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42 sats \ 3 replies \ @mega_dreamer OP 15h \ parent \ on: Urgent: Temporarily disabling the referral system on Predyx due excessive frauds oracle
Thanks, yes I was worried too and had an internal benchmark that if 1 out of 10 was fraud it could have been acceptable(there will always be bad actors), but it skyrocketed over the last two weeks.
Yes let us brainstorm more on this. We were thinking as follows:
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Do Phone + ID verification for referrals (not sure if this is the best, but at some point we'll have to introduce KYC if we want to operate as regulated Prediction Market in USA.)
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Put a spend limit. The referred user must spend 100k sats on markets and must hold it in the markets for more than 10 days.
Do Phone + ID verification for referrals (not sure if this is the best, but at some point we'll have to introduce KYC if we want to operate as regulated Prediction Market in USA.)
If this gets implemented. This would be a deal breaker for me.
Hopefully your team can find another option.
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I agree
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I'll duck the first point, because I don't know enough about those regulations. Ideally, that would be unnecessary. It should be possible for the rewards mechanism to do all the work.
The way Stacker News referrals function is that you only get a fraction of your referred stackers' rewards. Similarly, Predyx could do something like rewarding a fraction of the referred users' spend (fees + losses).
You don't want to incentivize creating a master account that just receives rewards from active accounts, though, so you may want to also cap the possible earned rewards based on the actual activity: i.e. I need to spend (fees + losses) at least x in order to receive x in referral rewards.
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