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Author Topic: How and/or why would anyone trust Anonymous Developers of Blockchains?  (Read 118 times)
goldenwikiD
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May 08, 2018, 02:55:44 PM
 #1

If the blockchain a currency or token is on is only as strong as it's developers, then what is the best way to really find out how to trust it before investing? Especially if the developers are anonymous?
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May 08, 2018, 06:41:31 PM
 #2

i have never done that tho, i mean investing in some coins made by anonymous developers. i just can't so i would love to hear others' opinions
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May 08, 2018, 06:53:39 PM
 #3

Extensive research. That's pretty much it; and don't put all your money into one basket. Even though a project's developers are passionate and all that, a project can still fail. There's no project that's going to be successful with a 100% chance, and take note that you're investing in the blockchain industry, which is very very young and can simply just not reach mass adoption.

To answer your topic question though, it depends. If it's just a single developer, then no. Centralization is definitely not good. Anonymous developer(s) on the other hand, it depends.

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May 08, 2018, 06:56:43 PM
 #4

If the blockchain a currency or token is on is only as strong as it's developers, then what is the best way to really find out how to trust it before investing? Especially if the developers are anonymous?

Presumably you're not going to put money into closed source? If you do then you get all you deserve.

As for open source it's voluntary all the way down the line. A developer puts out code, miners run it, buyers buy their product. Everyone examines the code for viability. No one does anything with it if it's not good enough.

It doesn't matter who put the code out or what their name is. The only thing that counts for anything is the code itself.

If the code is shit then no one mines it and no one buys it. If an anon developer puts out shit code on an existing project then miners reject it and stick to the code that works, and more than likely a better developer picks it up.

That's the entire point of crypto.

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May 08, 2018, 08:11:26 PM
 #5

It's a not a good idea to invest in projects that developers are unknown. if the project is legit, there is no reason to hide the identity of the developers especially when the project is in ICO phase.



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May 08, 2018, 08:13:37 PM
 #6

for some reason, I see many privacy coins with anonymous developers.
is this logical? I mean, they're not doing anything illegal, and any criminals who would want to extort them etc, that applies for other coins too.
or is it just in the Spirit of Privacy?
sure, but then the project itself loses a bit of legitimacy?

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May 08, 2018, 08:21:59 PM
 #7

The longer you stay in this space the easier it is to spot [Suspicious link removed]panies that are only looking to take advantage of you.

Some things to look for:

Codebase is open source and vetted by crypto community members
Isn't just recycled code with nothing new
Uses proof of work
No Premine
No Super Block
Have a good use case and is feasible to achieve

Most scammers don't put in that much time to their scam coin. They look for the easy money aka (recycled code, great buzzwords, etc.) Most scammers aren't dedicated to writing original code for months just to scam the crypto community. Blockchain devs are the most highly sought after employees in the world right now. Why write original code to scam people when you can get paid 150k plus salary working for another company? I'm not saying that doesn't happen but it helps with filtering companies out.

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May 08, 2018, 08:37:20 PM
 #8

If the blockchain a currency or token is on is only as strong as it's developers, then what is the best way to really find out how to trust it before investing? Especially if the developers are anonymous?

The blockchain is a space that no one can manage. In the process you want to do has just you and the code of the person you are going to commit and nobody can put one's oar into your business. So this is a technology and i can not prove it, i mean, i can not tell you about a space i didn't see in the internet.

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May 08, 2018, 08:47:57 PM
 #9

I have heard and I have seen an investment system were the developer is known. The developer will even address people publicly but the system will still crash. If you only because what you see you may not  go far in life.  Sometimes you believe what you don't know and what you have not seen.

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May 08, 2018, 08:58:02 PM
 #10

If the blockchain a currency or token is on is only as strong as it's developers, then what is the best way to really find out how to trust it before investing? Especially if the developers are anonymous?
If I were you I wont trust anyone because there are a lot of people here in the world with different characteristics. We dont know what they are trying to do so if you want to be safe then trust no one.

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butka
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May 08, 2018, 08:58:47 PM
 #11

or is it just in the Spirit of Privacy?
sure, but then the project itself loses a bit of legitimacy?
Honoring the Spirit of Privacy is not really a valid reason the developers should remain private. And they definitely lose a great deal of legitimacy, lowering their grade to the likes of the countless scam coins where the developers team is totally unknown. When the team is unwilling to stand behind their project, it tells a lot about the nature of the project, isn't it? First thing I check about a new cryptocurrency is the team. If the team is anonymous, I don't even bother to check anything else.

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May 08, 2018, 09:13:21 PM
 #12

Codebase is open source and vetted by crypto community members
Isn't just recycled code with nothing new
Uses proof of work
No Premine
No Super Block
Have a good use case and is feasible to achieve

That's the point. They are only showing their ideas and giving them to the community for verification. If even one person finds something wrong with the code, everyone will know about it. There will be articles on top of articles about how the devs are careless and proposing bugged changes. It's just not going to work and the devs know it. That's why everything they propose undergoes verification and is not going to be malicious.
I'm fine with them trying to improve the system and appreciate their work.
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May 08, 2018, 09:30:47 PM
 #13

If the blockchain a currency or token is on is only as strong as it's developers, then what is the best way to really find out how to trust it before investing? Especially if the developers are anonymous?

Without going into the technical nitty gritties, I will simply not invest in any project where the developers are anonymous.  I am not a technical person and more interested in finance because that's what I do in my professional life as well. Doesn't matter how high the merit of a project is, if I can't see the people behind it, I won't trust them with my hard earned money.

Having said that, I am excluding bitcoin from this discussion. Because bitcoin is the pioneer in blockchain technology. The blockchain technology came into existance with bitcoin. But nowadays, a lot of scamstars are running ICO to pull funds from the community and claiming to bring new technologies in the market. The fact is, 60% of the ICOs are run by scammers. So anonymous developers is a big NO for me.

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May 09, 2018, 03:26:16 PM
 #14

Codebase is open source and vetted by crypto community members
Isn't just recycled code with nothing new
Uses proof of work
No Premine
No Super Block
Have a good use case and is feasible to achieve

That's the point. They are only showing their ideas and giving them to the community for verification. If even one person finds something wrong with the code, everyone will know about it. There will be articles on top of articles about how the devs are careless and proposing bugged changes. It's just not going to work and the devs know it. That's why everything they propose undergoes verification and is not going to be malicious.
I'm fine with them trying to improve the system and appreciate their work.

I completely agree with you.
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May 09, 2018, 09:05:18 PM
 #15

You don't, simple as that. Sure, one could argue that a bit of risk is necessary to achieve wealth but to not know who is behind something when they are asking for your investment is a foolish practice. It is imperative to look for transparency within a project, even more so if it is a new one. As mjglqw says, it all comes down to thorough research--what that exactly means, however, is subjective.

It could be a good strategy to follow or even attend (if possible) blockchain and crypto-related conferences around the world to see who is up and coming in the business, that way you not only see who the face of the project is, but also get an early foot in the door f you decide to invest. One such conference is called coinagenda, on our blog we expand on a recent one held in Puerto Rico where numerous ICO's gathered to pitch their ideas. Feel free to check it out: http://bit.ly/ICOConference

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May 10, 2018, 03:01:10 AM
 #16

two words: Open Source

now it only comes down to whether you understand the code and technology or not. if you do, then you simply check it out and figure for yourself whether it is a good project or not. it doesn't matter who the developers are, they are all anonymous to you even if they provide their picture and information! you first start with the paper to get the idea of the project and see if it is interesting them move on to the code and then more importantly you start using it to test the platform.

if you don't understand them then it is the matter of seeing how many of the others who do are giving feedback about it. for example you can find many on bitcoin and read them. in this case you have to be careful to find those who are experts and are giving unbiased opinion instead of finding some bag holders on the internet who are spreading bullshit to reach their purposes.

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May 10, 2018, 04:43:44 PM
 #17

I think it depends on the nature of the project. For anonymous coins it is fairly normal for the developer to remain anonymous, if it hits the dark markets then that person may get into turmoil with the authorities. If it's an eCommerce project the the developer needs to go public for full transparency.
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May 11, 2018, 10:17:01 AM
 #18

If the blockchain a currency or token is on is only as strong as it's developers, then what is the best way to really find out how to trust it before investing? Especially if the developers are anonymous?

A coin is only as strong as it's code & community.

devs come and go, community support is what matters.




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May 11, 2018, 11:34:50 AM
 #19

You have to trust the developers that are not anonymous and who validated the code that was used. Most developers will check other developers code, to see if something is fishy. In the Crypto currency scene this would be a deal breaker, if you can identify a exploit in some Alt coin that can be used to exploit people. We saw this with Bitcoin XT, when they wanted to sneak in "bad" code. <backdoors>

This will ruin the competition, if someone can spot a backdoor or exploitable code in some Alt coin.  Wink

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May 11, 2018, 11:40:30 AM
 #20

If the blockchain a currency or token is on is only as strong as it's developers, then what is the best way to really find out how to trust it before investing? Especially if the developers are anonymous?
Dont give your 100% trust to those people who  are anonymous because we dont know what are their real intention towards you and other people. If that anonymous person would introduce their real identity then thats the time you would trust them. You must check their backgrounds inorder for you to be safety because their are a lot of people who are great at pretending.

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