I would like to report inconsistent token creation rules.
Specifically - ** II) You will not duplicate, fully or in part, the name of an existing cryptocurrency or a well-known company with the aim of misleading users;**
It seems very clear that if you copy a name or part of a name, “WITH THE AIM OF MISLEADING USERS” then your token will be moved to the “suspicious” folder.
There are hundreds of legitimate tokens on the DEX that may have part of an existing cryptos name or ticker. By in large most of them are allowed to remain. However, it seems as some are moved to the suspicious folder simply because their ticker shares letters of another coin, even with no evidence of misleading Waves users. A perfect example of this is token id FfHp2MpeuHZr6sUj61xNAJubMUsddrfumEcKgb1yWntp or HBTC, no one in their right mind would think HBTC is BTC, yet it was moved to spam, even though it has a unique ticker (of the 20 or so coins on coinmarketcap containing the letters BTC none of them are HBTC), so the tech support tells the token issuer, just reissue your token with a new name & refers you to coinmarketcap to check if the name exists. So basically, if you have a legitimate project & you want to invest time & money into it, you better get permission from tech support before you choose a name, because even if you have your own ecosystem & are not even marketing to Waves users, you may be delisted simply because your name shares letters of another crypto. If this is going to be the case you really need to remove the line “with the aim of misleading waves users” & rule number two should just read - “You will not duplicate, fully or in part, the name of an existing cryptocurrency or a well-known company” Of course by that standard every token with the word “crypto” or “bit” would have to be delisted. I have compiled a list of over a hundred 3+ letter combinations that are duplicated on the DEX, some are even 3 letters of known coins.
This is not only inconsistent, but sets a president for overreaching centralization, if a project that has invested time & money into creating an ecosystem & has onboarded hundreds of new waves users, is suddenly delisted & for a reason that does not apply universally. Imagine all the people who received the free community currency, HBTC, for most of them it was their first time owning crypto, now they open their wallet & can’t find it or are told that token is not in use anymore… it’s just bad for the whole waves community. No one is using the ticker HBTC & it is a good one. Dozens of known coins use BTC & are not misleading anyone. This rule is inconsistently enforced & it is bad for our community.
I would like to report inconsistent token creation rules.
- The rules works in common
- The most are used to it
- Specific cases can be revised
- “Delisting” only marks a token as suspicious
- “Delisting” doesn’t block operations (trading, transfering etc.)
If you cry about your specific case, please share the full information of your issue.
Does it often happen when the name of a famous cryptocurrency is duplicated? It’s for the first time I hear about it
I helped launched token id FfHp2MpeuHZr6sUj61xNAJubMUsddrfumEcKgb1yWntp, or HBTC.
In the process we encountered a number of bugs in the DEX. While running through preliminary distribution of the token & test transactions, we engaged with tech support several times, first 8 months ago, when 30 day orders would no longer work, then less than a month later, when I specifically mentioned the token name, HBTC. That was in regards to orders being cancelled improperly & again shortly after with another issue in the order book, again tech support did work on the HBTC account. So after hundreds of trades & working directly with tech support in regards to this very token, 3 months later it is moved to spam.
During that 3 months we printed thousands of pieces of promotional material with our ticker HBTC. HBTC is a community currency for the retailers & consumers in Humboldt County California. We distributed thousands of these tokens to hundreds of people, most of which it was their first time owning a crypto & all of them were new to the Waves DEX. I tirelessly promoted HBTC & the Waves network in Northern California. HBTC is one of the few tokens on the DEX that is actually accepted in stores. Basic information about HBTC is made available to the public through www.humboldtcoin.org . So all the people that received free HBTC, most of which have never used a crypto now don’t see it at all or if they do it is hidden & marked “suspicious” simply because of the name, without any evidence of misleading users or any user complaints. It is important that our ticker remain visible not only for our users but to support or claim that HBTC is a trademark for the Humboldt Coin & has been used in commerce & extensively promoted to support our claim as per American Trademark Law. I was told to reissue the token under another name, so I will lose all my promotion & the thousands of transfer fees that were paid in the deployment of the token. Tech support told me to check coinmarketcap before choosing a name & I did, I checked every possible outlet & we are the only one using HBTC. In fact coinmarketcap has 15 completely different, unrelated coins that contain BTC in their tickers, none of them are scams. Without any evidence of misleading Waves users, HBTC needs to be restored or THE TOKEN CREATION RULES ARE NOT CONSISTENTLY APPLIED. To further illustrate this claim, one need only search the names on DEX. There are hundreds of names that share letter combinations. I would be able to create this token & ticker on any other network without a problem because it is a unique name, we chose the Waves platform for it’s convenience, low set fees & simplicity that appeals to new users. No one thinks they are buying an $8000 bitcoin when the buy a ten cent HBTC, that’s just ridiculous & does not constitute an attempt to mislead users. To further substantiate the inconsistency of the policy please note the following sample 3 letter combinations appearing in token names on the DEX - ATM (also used in 2 coins appearing on coinmarketcap) ATL (also appearing in 2 coins on coimarketcap) ABC (also in cmcap) ACE (3 coins in cmcap)… I have barely begun with the A’s so please don’t tell me I am crying, we did a lot of work on our legitimate token that can actually be traded for silver & precious stones around the world & now it is listed as suspicious & more or less invisible on the exchange. This proves that the token creation rules are not “used in common” & basically anyone that starts a token on the Waves platform under the current policy had better get “permission” to use ANY name from tech support before they spend thousands of dollars deploying & promoting that name.
So, Humboldt Coin = HBTC?
OK, sir, i got it.
Renaming is the only way for you, thanks for the story.
Bitcoin aside from being Bitcoin, “bitcoin” is a generic term used for all crypto currency. Many companies have started coins named after bitcoin, it is not at all uncommon. Current tickers of real coins with real volume currently listed on coinmarketcap.com include BTCP, BTCZ, BTCN, BTCL, BTCS, EBTC, IBTC, LBTC (2 companies are using this ticker), OBTC, RBTC, SBTC, UBTC, WBTC & XBTC21 & if any of them wanted to do in ICO on the Waves platform they would have been marked as spam & forced to move over to another chain, due to inconsistent enforcement of token creation rules. It clearly says "you may not contain part of a known crytpo’s name with the intent of misleading users "& even though there are hundreds of tokens sharing 3 letter combinations in their name, BTC is forbidden on the waves network, because apparently someone might think that a ten cent HBTC is the same as an $8000 BTC… Thank you big brother for looking out for us, we might never have figured that out …
We renamed it to Humboldt Coin & are relaunching very soon.
Thanks. you have asked for the story but failed to address the inconsistencies of enforcement when I pointed out that dozens of tokens share 3 letter combinations on the Waves platform & that alone is not an indicator of a suspicious token. As well as having the ticker letter combination of BTC is relatively common in the crypto world outside of the Waves bubble.
Currently trading & listed on cmcap - BTCP, BTCZ, BTCN, BTCL, BTCS, EBTC, IBTC, LBTC (2 companies are using this ticker), OBTC, RBTC, SBTC, UBTC, WBTC & XBTC21, & if any of them wanted to do in ICO on the Waves platform they would have been marked as spam & forced to move over to another chain & nobody even for a second thinks they are BTC.
Thanks for such a detailed answer!