Finally ,a solution to fraudulent ICOs?

[Atang Sulaeman]

As I was surfing the web today I came across this wonderful news=

https://cointelegraph.com/news/erc-20-co-author-proposes-new-ico-model-to-protect-investors-from-fraudulent-token-sales

 very soon we will start seeing reversible ICOs projects which will reduced scammy and fraudulent project ,finally dreams are coming true,the capability of been able to reverse your invested money in any ICO is wow!

in my opinion this is exciting news, because anyone who invests in an ICO will not suffer losses if the ICO fails or is false.

[kier010]

i thinking bad but what if the the this project turn out to be scam also. what if after they got your money they will run with it? we know that there are many people that will breed greed after they hold big amount of money. we can't trust other people with are money but if it turn outs to be good this is a good solution.

[rasulibragimavic]

'm happy about this news. It's good that there are people who care about the safety of people namely the preservation of money and getting rid of scams. I think it will increase the number of people invested in the ICO.

[CreamIce]

With ICOs gaining lot of attention and expansion, it has somehow become one of the easiest ways to gain funds. Even established businesses are attempting to benefit from them through reverse ICO.
There are speculations that tech giants can soon follow the suit and benefit from this.
If anything, we must be welcoming this approach, especially from investors point of view.

[crzybilly]

There was always an option how to protect yourself from scam. The problem is that people are investing in ICOs without checking the most important details like Whitepaper, team, community and so on. Be advised and stay safe guys!

[kewlc3s]

  Would be nice if this come true.
But.. from experience. It might be scam as well.
whole model of ICO is very unstable and tricky.. There are hundreds holes that scammers could use to scam investors.
Really hope that some day scams will stop, and we will see crypto project that we can trust.

I still can´t forget Centra scam.. everything looked so perfect, Floyd and DJ Khaled promoted ICO, huge support from community - and scam after 6 months. Pity.  

[CTO@MyBitMine]

I really like this news, just read this "You are able to take your funds back at any point in time and do it simply by sending your tokens back.”(C), it sounds great, just imagine I won't need to ask refund if ICO will fail or scammed. I wonder how many user will start to invest because it will be much more safety than now.

[Docbee]

If "reversible ICO” (RICO) could be accomplished fraudulent ico will reduce since investors can decide to return token and fund sent initially will be returned, i hope the model will be released soon.

[rahul7timt]

 let us see the implementation of this solution. if people will be able to get their funds back at any time than what will be the terms?? i hope this solution will work to some extent & also it will increase the trust of investors in ico projects..

[Icologies]

As I was surfing the web today I came across this wonderful news=

https://cointelegraph.com/news/erc-20-co-author-proposes-new-ico-model-to-protect-investors-from-fraudulent-token-sales

 very soon we will start seeing reversible ICOs projects which will reduced scammy and fraudulent project ,finally dreams are coming true,the capability of been able to reverse your invested money in any ICO is wow!

very interesting information to explore further, I will analyze the news more deeply whether it is true. this is very useful for me and maybe also for other bounty hunters.

[oper802]

Would be nice if this come true.
But.. from experience. It might be scam as well.
whole model of ICO is very unstable and tricky.. There are hundreds holes that scammers could use to scam investors.
Really hope that some day scams will stop, and we will see crypto project that we can trust.

I still can´t forget Centra scam.. everything looked so perfect, Floyd and DJ Khaled promoted ICO, huge support from community - and scam after 6 months. Pity.  

Yeah, we can not believe in any project offhand. There are many interesting ICOs which are scam evidently. But, we are hoping the same thing, if this ICO really can be the solution of the scam then it is great. We do not need to worry in the future while investing in any ICO.

[Btcvilla]

As I was surfing the web today I came across this wonderful news=

https://cointelegraph.com/news/erc-20-co-author-proposes-new-ico-model-to-protect-investors-from-fraudulent-token-sales

 very soon we will start seeing reversible ICOs projects which will reduced scammy and fraudulent project ,finally dreams are coming true,the capability of been able to reverse your invested money in any ICO is wow!

this is a good idea and good news for crypto investors, maybe with this at least it can prevent ico from leading a scam, but we still need regulation which is a legal umbrella for ico who is a scam.

[GregH37]

As I was surfing the web today I came across this wonderful news=

https://cointelegraph.com/news/erc-20-co-author-proposes-new-ico-model-to-protect-investors-from-fraudulent-token-sales

 very soon we will start seeing reversible ICOs projects which will reduced scammy and fraudulent project ,finally dreams are coming true,the capability of been able to reverse your invested money in any ICO is wow!

I think this ICO model is quite risky for startups because many speculators easily panic in this market, maybe FUD will be a weapon to destroy ICO projects because most people in this market are easily panicked by FUD and startups will go bankrupt if they return most of the project funds to investors, they can sell back the returned token but I'm not sure market demand will be enough to cover that

With the way things are going, I am not very sure if that model will work as there are so many things that will have to consider. However, it is not a very bad attempt all if all things actually work in a way that the teams are still able to have the ETH in their wallet somehow.

Because the way they are saying it now is that, You are able to take your funds back at any point in time and do it simply by sending your tokens back. Although, since they said it is going to be a special purpose smart contract, I hope it would not even end up being a problem in the long run when people start panicking for no reason which could even lead to the end of a potential project. Just thinking out loud though!

[siorapokk]

Awesome news guys! I hope it would be available very soon, because people are losing trust in the ICOs, because 50 percent of them are scams. Invest some more time in researching a project and you won't get scammed anyway.

[xhibit1]

I am glad to have gone through this thread today. but my question still remains. will this website detect all fraudulent ICOs?

Will it state the Genuine one and the one's that will fail in the future?

[CryptoBry]

As I was surfing the web today I came across this wonderful news=

https://cointelegraph.com/news/erc-20-co-author-proposes-new-ico-model-to-protect-investors-from-fraudulent-token-sales

 very soon we will start seeing reversible ICOs projects which will reduced scammy and fraudulent project ,finally dreams are coming true,the capability of been able to reverse your invested money in any ICO is wow!

I am looking forward to this development and in fact this is already very much overdue. The ICO industry must really come up with an acceptable mechanism where funds from investors can be protected so we can stop the many famous scams that can happen again and again in this industry. Scams in the past have ruined the reputation of the ICO platform and that is why many had already left this platform thinking that scams can never be stopped anyway. The interest of the investors should be a paramount concern in any project so we can build back the trust and confidence of many big and small investors.

[mummybtc]

This will not work, everyone is excited about this but what are you going to say about most of these impatient investors that want to make 5X the day the token get listed on exchanges. Ethereum need to look at themselves in the mirror and ask how many months does it take them to release their platform and even to some they are still under developing because they are struggling with scaling issues. This would just make developers to jump into new smart contract platforms like EOS and NEO

[sana54210]

As I was surfing the web today I came across this wonderful news=

https://cointelegraph.com/news/erc-20-co-author-proposes-new-ico-model-to-protect-investors-from-fraudulent-token-sales

 very soon we will start seeing reversible ICOs projects which will reduced scammy and fraudulent project ,finally dreams are coming true,the capability of been able to reverse your invested money in any ICO is wow!

it is still a proposal but I hope even if this is going to be implemented, they are really going to try as much as possible to put a good framework into place that won't let people take advantage of the model.

It is not a bad idea at all, but that would only be applicable if they are able to probably get the investments on a lock down automatically, and then there is a way there can be a tag down on the development of the project in the long run, to be able to know if it is a scam or not because the fact that a project with no product or have no possible plan for product, and just simply ended up creating and distributing token, does not make it less of a scam.

[transformt]

that would be perfect for us and for the market as a whole. I am personally tired of the fraudulent projects from which the invsetora who have invested their funds in them and the people who participate in the bounty suffer

[slaman29]

This news information about the reverse ICO idea is a welcome development to cryptocurrency sphere,i believe it will improve the ICO investment ecosystem, investor will breathe fresh air and will be motivated to continue the crypto investment business

This is a Reversible ICO concept, not the same as a reverse ICO.

In a reverse ICO, an established company/business with already an operational team and product, simply wants to raise funds to expand. Then they run an ICO. So the ICO comes after the business is established, hence reversed ICO. A few casinos did this last year, established for several years and wanting to expand. They did ICOs and of course did well because people saw the existing business was successful.