Sparky71
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December 08, 2017, 03:30:25 PM |
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Very thoughtful post. I will add these to my filter criteria for ICO. There are so many and the industry is moving so fast. Much care and due diligence is needed. Thank you!
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cryptowomba
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December 08, 2017, 05:29:17 PM |
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I think everyone should read this thread before they invest into any ICO.
Really good job man!
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handy_hotdog
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December 08, 2017, 07:04:31 PM |
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Really good thread, everyone should read this before even thinking about investing into any ICO.
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beetlejam
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December 08, 2017, 09:24:52 PM |
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Thanks for the information man, always good to hear from the perspective of a developer rather than someone trying to sell their altcoin.
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hero10 (OP)
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Creating Smart Contracts !!!
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December 16, 2017, 05:23:44 PM |
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As long as there is no single standard for entering the ICO, the existence of a contract is rather indicative of the seriousness of the team and the create and develop business within the framework of new technologies, rather than using this new boom only as a form of fund-raising. When you’re going to buy a house you are not just listening to how beautifully the seller sings. In the absence of a material analogue of the product offered for sale, it’ll be logical to evaluate it from the point of view of digital guarantees (by analogy with the contract of sale for a house). So in our case, if the team does not have a contract describing the actions of the team at the time and after the fundraising - they do not have this very contract with which they come to you as a buyer; How can I trust my team with this money?
If you think that the contract can be written after fundraising - it's illogical, because the team needs a working model with a prototype, in order to convince investors of the seriousness of their intentions. Situations that will soon happen everywhere - the collapse of projects and the departure into nonexistence - is just the result of the relaxed attitude of investors to the guarantees of the teams. It is a mistake to assume that the risks of entering the ICO are completely the prerogative of the investor. Teams have the same responsibility as investors, if not large
My advice is the following: do not invest in projects that do not have clear, prescribed contracts. This, it is proved by statistics, always ends badly. Evaluation of ICO, contract writing and orientation in crypto-currencies is a difficult, but not impossible task.
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hero10 (OP)
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December 22, 2017, 04:17:28 PM |
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Today’s red day on many crypto-tokens. But I thinks it’s great. And here is why:
1) There are simple none of market asset that can grow all the time. It’s healthy to sometime cut off some lard from the main body. 2) It’s giving opportunity to buy tokens cheaper. No joke. Buy low, sell high. 3) It’s shows us that it’s not just a blob of assets. While eventually everything (even fiat) is going to crash corrections in a sigh if healthy market.
Don’t panic, have no fear. Invest in proper ICO and tokens and everything is going to be fine.
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hero10 (OP)
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December 26, 2017, 01:43:56 PM Last edit: December 26, 2017, 07:05:17 PM by hero10 |
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hero10 (OP)
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January 18, 2018, 12:39:29 PM |
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In the light of recent events, the question became urgent: How to understand that your position on crypto-currencies suffers because of market fluctuations, and not because of the whims of speculators? It's very simple, but some ignore the simplicity of this advice.
Open the capitalization of the Crypto-currency. This is a good metric for understanding where the market as a whole is. Next, move to your crypto-currencies. Having seen the place of the crypto currency that you are interested in in the general rating and evaluating its neighbors, you will receive very important information about the effectiveness of your crypto currency in competition with others. This information will allow you to draw conclusions about the current situation of your position. If the coin began to lose its place in the global capitalization rating – perhaps, this coin is influenced by fundamental factors or a speculative element. If the crypto currency keeps its positions in the rating, while losing in the price - do not worry, maybe this is only a global market fall.
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Jaya912
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January 18, 2018, 01:31:20 PM |
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Thank you for sharing, but most of the time, because I am not a technician, I can hardly judge the technical issues. I can only understand the background of the team and whether there are any bad records.
I think i prefer to join in real working priduct ico because many people will support it. And also more promissing if we investin such kind of ico. Always check the idea and team as well.
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davoshuntcrypto
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January 18, 2018, 02:28:12 PM |
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Great thread,
These are very important questions that should be asked before investing and usually people do not ask these as they are too interested in the concept and marketing and the ability to make cash of the token they are investing into.
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Irkytsk38rus
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January 18, 2018, 02:36:57 PM |
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Interesting topic of course, but I do not know how to read contracts, tell me where can learn more about reading contracts
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ruthbabe
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January 18, 2018, 03:42:38 PM |
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Hey, hero10! Someone posted a reaction (quoted below) against smartcontract.life on this thread, https://bitcointalk.org/index.php?topic=2465642.msg25705995#msg25705995... Could you say some feedback about it? Thank you. These '' smartcontract.life" are impostors, stay away from them as they have copied list of our projects ''Devgenesis.com". Kindly do market research before hiring any development team as many of these teams are fake.
Visit DEVGENESIS.COM , ALL THE PROJECTS MENTIONED HERE ARE OURS, ALL OF THEM HAVE BEEN COMPLETED BY US FROM START TO END.
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roastedparsnip
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January 18, 2018, 03:52:19 PM |
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The BLUE project aims to do a lot of what the OP has very helpfully done here manually (BLUE will release an SDK which auto scans contracts to look for malicious code e.g. infinite minting) They have also launched a wallet which will scan malicious wallet addressed (e.g. known hacker addresses) and give the user a warning before they send funds to that address. Something like this would have saved a lot of people from the recent EtherDelta hack. You can check https://www.etherblue.org/ for further details.
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hero10 (OP)
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January 18, 2018, 05:40:25 PM |
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Hey, hero10! Someone posted a reaction (quoted below) against smartcontract.life on this thread, https://bitcointalk.org/index.php?topic=2465642.msg25705995#msg25705995... Could you say some feedback about it? Thank you. These '' smartcontract.life" are impostors, stay away from them as they have copied list of our projects ''Devgenesis.com". Kindly do market research before hiring any development team as many of these teams are fake.
Visit DEVGENESIS.COM , ALL THE PROJECTS MENTIONED HERE ARE OURS, ALL OF THEM HAVE BEEN COMPLETED BY US FROM START TO END. The post was ignored consciously. This is our partner from the old team. Just black PR.
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ruthbabe
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January 22, 2018, 09:08:10 AM |
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Hey, hero10! Someone posted a reaction (quoted below) against smartcontract.life on this thread, https://bitcointalk.org/index.php?topic=2465642.msg25705995#msg25705995... Could you say some feedback about it? Thank you. These '' smartcontract.life" are impostors, stay away from them as they have copied list of our projects ''Devgenesis.com". Kindly do market research before hiring any development team as many of these teams are fake.
Visit DEVGENESIS.COM , ALL THE PROJECTS MENTIONED HERE ARE OURS, ALL OF THEM HAVE BEEN COMPLETED BY US FROM START TO END. The post was ignored consciously. This is our partner from the old team. Just black PR. Ok. Thank you for your feedback. A while ago, I have stumbled to this thread, https://bitcointalk.org/index.php?topic=2798374.0 it's about MediChain, The Medical Big-Data Platform - Saving Lives With Blockchain. This is their website, https://medichain.online/... could you please tell us if it's safe to invest in this project? Thank you.
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herromerro
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January 22, 2018, 09:42:56 AM |
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Hello, dear investors and everyone who reads this. Being a developer of smart contracts, I cannot stand aside of the current lawlessness in the ICO market. Out of every 100 projects 99 is a fraud, or a scam, as we used to call it. Please, read the following advices as a guide to verification of every ICO: 1. At the start of pre-ICO team should have a contract for automatic assets transfer, that contains a written set of rules for early investors – not on towel, not in the speaking form, but written in the smart-contract. Otherwise, collected assets can just fall in the pockets of founders, or they can change rules of the game in the middle of act – there are many examples. 2. The contract for pre-ICO should be a part of a bigger contract on ICO and do not be different tokens – it is unsafe form a standpoint of vulnerability and withdrawal of funds. 3. The contract for pre-ICO, and then on ICO should have a lower and upper barrier - if it does not – the team does not know what it wants - just a scam. 4. The contract for ICO should have escrow of the funds, received as a result of placement - it can be a frieze or multiSig with a voting condition. This will give you a guarantee against the expenditure of funds earlier than the team completed the previous stage. 5. The contract should have indisputable return of funds condition, in case of not reaching the lower limit of the collected pool. It is in the contract and not in the white book, if it is not – move on, it’s just a scum. 6. All contracts must be posted on GitHub, this will enable third-party developers to check the contract for the vulnerability, if the team has not taken care and before the ICO has not posted a bounty on the vulnerability. 7. The contract must specify the conditions for the team and for the bounty’s for vulnerability. 8. The contract must specify the conditions for not traded tokens - with clearly defined deadlines. This post is about having a standard. Everything in the end should have a standard - and together we can achieve it. If you do not invest in teams that do not adhere to basic security standards - they just won’t be able to steal your money. I hope for a dialogue and a healthy discussion. Thanks for precious advices. I mostly check token^functions if it is reasonable then many other factors like team, advisors, investors...
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Road445
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The Experience Layer of the Decentralized Internet
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January 22, 2018, 10:02:40 AM |
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Thank you for sharing. Indeed, there are serious problems with ICO, most of them are a fraudulent project, but there is a strong speculation in the whole market. The site will have the code for the ICO project, and the quality of the code will determine the quality of the project, and the smart contract is the key to the token.
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hero10 (OP)
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February 26, 2018, 08:23:58 AM |
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What to look for in the Whitepaper?
The first ICO I invested in was the Polybius project. For me it was more of an experiment than an investment. How did I find out about this project? Of course from ads. But why did I decide to invest my money there? After some time, being already an "experienced investor", I noticed that every project I analyze primarily WhitePaper. When people tell me about a new project or give a link, I do not consider landings and do not read the comments in the chat rooms. Even being a programmer, I do not climb into the code to look. First of all, I'm looking for the WhitePaper section. It was the well-made made WhitePaper that allowed me to determine my decision for the first time.
In due course I have generated the list of those requirements which I present to the project interesting to me. These requirements can help not only a novice investor. They can be guided by the development team ICO.
1. When will the ICO begin? In general, the fund-raising process can be in several stages. But we'll talk about a project with one stage of the ICO. 2. What is the motivation system for investors? The most popular now are two stages. Bonus for early investment and bonus for the amount of the invested air. 3. When will the ICO end? 4. Team. Very important part. Who creates the project and what kind of experience they have. And of course links to profiles in social. network. 5. The main idea is transparent in a few words. This section is for the investor. The section should be short, transparent and without project-specific terminology. If the description of the idea takes more than a page, then something went wrong. For technical details and for geeks there must be another section. Most investors will not understand your formulas. If it is not clear, they will close and will not remember or postpone until next time, which is extremely unlikely. 6. Necessarily those. details. Section for developers, engineers and geeks. These guys will carefully analyze each line, check the numbers, and then still ask a lot of questions in the chat support. 7. Comparison of existing projects. 8. What problem does the project solve? 9. Motivation to invest is the point of buying tokens. What will I benefit from this? 10. When is the benefit expected and how will it be distributed? 11. Why tokens will go up? 12. Link to the smart contract code. 13. Who are the partners or advisors. 14. Stages of project development and background, what has already been done. 15. Which exchanges will the tokens come out on? 16. Estimation of the market. At least approximate with the plotted graphics. 17. On what and how will investors spend money. 18. Where is the company registered? 19. Will there be an escrow?
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hero10 (OP)
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March 04, 2018, 09:16:30 AM |
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Simple Escrow contract
Schemes of work: • Once the customer deposits money for the contract, then his address is remembered and the contract starts counting down 12 days • If the developer called failedByDeveloper, then the money is returned to the customer; • After 12 days, the contract will count the period for another 5 days. During this period, the customer must make a decision. If the task is completed, the customer should call completed. Then the funds are transferred to the developer on the wallet. If the execution of the customer is not satisfied, then it should call orderNotAccepted; • If the work is not accepted, the contract gives another 5 days; • If the customer has not made any decision after the expiration of the safe period of five days, the work is deemed to be performed and the funds go to the developer for the purse.
Scheme when a dispute arises: Terms of dispute • The developer did not call failedByDeveloper, thus not saying that the work was not performed; • The customer prohibits withdrawal of funds within 5 days of the day using orderNotAccepted. The contract extends the safe period for another five days.
Terms of dispute resolution • The developer called failedByDeveloper. Thus, the developer agreed that the work was not performed and the funds go to the customer for the purse they came from earlier; • The customer called completed. Thus agreeing that the task is completed and the funds go to the purse developer; • The customer did not extend the disputed period until the current orderNotAccepted function terminates.
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AravinthP
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March 04, 2018, 09:21:44 AM |
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thanks for this post bud, I have to learn more about if they have a smart contract during pre ico
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UCHAIN The Next Generation Distributed Smart Network: Blockchain for the Sharing Economy https://uchain.world/
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