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January 20, 2018, 09:04:34 AM
News: 2017-10-10 Heatledger 2.0 with Heatwallet 2.2.0 released! NOTE: Balance leasing and hard fork at block 777777 https://github.com/Heat-Ledger-Ltd/heatwallet/releases
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Author Topic: What if Developers invest in their own coin?  (Read 670 times)

SmoothyB wrote What if Developers invest in their own coin? on November 25, 2016, 01:22:12 AM
Ayo whats happening? Just a question, what if the developers invest in their own coin? Wouldn't they get their own Eth/Btc/Fimk back AND get the newly created coin? So they just get coins for free?

Eliphaz wrote Re: What if Developers invest in their own coin? on November 25, 2016, 02:18:11 AM
On your usual altcoin probably yes.

With official corporate structure that's accountable to the authorities for every piece of crypto moved, no.

SmoothyB wrote Re: What if Developers invest in their own coin? on November 25, 2016, 02:51:37 AM
I don't understand this. I try to explain it as simple as I can.
There is the crowdsale of HEAT.
The money collected in the crowdsale goes to the developers right?
The developers invest with btc in their own coin.
Now the crowdsale is over.
The investors collect their coins back.
Now they have their coins back AND have the additionally created coins in their heat wallet.

Where does what prevent this from happening? A little bit more detailed version of your answer would be appreciated.

Kazadar wrote Re: What if Developers invest in their own coin? on November 25, 2016, 06:39:50 AM
I don't understand this. I try to explain it as simple as I can.
There is the crowdsale of HEAT.
The money collected in the crowdsale goes to the developers right?
The developers invest with btc in their own coin.
Now the crowdsale is over.
The investors collect their coins back.
Now they have their coins back AND have the additionally created coins in their heat wallet.

Where does what prevent this from happening? A little bit more detailed version of your answer would be appreciated.
I am pretty sure the money collected from the crowdsale goes to the company.

The company has to account for all the money received.

Sure they could invest some of their own money in the ICO, but then it would be the company's money, which you can't just withdraw and is used to pay their salary. It would be no different from the money we paid in the ICO.
By doing this they could gain something if the HEAT price increases, but again thats the same for everyone.

The only way for them exploit it, would be to commit fraud, in which case they would have been much better off without a company.

So its the finnish authorities that prevents it from happening.

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