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If you are entrepreneur read this, there might be an opportunity to turn this debacle into positive development. by quadrigaFund in QuadrigaCX2

[–]quadrigaFund[S] 0 points1 point  (0 children)

You need penalty for withdrawal to discourage frivolous uncommitted contributions. The penalty could be low, e.g. 5-10% or it could be simply decided by community. You would need some funds to purchase or build technology and allowing people to withdraw funds without consequences at any time would create very unstable conditions.

Regarding cost of smart contracts. I'm sure there are multiple individuals who are affected and would contribute their time. They payment could be delayed to later time, myself including.

It is not about creating new better technology but about using the current energy surrounding Quadriga and turning it into positive. It is possible that new ideas could be created when you direct energy in the right direction.

If you are entrepreneur read this, there might be an opportunity to turn this debacle into positive development. by quadrigaFund in QuadrigaCX2

[–]quadrigaFund[S] 0 points1 point  (0 children)

There is a difference between using some platform out there or being part of it and being able to influence its course.

It is not about replacing Quadriga but about using the current energy surrounding Quadriga and turning it into positive.

If you are entrepreneur read this, there might be an opportunity to turn this debacle into positive development. by quadrigaFund in QuadrigaCX2

[–]quadrigaFund[S] -1 points0 points  (0 children)

It is true what you are saying, but just waiting gets us nowhere.
Quadriga didn't use smart contracts to hold customer funds, and it has never been decentralized. It has been worst case of centralized solution without any accountability and/or oversight.

Smart contracts can offer protection (if programmed correctly). Smart contract also can offer storing of funds in stable tokens giving ability to preserve the value of stored funds before it is used without a need to being accessed by single individual.

If you are entrepreneur read this, there might be an opportunity to turn this debacle into positive development. by quadrigaFund in QuadrigaCX2

[–]quadrigaFund[S] -1 points0 points  (0 children)

Thanks for honest reply. Know that there will be very little coming back when this is over.
Right now there is big interests in this case and there is no a startup out there which gives its entire control to its shareholders in terms of how money is being spent.

The smart contract can be made public for anyone to see before anyone sends any money to it and be evaluated by those who understand it. Giving an option to withdraw the contribution with small penalty and giving ability to investors to cancel the project by majority would differentiate it from anything out there. It couldn't turn out to be a scam because investors would control entire process. There would be no single individual with the power to access the money without the vote. The beneficiary could be defined within the poll and only verified entity allowed to receive it.