Bancor Is Flawed

in #cryptocurrency7 years ago

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.


Good points in this blog. Nice to see I'm not the only one who thinks like this. What if you give somebody a lot of money, they are less likely to work hard, smart and fight for their secure future. Starting a business is simply not easy. Companies have fight and go through the darkest times to get there. Starting of with a big bunch of money that most of this icos don't have simply doesn't help. I really advice people to take a look at: They give great insights in the team, the product, advisors, community, the business and the business model and other techincal insights. For example: For the Bancor Analysis.

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