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Well, the developers would still need to actually put in enough money to have 51% of the tokens, right? The rules for getting tokens are open, and presumably on
by Anderkent 9y ago
Well, the developers would still need to actually put in enough money to have 51% of the tokens, right? The rules for getting tokens are open, and presumably ones that simply grant tokens to the developers will be rightfully ignored.
(This is assuming the ICO investors become more sane in the first place; otherwise DAICOs are no use anyway)
- maxander 9y agoIf you’re buying from yourself, things are very cheap- spend the money you just paid yourself for the first batch of coin to buy the second, repeat as required to own 51%. Perhaps thus could be partially circumvented by requiring the sale of all coins to be simultaneous, but a reasonably clever person could use other financial machinery (loans, etc) to avhieve the same effect.
- Anderkent 9y agoBut the point is you don't get the money you spent on the tokens. It's locked into the contract - all you can withdraw is the eth/s defined in the contract, and that only after the purchase period is closed.
- maxander 9y agoAh, you're right- I shouldn't post at 3 AM. That really only brings things down to my second point, though- the developer just needs to finagle a sizeable amount of cash at one time, with the guarantee of getting it back afterwards even if he doesn't manage to rope in enough marks to double it.