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I don't know who is behind the marketing for this coin but my god they need to raise his salary if he pulls this shill off. First they pay Crypt0 to post the yt video to shill, then announce Aragon partnership(gave them coins) to cause more hype, pin tweet of 1+ years hard work. Minereum already creates ERC20 coins. They just copied Minereum with ERC20 coins and backed them. Now they're asking for a 250m ICO, 250m!

Eyal in an interview states "making it simple to create a currency is only half the job", LOL! Look at how much funding Minereum took haha to do half the job, they want a 250M ICO. Also they will keep ~50% of the coins! This is mind-blowing. If they pull 50m in the ICO then 50m worth of coins will be created for them on top of the ICO money, check that out. Anything that goes over their cap 80% will go to a buy back which is false security and 20% will go to them just because they want some more for the heck of it.

The craziest thing of all is when I went in their slack and questioned their core developer.... I have a screenshot as well. I told him I can already create ERC20 tokens on Minereum why do I need Bancor? He said we're the first smart token blah blah.. then I asked him if he heard about Minereum and his response is "I have not but the point im saying is our token is nice since we created it."

This is ridiculous the way they're trying to abuse the crowdfunding system.


They try to make it look really complicated on their whitepaper by using a bunch of technical language, the concept of what they're trying to do is really simple though.

Bancor aims to be the creation medium behind a whole slew of new tokens representing countless new types of value. The primary purpose of this project is to allow people to create ERC20 tokens and get them backed. You can create your own crypto with your name or brand on it while also getting it backed by another coin so if it ever goes to shit it'll still have the value of that real coin. I just can't believe how much coins they're keeping for themselves and the cap price for this amount of work.

They're using BAT selling out as an excuse to completely shill their investors, check out the newbie accounts with 20 posts all on their thread.

Below is one of the marketing guys they hired who you guys may be familiar with he got fired from "Golem" for this infamous post "http://www.eddyazar.com/i-got-fired-from-my-dream-job-golem-heres-why/"

Bancor aims to be the creation medium behind a whole slew of new tokens representing countless new types of value

Below he lists the major differences vs WAVES(Not Minereum because they don't know about it)

"Bancor has two major differences to Waves here:
The first is that Bancor tokens are fully liquid from day one. So even if its some tiny token that never aims to become worth millions or be traded on a large scale... it's still always immediately exchangeable for any other coin or token on the entire Bancor network (including ETH and every major ERC20 token)
Waves has their decentralized exchange, of course, but it still requires that you find a second party to trade with, which rules out small-market-cap tokens.
The second is that Bancor is build on Ethereum tech. At the moment, that means we're backed by a more developed & successful blockchain, and therefore have a larger set of currencies and of users to launch with."

These guys must have not known about Minereum which is also built on Ethereum as well. So all that is left is to back the coins created on it, I guarantee any solid dev can accomplish this he'd probably give you more than you ask for if you gave him $1m dollars lol. They could've gotten away with this if it wasn't for Minereum because people would think it's so cool and complicated and so much work went into this.

Hope I helped a lot of people out!

Sooo..do you work for Minereum orrrrr?

I have a history of shitting on Minereum

So your argument against a pretty solid looking ICO is a company you normally shit on?

Please, explain how ur logic works

You can address my points if you wish, I just don't like how Minereums' generated coin set up is.

OP IS RIGHT.
Bancor is a big scam with shills echoing each other over slack.

You really didnt make any good points about how this is a scam? All you did was bash it and say you didnt like the answers u got from a dev?

And ur not happy with the large cap. thats understandable....but still, you fail to convince me

I am planning to invest in bancor once I get some ETH. I am having trouble finding ETH. I don't think it is a scam.

Bro it is 250m cap with unlimited supply first hour and then they're announcing partnership 3 days before ICO, trying to build as much hype as they can. To top it all off what they're creating is not that impressive. Do you know how much Minereum dev charged for his project? In which he completed half of BANCOR? I'm not even sure to be honest, if some Minereum person could comment that'd be nice, I think it was less than $1m.

Sounds like ur just mad they're raising a lot of money lol...

If you have anything to say that actually matters about the platform or the adoption of it. Then I'll pay attentions..

As of now, ur opinions is worthless *shrugs*

"Sounds like you're just mad they're raising a lot of money" lol...

I'm just letting people know the facts. There's a difference between fact and opinion.

What you might have effectively done with this post is bring more attention to BANCOR. There is more then just coin creation, it is also an exchange where individuals can create "local" crypto currencies. If they raise 200 + mil and they deliver on their product it will be a pretty sound investment. Quick flippers might be out, but investors look longer term. If you do not like it, don't invest.

Do you understand how easy it is to fork a couple projects and throw this project together? They don't need anywhere close to that much $$, did you see the devs response to me? Lol.

If there is something sure, this is that ANY ICO asking for 250 000 000$ can not be anything but a big blatant scam.

This is very big money, i'm not sure for what is needed but already looks suspicious to me.
Maybe it is not a scam but it will be very hard for investors to get profit from this in this conditions. I'm pretty sure they won't succeed in their plans for collecting such amount.

Ride the waves.

Learn from dotcom. Scam or not.

It does not matter. All that matters is you jump ship before everybody else.

AmarO, thanks for your insightful post about your perspective on the Bancor Protocol. I would like to address a few of your points in bit more detail:


There are a lot of people marketing and working on this project who truly believe in the Bancor vision. Aragon and Bancor partnered to so Bancor can utilize Aragon governance, and vice versa - which is a great partnership. Bancor did not "Copy Minereum" in any sense. If you read through the whitepaper, you can see that solving the liquidity challenge and removing the double coincidence of wants is a huge part of this project. There will be lots of projects that create ETH tokens, but look at HOW Bancor is doing it, and you'll find where it's unique.


This is a silly comparison regarding Eyal's comment. Regarding 50% of the coins, the team is only taking 10%. The rest is to improve upon the Protocol in various ways. You can read more here: https://blog.bancor.network/bancor-network-token-bnt-contribution-token-creation-terms-48cc85a63812


the "blah blah" part is pretty essential


I would love to hear your perspective on what you think Bancor is doing! I think solving the challenge of liquidity by utilizing reserves and removing the need for exchanges is actually a pretty technical and complex challenge to tackle. If it is "really simple" in your mind, I can't wait to see the projects you come out with!


There is actually a lot more going on with Bancor! It's not about it being backed by the reserve token. It's about removing the need for exchanges and algorithmically pricing all smart tokens. There is also simple ability to create community currencies through chatbots, instant liquidity, simple application, guardian mechanisms, etc...


Minereum (which I had never heard of either) is obviously welcome to add Bancor functionality to their tokens! Instant liquidity and removing the need for exchanges is a great addition to any coin creation platform. I like how close the last part is to Scooby Doo where the bad guy is like "and I would've gotten away with it if it wasn't for you meddling kids!"

Anyways, in all seriousness I think Bancor is a pretty fundamental paradigm shift. The creator of the Euro, Bernard Lietaer, agrees with that sentiment too. If you have any other questions or comments, the team is available on Slack or Telegram to answer them!

Cheers

Truth is, the cap on bancor is way too high to possibly have decent ROI.
So, I doubt i will put any real money in it.
A high cap means less returns, even if it is legit.

In the same time btc or ether can double in price. So why take the risk with ico?

Why is the cap so high? Regarding the liquidity issue, all backing the coin does is set a floor for the coin, like insurance if it fails. That's not too difficult to do for a dev. That is the main focus... it being backed by the reserve token. Also Bancor charges fees if the coins don't use BNT for backing(this was hidden from people), honestly most coins would much rather use ETH or BTC. So how about instead of your guys 250m project, a dev just forks Minereum and adds the ability to back it with ETH/BTC to solve the liquidity issue? I like BANCOR don't get me wrong, however the sum of money they're asking for is extremely unreasonable for the work they're doing.

USE OF PROCEEDS

40% to Software Development aka your pockets
5% Misc and Unexpected aka your pockets
5% Legal expenses aka your pockets
8% Operation Expenses aka your pockets

20% BANCOR ETH RESERVE LOL! wow........

Are you fucking kidding me? Massive cap and 40% goes straight to your pockets for developing! The rest to the other people who work with you guys, that's 58%. Don't try to bullshit me and the people.

You guys are trying to become millionaires right off the bat taking 50% of the ICO money, setting an unlimited cap, doing massive marketing and hoping people blindly pour money into it. What a marketing scheme clap clap clap clap clap. The Scooby Doo part does fit for you guys.

There are solutions for Whales buying out ICOs if you really want to implement it, honestly your ICO setup is 100x worse than one that ends in 10 seconds due to Whales. This is a pure dev shill scheme.

The point of crowdfunding is to get how much you need for the project, that happens with a set amount, then the devs keep coins for themselves as well and depending on how successful the project is both the investors and devs are successful. It's not abusing the system by putting a ridiculous cap to become millionaires overnight and if your project works out or not who cares you're set. Devs should not be shilling crowdfunding like this.

The crazy part is they had this "hidden cap" scheme set up where after 80% it would show, I believe the 250m cap got leaked in their slack and it's too late now they've revealed themselves even if they try and change it. You imagine if this figure didn't get out how much money they could have picked up as people would think it hasn't gotten much funding yet? I think you can track the address they use though so people would've started making noise like wtf is going on that's probably why they released it. Unbelievable.

https://medium.com/@LedByReason/what-could-the-bat-token-sale-have-raised-and-what-can-we-infer-about-the-upcoming-bancor-token-eed6f593d86c

^ great read

I swear it wasn't me who wrote it lol

Guys we cannot support a project like this... They don't even have a legit resume BAT guy as least was the creator of javascript which is no small task also even they only took 30m or as you can see they could have shilled 100s of millions. Bancor ICO makes no sense, there are better ways to set up an ICO vs Whales than this.

Algorithmic price discovery and removing the need for a double coincidence of wants is the main focus. If you feel capable of bringing something more useful to the table, by all means, build it.


How can you know this when you haven't seen the stability and economics of how BNT functions? The purpose of BNT is to create a connective mesh between currencies created on the platform that operates in an economic ecosystem that can operate almost independantly of any other. Tapping into BTC or ETH markets as a reserve is a totally different proposition, which yes- some might prefer.


You are pulling the 250m number out of thin air. If a dev wants to fork Minereum and add similar functionality, they are welcome to do so! The Bancor team has a pretty epic plan and the backing of a pretty amazing group of people to execute. We need lots of great economic engines in this new economic paradigm.


A token launch is equivalent to what in traditional funding would represent A,B,C,D, IPO rounds. Sometimes companies raise billions through this route. So for the entire life, hopefully a very long time, of a project that will grow and expand, it is not unreasonable to ask for certain amounts of capital if it is going to be allocated appropriately.

Saying "aka your pockets" is shortsighted IMO. Have you ever paid or seen legal bills for a large corporation over the course of many years? This team has run multiple startups and raised a lot of money in the past and know the cost of real world things at a large scale.


The team appreciates your perspective and the attention you've given to the project. It is unfortunate that we can't make everyone happy. Some prefer capped. Some prefer uncapped. Bancor is striving to create a happy medium where everyone can participate in the fairest possible solution.


Eyal has a great response to this Medium post in the comments.

The fucking 250m is a security cap which already in the contract and they already mention in their blog.
A hidden cap is a totally different thing that by the name you can tell. Its hidden. But totally not 250m

Do you even think they can raise 1 m eth in 1 hour. At least read the the blog and whitepaper by yourself and dont listen to the fud/slendering from others

i m sure this project is a scam.

i never saw this project before. is there any ann topic of them presented offically?

https://bitcointalk.org/index.php?topic=1789222.0
https://bancor.network/

I don't think Bancor is a scam and I will buy some tokens. However, I will keep an eye on the ICO progress and see if big whales are involved.

Using technical jargon and way more words than necessary... Not surprised.

Chill no need to complicate it with the words you use just say what it is, you want people who create coins to use your coin in the backing vs more established coins. "Some might prefer" is false, actually all would prefer to use ETH/BTC over your coin.

"Double coincidence of wants" is just fancy words this guy used to say for finding buyer and seller, so backing the coin lets a person liquidate whenever they want.



The price discovery is cool I'll give you that. 260m(or whatever it is) is the max in the hour is that right? Then there is a hidden cap that is "hopefully" much much lower that will show when 80% is reached. 260m cap is just for the hour, if an hour is exceeded and the "hidden cap" is reached it'll be over.


I looked at the teams' resume it's really not impressive what start-ups has this team ran that have been successful? Please Stop It.......

- It's an amazing idea and well done, a lot of attention to details
- I believe that if this was a scam they wouldn't put their names and faces out there (competitions, interviews, linkedin, fb, telegram)
- The goal it's too high but will reach it
- It's a massive project they are building an exchange (think about a bank) and to build that you need a lot of money as  reserve (collateral) and liquidity to convert people's currencies

This is just a fud thread. The whitepaper already been up since februsry. Only last minute now before ico start this kind of things pop up.
Either op mad because he cant flip because the ico uncapped for 1hour or he just trying to spread fud.

I think people are being a bit close-minded about the token price. Eventually you'll be able to trade BNC for nearly ANY other token (from BTC to random altcoins) on their platform. IF (big IF) everything works they way they describe it, there won't be a reason to use exchanges anymore (unless you're really into Trend Analysis). If BNC was only being traded against a few pairs on a few exchanges, yeah I could see very little ROI from it. But since it'll be traded against almost every other coin out there, I think there's still a chance for massive returns.

Just invest what you can afford to lose and see where it goes. It's risk vs reward, as always.

Honestly, having gone through both the Bancor and openANX whitepapers, the latter seems to be created in a way that they actually want people to understand the product.

Bancor is simpler, yet they use convoluted language to appear smarter. Most people in tech know that people who deliberately confuse others are hiding something.

Honestly, I like the idea, and I also think devs deserve the profits more than people who invest in ICO-s and get a quick 1000% profit. I'll put some ETH in, but not as many as I initially expected since I'm just getting this scammy vibe...

They are Jewish.....

My perspective has changed on BANCOR, I may support this project(probably not). My issue is the amount of money going to the dev team vs the project. ~50% of funds(ETH) from ICO is going to the dev team while 10% coin to founders, team members, advisors and early contributors, is an issue for me. It shows BANCOR does not have a big economic stake in the coin, they have barely any coin when it is split amongst all those people. You would want the project you support to have the devs have a bigger stake in the coin and less in the ICO funding. They should take less money from the funding and have a bigger coin stake, due to this I will most likely not support this project. However I feel their ICO set up is not too bad though the 1 hour hype and all that marketing hype is still shill. Due to the issues I'd still put it in the "Dev Shill Category"


In my opinion the best way to set up a project in todays' age so Whales don't buy it out and letting all participate is to set an unlimited cap over a month with proceeding less coin per round


EXAMPLE 1 ETH = 1000 BNT First Week, 1 ETH= 750 BNT Second Week, 1 ETH = 650 BNT Third Week, 1 BTH = 500 BNT Fourth Week

Wait, so Bancor is an ICO launching platform that lets any idiot launch their own ICO with zero technical knowledge or skill?  What a horrifying idea.

Only horrifying if you let yourself fall prey to idiots lol

Horrifying ? Lol

Then is ethereum reserved for solidity developers who knows how to code only ? Think about what ethereum is really trying to create!

I think that Bancor looks good, and I'd like to invest, but I have concerns about the ICO and the uncapped hour.

Look at what happened with BAT - huge buy-in at the ICO, completed in 24 seconds.

What's happened since then? BAT was immediately a top 20 coin, but predictably has been dropping away steadily. Now at number 29, and still falling.

So when is the best time to buy? In a crazy ICO (and it will be crazy), that could instantly turn Bancor into a top 10 coin... or wait and see what happens?

I was planning to get in at the ICO, but recently I've changed my mind. I'm going to sit it out and take the gamble on getting in later if the price falls away.

Still think the project looks good though.

Ur right I bought BAT like a chump at 11k satoshi right after it hit the open market and now its less than half the price

This is the most accurate statement made on this post.

;D

Show me any company that raised any money, let alone billions, with a secret cap on the number of shares.  ::)

But if the ship is the Titanic, then it's best not to hop on board in the first place.  :P

thanks for putting it all under the microscope all the same. its difficult to have time to interpret and pick good ICOs at the speed they are all coming out, so anyone picking faults can help throw light on issues the rest of us may not see.

though I think we are seeing a change of direction for cryptocoins. as more traditional business people get involved in larger groups it is morphing into the traditional business world methodologies, albeit in a new and relatively unexplored field. so I kind of expect to see the 'shill' & economic decisions being made like with this ICO, since in business world its basic economic, advertising and marketing strategy to do that. Sure it is mostly bullshit, but that is how the commercial world works, and I think more and more that crypto world is going to turn that way. it is bound to.
 
the day of cryptos being something underground and 'revolutionary', is pretty much over. it's about business and profits now, and that's what will drive the launches.

The main thing that keeps me interested in Bancor is it lowers the barrier to entry, especially if they get fiat involved (able to purchase ETH or BNT through the platform). Once it's combined with Status people won't have to manage all these different wallets and go to different exchanges and what not. There are a lot of projects out there focused on the enterprise/business side of things, but I feel like this one is more focused on the public/community aspect. Obviously there's money to be made there as well.

Don't think it's a scam but idk if i want to enter :-\

So you're saying it will be very successful? Want to be a nobel prize winner, be Jewish. Wish to run Hollywood, be Jewish!

ICO minimum time has now been extended to 3 hours following attacks on the network...

If you bought a ticket

Then resold that ticket for 3x

Then you won the Titantic pump/dump

Only 3x ?   ;D so many people got crazy about recent ICOs ...

ICO went skyrocketing... This will be interesting now :)

It'll be interesting to see where it lands, but I've seen upwards of 400%.

The bat guy got me to invest just for a minute until  I did research. If you think he will get away with under cutting google and face book on ad revenue without a lawsuit get real. Its cool he invented java script and fire fox but he is getting way over his head if he thinks he can get away with under cutting these juggaranut franchises. I don't see any value in that bat coin btw. There is no value in it at all. You don't need to tokens to use the ad free web surfer that lags at times... Do those tokens have little to no value and he didn't make those tokens to have value btw just to help the eco system. I don't know much about bancor i was going to invest until I read all your fud. Now I am going to do my own research and i will come back here and give my honest opinion.

I do not think it is a scam.
Looks legit.
I prepared a visual summary of their business model to figure out for myself if all is smooth in their business model.
Here it is:
https://medium.com/@StorifierCo/what-is-bancor-20fca8652e94 (https://medium.com/@StorifierCo/what-is-bancor-20fca8652e94)
Let me know if it is clear