Only Yes votes matter and you need 5 of them. You could have 3000 No votes; as long as you get 5 Yes votes, you win the election. It's not even half of the voters; according to your 20+ voter comment, 25% of the voters need to somehow be encouraged to vote favorably. If the rest scream their lungs out about real problems in the contract, who cares? You get listed if you can bribe, threaten, over-promise, or otherwise get 5 people to supprt you.
It's actually even worse because you can even buy one vote yourself and that seems somehow to be quite OK.
This does seem like a design flaw.
I kind of missed the boat on this part of the conversation but I should clarify the current voting setup. It hasn't changed since it was first rolled out. To get approved you must:
- have over 5 YES votes
- have a higher YES score than NO score
(Where no votes count 2x)
I think our next step is to limit the voting timeframe to two weeks. If we do not have at least 8 votes after two weeks we will refund 50% of the signup fee. That will motivate voters I am pretty sure.
Step after that I think is to put together a team of 3-5 trusted community mods and somehow compensate them for reviewing contracts and voting according to some exchange determined guidelines.
Cheers
Edit/add: And even with this setup, issues will still fail and people will still lose bitcoins... But at least we will have done proper diligence on the initial business plans.