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Alternate cryptocurrencies / Altcoin Discussion / Re: Is Whitepaper just Buzz Word in Alt and Meme coins?
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on: August 15, 2023, 10:08:50 AM
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Much more now that there are tons of hype development and projects that have opened up the can of worms that have defeated total the essence of whitepaper to a project and investors alike, many of the meme coins don't even have a whitepaper, what their call whitepaper is a mere statement and articles so none should take them seriously.
Be very careful before you put your money down for such projects.
exactly My thought too. Coming from an Engineering background, a white paper means describing the complex problem the current system has and the way to solve it! and here people are really bashing the meaning of it! |
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Alternate cryptocurrencies / Altcoin Discussion / Is Whitepaper just Buzz Word in Alt and Meme coins?
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on: August 14, 2023, 02:34:46 PM
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Hi Friends,
I often come across Alt Coins and even meme coins showing white paper. IMO, they are absolutely ruining the meaning of Whitepaper, aren't they?
Some of them use it for showing Toeknomics, some of them show their Utilities & Use cases, some show Roadmap and Planning, and some show just Memes in the paper.
There are many Crypot New Enthusiasts who just jump into the Project as and when they see Website and Whitepaper link. Hardly check what is even inside!
Just wondering what is your take on it!
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Alternate cryptocurrencies / Altcoin Discussion / Re: Renounced Contract Is a Trap
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on: August 03, 2023, 06:43:02 AM
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Can you give examples of such contracts?
As far as I know, renouncing the contract ownership is mainly done to make the community trust the dev could not toy around with the project. The issue you raises is something new for me. Executing a swap function without `owner` control seems theoretically possible. So if you could share some examples, it would be good.
Do you know that some newbies didn't know that dev can still remove liquidity after contract has been renounced? Have seen a lot like this. Contract is renounced, then people start buying, then dev remove liquidity. Yes! Renounced != LP Burnt/Locked even after that Deployer can dump either reserved tokens from his wallet or tokens kept in Contract using the function i was referring in the post. |
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Alternate cryptocurrencies / Altcoin Discussion / Really Burn helps Token in positive way?
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on: July 30, 2023, 01:09:44 PM
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Hi,
Some How this Burn Buzz word stuck in my mind and i didn't see practical results so far in any successful token.
For example, Shiba Inu is burning tokens aggressively and is it really helping them?
May be i am noob here and happy to hear from experts!
I believe this topic will be useful for someone too!
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Alternate cryptocurrencies / Altcoin Discussion / Renounced Contract Is a Trap
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on: July 30, 2023, 06:45:32 AM
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Renounced is just a stupid buzz word! Never fall into trap by just hearing this.
Deployer can still run functions and do scam. For example, you often come across function `manualSwap`. All they need is external function without onlyOwner scope Lol!
Either take help of contract analyzers or any developers can read the contract out for you!
This is latest trend scammers are following! Have Safe Trading!
Edit:
Sorry for not being comprehensive as you all pointed out in comments. So in a nutshell, contracts can have functions like below and can run such functions to rug pull even after Renounced.
function manualSend() external {
require(_msgSender() == _taxWallet);
sendETHToFee(address(this).balance);
}
function manualSendToken() external {
require(_msgSender() == _taxWallet);
IERC20(address(this)).transfer(msg.sender, balanceOf(address(this)));
}
Above function converts tokens available in the contract to eth and send eth to deployer wallet. These days contracts are releasing approx 25% in it or 10% in contract. These functions allow us to pull plug softly in different way
Functions no need to be like above, it can be literally with any name.
Hence, Renounce is just buzz word and should be careful!
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Alternate cryptocurrencies / Altcoin Discussion / Re: Seeking Guidance: Legal Challenges ERC20 Token
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on: July 13, 2023, 07:52:40 PM
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-cut-
We seek your advice on deploying contracts and establishing mechanisms for sharing returns or dividends, as we approach the imminent launch after investing significant time.
-cut-
Here you go, only this makes it an instant security as promising dividends would be investment contract. Usually people have messed it up right on the advertising, all it needs is expectation of a profit. Even hinting there could be some is enough. Frankly i am worried that you need to ask legal advice from here. Not from the actual legal professionals. I mean there's nothing wrong asking but take the answers with a grain of salt. Asking legal advices from pseudonyms and making financial decisions based on that makes me think you are going to mess something up. Hire a professional for a professional work. Or you might end up paying way more then their salary. Sir to be honest, you made my situation very clear and gave very insightful comment. I must thank for your devil advocate words! We are not going to treat Crypto Token as securities and no mentioning of returns, investment etc. We are planning to treat a token as branding to the project, discounts rate of service for the users holding tokens or buy service cheaply paying with tokens. Thats all the transaction going to be. How the staking, roi, value of token we are not going to mention neither promise. We will write disclaimer such way! I am certainly going to take your advice and talk to Corporate Legal Service! Thanks! |
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Alternate cryptocurrencies / Altcoin Discussion / Re: Seeking Guidance: Legal Challenges ERC20 Token
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on: July 13, 2023, 07:45:17 PM
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If you trying to raise funds for your product, why do you have to make a cryptocurrency token? Especially, your product is not cryptocurrency-related and specifically currently has no feasible use case within this space.
Additionally let say, after creating the token and people invested and probably they raised their required funds what then now happened to the holders, i mean the investors who invested in that their token? What would be their benefits after bring out their money to invest in your no usecase and prospect token or not having the plans to list them were investors may likely get back their ROI. I think op needs some drafting, were you may draw your plans clearly to show that after which the token has been created there would be some further development to convinced investors funds are safe. However, Op since your intention are being made openly I don't think there's any possibility for you to get investors over here than vv181 already said. It's better you go get grant or a loan than want to use a trickish way to launch a token to raise money from the people over here. That is why we need to be very careful with any form of people and their project, they may come with all form of sweet word in other to lure people invest in their project. Sir you have a point. My intention is not trick ppl in Bitcointalk. It just happened that i landed up here through CMC form one of the options. I am here since May and saw so many tokens PnD. I hesitated to launch any token even though i tested my contract creation learning over mainned and testnets. As i mentioned, i coincidentally picked Crypto domain for my project to train further i am also thinking to relate it with token somehow. At present we parallely working on our project and also sketched out how can Crypto Token complement each other. We dont want to treat this as securities and funding any more rather treat it as a token through which AIPlore services van be bought and get some discounts. The value of token depends on the project purchase and circulation. We are still carfully going through Tokenomics, sustainable model, Values of token holders etc. |
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Alternate cryptocurrencies / Altcoin Discussion / Re: Seeking Guidance: Legal Challenges ERC20 Token
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on: July 13, 2023, 07:36:35 PM
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If you trying to raise funds for your product, why do you have to make a cryptocurrency token? Especially, your product is not cryptocurrency-related and specifically currently has no feasible use case within this space.
Your only goals are to raise fund. As you have said yourself, trying to get out of 9 to five jobs. Then you should simply make a product that users truly want, instead of exploring what are the intersection between your current features with cryptocurrency. If you need money, you better seek a grant or investments, instead of seeking cryptocurrency user investment while there is no legitimate use case to be incorporated with.
Very good point Sir! Yes it is true that Crypto Token is not our goal. We were and still working on Our Project AI chrome extension, already released and under usage of public. My initial thought process was using Token fund raising and thats the reason i was afraid and reached out for feedback. AIPlore is my project and it is generic now. After spent some time with different domains such as IIOT(Iot 4.0), Supply Chain, Logistics, BlockChain... we picked that we want to extend AIPlore domain expertise, prompt setting & LLM tuning into BlockChain. Hence, it made me to think the way to take an opportunity too! |
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