Solving the ICO Dump Crisis

[autoria]

closed

[bathrobehero]

You can't possibly limit how much people buy. Limits like 100 Eth cannot be enforced.

You're blaming whales for dumping but that's not just whales but 9/10 people getting into ICOs; they see a bunch of promises, some advertising, maybe a few pretty graphs and videos and that's enough for them to roll the dice.

The problem with ICOs aren't whales, it's people who throw money at ICOs.

ICO gamblers are soldem crypto enthusiast or even care about crypto, they just want a quick payout.

Everyone and their grandmother is either buying mining rigs to mine 1 or maybe 2 coins and/or to roll the dice on ICOs. They're only here chasing a gold rush and as soon as Bitcoin would go back to where it was months ago, they'd disappear just as quickly as they emerged.


If you expect ICO participants to tie their money down for a year, why not also lock the funds they pay for you and slowly unlock it to the devs over a year to make it fair and keep you guys incentivized not to just run with the funds?

[tommy5dollar]

But the 100ETH cap is per wallet address, individuals/whales can just use multiple addresses, right?

[HardFireMiner]

You can't possibly limit how much people buy. Limits like 100 Eth cannot be enforced.

You're blaming whales for dumping but that's not just whales but 9/10 people getting into ICOs; they see a bunch of promises, some advertising maybe a few pretty graphs and videos and that's enough for them to roll the dice.

The problem with ICOs aren't whales, it's people who throw money at ICOs.

ICO gamblers are soldem crypto enthusiast or even care about crypto, they just want a quick payout.

Everyone and their grandmother is either buying mining rigs to mine 1 or maybe 2 coins and/or to roll the dice on ICOs.


If you expect ICO participants to tie their money down for a year, why not also lock the funds they pay for you and slowly unlock it to the devs over a year to make it fair and keep you guys incentivized not to just run with the funds?

Hi bathrobehero, the 100ETH cap is built directly into the solidity code. Unfortunately, whales have dominated all of the recent ICO's, during the Status ICO, over 95% of unique investors contributed investments of 100ETH or less, but their combined investment was dwarfed by the sheer magnitude of the 5% of large investors. This does not create a healthy economy, no matter how you spin it, and that's what we're combating.

In regards to your question,

We are a U.S. based corporation operating out of Ohio. Federal and state laws prohibit embezzlement and fraud. If actions, as you described, were to occur, you should expect legal action will be pursued.

As always, it's up to the individual investor to weigh the risks and potential benefits and choose whether or not they want to participate in our crowdsale. We're proud of our work, and want to share it with as many people as possible. Thanks for your response!

Your scam is so obvious it insults my intelligence.
Your fake company PROMETHEA GLOBAL HOLDINGS LTD appears only in ohio-register.com, a website registered 27 April 2017
https://who.is/whois/ohio-register.com
ohio-register.com
Registered On 2017-04-27

Stay away!

[MisO69]

But the 100ETH cap is per wallet address, individuals/whales can just use multiple addresses, right?

Hi Tommy,

This is incorrect, there will be KYC implemented in order to prevent Sybil attacks. Good question!

So you expect us to give you our personal information? This is crypto where people like their anonimity. I don't think this is going to work out too well.

[autoria]

But the 100ETH cap is per wallet address, individuals/whales can just use multiple addresses, right?

Hi Tommy,

This is incorrect, there will be KYC implemented in order to prevent Sybil attacks. Good question!

So you expect us to give you our personal information? This is crypto where people like their anonimity. I don't think this is going to work out too well.

Hi MisO69, we will not be personally interfacing with or storing any personal information. We are still working with the idea of implementing KYC, and any KYC will be done through a secure third party service.

[StealthCoin1]

Scammers are pointing fingers to each other.

[stupid_seb]

You can't possibly limit how much people buy. Limits like 100 Eth cannot be enforced.

You're blaming whales for dumping but that's not just whales but 9/10 people getting into ICOs; they see a bunch of promises, some advertising, maybe a few pretty graphs and videos and that's enough for them to roll the dice.

The problem with ICOs aren't whales, it's people who throw money at ICOs.

ICO gamblers are soldem crypto enthusiast or even care about crypto, they just want a quick payout.

Everyone and their grandmother is either buying mining rigs to mine 1 or maybe 2 coins and/or to roll the dice on ICOs. They're only here chasing a gold rush and as soon as Bitcoin would go back to where it was months ago, they'd disappear just as quickly as they emerged.


If you expect ICO participants to tie their money down for a year, why not also lock the funds they pay for you and slowly unlock it to the devs over a year to make it fair and keep you guys incentivized not to just run with the funds?

Exact!

the best way to solve the ICO dumping crisis is a good ICO-crack.

Today, people who enter in ICOs expect massive return very fast (Bancor story, EOS...) "selling on the 1st day it hits exchanges".

So, if this "quick win" doesn't happen anymore, the market will self regulate.

Basically: we need a lot of people to LOSE massive amounts money to stop this frenzy.
Otherwise, people will still be buying tulips. After all, if you can make x3 or x4 on tulips and get the money out, it's a good deal.

[bitofc]

Don't run ICO, if you have an idea in cryptocurrency/blockchain space.
Don't buy into ALL or most of the ICO, you always have a chance to buy after launch if they are good.

[13abyknight]

There is no solution to this altcoin dumping problem which is running on a much larger scale with many number of ICOs turning out to be scams. The best way to go about this is to not invest in ICOs at all unless you are totally sure that you're not putting your money into the pocket of a scammer.

[andrei56]

But the 100ETH cap is per wallet address, individuals/whales can just use multiple addresses, right?

Hi Tommy,

This is incorrect, there will be KYC implemented in order to prevent Sybil attacks. Good question!

For those that really wanted to get around the rules the possibilities are endless and nothing will stop them, however I disagree with the whole premise, I’m a free market person, so I don’t like any way in which the economic actors are limited in the way they use their money.

[CrowdFunder]

You seem to be marketing your coin on your anti whale ideas rather than on what the coin actually offers itself. While its nice that you are trying to keep whales from manipulating the market why don't you talk more about exactly what it is you are offering.

[autoria]

You seem to be marketing your coin on your anti whale ideas rather than on what the coin actually offers itself. While its nice that you are trying to keep whales from manipulating the market why don't you talk more about exactly what it is you are offering.

Hi crowdfunder! The goal of this post was to talk about what we're doing to make our crowdsale better and prevent the problems we've seen arise in other ICOs. But we also have another post which talks about exactly what we're doing and why! In fact, it's in Altcoin Discussion here: https://bitcointalk.org/index.php?topic=2006560.msg19974373#msg19974373

You can also read about what the market we're targeting on Medium: https://medium.com/@autoria/disrupting-the-merchant-and-payment-services-market-with-blockchain-technology-94b03b41211c

or our whitepaper http://autoria.io/whitepaper.pdf

https://i.gyazo.com/d2d73b70d264ead87f610131f1337731.png[/img]]https://medium.com/@autoria/disrupting-the-merchant-and-payment-services-market-with-blockchain-technology-94b03b41211c

[mrblockchain]

It should no surprise people are using ICOs to pump and dump.

[t3x]

Oh, it's not an accusation EOS is liquidating lots of ETH. etherscan already show's they've liquidated AT LEAST over 130,000 ETH, and transferred 330,000 ETH out of their account in total, most of which I would assume was liquidated too but it's hard to track all of it.

https://etherscan.io/address/0x9937dbb2128b55c44d8af7bf36fd76796a814cf4#internaltx

[stevebc]

But the 100ETH cap is per wallet address, individuals/whales can just use multiple addresses, right?

Hi Tommy,

This is incorrect, there will be KYC implemented in order to prevent Sybil attacks. Good question!

So you expect us to give you our personal information? This is crypto where people like their anonimity. I don't think this is going to work out too well.

Hi MisO69, we will not be personally interfacing with or storing any personal information. We are still working with the idea of implementing KYC, and any KYC will be done through a secure third party service.

Why would potential investors trust any 'secure third party service' disreputable enough to get involved with an ICO (the SEC is getting concerned about how these are run, and are liable to regulate them soon)?

[autoria]

But the 100ETH cap is per wallet address, individuals/whales can just use multiple addresses, right?

Hi Tommy,

This is incorrect, there will be KYC implemented in order to prevent Sybil attacks. Good question!

So you expect us to give you our personal information? This is crypto where people like their anonimity. I don't think this is going to work out too well.

Hi MisO69, we will not be personally interfacing with or storing any personal information. We are still working with the idea of implementing KYC, and any KYC will be done through a secure third party service.

Why would potential investors trust any 'secure third party service' disreputable enough to get involved with an ICO (the SEC is getting concerned about how these are run, and are liable to regulate them soon)?

Hi steve, I was mistaken, we are still in the works to finalize the implementation. Stay tuned by following us at https://twitter.com/autoriacoin. Thanks!

[ranih]

Many other ICOs had a KYC on their sale and it didn't prevent whales from buying large amounts of tokens. Why it would be different on your token sale?
By the way, have you considered using Civic's solution?

I have to admit I'm not sure what's the purpose of the token (I read the post you attached), but that's another subject.

[benthach]

It should no surprise people are using ICOs to pump and dump.

it is instant millionaire so everyone is trying hard,the devs