How can one make effective use of the Excrow?

[otto93]

Excrow are defined as a third party that guarantees safe exchange of goods and services between other agreed parties under description.

Of late excrows are considered as the secured guarantee for safe payment of bounty rewards to bounty Manger and then bounty hunters.

But then a couple of this projects think they are so smart that even a night before an IEO, they do change the smart contracts of their tokens rendering whichever token in excrow worthless.

So i suggest that excrows should not only hold the tokens but also be given usdt value of the tokens as well, so that incase it turns out in the wrong direction the usdt can cater for it..

Your suggestions?

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[asriloni]

So i suggest that excrows should not only hold the tokens but also be given usdt value of the tokens as well, so that incase it turns out in the wrong direction the usdt can cater for it..

Your suggestions?

I may agree with this but it's not only USDT that can be considered as a native token to be used to pay the hunters. I think that bitcoin or ethereum could also become good choices too.
Sometimes the team was swapping the token without tell anything to the manager or the hunters.
The escrowed money can decrease the possibility for the team to make the token became worthless but the difficult thing must be how the team can do this.
The only thing that can be done by the manager.
This suggestion should be sent to the manager

[otto93]

So i suggest that excrows should not only hold the tokens but also be given usdt value of the tokens as well, so that incase it turns out in the wrong direction the usdt can cater for it..

Your suggestions?

I may agree with this but it's not only USDT that can be considered as a native token to be used to pay the hunters. I think that bitcoin or ethereum could also become good choices too.
Sometimes the team was swapping the token without tell anything to the manager or the hunters.
The escrowed money can decrease the possibility for the team to make the token became worthless but the difficult thing must be how the team can do this.
The only thing that can be done by the manager.
This suggestion should be sent to the manager

Thank you for your submission but I choose usdt or any stable coin because of their stability. We all know bitcoin and Ethereum are volatile!

[crwth]

I'm not sure about what you are talking about but do you mean Escrow? After a couple of Google searches of "Excrow" nothing is really showing up related to that word but "Escrow". I think you should fix your wordings as well.

Anyways, there's nothing you could do about that but to believe that "that" token will have value in the end. I don't think they would be able to give that amount unless their token has a value already. Possibly, the developers are working to make their tokens valuable, unless that happens, they have no USDT to give. That's just what I think.

So what you want is some kind of a fixed USDT payment for your work?

[Hallmader]

That would be the best way for an escrow of useless tokens, especially ones which involve the developers themselves since they are in control of the smart contracts of their very own tokens.

But if this happens, it means the project is as worthless as their tokens. So there's not much to lose in this situation. If they cheat even in their bounties, that is very low of them. I cannot see how they would succeed when they would even cheat a tiny amount from the people who are very much part of their larger community.

[DoubleAweSeven]

I wish bounty campaigns just pay us solid USDT instead of tokens because that's the safest way to say they are legit and will be honest to pay us bounty hunters. If they somehow really change the smart contract without informing everyone, then that proves they are scamming people and should be avoided.

[Rowenta]

Excrow are defined as a third party that guarantees safe exchange of goods and services between other agreed parties under description.

Of late excrows are considered as the secured guarantee for safe payment of bounty rewards to bounty Manger and then bounty hunters.

But then a couple of this projects think they are so smart that even a night before an IEO, they do change the smart contracts of their tokens rendering whichever token in excrow worthless.

So i suggest that excrows should not only hold the tokens but also be given usdt value of the tokens as well, so that incase it turns out in the wrong direction the usdt can cater for it..

Your suggestions?

Not all new projects team swap their smart contract after escrow promotions, majority of them keeps their promises, if any new project practice such I will reject them instantly if I'm a bounty manager to safe bounty hunters from unnecessary stress and waste of time, it means that the project team can't be trusted, they are probably scammers.

[Squezzi55]

It's good to get paid in USDT from bounties to avoid cheats but lack of volatility isn't always good because there are few high quality projects that skyrocket after listing on good exchanges, bounty hunters will miss the chance of getting more rewards if they are paid in USDT, here is a good example, the IEO price of DIA token is 0.4 to 0.5$ and when bounty hunters get paid it's price is from 1$ to 1.7$, can you see the difference? If bounty hunters are paid in USDT I'm sure the reward won't be this big.

[bittick]

That's true. There's just too much exploit available for the developers if the escrowed money are in form of the project's coin. That's why it's heavily recommended to use some kind of stablecoin or an already existing coin that gives no opening in attempt of exploiting the escrowed fund. I think the escrow should always check the contract address aswell and if there's project really changes the contract address before last second of IEO opening as you implied then the escrower should gives warning to the people or the exchange platform from scam attempt.
It's just always best to use stablecoin for escrow at that point.

[Festac]

Excrow are defined as a third party that guarantees safe exchange of goods and services between other agreed parties under description.

Of late excrows are considered as the secured guarantee for safe payment of bounty rewards to bounty Manger and then bounty hunters.

But then a couple of this projects think they are so smart that even a night before an IEO, they do change the smart contracts of their tokens rendering whichever token in excrow worthless.

So i suggest that excrows should not only hold the tokens but also be given usdt value of the tokens as well, so that incase it turns out in the wrong direction the usdt can cater for it..

Your suggestions?

Getting paid in USDT can only solve tokens becoming worthless or avoid dumps, that's not bad idea but I don't want to get paid in USDT, injective protocol bounty campaign paid participants in 30,000 USDT but it's token (INJ) is over 1.30$ today, sometimes it's just better to get paid in tokens instead

[GreatArkansas]

One of the best things to do to not get rekt by these kinds of bounty campaigns is checking first their Terms Of Services, especially in their bounty campaign, you should check if there is term that they are allowed to change the mode of payment for their bounty campaign or changing smart contract beside from escrowed token is allowed. Because if so, you can't accuse them for scam project.
Speaking of in USDT rewards for bounty campaigns, it's really difficult to find bounty campaigns that are offering some stable coins as mode of payment.

[dhemasm]

Good Concept but collateralizing like USDT or Other Major altcoin i suppose it's little bit hard, The purpose of bounty campaign it's to gain more audience and attract more investor and the project in the first place didn't have that big amount (Project with equivalent more than $100k US on their campaign pool) so i suppose it's ok using their currency for paying us since We agreed to participate beforehand. For Escrow it's also effective but yeap sometimes bad things happen, Let's say the project was giving the token too Escrow Address and at the end of Bounty Campaign they are doing Fork or migration to new Smart Contract (For Ethereum Based Project) And it become worthless.

Basically it's simple, Don't join if you don't trust the project and we can ever predict what will happen next if you want more safe maybe joining Campaign that paying with Bitcoin or other Altcoins like some campaign on Services Section, there will always be two sides and different perspectives. Be careful and DYOR!

[joseyphil82]

I believe in tokens more than USDT because you can make more profits from tokens than USDT due to lack of volatility, also majority of bounty campaigns with USDT rewards have very low bounty allocations, some don't even use limited participants and in the end you will only get few dollars due to too many participants

[Bitbtc8]

Many projects have disappoints many bounty hunters this year, I get it but the few projects that performs better this year don't use any Escrow, the projects that use Escrow this year aren't that successful and few still end up scamming bounty hunters, I like the idea of using stable coins to pay but the reality is not all new projects that afford paying bounty hunters in stable coins when they haven't raise any money yet

[Stanlo]

I wish bounty campaigns just pay us solid USDT instead of tokens because that's the safest way to say they are legit and will be honest to pay us bounty hunters. If they somehow really change the smart contract without informing everyone, then that proves they are scamming people and should be avoided.

If projects decide to pay bounty hunters in USDT the campaigns must be limited, many USDT paying campaigns allowed to many people to join and later you get 10$ for months of work, I've experienced this from bounty detective campaigns, honestly is very important in crypto space, new projects don't need to pay hunters in millions, limited participants and fixed allocation is even a plus

[otto93]

I'm not sure about what you are talking about but do you mean Escrow? After a couple of Google searches of "Excrow" nothing is really showing up related to that word but "Escrow". I think you should fix your wordings as well.

Anyways, there's nothing you could do about that but to believe that "that" token will have value in the end. I don't think they would be able to give that amount unless their token has a value already. Possibly, the developers are working to make their tokens valuable, unless that happens, they have no USDT to give. That's just what I think.

So what you want is some kind of a fixed USDT payment for your work?

Thank you for digging this out man, I accept and agree to check my wording in my next posts
But you don't want me to belive in a token that has change its  smart contract prior to payment day?

[didzi]

Excrow are defined as a third party that guarantees safe exchange of goods and services between other agreed parties under description.

Of late excrows are considered as the secured guarantee for safe payment of bounty rewards to bounty Manger and then bounty hunters.

But then a couple of this projects think they are so smart that even a night before an IEO, they do change the smart contracts of their tokens rendering whichever token in excrow worthless.

So i suggest that excrows should not only hold the tokens but also be given usdt value of the tokens as well, so that incase it turns out in the wrong direction the usdt can cater for it..

Your suggestions?

thats right, usdt can be the right choice to reduce the scammers, because even we use an escrow to hold the rewards but new problem will come if the project change the contract address, just like words above, so payment in usdt or in ethereum or bitcoin could be a great idea

[otto93]

One of the best things to do to not get rekt by these kinds of bounty campaigns is checking first their Terms Of Services, especially in their bounty campaign, you should check if there is term that they are allowed to change the mode of payment for their bounty campaign or changing smart contract beside from escrowed token is allowed. Because if so, you can't accuse them for scam project.
Speaking of in USDT rewards for bounty campaigns, it's really difficult to find bounty campaigns that are offering some stable coins as mode of payment.

Thanks for the the headsup and also I hope when this incedents and irregularities are forseen, let the bounty managers listen when they are advise against such practices

[Slingshot]

Well, the best way of doing something without having to think twice us when it's being esrowed by 3rd party. Just like bounty, many project owners have disappointed hunters by not paying after work was done. With bointy being escrowed by sinxer bounty manager, users are sure if their payments than double mind.

[Hallmader]

Well, the best way of doing something without having to think twice us when it's being esrowed by 3rd party. Just like bounty, many project owners have disappointed hunters by not paying after work was done. With bointy being escrowed by sinxer bounty manager, users are sure if their payments than double mind.

Escrow is always held by a third party. It cannot be possible for an escrowed fund to be held in escrow by either of the parties involved in the transaction.

OP is having problems and troubled by escrowed funds held by third parties such as bounty managers because the owners of the token themselves change the smart contracts of their own tokens. That means previous tokens are becoming useless and worthless. So it somehow makes the use of escrow useless as well.