We need to establish a coin code certification program, would basically be community managed and funded we can hire a team of coders to inspect and certify that the given coin code is free of malicious modifications.
What do you all think ?
this is an idea that smacks of effort, centralisation, and bureaucracy.
people design asic-resistance into coins, but no person on earth can design greed-resistance into unregulated cryptocurrency. the only reason why there was any kind of 'scam' in asiacoin was becuase people decided they could make some quick cash. those bagholders got exactly what they deserved because any get-rich-quick speculator is either ignorant or in denial about where the value of a new coin comes from: other fucking bagholders. can't 'certify' against ignorance.
a 'certification program' is idiotic, because the user that would find it most useful essentially abdicates whatever minimal,personal responsibility to do their own homework and due diligence into an investment. the complete lack of research most do before real time and cash into a project is fucking astounding. can't 'certify' against stupid.
protect yourself with a 'self certification' - your bullshit detector is simple, and its effectiveness has long predated the beginning of alternative blockchains and currencies:
1. use some common sense - get rich quick schemes are zero sum at the expense of a bagholder.
2. use some common sense - if it's too good to be true, it probably is. stay the fuck away from 'too good to be true'.
3. use some common sense - for fucks sake, stop buying currencies on speculation, and start mining it with hardware you can break-even on.
4. use some common sense - if you can't vet the source code yourself, stay the fuck away. that means missing out on most initial mines.
5. use some common sense - stay the fuck away from 90% of the existing exchanges.
5. use some common sense - use your fucking common sense.
there's many more good ideas floating around, but these are the main ones off the top of my head.
