Some of the projects are made just for stealing funds


#1

Some of the projects are made just to steal money

Do you know the quote: a lot of word but few people.? I have studied the projects from SmartCash, and I think a lot of them are just for stealing money. What is SmartCash? SmartCash must be for people, and for the community. Please be aware of the concept of SmartCash. I am not a part of the project. I am not from the team. I am just doing volunteer work, nobody is paying me, but I do not agree with stealing and greedy.
Why can we not be different? We have to help SmartCash, not the people which are stealing from SmartCash. We are pretending that we are promoting SmartCash, we take funds, we are buying some t-shirts with SmartCash and a microphone. One friend is taking photos and we have a big conference. I do not agree with this behavior.
I know that some of the projects are for real and are some good people which the real purpose is to promote SmartCash and not to steal funds.


The person registered 1 day ago, asks for several thousand dollars
#2

Well that’s why we have this forum here… we can discuss such projects, ask questions and decide wether to vote “yes” or “no”. But I agree, that we should have a better focus on the projects and that those should always have milestones, that have to be achieved in order to receive funds.


#3

True, there were overpriced (inefficient) projects that just looked like a money grab. Some money requested were just wasted (price per new user was too high if any at all). Sadly, current system doesn’t defend well against what I called “a whale attack”. Though the topic was discussed here: Is the SmartCash voting system right?

Currently, the majority of the community seems to underestimate the problem.

So, if you are a whale with a 1-2M SMARTs, find yourself an associate somewhere in far away country, create a proposal for 8-50K USD and vote for it. Make some photos to show, lol.


#4

Yes, that´s true. But I don´t think that there is actually a way to avoid this, since huge wallets can always be splitted into a # of small wallets. So you could bypass any algorithm, as long as wallets (and the votings) are anonymous and anybody can create as many addresses as he wants.


#5

Well, there is the solution for everything.

To defend projects over 5K USD against “the whale attack” we may introduce obligatory public pool in the pre-proposal forum section, where some trusted forum members “YES” votes are needed in order to proceed to voting portal.

Trusted member may be the one with certain minimum forum history and activity. Still, trusted member is not a ticket to the win. Other members should be able to decline any proposal at the pre-proposal stage.

If you have better idea against “the whale attacks”, let’s talk. Though not that many people look interested in this.


#6

My idea is that the projects to be voted by the community, but after that some trust people or something like that they will decide if the funds will be allocated.
People are very tricky, they can speak with a lot of guys, and the project is voted, after that, they will take the money, and we will see no results for the project.

Why SmartCash to waste the money on those projects?

We have to create an organization to decide if the project is funded or not after is being voted by the community.


#7

The projects have to be analyzed and it will be a plus for SmartCash.
You are asking money for a project, you have to prove that you know what are you doing. You must have skills to organize a conference, to be a speaker, to have a good communication. You need to be very confident, to know the real purpose of the SmartCash.
If you have some t-shirts with SmartCash, a microphone, and one camera is not enough to get funds from SmartCash.
We have to know your background, what is your profession, what is your skills, things like that, maybe we can ask for the criminal record. We can ask for references or something like that.

If they are transparent, providing all the information, the projects can be funded.
If the people are stealing money from SmartCash, those things will affect SmartCash, and people could ask: why to invest in something that allowing people to steal money?

We need people which we can trust and have proper skills to make SmartCash the best cryptocurrency in the world.


#8

I’ve read some of the projects and I agree with you. But I think that the community should read carefully about the projects. The voting system can change to vote yes or not, and a comment, where you explain briefly why you are voting yes or not.

Anyway, if you are doubtful about a project, you should make a comment in the pre-proposal discussion.


#9

Hi juanjo2012, sometimes people doesn’t have time to read all the pre-proposals: full-time Job, family and also being part of other DAOs.

It’ll be great if we can read all pre-proposals in the forum but it is very difficult.


#10

As far as I know, Smart Cash implements an escrow system for all proposals. Funds are not automatically deposited after a proposal has been approved. The owner has to set up milestones and proof that the job is being done in order to receive payment. That means that at the beginning of each project, funds have to come out of owners pocket and then request refund proving that the first milestone has been achieved.

Perhaps we could implement smart contracts, where owners have to lock a percentage of the requested funds as a guarantee.

I also like @god idea of having a two-step voting process starting at the pre-proposal stage, and also a deeper background check of each proposal owner. Contact info must be public for the entire community.


#11

The team responsible for doing the payouts is very meticulous. Keep in mind this is coming from someone that has gone through a full month of payouts with many different milestones on tasks.

The amount of proof and effort required by the team FAR exceeds what is expected in the marketplace and I’m actually very concerned it will drive companies away (the only exception I see is if the owner or project manager is an activist/advocate themselves and isn’t in it for the money). This isn’t something that I’ve discussed openly before, but this seems like a good thread to bring it up.

Anyway, the main reason I’m actually weighing in here is because you said “contact info must be public for the entire community.” You need to read of the thefts taking place through force around the world. I have been sending my awarded SmartCash to a different wallet that is surrounded by cameras and regularly locked up for safety reasons (and other crypto too, actually). If you strongly believe a background check and personal contact info is important for proposals funding, then I hope you’ll agree with me that the info needs to be kept confidentially by proposal payout team… not public.


#12

I agree upon this, all information about the owner(s) of proposals should be kept with high confidentiality to avoid identification theft and impersonation. Just like @god opined, a step-2 verification process will go a long way to safe us from scammers.


#13

Perhaps the proposers should have to under go KYC before the funds are distributed?


#14

I agree upon this, all information about the owner(s) of proposals should be kept with high confidentiality to avoid identification theft and impersonation. Just like @god opined, a step-2 verification process will go a long way to safe us from scammers.


#15

This is actually how it works. It would be nice perhaps to ensure you inquire how this entire funding approval steps work before speculating otherwise.

The release of funds is not a fully automated DAO based smart contract. A Human(s) approve the final funding process which is done in phases/per completed milestones.


#16

I guess you are right.


#17

I recently wrote about this. Financing should be issued in stages. Divide the project into several steps.


#18

What is the bottom line with each project? Is more merchants and users one of the prime objectives? If one checks the merchant listings in the area where the projects are taking place would that be a good indicator. I have gone and looked at funded projects and plenty don’t have any merchant listings at all and others very few in their area. In fact there are not many merchants at all to gain any kind of momentum and keep users interested. Am I missing something here? Are there merchants that just aren’t listed? And is there a way to track how many users are enrolled? By region or area?

Thanks. Been studying this and trying to learn.


#19

I will agree with the KYC when someone shows me the birth certificate and current picture ID and DNA test of Satoshi Nakamoto.
My point is knowing a person’s name or origin does not increase the level of integrity the person will operate at. If it did we will not have cases of politicians, leaders being involved in financial mis-appropriation and outright stealing of public funds - these are well known to their community and it still happens.
One step in the right direction is talking about it the next step like I have mentioned previously is for us to be more involved in the pre-proposal stage. I understand it can be tasking with family and work. Lets work with what we have.


#20

Yea Its frustrating seeing these proposals and potential scams, and people agreeing with terrible “business plans”

Think about how Instagram is flooded with giveaway scams, and how they have like 20 real accounts making comments “omg I got free ETH!”

Don’t let people scam our community. Ask every question you can