Bancor Is Flawed
Bancor simply did their Initial Coin Offering (ICO) a week ago and raised a record $144M inside a couple of hours. They now hold the record for the greatest group financing, ever, ever.
We would prefer not to harp excessively on what this represents about the current ICO furor. Raising that much money through a standard VC process would require a tenable group, various rounds of financing, with much due tirelessness and points of reference en route. None of that occurred here - Bancor went from showing up on the scene 5 months prior to raising 9-digits money with no exhibition that their plan really works.
In this post, we need to rapidly put forth the defense that their approach is defective. To recap, they propose a plan to give liquidity to computerized resources, utilizing a shrewd contract. Basically, they propose an open calculation by which they can simply propose an offer/approach cost for other individuals' coins. Presently, a defective approach doesn't imply that what they have is exploitable the way The DAO was, however we detail some prompt issues with the code underneath. What we mean is that the agreement, as executed, is a long way from meeting its implied account, regardless of the possibility that nobody exploits the endeavor.
The speedy takeaway is that Bancor can be gamed by diggers, and, regardless of the possibility that the excavators are credulous or considerate, will dependably trail the genuine market. It gives no proficiency ensure amid this revelation procedure, and will probably squander its stores on showcase value disclosure. You should reconsider before you layer a coin on top of Bancor.
How about we do a snappy stroll through the warnings we experienced as we read the code and documentation for Bancor tokens, known as BNT.