Personal Disclaimer:
I participated in the RMPL otc presale and have since sold.
Email me at rmpl.lies@protonmail.com for questions or to contribute content.
___Issues with RMPL____
Unverified Code
It takes one minute to verify code on etherscan:
https://www.youtube.com/watch?v=X3cpYgUS1sc
Most exchanges require code verification for listing and in general you should never trust code you can not verify yourself. If you check the top 500 tokens on coinmarketcap all of their source code is publicly available.
This verification is done so the trust is in the chain and not some third party. This is a foundational principle of decentralization and RMPL is NOT decentralized. Ask any experienced solidity dev or open source developer and they will not trust a token without source code public.
Many hacks and rugpulls in the past were performed because unverified code had exploits
The unverified RMPL contract.
https://etherscan.io/token/0xE17f017475a709De58E976081eB916081ff4c9d5
This is what it takes for ampleforth to work:
5 contracts just for AMPL and RMPL is significantly more complex ~ 5–7 contracts required for clean separation of function
NOT Random Rebases
The idea of random rebases is a good one, but as implemented right now there is nothing random nor trustless about RMPL. All rebases thus far have been done manually by the team
Presale rebase: https://etherscan.io/tx/0xcd06c2b33300a6df5fb718ef4794a9fe5ab29d933345174f7f760e25aa2a98b7
1st rebase:
https://etherscan.io/tx/0x7a961ca0db2b721077168dfb845083a5d205d6b90a2a21ef87cd8948f08d924a
2nd rebase:
https://etherscan.io/tx/0xa49fd87afb4b91bb86e5f43ac05c9d32d16e021e3eabe1ee5070beb6d7fa84ff
3rd rebase: https://etherscan.io/tx/0xfc548dddae891c0ff61a3a49cf3518a8d55847ed9bcb060929350166e2a6dc08
Analyzing the bytecode of the contract which is NOT the same as source
We see these transactions calling the function logRebase(<quantity of tokens>)
The quantity of tokens is given in hexadecimal with 9 decimals of precision
Presale: 600,000 added
1st: 296,250 added
2nd: 514,181 added
3rd: 787,131 added
This is a USER ADDRESS calling this contract. This is a manual operation.
Team Token Lock
The team is lying when they say team tokens are locked. Usually these tokens are deposited in a vesting contract. No such thing has been done. Uniswap liquidity is locked, but when you own over 40% of the supply unlocked you can dump for 90% of the value of the coin.
Unlocked token addresses________________
Holding (5197562/3000000) * 600,000 = 1,039,512.4
https://etherscan.io/address/0x2ef3c85dd4fe1fe6d82cac6810658e426ef28593#tokentxns
Holding (5197562/3000000) * 350,000 = 606,382.2 https://etherscan.io/address/0x170723f0aa9f4b74604efdfa9dbd92dbe6d746d6#tokentxns
Holding (5197562/3000000) * 400,000 = 693,008.3
https://etherscan.io/address/0x299d96f1b6c7e65c0522b8a1c8b3c4e46f636c0c#tokentxns
Total = 2,338,902.9
They can drop the price 90% whenever they want. They can exit scam whenever they want
And they own the rest of the liquidity + have 500 eth from the sale
https://etherscan.io/address/0xad38f0eb3baaaf7dbcb982744d599563b76f1638
Code Auditing Practices
Since the blockchain is immutable, one audits code BEFORE it’s used in production. Would you check the code for the space shuttle or an airplane after you fly it? Doesn’t make any sense
Randomness and Blockchain
In practice it is very difficult to achieve true-randomness on the blockchain, the best that can be done is pseudo-randomness at transaction time which is used by many blockchain gambling websites to provide a fair decentralized gaming experience. For RMPL to achieve randomness it would have to generate pseudo-randomness by prior block hashes and have a function that would enable the contract to recognize that a random event has occurred. In practice, this can also be done with a verified random function from an oracle.
The RMPL contract as implemented currently is incredibly difficult to fix, possible, but very difficult.
Lack of Price Oracles
Nowhere in the bytecode are references made to price oracles for RMPL. How does the contract know whether to rebase up or down? IT DOESN’T because it has no access to this information. A RMPL dev at their less than random discretion chooses when to conduct the rebase.
Exchange Issues
Reputable exchanges will never accept RMPL without verified code. The factor that makes RMPL unique, it’s random rebases, hinders it greatly in being listed. Since an exchange supposedly cannot in advance predict a rebase a valid order book cannot be constructed in this environment. To accommodate this function would require an incredible amount of development effort for the exchange which would likely not seem worth it to accommodate a single token. Centralized exchanges currently pause AMPL order books for a period of time before and after a rebase. To some extent the dumping/manipulation problem has been addressed there, since a fair market can be established before/after every rebase.
Banning Practices
Users who bring up these issues in telegram are promptly banned. That is why I am bringing this information over an alternative channel.
Anonymous Identities
Satoshi was anonymous and many great blockchain projects were spearheaded by anonymous individuals, however in all those other cases there was verifiable code on display; so the trust was in the code and not the person. Without the code and token lock there can be no trust. Given my personal interaction with team members I would not rate them highly in honesty
Assorted Screenshots
Email me at rmpl.lies@protonmail.com for questions or to contribute content
