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Author Topic: Improvement of ICOs ratings check  (Read 93 times)
mybloomingpath
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May 23, 2018, 01:00:49 PM
 #1


Yesterday I found out that one ICO I supported turned to scam. The sad thing is that it was listed in well known resource ( which is known as one of the most trustful resources) with good rating. I really sorry for people who were involved and who lost their money. I do not know if it possible to return at least part of investment.
In such situation there should be very strict rules for listing and rating at influencing resources. There should be private check (arranged investigation by this listing site/resource) and if ICO in fact becomes SCAM, rating site  should compensate according to the ICO rating at least something to those who trust information they provide. I do not mean to compensate some specific amount of money but I mean such resources should bare responsibility upon their users.
Only when rating resource will suffer a loss after listing of unchecked or inproper cheked ICOs -only then we will see more proper checking and serious consideration before listing of ICO and giving good rating.
I do not want to name resources in this post cause it may be applicable to many of them. The issue is in general.
I would rather use pre-paid sites if they can guarantee that ICO is really checked and they responsible for what they advertise.

If someone can share good resource of expert reviews, from those who really cares of what he/she advertise, I would appreciate it much.
Thank you.
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suchmoon
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May 23, 2018, 03:18:21 PM
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Not going to happen. Even the stock market doesn't insure investments. If you want insured deposits you should put your money into a bank.
mybloomingpath
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May 23, 2018, 07:05:50 PM
 #3

I didn't mean insurance of investment as it may seem.Of course nobody can guarantee success of the project.  I wanted to say  that if resource publish ICOs, advertize and have profit it would be good if this publisher/web site put some effort and spend some ernings to check what is published in order to minimize scam and fraud. Itcould be even prepayed access in order to cover spendings on ICO research. It could be premium ICOs data "storage" but with checked data and not only based on words and colorful ads.
Protogenox
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May 23, 2018, 07:10:59 PM
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In the investment world you have to take risks. If you do not want to lose your money, then do not participate. Always check the roadmap, their team, whitepaper, and their goals.
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May 23, 2018, 07:20:45 PM
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I didn't mean insurance of investment as it may seem.Of course nobody can guarantee success of the project.  I wanted to say  that if resource publish ICOs, advertize and have profit it would be good if this publisher/web site put some effort and spend some ernings to check what is published in order to minimize scam and fraud. Itcould be even prepayed access in order to cover spendings on ICO research. It could be premium ICOs data "storage" but with checked data and not only based on words and colorful ads.

You mentioned compensation - it is pretty much a definition of insurance.

If there is money to be made by providing such service then somebody will provide it. I wouldn't hold my breath though. There is a lot more money to be made by providing shilly "reviews" and it will continue as long as greed and stupidity continues to drive the whole ICO shitshow.
Fenya96
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May 26, 2018, 02:42:13 PM
 #6

Ignite Ratings platform could solve this problem when fully functional. They are in beta test phase. The whole point of it would be that people (the HIVE) rate projects, ICOs to invest funds in them. This project might solve the problem, becouse there is no rating agency that can be paid to promote a scam ICO.
ETFbitcoin
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May 26, 2018, 04:35:01 PM
 #7

That's the risk with ICO which is supposed to be decentralized. Even with rating check, background research or audit, that won't guarantee whether an ICO won't scam or will success since there's service to make an ICO looks real such as by making "professional" looking white-paper, nice-looking website or make someone look like an "expert".
If you're thinking about compensation/insurance on your investment, that means you're afraid to take risk and shouldn't invest anything in first place IMHO.
paxmao
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May 26, 2018, 09:54:02 PM
 #8

I didn't mean insurance of investment as it may seem.Of course nobody can guarantee success of the project.  I wanted to say  that if resource publish ICOs, advertize and have profit it would be good if this publisher/web site put some effort and spend some ernings to check what is published in order to minimize scam and fraud. Itcould be even prepayed access in order to cover spendings on ICO research. It could be premium ICOs data "storage" but with checked data and not only based on words and colorful ads.

You mentioned compensation - it is pretty much a definition of insurance.

If there is money to be made by providing such service then somebody will provide it. I wouldn't hold my breath though. There is a lot more money to be made by providing shilly "reviews" and it will continue as long as greed and stupidity continues to drive the whole ICO shitshow.

That type of service exists already of course. Many law firms , lots of them, are specialised in performing "Due Diligence". Scams were not born with cryptos, they happen even in large company merges and acquisitions, typically with false audits or hidden debts.

Does the OP think that whales invest without DD?

However, it is obvious that you (nor me for that matter) have enough resources to pay for that, but there is no justification for not doing at least the very basic research on a project.
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