[Video Blog #57] - Smart Contract Backdoors & Bancor - The Proof?
Please watch my latest video above for my perspective and review.
Backdoors do have their uses however in an unregulated market we need more disclosure and language that allows investors more clarity on what they are about to engage with.
I am not saying that Bancor will act inappropriately or otherwise, what I am identifying is that we, as a collective, need to be more diligent in understanding our position in regard to the smart contracts and potential risks via backdoors and the small print hidden amongst the code.
I feel there needs to be a "DECENTRALISED WITNESS DRIVEN" regulating body that verifies all elements within each smart contract and allows full interpretation and legal ramifications to be made clear the general public and all investors.
Full disclosure is required in a format that anyone can understand.
Following are the three Bancor backdoors.
Can someone verify these to be true or otherwise?
What are your feelings on this matter?
Let me know what you think of my video and comment below.
Follow Sebastian - @sebastianjago
Have a great day!
~Sebastian
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Thanks Sebastian for this , I've heard similar "mixed" claims on BANCOR in couple other slack channels. I am also keeping my eye and researching more on these , will be watching out bancor's performance once it hits exchanges!
Really appalled to read that they have created so many backdoors to exercise control and authority over their users.
It seems to be a highly centralised token/system masquerading as a decentralised central bank/exchange. Their ICO was also handled quite arrogantly, changing the terms after the ICO began. I think the professor from Cornwell, Emin Gün Sirer has nicely exposed the flaws in bancor.
The token may certainly rise because of the bull market we are in but in the long term they seem to be against the basic tenets of crypto currency and blockchains
I am seeing almost 5 timed increase in bancor price. So it is certainly attractive for those who participated in ICO for making quick profit.
What you will say on it?
All ICO's and initial tokens may do well especially when the token itself is not available on an exchange or limited to a number os exchanges which happens in many circumstances. Basic supply and demand rules apply and you will see the prices rise based on demand. This initial price and energy is never a true reflection of the fundamentals of the business or project. All coins may do well in the short term however do not have legs in the long term due these fundamental factors. My main reason for bringing this up has nothing to do directly with Bancor and has everything to do with duty of care and disclosure to smart contract issues and schemes to deceive. We need more accountability from these project teams.
Very well explained and it will help me in my future ICO. I am picking these after making some research so I hope it will give me some profits.
I am looking for Tezos and any suggestion by you will be appreciated.
Hi, brother, how are you? Hope you are well and you are all family
I apologize for not following your business but now vote for everything you write
Happy day brother
I am well. Thanks for coming to my page.