First half of September passed out and life in Satoshi Club is still active and full of events. And today we would like to tell you about the AMA session with our friends from Foresight. The AMA took place on 17 September and our guests were DrFinch, the CEO and Founder of Foresight and Crypto Consul, Chief Marketing Officer at Foresight.
The total reward pool was 800$ and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce that today we have Foresight project as our guest:grinning: welcome to Satoshi Club 🥳
D. | Satoshi Club: hello all!
DrFinch | Foresight: Hello! Thanks for having us
Mary | Satoshi Club: @DrFinch you are welcome 😃
D. | Satoshi Club: @DrFinch hello. how it’s going?
Serg | Satoshi Club: Welcome to Satoshi Club!
DrFinch | Foresight: Great thanks. Happy to be here.
D. | Satoshi Club: great! tell us a bit about yourself please
DrFinch | Foresight: For sure. I’m Felix, the CEO and Founder of Foresight. I’ve been investing in crypto for 5 years or so, Been scammed before, as most crypto investors have (unfortunately)
Mary | Satoshi Club: I don’t know if i have to cry or laugh… It’s common. I am calling this educational fee
Serg | Satoshi Club: nice term, lol
DrFinch | Foresight: Foresight is the way that we as a team have designed to protect everyday investors from what has become so commonplace in the crypto space. We realised we can’t stop scamming. The anonymous/decentralised nature of crypto makes it more likely to occur. But we can compensate people if they are the victim of it.
Mary | Satoshi Club: It was your own idea or team decision? To create Foresight?
DrFinch | Foresight: Yes, this was originally my own concept. I drew up the entirety of the initial Litepaper in my spare time. But it has expanded into something I didn’t fully envisage at first, with the help of the team.
Mary | Satoshi Club: How big is your team? Do you have office?)
DrFinch | Foresight: There are six of us. We’re global (I’m in New Zealand, the rest in UK and US). So no physical office, but a lot of daily online contact for some time now.
D. | Satoshi Club: it’s what i call decentralization 😉
DrFinch | Foresight: Absolutely!
Mary | Satoshi Club: Sure, so how old is your project?
DrFinch | Foresight: Officially, from time of concept, around six months. However with regards to actually marketing and getting our name out there, a month. And our token went live just over a week.
D. | Satoshi Club: what does your logo symbolize?
DrFinch | Foresight: It signifies two things: Firstly, it’s a chess piece – the knight – and the chess theme symbolises strategy, thinking ahead, staying a few moves ahead of the opponent, a la Foresight. The knight itself also symbolises strength against the opponent. We also have the shield, also symbolising strength, defence and protection.
D. | Satoshi Club: got it. nice idea with logo
Crypto Consul | FORS: Hello everyone, Thanks for having us for your ama, excited to answer questions
Mary | Satoshi Club: Hello, you are welcome 😀
DrFinch | Foresight: Here’s our Chief Marketing Officer, probably back from trying to sell his UNI 😛
Crypto Consul | FORS: Uni sold ! Haha
Mary | Satoshi Club: mee too))
D. | Satoshi Club: haha. we sold as well!
Crypto Consul | FORS: “Sure, so how old is your project?” – You would think it’s older based on what we’ve achieved since uniswap launch. Only a week or two since then!
Mary | Satoshi Club: Congratulations with listing))) was it successfull?)))
DrFinch | Foresight: We’re happy with it. We saw close to a million dollars volume in first 24hrs. Up and down since then but I think all of our early investors will be really pleased.
Mary | Satoshi Club: Of course, but it’s nice numbers :+1:
Crypto Consul | FORS: Yes the usual day one volatility but great success
D. | Satoshi Club: nice intro guys thank you! i think we ready for the first question?
DrFinch | Foresight: Let’s do it
Q1 from bitcointalk user Nikola_Crypto
Why did you not organize a regular ICO / presale sort of fundraising like most of the projects on the market but did the listing on Uniswap straight away?
DrFinch | Foresight: We choose to not hold an ICO for a couple of reasons. The first is that we didn’t want to accept a large sum of money from investors before we had the appropriate legal structure in place. Foresight cannot function as a standard company/ LLC due to the sector it will be working in. So it was important to get this sorted first.
Crypto Consul | FORS: One of our main philosophies is to prevent scams, holding a big pre sale feels a little antithetical to that On a sentimental level. And we still found a way to reward early investors with our otc sales
DrFinch | Foresight: Yeah – I believe that way many ICOs are undertaken now serves only to allow the rich to get richer, rather than giving everybody fair access to a new token. Too commonly ICOs are swamped by whales who have early access from private social media groups or team connections
Mary | Satoshi Club: So you had otc sales?
Crypto Consul | FORS: Yes a small amount to fund initial liquidity. With a low and high cap
Mary | Satoshi Club: Who could participate?
DrFinch | Foresight: 10 ETH max. Anyone who joined our telegram community in the early days
Crypto Consul | FORS: We did reject a few deals from private investors however
DrFinch | Foresight: Yeah, quite a few actually
Crypto Consul | FORS: Since we wanted no one group or person to hold a large amount of our supply
Mary | Satoshi Club: And how much did you raise?
DrFinch | Foresight: We raised 250 ETH and close to all of it went on uniswap. All 100% locked
D. | Satoshi Club: so no team funds?
DrFinch | Foresight: There is a team allocation – of this 75% is vested out twelve months
Mary | Satoshi Club: No whales?)
DrFinch | Foresight: That’s right. As an example, our #15th holder has only 0.3% supply
Crypto Consul | FORS: No huge whales no, we wanted to prevent that
Mary | Satoshi Club: What is the total supply of your tokens?
Crypto Consul | FORS: Total supply is 100m. However it is allocated across our different funds
D. | Satoshi Club: as i see on coingecko only 10% of total supply in circulation right now
DrFinch | Foresight: That’s right. But bear in mind we will need a lot of tokens to be able to pay out claims – this is our Insurance Payout Fund – and it has been allocated 30%. On top of that is another 20% which will be used purely for reward our DAO for their efforts
Then we have smaller allocations for marketing, legal, development
Q2 from bitcointalk user k.muller
you are providing an insurance for exit scams. please explain how does this work. I pay an insurance for a certain token and I get money back if they are a scam?
DrFinch | Foresight: Well let me start by saying it’s a process which takes up 4-5 pages in the litepaper so please forgive me if i take a while to summarise
D. | Satoshi Club: take your time)
Crypto Consul | FORS: To paraphrase it a little while we wait. Essentially cover requests and claims will be vetted by our Dao which is part of what makes foresight so great. We also won’t take on huge amounts of risk for obvious reasons
DrFinch | Foresight: But basically, an investor sees a project they want to invest in. But they’re worried (for whatever reason), that they could be at risk of an exit scam. They apply to us for a quote for cover, we review that and if cover is approved they pay a premium to us (2-15% of initial investment). If they are exit scammed during that period, they send a claim to us, a DAO of 50 members reviews the claim to ensure it is valid and confirm as best as possible that an exit scam has occurred, the DAO members vote individually as to whether they approve or decline the claim, and if approved by majority, the investor gets the value of their investment back.

Mary | Satoshi Club: What is the scale of risks? What do you mean by huge amount of risks?
Crypto Consul | FORS: A large amount of insurance cover such as $100,000 for instance
Of course that is also dependent on what the request is what they seek to cover
Mary | Satoshi Club: Do you have such a concept as a franchise?
DrFinch | Foresight: Do you mean plans for groups?
Mary | Satoshi Club: Yes)
DrFinch | Foresight: Haven’t planned on it at this stage. But I can see where it might be useful (eg. angel investors, private investment groups)
D. | Satoshi Club: what information i need to provide you to get insurance after i lost my funds due scam? my wallet address, TX etc
DrFinch | Foresight: Correct. Most of that information will be provided anyway when you pay your premium. We’ll need to ensure the person making the claim is the same person who requested insurance cover, which is done simply by ownership of wallet proof such as when you connect to web3
Crypto Consul | FORS: Obviously a lot of that can be handled through our dapp and smart contracts
DrFinch | Foresight: Yes- we will be aiming to automate as much of the process as possible
Mary | Satoshi Club: Did you already payed insurance payout? To someone who got scammed?
Crypto Consul | FORS: Not yet we are still developing
DrFinch | Foresight: Yes – we’re aiming for release Q1 2021. Lots for us to do in that time, plenty of partnerships to build!
Mary | Satoshi Club: Do you have partnerships which already announced?
DrFinch | Foresight: Sure do. We’ve achieved a fair bit in a week or so.
Crypto Consul | FORS: We have partnerships with dextools and anti scam token through our new brand – CIPA. Recent collabs have been Ferrum and distx
DrFinch | Foresight: We partnered with Ferrum Network to use their staking pool and be listed on Unifyre wallet
D. | Satoshi Club: what’s CIPA btw?
Crypto Consul | FORS: Its our “seal of approval” for crypto. It stands for the crypto investor protection alliance
DrFinch | Foresight: DistX was just announced yesterday – aiming to provide an insurance option for investors using their token sale platform. In return some of their holders get reduced premiums. I think our logo is up on their website already.
Crypto Consul | FORS: Think of CIPA as a trusted authority that can legitimise crypto companies
Mary | Satoshi Club: Great:+1: a lot of partnerships for a young project)))
Crypto Consul | FORS: With our brand that’s the aim anyway
Q3 from Telegram user @parisienne_a
I’ve seen there are some benefits from being a member of your DAO. what benefits are there and is there a cost to join it?
DrFinch | Foresight: We have a two-tiered DAO structure: Common and Supreme. Common is 5000 FORS, Supreme is 50,000 FORS.
They serve slightly different purposes on the platform, with the Supreme DAO being more involved with governance and supervision
The benefits are that the Supreme DAO get higher FORS token reward payouts every two weeks. We also have a weekly lottery and they get more tickets for this. Finally, they get reduced insurance premiums when using our platform (don’t worry, they can’t vote on their own claims).
Mary | Satoshi Club: What decision they can make? This will be something like voting?
DrFinch | Foresight: That’s right
Crypto Consul | FORS: They will make up part of the backbone of foresight – allowing us to vet projects with the collective intelligence of the Dao. For example, when an investor has been exit scammed and submits a claim, the DAO will be presented to a group of 50 DAO members. Think of it as a jury – a group of 50 DAO members in a private chat group where evidence and information is presented on the case. The DAO will have a clear procedure to work through when determining if a scam has truly occurred or not. Once all evidence is submitted, they make their decision by individual vote as to whether the claim should be approved or declined. Any equivocal results proceed to the Supreme DAO for a second round of voting.
Mary | Satoshi Club: Do you have fixed payouts?
DrFinch | Foresight: At inception 1% of the DAO fund will be distributed to DAO members every two weeks
D. | Satoshi Club: what can you get in that lottery? just more tokens?) no iphones?)
Mary | Satoshi Club: You sold UNI:joy: we all can buy iPhone 😂
DrFinch | Foresight: iPhones is a great idea actually!
Maybe Foresight t-shirts too
Crypto Consul | FORS: Yes we are considering merch
Also we have the idea of rewarding the Dao with a specific NFT
DrFinch | Foresight: But no – the true reward is 5000 FORS tokens
Mary | Satoshi Club: Yes, i read about NFT) it’s good idea)
D. | Satoshi Club: and don’t forget about mugs 😉
Crypto Consul | FORS: Shields and swords too 😁
DrFinch | Foresight: Yes, it’s one area which we would like to explore further, but will get the foundation set first. Other areas we want to explore are the use of a DAO as a hireable asset, for example a company, organisation or government could hire out one or more of our DAOs for various purposes
Q4 from Telegram user @bitcoinistic
Interesting use case which might be exploited by hackers against you:
1. they create a scam project
2. they invest in their own scam and they take an insurance at foresight
3. they exit scam and then they claim your insurance.
What do you say about that?:grin:
Mary | Satoshi Club: great plan, don’t you think?:sweat_smile:
DrFinch | Foresight: We created the Foresight concept keeping this at the front of our minds the entire time
Mary | Satoshi Club: Hackers crying:joy:🤦
Crypto Consul | FORS: We knew from day one that people would attempt to game the system in this way
DrFinch | Foresight: There are different elements to protecting ourselves against this
The first is prevention – this means we only cover projects which are at lower risk of exit scamming. Our DAO will be utilised to pre-vet coins for cover acceptance and give them a risk score – the higher the risk the higher the investor premium. However there will be certain thresholds beneath which we will decline to cover. This could be, for example: market cap <$1 million, total holders <200, time since token creation <1 week; whatever parameters we felt necessary. If a token is too high risk, we will refuse to offer cover (just like a standard insurance company). The second is a thorough DAO claim review. We must ensure our DAO is educated in how to conduct a claim review, have clear parameters on what constitutes a scam or claimable event, and make sure we have checks in place to monitor the DAOs for “appropriate” claim decisions (this will be one role of the Supreme DAO). Finally we need to protect our downside. Let’s say that the mechanisms above fail and someone manages to game the system and the DAO . We need to ensure we have put a cap on how much cover we will provide to not only a single investor but also a collective of investors on one single project. Projects we deem higher risk but are still willing to provide insurance for would be eligible for less total cover, and vice versa. That way if we do get ripped off, we would only lose a small portion of our Insurance Payout Fund, rather than suffering a non-survivable payout event. IMHO, as long as we have scammers in the crypto space we will have people who will try to game the Foresight system. But if we put the right checks in place, avoid covering significantly high risk projects, keep alert for any red flags, and review claims with diligence, I believe we’ll have no problem protecting ourselves and our assets well.
Mary | Satoshi Club: Your insurance covers just exit scams? For example, if project still exists but it’s price extremely low as they didn’t fulfill promises? It’s like you got in accident, but there is still one wheel from your car.
DrFinch | Foresight: The first offering is just exit scams. This must result in the users tokens being close to worthless. Otherwise if if the user could still trade the token and take profit or get their initial investment out, they aren’t really in need of compensation. In future though, we would like to offer cover for things like project abandonment, blockchain/project hacks etc.
Mary | Satoshi Club: It’s very important, think about this) because clear exit scam with projects, which have low risks are seldom.
DrFinch | Foresight: That’s fair. But just like any insurance company, we need to find the balance of covering projects which have some risk (to garner insurance being taken out), but we are at lower suspicion of exit scamming
Crypto Consul | FORS: As outlined above there will be multiple preventative steps taken before any insurance is guaranteed
D. | Satoshi Club: btw do you have hackers in your team? people who have such an experience in the past for instance?
former hackers i mean)
DrFinch | Foresight: Not that he would admit it, but possibly our CTO 🙂
Mary | Satoshi Club: Now i feel like i am in department of a real insurance company)))
DrFinch | Foresight: Buy at least 5000 FORS and you can be 🙂
Q5 from Telegram Username @stekbyte
Why don’t you want to reveal the real identities of the team members? It will significantly increase the level of trust in the project, especially given the project’s focus on protection from scam.
DrFinch | Foresight: This is a common question we get (as you can imagine)
We’re certainly very keen to go public with our identities in the near future. We’ve already done so with exchanges and legal teams we’re working with. The main issue at the moment delaying this is that a couple of the team members feel it would be a conflict of interest with their current careers. We have discussed whether some of us (likely the two of us here now) could go public and leave the others private, and this is a very real possibility. I think @Crypt0consul may have even got some profile shots done the other day 😛
Mary | Satoshi Club: He can shoot here:joy: we like secrets)))
DrFinch | Foresight: Honestly though, we are well aware of the effect being private can have on a project (we’re cryptocurrency investors too, after all). It is for this reason we have endeavoured to be as transparent as possible when it comes to other aspects of the project, as well as locking liquidity and locking a large portion of our total supply. In the meantime, we encourage investors to look at the partnerships we have formed (eg. DEXTools, Ferrum, DistX). We’ve had close dealings with their teams, including phone calls, so they’ve come to know us, and I don’t believe they would risk the reputation of their projects if they didn’t trust us.
Mary | Satoshi Club: I know that this can be a problem, my friend could lost her job in French bank as they cought her logged in her Bittrex acc)
D. | Satoshi Club: you can do some podcast without revealing your faces for example. it will give more trust to people who hold your tokens or planing to buy them.
Crypto Consul | FORS: I think thats a great idea :+1:
DrFinch | Foresight: That’s actually a great idea
Q6 from Telegram Username @konditer_rolex
In what currency do you evaluate the assets that you insure? The price of cryptocurrencies is constantly changing, I want to know how you pay compensation
DrFinch | Foresight: This is an important question. Many cryptocurrencies are too volatile to be able to be used. For example, if you take out cover for a 10 ETH investment and ETH is $300 ($3000 total), then you are exit scammed, but ETH price drops to $250 over the cover period, it wouldn’t be right for you to only get $2500 worth of ETH back. Therefore we will likely use the USD value of your investment (regardless of token quantity). So in the example above, you would get 12 ETH paid out. USDT would make this easy of course
Mary | Satoshi Club: Ok, but did you hear latest rumors about USDT? Btw, can i make insurance for my usdt holdings?)
DrFinch | Foresight: I should probably say “a stable coin will make this easy”
Mary | Satoshi Club: Oh, that’s true) But which stable coin will Foresight use?)
DrFinch | Foresight: We are looking into layer 2 solutions. We’re keen to explore substrate development
D. | Satoshi Club: stable coin on eth?
Mary | Satoshi Club: 800 gwei)
D. | Satoshi Club: yees. i spent a lot on fees today:sweat_smile:
Crypto Consul | FORS: You’re telling me haha
DrFinch | Foresight: Yes… paying $30 for insurance and $50 for gas is not ideal!
Crypto Consul | FORS: We are still exploring this yes
Mary | Satoshi Club: Ok, hope you will find right stable coin)
DrFinch | Foresight: We have ETH 2.0 around the corner (hopefully), so we’ll see what happens there too
Part 2 — live questions from the Telegram community
Q1 from Telegram user @BeastSanmao
What’s
the right time for user to INVEST IN Foresight ?
How big is the
market opportunity for your Project ?
DrFinch | Foresight: As for when to invest, I suppose it depends on your risk appetite. Some people look at our market cap (around $600K) and think that’s a good time to get in right there, on the ground floor. Others may choose to wait until we are up and running for a while and platform is functional.
The market opportunity though is immense. Ciphertrace reported that crypto scams and fraud hit US$4.3 billion in 2019. Of this, $3.1 billion was lost as a direct result of exit scams. Investors are losing incredible amounts of money, and Foresight is the first of its kind to offer a form protection specifically against this.
Q2 from Telegram user @aditya827
Hello
mr @DrFinch
I know, we all really love uniswap, but there are problem in
gas fee too high, I think it would be better if foresight list Fors
token to CEX like binance or other,
So is there a plan about
that? I think your community waiting about it
DrFinch | Foresight: Agree with you there, gas is a pain. You’ll be pleased to know we’re just finalising listing agreement for our first CEX. Should be up on an exchange in the next week (it’s in the exchange hands now)
Q3 from Telegram user @yzmoney
How long is the quotation process to get a quote for new cover ? as some ico occur in a very short time and the DAO may not have enough time to evaluate the coverage.
DrFinch | Foresight: The thing that can hold the quotation process up is the vetting process, where the DAO determines what a projects level of risk is, which in turn dictates what the investor’s premium will be. This may take some time (in the space of hours), but you’re right that traders don’t want to be waiting around for a token to be vetted. For this reason we are really going to encourage tokens to be pre-vetted, because when the vetting process is completed once it means it doesn’t have to be done again (but will be reviewed after a certain period of time to ensure our risk scores are accurate). I don’t see ICOs/launchpad tokens as a big issue here, as there is usually a fair amount of time for marketing etc before they go live, and vetting can be completed in that time. Good question.
Q4 from Telegram user @gunki2
Can you ” Foresight ” indicate a feature or feature that you like best about the platform so that it can compete with other compete? // What are you most confidents about for your platform? / Do you have planning to getting user to choose your platform?
Crypto Consul | FORS: One of our most unique features is offering potential DeFi insurance in crypto, with the collective intelligence of the DAO. I think this stands out – NXM for instance mainly offers insurance against critical bugs/hacks. I am most confident in the team and especially our partnerships – in the background we have multiple advisors and teams helping us with our development. Just before we plan to go live in Q1 2021 we are planning a wider marketing campaign to attract users to the platform yes 🙂 I hope that answers your questions.
Q5 from Telegram user @adityaaryah
Are you open to collaborations with anyone looking to make the space safer for everyone?
DrFinch | Foresight: Definitely! It’s one reason why we helped to form the CIPA. We want to have a place for like-minded projects to collaborate on how to make the crypto space a safer asset class to invest in. After all, if we want crypto to go mainstream we need to break away from the “Wild West” reputation we have
The link was for CIPA: cryptoipa dot com
Q6 from Telegram user @Idee01
Foresight partnered with Ferrum Network to become the next staking project. Tell us your staking model, annualised percentage return and all the amazing benefits for $FORS holders?
DrFinch | Foresight: Stay tuned for this update, we should have that announced in the next few days. However I can say we will have a 6 month high reward pool and a 3 month lower reward pool, both with early exit options. They’ll both have decent APY rates.
Q7 from Telegram user @Adialadi
Could you give me 2 or 3 key points to convince me and other angel investors invest in #Foresight in long-term?
Crypto Consul | FORS: Our use case is unique, safeguards are sorely needed in crypto and there will always be a demand for insurance regardless of overall market swings. Secondly we have plans for much wider expansion and application of our company – such as hiring out our DAOs or helping to decentralize the insurance industry. Thirdly you have a chance to be a part of this movement and also govern the direction of Foresight by securing yourself a spot in the DAO.
Q8 from Telegram user @Dhanu006
The main task of any project is to build the right community. What are your plans for education and awareness raising and adoption in the community?
DrFinch | Foresight: I see this in two parts. Education/awareness about Foresight and education/awareness about exit scams. For the former, we’ve already made a big effort to build partnerships. In my opinion this is one of the best ways to market ourselves. One sector we are beginning to target for partnerships are the “Launchpads” (eg. DistX, TrustSwap, Binance). We would like to see Foresight’s insurance option available with a click of a button to all investors buying on a Launchpad. This would mean the Launchpad project would apply to be pre-vetted by us (possibly for a fee). If they do this it provides confidence to the investors (it is less likely that a scam project would choose to be vetted).
We always get asked about paying for popular youtubers to market/shill us. I’m not against it (shout out to fellow Kiwi, Crypto Lark – Lark Davis) but right now we have other more important things we need to spend our funds on.
For exit scam awareness, as discussed, we have recently helped to found the Crypto Investor Protection Alliance along with DEXTools and Anti-Scam token. We want to make investor safety paramount in the crypto space and identify other reliable projects who want the same.
Q9 from Telegram user @dungpro123
Given the nature of the product, do you envisage market participants to be the main customer or projects who are offering protection to early investors?
DrFinch | Foresight: Definitely market participants. We’re here to protect day to day crypto investors first and foremost. However, we’ll certainly encourage ICO projects to offer to cover some of their earliest investors – I couldn’t think of a more trustworthy move when it comes to a new project/team.
Q10 from Telegram user @kartika84
Q1
: As we know, every successful project has a few stories behind the
scenes, what’s the story behind FORESIGHT success? Are there any
special upcoming from FORESIGHT Updates that you want to show/share
with us?
Q2 : What phase are the roadmaps at? What is FORESIGHT
trying to solve for the development of the blockchain Industry?
Crypto Consul | FORS: 1. The story behind our success is simple – we are a group of passionate and knowledgeable crypto enthusiasts with likeminded philosophies. I and others in the team are lucky to have contacts in the industry that help with marketing. As for upcoming updates I can’t divulge too much but we have potential exchange listings in the works.
2. We want to protect consumers in crypto and ensure the industry as a whole is viewed more favourably. We also noticed that nobody was offering what we wanted to happen, so decided to do it ourselves.
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of Foresight. They’ve prepared 4 questions for this part. The total reward pool for quiz was 500$.
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