Draft: Code of Practice for Issuing Assets



  • @darindarin said in Draft: Code of Practice for Issuing Assets:

    @iKnow0 i think you are definitely onto something here..couple points i would like to add..

    1. entire policy should be an option.. once one big asset does it everyone will compare new assets to that. It is a strong selling point for any new issuer.. if issuer cannot be bothered with some sort of template they will lose interest and sales easily. It should definitely be considered by serious issuers

    2. simplify it to a small amount of points to complete policy template..then it could have a cool name like the 8 pillars of trust or something.. if its too many it will be harder to track and will take longer to complete and become adopted.

    3. country isnt needed. .. people are biased for starters and many other points to not want this.. if they are also verified by haitch he has their info.

    4. age same as country. maybe haitch considers small revisions to his seal if he feels any are needed.

    5. time frame for said pre-releases forum sections ( i am unclear if this was your idea and too tired to read back atm) etc. - 2 weeks very short time frame to release anything worth taking seriously. As a miner i find it grueling to stay updated and read the asset forum sections. descriptions are long old an full of payment screenshots and always changing.. I think 2 weeks can upset some whales who want to get in early. Sometimes I take two weeks before checking email.

         5a) I think with any crypto we can easily lose perception that the most active forum readers cannot be the entire market or it will fail. in any industry 99 percent of the market place doesnt use facebook to buy their products or be persuaded by a saavy marketing agent.. what i mean is that even if it is only marketed here i think 2 weeks is short and once you get into the swing of things it is easy to ignore any forum for a week or two. I would vote 1 month.
      

    Disclaimer

    The man may keep me down but my opinions are my own and I have not been persuaded by any entity person or framework.

    Re: 1, My thinking is that there will be two asset categories, those adopting the "Code of Practice" and those that do not. By defining a standard we set an achievable goal for asset issuers. Those that achieve it will be held in higher regard by investors and less so by scammers.

    Re: 2. Simplify... If it is made too simple then it loses its value.

    Re: 3. Country requirement gone.

    Re: 4. I think this is important, investors need to know this. Being young should not stop one from issuing an asset, however transparency and honesty is. If a young person can comply with all of the other requirements then it shows maturity beyond their years and even I would be willing to invest.

    Re: 5. I agree, one month seems reasonable as most here are part-time crypto.

    Thanks for your feedback.



  • @iKnow0 I am uncertain about the Month before the Asset can be formally released? Although I agree with the logic 1 Month is a very long time in Crypto. Suppose I have a brilliant idea for an Asset and have it fully formed and ready for release.

    If I then post details of the Asset it gives others a Month to come up with a similar or competing idea and release on BN where the approval process can be completed in a Day.

    I think we should consider 1 Week max otherwise everything will just be released over on BN.

    Rich



  • @RichBC Good point, i had not considered that. A week it is then.



  • I think the escrow fund should be optional as stated above (but still recommended).

    One thing to add maybe is that the issuer should regularly update the OP with every change, news, or relevant information that happens after the release. I see quite a lot of assets that have information that is not always up to date in the OP, and new investors can be mislead when there are 10+ pages in the thread, "hiding" important updates. Maybe provide a changelog at the bottom of the original post or something like that.



  • @Gadrah_ Change log, i like this one a time saver too. :-)

    Merci Bien



  • Enough with assets too many. Very easy to swindle people into buying them. These people don't understand how long it will take to recoup the money invested on such small dividends. Before anyone invests take a look at the past payouts. 60 shares that might cost you 18,000 burst and your dividend is 25 coins. 18,000-25=17,975. How easy for me to take my 1 million burst create an asset and sell to you for 10 coins a share. Then start mining (reward now 2036) to pay you back a dividend. For what. It just as easy for the next guy to start selling back that share to the next poor soul who thinks that they will get large dividends each week and will pay 20 for that share. How will each asset continue to be funded as the rewards dwindle? I own so many assets and only one questionable one at that has doubled my invested money. Surprisingly the winning asset will end in a month.



  • @Burstde I think you are on the wrong thread...



  • Ask yourself does it matter that a teenager will control an asset or that a teenager could buy any alt-coin/burst.

    Do what emails,layers and casinos do by just having text written statements at the bottom.

    Seriously too many assets like Dunkin Dougnuts.

    I went through some more assets another stands out from 1.5 years ago. Pitiful to find out first it was created by a grown man smarter and craftier. 1700 share investment costing me 18,000 coins, My dividend total to date 533. The sad part is the owner decided to invest more hardware into other new inventive assets and should of increased this current one 3-fold. It was bought on false promises. What type of penalties with the code have for an adult too.
    I will also state that a restriction should be put on an asset owner for not owning more than 2 assets because frankly it means they abandon the first one which is another sneaky way of scamming the investors .

    Who will incur the expense to do background checks? What guarantee the the person doing background checks will also adhere to European Privacy laws and USA Hippo Laws. I have seen a lot of angry threads that threaten in in some case have exposed the privacy of others in the Virtual Arena.



  • @Burstde said in Draft: Code of Practice for Issuing Assets:

    Ask yourself does it matter that a teenager will control an asset or that a teenager could buy any alt-coin/burst.

    No, however for the sake of transparency and honesty it is good that investors know this first before investing.

    Do what emails,layers and casinos do by just having text written statements at the bottom.

    Disclaimer? What has that to do with a Code of Practice for the issuance of assets?

    Seriously too many assets like Dunkin Dougnuts.

    This is just a colloquial referenced statement of your opinion, what has this to do with a Code of Practice for the issuance of assets?

    I went through some more assets another stands out from 1.5 years ago. Pitiful to find out first it was created by a grown man smarter and craftier. 1700 share investment costing me 18,000 coins, My dividend total to date 533. The sad part is the owner decided to invest more hardware into other new inventive assets and should of increased this current one 3-fold. It was bought on false promises. What type of penalties with the code have for an adult too.

    This is exactly why a Code of Practice would be useful. (Proof of Life)
    If you read the earlier posts, a "Code of Practice" is a standard nothing more.

    I will also state that a restriction should be put on an asset owner for not owning more than 2 assets because frankly it means they abandon the first one which is another sneaky way of scamming the investors .

    An asset holder issuing multiple assets is not what is being discussed here.
    I see no issue with an asset holder issuing multiple assets once they adopt the Code of Practice.for each asset.

    Who will incur the expense to do background checks?
    Where is that mentioned in the Code of Practice?

    What guarantee the the person doing background checks will also adhere to European Privacy laws and USA Hippo Laws.
    Where is that mentioned in the Code of Practice?

    I have seen a lot of angry threads that threaten in in some case have exposed the privacy of others in the Virtual Arena.

    Again here you are stating your opinion, good for you but not relevant to what we are trying to achieve here.
    If you do not understand what a Code of Practice is, please feel free ask questions and I will be happy to explain.

    Thanks for you feedback.



  • anyone seen the latest. apparently poloniex's TOS states that anyone under the age of 18 cant use there exchange.

    i think adam notified poloniex of these accounts and apparently poloniex is treating the issue very seriously.

    im wondering what happens now to the moneyz that was sent to polo for these assets run my users under the age of 18.

    technically if they cant sell the burst for $$$ how is it possible for them to issue a successful asset



  • @Lexicon interesting, why is it you think Adam notified poloniex?



  • @iKnow0
    it could be because its a clear violation of there TOS. besides from that tbh i havnt a clue its just something i read 10 minutes ago on BN whilst having a cigarette ¯_(ツ)_/¯

    however it highlights the bigger issue that all it takes is for someone to tell the exchange for things to go down hill fast.
    if it wasnt adam then it would of been someone else or them eventually finding out. and to be honest its saved poloniex from a legal nightmare. it wouldn't surprise me if they made users on the exchange now require ID in order to even access the site. theses exchanges will have this rule for a reason.

    now how are kids supposed to be able to run assets effectively when they cannot sell their burst-coins on any exchanges legally.



  • Hold on all exchanges have this including the New York Stock Exchange and etc.

    Cryptopia has this and maybe its all you need for the code and the scamming part.

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  • @Lexicon Each exchange is bound by the laws of the country it is operating in. If they fail to comply with those laws then it is the exchange that is at fault. The age of majority varies throughout the world, from 15 in Saudi Arabia to 21 in Bahrain. (Source: https://en.wikipedia.org/wiki/Age_of_majority). This is one of the reasons why the age of the asset issuer should be declared in the "Code of Practice for Asset Issuance", so as to let investors know these facts. I am glad we both agree on point 7 in the "Code of Practice for Asset Issuance".



  • As the outsider looking in.....
    Okay just revealing your is okay. A lot of fund managers do that along with years of investing.

    1. is done


  • It looks like you guys covered everything can I add that the Asset Owner deposit 50,000 coins into an account for just asset owners that if they hold true to their word for 1 year they get it back or something. Kind of like a FDIC or something



  • @iKnow0 not just country , it's bound by local and state laws as well , look at coinbase they just recently abandoned hawaii because of local laws that restricted them to much to comply.



  • @iKnow0 I have an additional proposal for the verification process.

    So once we have the age thing agreed (My vote is a simple 18 across the board)

    Steps as follows.

    1. Asset issuer get's verified.
    2. Asset issuer puts up a Pre-Announce thread. (Guidelines to be issued)
    3. Forum members / potential Investors have a Week to ask questions etc.
    4. Voting is opened for one Week to decide if Asset will be accepted.

    To be eligible to vote you need to have Reputation of 300 Plus.
    Asset is accepted if there is a net positive of 5 votes which must in include a positive from haitch.

    If Asset get's the vote Announcement thread and Asset ID are put up. If the Asset fails, further attempts may be made.

    Rich


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