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Author Topic: ICO standard for absolute investor protection ??  (Read 565 times)
Gerobit
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November 01, 2017, 05:38:33 PM
 #1

Hi  Smiley.  I propose to develop a standard (list of rules) that guarantees absolute protection of investor's funds.

BPI,    Blood Pact ICO standard - this name seems to me very suitable)

so, let's discuss..


Problem: ~ 95% of ICO is scam.

Giving push to the popularity of ICO, the use of smart Ethereum contracts greatly simplified the mechanism of conducting ICO and gave a false sense of control to the participant. Indeed, only global cataclysms will not allow the participant to receive paid "supercoins". At the same time, the creators are not connected by any obligations, which absolutely do not motivate them to spend the money received for the development of the project. My personal observation says that about 60% of the ICO are being launched solely with the aim of cutting down easy money, another 30% -35% are completely unclear projects that have nothing but a 5 page site and unknown persons on the team page. As a result, the cost of purchased tokens strives for zero, owners depending on the laziness half a year or one year compose excuses - and disappear forever.

The main idea is that the ICO project should use all possible tools to justify the trust of the participants. In the case of a digital project based on the blockchain technologies, the possibilities are quite broad.

Escrow services are services that should act as a financial guarantor between participants and the project and give out money in portions. Proceeding from the minuses, this is not technologically, the services are new and they themselves require verification, it is an extra mediator with a commission, there is not enough flexibility. This method is discarded as non-technological.

The following principles are proposed:

1. Access to collected funds is possible only with the permission of the participants. That means, the team creates an application for the withdrawal of part of the amount for the stated purposes, the support of a specified number of participants is necessary for the transaction. (Implementation of escrow without intermediaries). Either from the opposite, the team creates an application for withdrawal, which will be executed in 5 days if 51% of the participants do not block it.

2. The team award is established by the community.

3. The team must identify their wallets in the newly created crypt (you can see how much your own money is invested, how much the creators believe in the project and whether they are going to run away from the sinking ship like rats.

4. Ability to return invested funds in the voting of 61% of participants.

I think the introduction of such principles will radically change the picture on the ICO market. If the project declares support of the Blood Pact ICO principles - it can be trusted, it is not worthwhile to look at others.

The price of the token from the usual ICO in the first stage depends only on the participants' confidence in the team, they can already forget about the money, they have no control over them, therefore, to say that the cost of the new token is supported by 1000 of collected broadcasts is incorrect.

In the case of Blood Pact ICO, the credibility of the team is good, of course, but the new tokens are really supported by a kind of "gold and currency reserve" - ​​which, here it lies and over which investors have control. This radically changes the picture, the token receives real security.

the idea is that if the project team says - we use the BPI standard, then it's 100% reliable guys

maybe I missed something, if you think that the above principles do not give absolute protection to the investor - tell me how they can be circumvented and offer your additions  Smiley
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November 01, 2017, 05:40:29 PM
 #2

I agree with some of the points, you should check out my video on YouTube: Creating ICO Standards https://www.youtube.com/watch?v=24c1Azp4238

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November 01, 2017, 05:59:17 PM
 #3

I agree with some of the points, you should check out my video on YouTube: Creating ICO Standards https://www.youtube.com/watch?v=24c1Azp4238


Good Job Tim! I watched your video and agreed with your conclusions. Perhaps you have your own "antiscam criteria" for evaluating ICO ?
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November 01, 2017, 06:03:00 PM
 #4

I agree with some of the points, you should check out my video on YouTube: Creating ICO Standards https://www.youtube.com/watch?v=24c1Azp4238


Good Job Tim! I watched your video and agreed with your conclusions. Perhaps you have your own "antiscam criteria" for evaluating ICO ?

Thanks man! If you do a regular evaluation of a ICO coin you are normally able to see scams that way. I made a video regarding evaluating coins and how to  evaluate them : https://www.youtube.com/watch?v=LLwHkIKhddw&t=7s


I also have a BitcoinTalk discussion on my channel if you would like to join that here : https://bitcointalk.org/index.php?topic=2256109.msg22833213#msg22833213

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November 01, 2017, 10:52:20 PM
 #5

Hi  Smiley.  I propose to develop a standard (list of rules) that guarantees absolute protection of investor's funds.

BPI,    Blood Pact ICO standard - this name seems to me very suitable)

so, let's discuss..


Problem: ~ 95% of ICO is scam.

Giving push to the popularity of ICO, the use of smart Ethereum contracts greatly simplified the mechanism of conducting ICO and gave a false sense of control to the participant. Indeed, only global cataclysms will not allow the participant to receive paid "supercoins". At the same time, the creators are not connected by any obligations, which absolutely do not motivate them to spend the money received for the development of the project. My personal observation says that about 60% of the ICO are being launched solely with the aim of cutting down easy money, another 30% -35% are completely unclear projects that have nothing but a 5 page site and unknown persons on the team page. As a result, the cost of purchased tokens strives for zero, owners depending on the laziness half a year or one year compose excuses - and disappear forever.

The main idea is that the ICO project should use all possible tools to justify the trust of the participants. In the case of a digital project based on the blockchain technologies, the possibilities are quite broad.

Escrow services are services that should act as a financial guarantor between participants and the project and give out money in portions. Proceeding from the minuses, this is not technologically, the services are new and they themselves require verification, it is an extra mediator with a commission, there is not enough flexibility. This method is discarded as non-technological.

The following principles are proposed:

1. Access to collected funds is possible only with the permission of the participants. That means, the team creates an application for the withdrawal of part of the amount for the stated purposes, the support of a specified number of participants is necessary for the transaction. (Implementation of escrow without intermediaries). Either from the opposite, the team creates an application for withdrawal, which will be executed in 5 days if 51% of the participants do not block it.

2. The team award is established by the community.

3. The team must identify their wallets in the newly created crypt (you can see how much your own money is invested, how much the creators believe in the project and whether they are going to run away from the sinking ship like rats.

4. Ability to return invested funds in the voting of 61% of participants.

I think the introduction of such principles will radically change the picture on the ICO market. If the project declares support of the Blood Pact ICO principles - it can be trusted, it is not worthwhile to look at others.

The price of the token from the usual ICO in the first stage depends only on the participants' confidence in the team, they can already forget about the money, they have no control over them, therefore, to say that the cost of the new token is supported by 1000 of collected broadcasts is incorrect.

In the case of Blood Pact ICO, the credibility of the team is good, of course, but the new tokens are really supported by a kind of "gold and currency reserve" - ​​which, here it lies and over which investors have control. This radically changes the picture, the token receives real security.

i volunteer with our project to fullfill your standard

we have no problem with that, if the time is overwatchable, since our project is quite risk averse, and secure in the first place. it would be usefull to us to "fulfill" your standard. we can together overwork that.

i know what i am doing.

mail me your email to join our slack. you can discuss our project with our team

regards


Quote
the idea is that if the project team says - we use the BPI standard, then it's 100% reliable guys

maybe I missed something, if you think that the above principles do not give absolute protection to the investor - tell me how they can be circumvented and offer your additions  Smiley


you cant reach 100% security, thats not possible, but what you can is projecting and estimating risk levels with "risk averse" beeing the lowest riskiness

i know you folks want new coins that are stable that are respected and that stay,

like bitcoin, etherem and so on.

that can be only reached with substancial projects that have utility. And that are long term oriented.

i give you here some core strategic principle what icos need to be huges successes:

THE LONGTERM GOAL OF ALL TRULY SUCCESSFULL ICOS MUST BE RELOCATING TRUSTWORTHY CULTURAL&POLITICAL KAPITAL AWAY FROM CURRENT ESTABLISHED COMMUNAL BANKERS AND CORPORATE AND POLITICAL ELITES, ONLY THEN KAPITAL IS TRULY CREATED WITH NEW TOKEN, PRINTING MONEY DOESNT MAKE RICH

oh and for better understanding:

KAPITAL MEANS HEAD, KAPITALISTS ARE THE TRUSTED HEADS OF A SOCIETY, THE AMMOUNT OF KAPITALISTS IS ALWAYS SMALL AND LIMITED


C-pro is a project that has that potential

regards

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November 01, 2017, 11:51:44 PM
 #6

I do agree with this. Alot of ICOs lately were just to have something to sell into the public and has no idea of what's gonna be in the future. I know ICO's purpose is to be an investment and goes with the risk of it failing. However, with your standards to be developed, ICOs will be more safe to invest with which will increase the demand atracting new people to try out cryptocurrencies. The question is who will impose this standards? Is there a specific cryptocurrency regulator?

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November 02, 2017, 01:07:33 AM
 #7

I think Artoken fit most of your criteria... Check it out https://bitcointalk.org/index.php?topic=2316185
what do you think?
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November 02, 2017, 01:14:31 AM
 #8

There is really a need to put some regulation to ICOs. This has become more necessary. It is needed not only to protect investors but to protect the entire crypto itself. If the influx of ICOs that are scams will continue, the established reputation of crypto will be severely affected and might even appear scam in general to people. Something has to be done. 
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November 02, 2017, 02:05:43 AM
 #9

I actually think it’s a brilliant idea. You can put it all in a smart contract so investors will know when money is released improperly and that money can be released when x% of investors agree. Trustless system.  It would motivate developers to have to show progress if they want more money.
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November 02, 2017, 02:13:46 AM
 #10

I think sec will come soon with his own rules.Working product at least usable beta,alpha,voting system,community need to buy rights together with token,publicly availabe info about company if any,adress,business number etc,easy to acces source of information about devs,i can find more but that one are most importent to me forgot to add reasonable hard cap


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November 02, 2017, 02:43:23 AM
 #11

There is really a need to put some regulation to ICOs. This has become more necessary. It is needed not only to protect investors but to protect the entire crypto itself. If the influx of ICOs that are scams will continue, the established reputation of crypto will be severely affected and might even appear scam in general to people. Something has to be done. 

to minimize the incident we must provide the regulation with firm action to every Investor and member. with this will have a positive effect on everyone.

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November 02, 2017, 04:06:22 AM
 #12

Nice proposal! You should not give up on this if you feel it need to be done. You may be bring revolution that will better the ICO issuance and help the whole ecosystem of ICO and crypto currency in general. Thump up!

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November 02, 2017, 04:36:56 AM
 #13

For me, I don't think there is need for an ICO project to collect their funds onces, collect the fund as progress is made and give priority to the early investors. I don't think the developers are scamming people my main concern is how the burn the funds

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November 02, 2017, 07:23:08 AM
 #14

I do agree with this. Alot of ICOs lately were just to have something to sell into the public and has no idea of what's gonna be in the future. I know ICO's purpose is to be an investment and goes with the risk of it failing. However, with your standards to be developed, ICOs will be more safe to invest with which will increase the demand atracting new people to try out cryptocurrencies. The question is who will impose this standards? Is there a specific cryptocurrency regulator?


Thx.
I think the community can impose a standard! It is enough that as many people as possible learn about this. If we can develop clear rules - people will start asking ico-projects Do you follow the BPI standard? .

and then it is only a matter of time
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November 02, 2017, 07:30:46 AM
 #15

The problem is you can fake many things. And the crypto world is still new for us to trust something.
Registration of ICO issuing company in the legislation of some country could also be a plus point.

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November 02, 2017, 07:52:28 AM
 #16

It seems a bit unfair to demand any guarantees from ICO projects. The very idea that is based on decentralisation doesn't assume any guarantee i believe. It is just as the case with bitcoin. It costs 5 thousand dollard just because people believe in it
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November 02, 2017, 07:58:46 AM
 #17

Registration of ICO issuing company in the legislation of some country could also be a plus point.


I agree with you, but I think that many will object. This adds credibility, but it is better that the cryptoworld standard depends only on the cryptoworld.



Gerobit
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November 02, 2017, 08:03:03 AM
 #18

It seems a bit unfair to demand any guarantees from ICO projects. The very idea that is based on decentralisation doesn't assume any guarantee i believe. It is just as the case with bitcoin. It costs 5 thousand dollard just because people believe in it


bitcoin costs so much the same way and because you can be sure - no one will steal it from you. Imagine if your bitcoin was saved on the accounts of people who might disappear at any moment..


the introduction of normal standards, does not contradict the decentralization
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November 02, 2017, 09:13:21 AM
 #19

I think sec will come soon with his own rules.Working product at least usable beta,alpha,voting system,community need to buy rights together with token,publicly availabe info about company if any,adress,business number etc,easy to acces source of information about devs,i can find more but that one are most importent to me forgot to add reasonable hard cap


Yes, but I think it would be cool if the crypto community itself worked out a standard for conducting ICO. It is not known what will result from the intervention of the SEC,
this can have negative consequences.
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November 02, 2017, 12:33:27 PM
 #20

Nice proposal! You should not give up on this if you feel it need to be done. You may be bring revolution that will better the ICO issuance and help the whole ecosystem of ICO and crypto currency in general. Thump up!

Thank you  Smiley , I really believe in this idea. I need to get as many community feedbacks as possible.
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