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War against scam ICO's and shit coins
#1
Binance Official: ‘If the ICO Bubble Bursts, It’s a Good Thing for the Industry

Ella Zhang said that she is helping Binance to deal with the scams that have emerged as a result of the hype, with so-called Cryptocurrency Governance Initiatives, or CGI. The purpose of the initiative is to “fight scams and sh*t coins, and to boost crypto and blockchain technology.”

Within the initiative, Binance will reportedly support funds and token teams it’s working with, but they must promise that "they won’t participate in pump and dump" schemes, and that they will build products according to their white papers. Binance will stop investing in funds and delist tokens from teams that do not honor their commitments.

https://cointelegraph.com/news/binance-o...e-industry

Maybe we should consider giving all evidence against Rimbit to Binance. I believe they have more influence than our forum?
What is this thing that builds our dreams, yet slips away from us?

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#2
Yes there are too many scam ICO's.

We have the information in here for the entire Rimbit story so if all agree we could hand it over to Binance, but it's probably too late to get anything back. Then there is this Tom Conley (rimbitwhalel) or whatever his name is who claims he want to do something good for Rimbit. I still need to see what it is. I have tested him on Twitter but didn't hear anything back. I know more have been upset about the way he contacted you. Almost like if you are not with me you are against me and you don't what that.
Cardano is the most promising 3 gen. crypto right now.


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#3
It cannot do us any harm to bring both Mark and the whale to the attention of Binance - if the whale is ok it would be great to have that independently stated.
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#4
(2018-06-06, 10:54 AM)BobBobert Wrote: It cannot do us any harm to bring both Mark and the whale to the attention of Binance - if the whale is ok it would be great to have that independently stated.

You can read his public Tweets here: https://twitter.com/rimbitwhale
Cardano is the most promising 3 gen. crypto right now.


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#5
To continue the war on scams; Have you ever heard of DAICO?

Vitalik Buterin has proposed a solution against scammy ICO'S and it's DAICO. (See this site: https://medium.com/@bonpay/daico-review-...91d5b1f873)

DAICO is a hybrid solution of ICO and DAO to make a more effective and secure way of crowdfunding in the tokenized world.
DAO + ICO = DAICO
Here, DAO is a decentralized autonomous organization. A decentralized autonomous organization, or just DAO, is a business or organization whose decisions are made electronically by a written computer code or through the vote of its members. In essence, it is a system of hard-coded rules that define which actions an organization will take.

How DAICO Works
Stage 1:
In a DAICO, the intending development team launches a DAICO smart contract on the Ethereum blockchain with DAICO variables which is different compared to the old ICO contract. (Will talk about the DAICO variables later in the article). Of course, the DAICO also starts in ‘Contribution mode’ just like ICO contracts where investors can contribute Ether according to the rules of the ICO.
Stage 2:
Now, this DAICO can be an uncapped token sale, a capped sale, a KYC mandatory sale or per-person capped sale, as decided by the organizing team.
Stage 3:
Once the contribution period ends, the ability to contribute ETH stops and the initial token balances are set. From there on, the tokens can become tradeable. (Just like the normal ICO or token sale.)
Now the DAICO variables come into play.
This DAICO variable is called ‘tap’. The ‘tap’ (units: Wei / sec) determines how much Ether the developers will be able to withdraw from the contract per second. (This keeps a check on the developers as they can’t withdraw the whole contributed amount at once.)
This can be implemented as follows:

tap: num(wei / sec)
lastWithdrawn: timestamp  # Make sure to initialize this to the contribution period end time

@public
def withdraw():
   send(self.owner, (block.timestamp - self.lastWithdrawn) * self.tap)
   self.lastWithdrawn = block.timestamp

@private
def modify_tap(new_tap: num(wei / sec)):
   self.withdraw()
   self.tap = new_tap

Another variable is ‘Vote’. Using this mechanism, the token holders can vote on two types of resolutions:
  1. Raising the tap: This is for deciding how much Ether is actually needed by the developers in the near future.
  2. Permanently self-destructing the contract: Or more precisely, putting the contract into withdrawing mode where all remaining ETH can be proportionately withdrawn by the token holders if the decision to stop the project has been made.
Purpose of DAICO & Benefits of DAICO
The purpose of DAICO is simple.
It is to make the development team, who is collecting the money and promising the product, more accountable.
The DAICO model is a governance mechanism in itself but it doesn’t mean that DAICO model is for the investors to rule over the fund-raising team. Instead, it to make a collaborative model where investors, as well as the investment collecting authority, come together to work in a fair way.
The intention is also that the voters (token holders) start off by giving the development team a reasonable and not-too-high monthly budget, and raise it over time as the team demonstrates its ability to competently execute the roadmap with its existing budget. (Use of resolution #1)
If the voters are very unhappy with the development team’s progress, they can always vote to shut the DAICO down entirely and get their money back. (Use of resolution #2)

Benefits of DAICO
DAICO will bring to the table the following things in comparison to normal ICOs:
  • More collaboration
  • Education of investors
  • Transparency
  • Accountability
  • Fair incentive distribution etc…
[Image: DA-ICO.png?dl=1]

DAICOs are decentralized and governed to some extent in nature whereas ICOs are not. This is the irony in a decentralized project, and also the reason for many ICO exit scams.

In the DAICO model, the development team needs to think about investors before making any decision because investors (voters or token holders) can shut the project, or lower the ‘tap’ limit anytime by unanimous votes.

In DAICO, investors have a say or overview of the funds they have contributed, whereas in ICOs the power rests solely in the hands of the few who have organized the ICO.
Conclusion
I am really impressed by the DAICO model as it further amplifies what smart contracts can do and how safe they can make the whole decentralized world that we all are willing to create.
Plus, it is a very healthy model for the industry as it enforces the rules in a democratic way by leveraging the technology.
Moreover, though it looks promising on paper, it is very early to say how start-ups intending to crowdsource might react to it.
Some start-ups like The Abyss have also started incorporating DAICO model for their crowdsourcing!
What is this thing that builds our dreams, yet slips away from us?

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#6
It is certainly an interesting model. As long as the smart contract is written without bugs (what software is ever that) this is very interesting. I need to improve my knowledge about smart contracts by the way.
Cardano is the most promising 3 gen. crypto right now.


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#7
In principle it looks a great idea. I can imagine that a few would never join, such as Rimbit, but it is a model that looks good. I am not sure what the bad points are but there must be some.
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