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Author Topic: Does a Legal Adviser make an ICO more "legal" and free from scams?  (Read 284 times)
veleten
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February 04, 2019, 08:47:59 AM
 #21

What are the core team members and advisers you're looking at when judging on ICO? Does a reputable legal adviser change an overall picture? How can you check on their reputation?

a legal adviser is all good and dandy, but you have to understand that if the project is designed to scam you
it would do everything to pretend legit and hiring a legal adviser is one of the steps to do so
on the other hand , it costs money and most of the scam and "destined to fail" projects save on everything
so the presence of a legal adviser could be a factor, bit not the deciding one
one of the fresh examples- the first blockchain MMORPG ICO called Lordmancer II had a good team of advisers
yet they announced the project is closing and now their tokens are  worthless
in this case it is rather the project failure rather than scam, but legal advisers didn't help in any way

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Gozie51
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February 20, 2019, 03:00:55 PM
 #22

Yes! As these people who are experts on the field of law will surely make a certain project more legit and more trusted that will make project investors to fell secured of their investments. If a certain ICO will not going to rely on these law experts then expect legality issues might arise in the future making your investors might not trust your project.

Haha.. I think what a legal officer in a team of ICO will do is to create a level of legality around the project. It will make investors see the project as the one that is legit but I don't think a scamming project will desist from scamming investors.

In fact, a legal officer's support to the project will make investors more gullible to fall for trap of scam if it was destined for scam.


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Ozero
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February 21, 2019, 04:50:28 AM
 #23

How can you check on their reputation?

If you have time to do a deep research, try to email the company where they (claimed) work in the past. I've found several fake team profiles doing this. But it really depends on how the company responds your email. Sometimes it takes days for them to respond your email. You can also try to cross-check their reputation by doing simple search on Google, such as search their name and see whether there are media or social media profiles that mentions them. Best of luck.
Many times I sent the ICO team a question so that they would respond on the basis of what regulatory act they require that the KYC head-hunters undergo an audit and what exactly is written about these regulations. None of them gave me any answer. From this I conclude that there are no lawyers in the ICO team or they knowingly illegally use the KYC check against us. We are not investors and their customers and should not pass such a test. This is all arbitrariness, violating our rights.
It is very difficult to check whether ICO teams are fraudsters. This should be done by government agencies.

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February 21, 2019, 06:14:30 AM
 #24

How can you check on their reputation?

If you have time to do a deep research, try to email the company where they (claimed) work in the past. I've found several fake team profiles doing this. But it really depends on how the company responds your email. Sometimes it takes days for them to respond your email. You can also try to cross-check their reputation by doing simple search on Google, such as search their name and see whether there are media or social media profiles that mentions them. Best of luck.
Many times I sent the ICO team a question so that they would respond on the basis of what regulatory act they require that the KYC head-hunters undergo an audit and what exactly is written about these regulations. None of them gave me any answer. From this I conclude that there are no lawyers in the ICO team or they knowingly illegally use the KYC check against us. We are not investors and their customers and should not pass such a test. This is all arbitrariness, violating our rights.
It is very difficult to check whether ICO teams are fraudsters. This should be done by government agencies.

Unfortunately, government agencies do not check on these ICO teams even while there have been numerous scams in the past. It's quite problematic for them to routinely check on ICO teams as there are no governing provisions or bodies that will rule over the matter of ICOs, therefore the government has no power of enforcement over them as well. Much needs to be done to protect those engaging in ICO projects.

Also, IMO having a lawyer in a team does not equate to the legitimacy of an ICO team. For all we know, they could just be figureheads just like how people with good credentials are added to contribute to the 'integrity' of an ICO project.
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