Lets Create NEW ICO standards! | Ultimate thread

[munareal]

Standardization is so much needed in the crypto world because any one can wake up in a day, create a coin and go for an ICO but if there is a standard this will reduce a lot of shit coins creation and scams by developers. It will also give the mainstream society especially those that do not have faith in digital currency a reason to belief in crypto coins . Regulation is needed for full acceptance of crypto currencies

[TimtheYoutuber]

Who should make these regulations? is there any team or people who can regulate ICOs? between nice point of view we really need to clear scam ICOs.

Us. Investors, crypto currency enthusiasts. We need to spread our thoughts and opinions because it is regular people that are investing in these coins without a second thought. We as investors and enthusiasts need to stick together to help promote this idea of extra layer standards. 

I guess we are in a transition phase from the period when people would invest in ICOs just as ICO flippers (resell immediately for inflated price) and the period where people are discovering that if the project sucks, so does their investment.

People seem to forget business investing strategies that have been around for many many years. People often will go completely against traditional investing ideas, which is why we are seeing such a painful backlash.

Standardization is so much needed in the crypto world because any one can wake up in a day, create a coin and go for an ICO but if there is a standard this will reduce a lot of shit coins creation and scams by developers. It will also give the mainstream society especially those that do not have faith in digital currency a reason to belief in crypto coins . Regulation is needed for full acceptance of crypto currencies

Exactly, and these standards will arise whether we petition for them or not. People are going to start getting burned and investments that were made with the first round of this ICO frenzy are going to start coming back soon. And when that happens, the market is going to turn sour for a period of time. People need to wake up now and fix this problem before it gets worse.

[thr3]

2 minimum standards you can add to determine if an ICO is good:

One get google dev tools to determine what frontend tech stack they use - I use BuiltWith Technology Profiler and Wappalyzer. If they cant build a decent frontend website that means they will never be able to build anything better (more so DApps). If your dev tool shows you WordPress or Wix - huge red flag.

Second - look at Github. ICO's these days are even forgoing GitHub. If you can't see any development activity on GitHub, you know it's a pump and dump scheme or a get rich quick scheme

[TimtheYoutuber]

2 minimum standards you can add to determine if an ICO is good:

One get google dev tools to determine what frontend tech stack they use - I use BuiltWith Technology Profiler and Wappalyzer. If they cant build a decent frontend website that means they will never be able to build anything better (more so DApps). If your dev tool shows you WordPress or Wix - huge red flag.

Second - look at Github. ICO's these days are even forgoing GitHub. If you can't see any development activity on GitHub, you know it's a pump and dump scheme or a get rich quick scheme

They should still use the OP suggestions in the whitepaper, I think that is the biggest deal.

[samy_voc]

To avoid scams the folks who do the ICO should keep 10 % of the ICO money as a secuirty . This helps to avoid any future scam as there is no body such as SEC to vet the ICO's.

[TimtheYoutuber]

To avoid scams the folks who do the ICO should keep 10 % of the ICO money as a secuirty . This helps to avoid any future scam as there is no body such as SEC to vet the ICO's.

That really wont solve anything. Plus I am looking into more of the investor and their safety.

[TimtheYoutuber]

Who else thinks that we need more ICO standards?

[matsusomoto]

you have a good point of here and your intention is good but we dont have existing board that can filterout ICOs or even give reviews.

[Tone147]

I agree with you, the current ICO market does need certain rules, otherwise anyone can release an ICO! This is clearly unreasonable and requires the joint supervision of all countries

[TimtheYoutuber]

I agree with you, the current ICO market does need certain rules, otherwise anyone can release an ICO! This is clearly unreasonable and requires the joint supervision of all countries

This is a big problem, and I think some of these accounting based coins will help solve this problem. If we dont get more information the next generation investors are going to have a terrible time evaluating the different coins.

[boyjackyou]

These standards should be regulated by all the big coins like Ethereum because many of ICOs are ethereum based coins they need to implement such rules to prevent scams from ICOS.

[TimtheYoutuber]

These standards should be regulated by all the big coins like Ethereum because many of ICOs are ethereum based coins they need to implement such rules to prevent scams from ICOS.

"Regulation" is a swear word to innovation. However as a community we just need to be smarter and make smarter decisions. Scams will always exist, we just need to hold these coins to more of a standard.

[TimtheYoutuber]

This is a very important topic, as it is a huge problem in the crypto currency world. Does anyone have any new suggestions?

[illiki23]

Full analysis: https://www.youtube.com/watch?v=24c1Azp4238
Make sure to subscribe if you like the video!

SUMMARY :
It is no secret that 90% of the coins on the market is going to fail, just like traditional businesses today.

Ha, so where did you get this number? Got a source?

Though standards would be nice.  Eventually when more money gets into the Coin game the regulators of society will likely want to get involved.  It is already happening to a degree.

[TimtheYoutuber]

Full analysis: https://www.youtube.com/watch?v=24c1Azp4238
Make sure to subscribe if you like the video!

SUMMARY :
It is no secret that 90% of the coins on the market is going to fail, just like traditional businesses today.

Ha, so where did you get this number? Got a source?

Though standards would be nice.  Eventually when more money gets into the Coin game the regulators of society will likely want to get involved.  It is already happening to a degree.

That might be the regulation we need, to bring in ICO standards which need to happen. Regulation to a degree can be bad, but we need a change.

[TimtheYoutuber]

Who else would like the idea of ICO standards, or appose it?

[thr3]

Who else would like the idea of ICO standards, or appose it?

I fully support the idea for ICO standards. My personal interaction with people running ICO's ----- let's make money, use the money to get a yacht/get paid stipend and hire someone else to do the development. I am actually planning to start one. PM me if anyone is interested, I have plan and if we get enough people on board we can start one.

 

[TimtheYoutuber]

Who else would like the idea of ICO standards, or appose it?

I fully support the idea for ICO standards. My personal interaction with people running ICO's ----- let's make money, use the money to get a yacht/get paid stipend and hire someone else to do the development. I am actually planning to start one. PM me if anyone is interested, I have plan and if we get enough people on board we can start one.

 

For a lot of different companies this certainly does happen. A team of 5 people getting 50m in funding can be very problematic.

[TimtheYoutuber]

I have been seeing more and more ICOs implement KYC. This is a good step in the right direction and I hope we see more and more steps!

[@ngelcryptopia]

I think it is quite difficult to implement country specific regulations. The ICO projects could just bypass it by registering itself in some countries that don't regulate ICOs.
As cryptocurrencies are all about decentralisation, I believe there should be community driven effort to self regulate these ICOs.
I could see there are some platforms trying to do that, it takes time for them to grow and mature and to become the gold standard in the crypto world.