of people.
Escrows determine if roadmap goals are met, and distribute portions of the funds according to roadmaps.

But no accounting was done, we had to take them at the word that everything was done, so funds were transferred. Project failed. Funds lost. Some returned.

RICOs will end up the same way.

we need to see how this actually works. in my experience there is always some workaround for these things that will render them useless in practice. not to mention that this will only be able to work with those ICOs that are obviously scam but it can not do anything else about the rest of them so it will be abused to hell by the rest as they will scam people in another non-obvious way!

That is great news and we do hope this really happens as to me the reasons why the market is currently down is due to the scamming icos that run away with investors investments. People have lose their saved to icos' scammers and some of them has to dump their holding because of this. Investors are just putting their fund on some few icos that are highly verified. If we can reverse our investments it will be a great thing.

Well, there is always a solution to any problem. Like there's a medicine to most sicknesses. It may have taken a while but everything comes at the right time. Fraudulent acts have been rampant within the crypto space and it's about time that a solution is now emerging. Things will start to be brighter now. I think 2019 will be a good year.

if this will happen in the near future it will really helps the people to join a good campaign and not only the participants in the bounty but also it will take protection for the investors to the projects.

Check out this article to help you avoid ICO scams

10 Signals Of An ICO Scam

https://medium.com/financex/10-signals-of-an-ico-scam-c8876502285b (https://medium.com/financex/10-signals-of-an-ico-scam-c8876502285b)

Any proposal should be put into practice. RICO put forward its solution. We don't have enough information to get more. In my opinion, as long as we can solve most of the project's fraud, it is a positive solution. Let's wait for further information.

There are several projects like this to reduce ICO fraud.  With proper development and professional team, it will give good results.  The information in the article pleases, it's time to do it.

Yes, but those are projects that are not scams but instead failed to reach their goals. Once they didnt raise enough capital they refunded their investors and that is how it is supposed to be.
This solution is meant for those ICOs that are trying to raise as much as possible in order to run away with as much as possible and scam the investors. 

This news information about the reverse ICO idea is a welcome development to cryptocurrency sphere,i believe it will improve the ICO investment ecosystem, investor will breathe fresh air and will be motivated to continue the crypto investment business

There's an advantage and disadvantages implementing this and the author have stated all of this but we would like to see how it's going to work once implemented, who knows what's going to happen maybe it will become successful and we will change the full structure on how an ICO is done.

So investing in an ICO is risky, if we choose the right project, but the ability to raise capital is not enough, it will be difficult and we are tired, and if choose to project the fraud. will lose capital completely. It can not be saved anymore.

What is proposed in the article is effectively a centralization option directly against the nature of the cryptos! Think about it!! The option for reversal will have to be taken care by some centralized team or authority, it can't be achieved through a standalone person! So the proposal will create an authorized group who can and who will undertake such reversal activity!

While I am not directly against the thought because it surely a need of the hour to take some steps against fraud ICOs, but through centralization is not really a good option! More brainstorming is need to reach a consensus here!

Very strict regulation for those scam ico's are must if that will be possible it's would be very helpfull. Then finally we can put our money in crypto with a relief .

in my opinion this is exciting news, because anyone who invests in an ICO will not suffer losses if the ICO fails or is false.

i thinking bad but what if the the this project turn out to be scam also. what if after they got your money they will run with it? we know that there are many people that will breed greed after they hold big amount of money. we can't trust other people with are money but if it turn outs to be good this is a good solution.

'm happy about this news. It's good that there are people who care about the safety of people namely the preservation of money and getting rid of scams. I think it will increase the number of people invested in the ICO.

With ICOs gaining lot of attention and expansion, it has somehow become one of the easiest ways to gain funds. Even established businesses are attempting to benefit from them through reverse ICO.
There are speculations that tech giants can soon follow the suit and benefit from this.
If anything, we must be welcoming this approach, especially from investors point of view.

There was always an option how to protect yourself from scam. The problem is that people are investing in ICOs without checking the most important details like Whitepaper, team, community and so on. Be advised and stay safe guys!

 :D Would be nice if this come true.
But.. from experience. It might be scam as well.
whole model of ICO is very unstable and tricky.. There are hundreds holes that scammers could use to scam investors.
Really hope that some day scams will stop, and we will see crypto project that we can trust.

I still can´t forget Centra scam.. everything looked so perfect, Floyd and DJ Khaled promoted ICO, huge support from community - and scam after 6 months. Pity.  ::)

I really like this news, just read this "You are able to take your funds back at any point in time and do it simply by sending your tokens back.”(C), it sounds great, just imagine I won't need to ask refund if ICO will fail or scammed. I wonder how many user will start to invest because it will be much more safety than now.

If "reversible ICO” (RICO) could be accomplished fraudulent ico will reduce since investors can decide to return token and fund sent initially will be returned, i hope the model will be released soon.

 let us see the implementation of this solution. if people will be able to get their funds back at any time than what will be the terms?? i hope this solution will work to some extent & also it will increase the trust of investors in ico projects..

very interesting information to explore further, I will analyze the news more deeply whether it is true. this is very useful for me and maybe also for other bounty hunters.

Yeah, we can not believe in any project offhand. There are many interesting ICOs which are scam evidently. But, we are hoping the same thing, if this ICO really can be the solution of the scam then it is great. We do not need to worry in the future while investing in any ICO.

this is a good idea and good news for crypto investors, maybe with this at least it can prevent ico from leading a scam, but we still need regulation which is a legal umbrella for ico who is a scam.

With the way things are going, I am not very sure if that model will work as there are so many things that will have to consider. However, it is not a very bad attempt all if all things actually work in a way that the teams are still able to have the ETH in their wallet somehow.

Because the way they are saying it now is that, You are able to take your funds back at any point in time and do it simply by sending your tokens back. Although, since they said it is going to be a special purpose smart contract, I hope it would not even end up being a problem in the long run when people start panicking for no reason which could even lead to the end of a potential project. Just thinking out loud though!

Awesome news guys! I hope it would be available very soon, because people are losing trust in the ICOs, because 50 percent of them are scams. Invest some more time in researching a project and you won't get scammed anyway.

I am glad to have gone through this thread today. but my question still remains. will this website detect all fraudulent ICOs?

Will it state the Genuine one and the one's that will fail in the future?

I am looking forward to this development and in fact this is already very much overdue. The ICO industry must really come up with an acceptable mechanism where funds from investors can be protected so we can stop the many famous scams that can happen again and again in this industry. Scams in the past have ruined the reputation of the ICO platform and that is why many had already left this platform thinking that scams can never be stopped anyway. The interest of the investors should be a paramount concern in any project so we can build back the trust and confidence of many big and small investors.

This will not work, everyone is excited about this but what are you going to say about most of these impatient investors that want to make 5X the day the token get listed on exchanges. Ethereum need to look at themselves in the mirror and ask how many months does it take them to release their platform and even to some they are still under developing because they are struggling with scaling issues. This would just make developers to jump into new smart contract platforms like EOS and NEO

it is still a proposal but I hope even if this is going to be implemented, they are really going to try as much as possible to put a good framework into place that won't let people take advantage of the model.

It is not a bad idea at all, but that would only be applicable if they are able to probably get the investments on a lock down automatically, and then there is a way there can be a tag down on the development of the project in the long run, to be able to know if it is a scam or not because the fact that a project with no product or have no possible plan for product, and just simply ended up creating and distributing token, does not make it less of a scam.

that would be perfect for us and for the market as a whole. I am personally tired of the fraudulent projects from which the invsetora who have invested their funds in them and the people who participate in the bounty suffer

This is a Reversible ICO concept, not the same as a reverse ICO.

In a reverse ICO, an established company/business with already an operational team and product, simply wants to raise funds to expand. Then they run an ICO. So the ICO comes after the business is established, hence reversed ICO. A few casinos did this last year, established for several years and wanting to expand. They did ICOs and of course did well because people saw the existing business was successful.

There was something similiar to RICO -> DAICO. But how many DAICOs have you seen? Only one! The Abyss Platform was the only DAICO this year.
So, I think that RICO projects is again something, which will not work.

This is good for both the investors and bounty hunters. I hope that I will be seeing zero fraud and scam project in the future. However, being zero doesn't mean a project cannot be failed. If that will become the case, it may turn out to be scam.

Whatever has advantage, also has its own disadvantage. Although, this is a step forward to protect investors in this era that we have so many scam ICOs.
This will make developers or CEOs of ICOs to be more careful and come up with genuine and good usecases before lunching their ICOs. Also, it will help to maintain the integrity of blockchain and cryptocurrency.
The exception here, would be with the spread of FUD. Owing to the fact that people easily react to even fake news.

Lets see people will still find ways to scam you. People have now started to pose as admin members of prominent coins and are using that to scam people. And platforms like telegram arent doing squat.

This ICO model would surely be a good model from investors point of view but it would be a very risky model if you see it from the project's point of view.
If people could reimburse at any point of time during the ICO then the project development would be at stake since people easily believe in FUDs these days and may panic sell the tokens at any time.
I don't think this solution will be adapted soon or will receive good reviews from many despite it favoring the investors.

I think that this is great, if there can be a way for people to get their money back after it has been proven that an ico is a scam then it would be good because there would be no way that the scammers will be making any money if all of it is reversed back to the investors. This can really help to reduce the amount of scam icos that we have in the industry

There were many ICO offered last year and this year that have similar purpose of erc20 token in the article. However still I could not find any project using the token. I think people still prefer to use traditional way of raising money in ICO.

The idea of RICO platform might be good just to increase the trust of the investors to ICOs. However, this is just one of the platforms that tokenized the process of ICO investments. Let's wait and see until the platform reaches the surface of cryptocurrency users. Its hard to see the real impact until it is fully functional.

I doubt if this method will be effective for long because dev are already coming up with another way to scam people like asking people to send sonr amount of ETH to the contract address to qualify them for an initial given away token,the dev claim that is not an ICO.let's wait and see.

But how to do this, I think they are quite right but it is very difficult to do, today the scam ICO project is rampant in the market, our analysis is sometimes wrong and wrong choice. ICO project fraud. So be careful if you decide to invest in them

I am not sure how this would be set up in the blockchain but it would be a helpful feature. They dubbed it as “reversible ICO” (RICO), a fundraising model that allows investors to return their tokens – and be reimbursed – at any stage of the project, via a special-purpose smart contract. Nice idea and would help people who will be scammed.

I hope there is a real work to get rid of the ICO scam project.
I think there is nothing wrong with RICO and we see how this will develop.

the problem with RICO is that which ICO team will try to use that if its going to be reversible? the team would prefer use an escrow kind of what it was before because at least they wouldn't feel like they are the ones being scammed if all took their ETH back. Just because someone who owns a huge follower in twitter accused them of being a scam.

We are all responsible for the scam ICOs in some way. If investors do not place their money in such projects and bounty hunters do not take part in such campaigns, there won't be any scam ICO at all. Be more selective guys.

Don't be too hopeful, because scammers are smarter. they will always look for ways to get money from investors. so we must remain vigilant in choosing ICO projects, making sure they have a real team.

Do not agree with you.
We, if you mean bounty hunters. Just hunters... We are looking for easy, sometimes not really easy, reward.
For scam ICO are responsible just creators of this ICO, and regulator that we don´t have at the moment. That´s it

back to the Smart Contract that is used to carry out fundraising, which is more dangerous if the related investor does not understand the contents of the existing Smart Contract, there could be fraud which is fatal
I salute the German government for advancing cryptocurrency by providing the best solutions to overcome fraud that often occurs

That is really good news. I really hope that will change the ico market and the scam ico disappear. If that happens, there could be a new boom in the ico market. Lets see if that is the solution.

There are many ways to fake anything and making themselves look important when in reality they are just copycats of something that existed before them and are pretending to do it better. And many ico use this.

Refundable investments will definitely ensure these ico teams do the work we paid them to do. So many will simply drag on with no real development or they will just abandon the project and run away

It is interesting approach,but I don't think RICOs will ever exist.
What if negative background will affect all tokenholders to get back their tokens?
In this case project will fail.

yes maybe so that it can reduce ico which is really a scam, we all need regulation and how to deal with it, we welcome it well maybe this is a good start for the continuity of the crypto market

It will be useful to remove any chance of more scam project to be created ever again, But what about the validity of that project to protect the investors.
What is the guaranty that the project is real?

you dont need a platform or another ico that will identify a scammy ico for you, even you can identify a scam by just doing some deep research

Wonderful news, thanks for sharing this link, it is about time somebody put an end to fraudulent and scam ICOs. People need to be attracted to the crypto market, not driven away.

It will not change anything, I do not think that there will be some RICO, because these rules are not advantageous for ICOs.
DAICO model is there for about one year, and I have heard only about one DAICO the Abyss.
So keep dreaming. ICOs need goverment regulations.

Then scammer will catch up this new ICO model then the number of scam ICO project will be the same as before :). I think there is no way to completely eliminate all scam ICO projects, we still have to be careful when we wanna invest in any ICO project :). Don't be happy too early when it's just an announcement.

Sounds very implausible. However, I want to believe this, perhaps because the cryptocurrency market is experiencing a swindle of fraud.
I will follow this news.

It is very good that the presence of fraudulent projects in the market will be significantly reduced. This will increase the level of confidence in new companies.

Wow that is a very good idea. Because right now, many scam ico are crawling trying to hunt some good investors. It is good, because we can assure that we can take a guarantee that we can redeem our invested amount if the ico turns out to be a scam after all.

You maybe right but at least there are ways how to fight or eliminate scam ICOs in the future. We all know that scammers will still find a way to scam people but at least there are people that are sending signals to them that they doing something to eliminate them totally in the future. Hard task but if we all help it can achieve.

In a certain we can catch scam projects but we can't totally rid them out or even give a chance to scam other as not not all of us have such instincts. Scam projects is already flooded around and some fraudulent individuals have already find great strategies for not suspected easily by investors.  That's still have got to manipulate  and scam people.

I think this will help investor from fraud and scam ICOs. Recently we watch too many scam ICOs in market and i think its bad for investor confident about this market. If this solution can reducing scam ICOs, i am believe cryptomarket will more attractive and more investor will attract to invest

This is a welcome approach to the never ending cycle of crypto investors being scammed by many so called legit ICOs. But there are still people who has valid criticisms with the processes that will be implemented to make this achievable. Let us try to see that this will be one that will benefit all.

This is good to heard about this news in a web site out there to minimize or even control the fraudelent people and scammers, it is big help for our investors to get back there confidence to invest in this business again, and as we are workers of this forum by propagating their products would probably benefitting from this new progress of this site...

       This is really a great concept that gives as an insurance for the investors money so its up to the developer to pursue the project in order to become successful project , and this will lesser the risk of the investors  .

Honestly yes, I believe that this can be a solution for us to ensure that we, investors will not be scammed in any incoming project. It can minimize fraudulent and scam project but not totally because I still believe that if a person or group wanted to scam people they will find a way to do it. I don't know how but it can happen.

I can see one disadvantage to the devs specially when they're about to hit the target funds and some other investors will withdraw their funds afterwards.

I think we are getting there soon, as many of these college boys are not ico founder to scam people if their hard earn money , I have been expecting a measure to put in place by eth smart contract which will protect investors for lossing their money after ico and once it is discover that the project is a fraud there will be a kind of escrow that will initiate the refund of investors money and the founders and other team need a very proof to show the world that he is truly who he claim to be .

this seems great and yet another good example of the powers of smart contracts!
although the ico hype has died off, scammers have left the market?  ???

step by step community try to maintenance the situation, this kind of project was needed more attention since a lot of fraud ico that made investor loss it trust to the platform.

That's great, I hope it can be implemented on every ICO as fast as possible. I'm sure it can bring back hype and interest for every ICO investor to invest in ICO...

There are so many fraudulent ICO that don't care about their project and just want to steal money from ICO Investor in this year...

The concept as a concept is amazing but can it really be applied without any issues!? I can see it from now how people will start playing with this feature and as it mentioned in the article the stability of the fundraising will become an issue, this concept need some tweaks and it will become the way to go in the future, but at the moment I really do not see any project taking that approach the way it described in the article.