As an authorized and offical NOOB I like this idea. While I have watched crypto since BTC was worth $16 I have only recently gotten active in it. The question I have is, what is the criteria for updating ratings? For example if a dev skips out or fails to deliver, what will change in that dev's rating to reflect his past. This also makes me ask, what proof is there that this really is the dev and not a front man? I guess just a little trust... "what do you mean my BTC is gone?" well, so much for trust.
Either way I think it is a giant step in the right direction. Now if only the exchanges would come together (or even apart) and come up with a set of published and public guidelines that coins have to meet to get listed. Between the concepts behind POD, Coinbase and exchanges that do more than just hold what is essentially a flea-market for coins some legitimacy can be earned back.
CryptoAsian, NOT TRYING TO THREADJACK BUT......
**STEPS UP ON SOAPBOX**While it is not the exchanges' job to police the crypto-world it is in their own best interest to maintain some sort of reputation as not being the sleazy guy in the overcoat of coins. Allowing the public to see what metrics are used in choosing a coin and letting that same public measure a coins progress by those standards when it is listed puts just a bit of trust back into that exchange. Not meeting those guidelines can result in actions that publicly show that a coin is failing to meet those standards.
Possible actions could include:
- A private message to the devs
- A public warning that the coin is not meeting goals in a certain area (dev involvement, development, extending deadlines, community activity, etc)
- Changing the trade rating of that coin (if a system of "A+" through "D-" like stocks have exists on that exchange)
- delisting that coin
As I said before, policing the crypto-world isn't the job of the exchanges I think doing something will go a long way in stemming the scamcoin tidal wave. In the world of stocks brokerage houses and exchanges do the same thing, not out of moral duty but because they want your fees. If a trader/investor finds a exchange that looks like it's taking care of him he is going to spend more money there. This isn't the volunteer world of Linux, there are insane amounts of real monies flying through here at insane rates. Unregulated or not, this is still a for-profit business market and needs to do SOMETHING to self-regulate before someone else does.
The other option is to keep on blindly doing the same stuff while everything crumbles into a failure around you. Ask the investors in the housing market or the tech bubble how that worked out for them.
The idea that ANY regulation violates crypto to it's core is wrong. Think about it; crypto's own beloved Satoshi believed in self-regulation... that is the whole reason the blockchain is transparent! The whole bitcoin model allows the public to see what is going on (not who's doing it) and maintain a clean record of the code and transactions without dubious dealings that destroy it from within. This is not the type of regulation that strips money of it's value, or the type that steals your private property from you, or even the kind that lets you be spied upon. It's the kind that puts some trust back into the alt coin market.
POD, Coinbase, a lot of the ideas put forth to have some accountability in coin projects, they aren't laws. Laws force, standards guide. There is no jail or armed man going to show up at your door (unless you piss of the wrong group) if you violate these standards. But they do help in lowering the ease of which scammers and just plain terrible devs can steal our BTC. In all honesty, where else in any rational or even extremely stupid world does a person get ass-loads of money without any kind of business plan or credibility. Hell, even high school students need a resume and job plan to graduate. Yet here we are throwing piles of money at faceless people simply because they said they could leap over tall buildings in a single bound! It's the same idea as picking any random ad on Craig's List and sending half of your bank account to it because it said she had boobs.
Any the great thing in all this is that, yes it's unregulated AND open source which means if someone wants to scum around in that pool there will always be exchanges that cater to them. So while they aren't perfect, the things that people like CryptoAsian and others are doing is better than anything else that is being done. At least they decided to get off their greedy asses and try.
**STEPS DOWN OFF SOAPBOX AND PUTS FLAME RESISTANT SUIT ON**You can have your thread back now, thanks.
*edited for spelling errors*
