Basically they are replacing btc as a median and using blocknet shares in its place. Thats what it looks like to me when its all boiled down. Rather than pay tx's fees to miners using btc and an exchange fee. You use blocknet shares and the fee is split up among the holders of the shares.
Hm... Should I pay twice to use, say, VPN provided by some node then? Once - to the node itself for the service, and second - to the Blocknet for being able to communicate with the node. This way? And those Blocknet shares are distributed to share holders, right? And is the Blocknet protected with kinda PoS? No you don't pay twice. You pay the service provider, and the service provider pays the Blocknet fee. Yes, Blocknet fees are distributed to holders. My guess is that the Blocknet will have a PoS system, though I haven't been informed of the specifics yet. |
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Basically they are replacing btc as a median and using blocknet shares in its place. Thats what it looks like to me when its all boiled down. Rather than pay tx's fees to miners using btc and an exchange fee. You use blocknet shares and the fee is split up among the holders of the shares.
You would still have to pay transaction fees to miners of each coin. I still don't see the need for a microfee on top of the fee for using the "services". This shareholder "micro-fee" fee seems to exist only so shares can exist so there can be an IPO. Again, what's to prevent a fork of Blocknet without microfees? Aha, I see where all this hypothesising has been going: some of you hope to show insufficient warrant for Blocknet fees and thereby undermine the rationale for Blocknet tokens and an ITO. However: - The Blocknet is the infrastructure that allows a coin to render a service. The Blocknet microfee expresses the value that the Blocknet adds. - Fees are not just for currency conversion. They're for every time a node provides any service (and there's an indefinite number of potential types of service). - Blocknet fees are not used to secure the network (and there won't be any mining). - In a way, Blocknet fees are mildly analogous to tx fees in a proof-of-stake currency, where they don't go to miners, but simply deflate the money supply, thereby expressing the value of usage of a currency to the currency. Fees in the Blocknet express the value of the currency to holders. Outside of currency design, fees are there for a really simple reason: we need funding to develop a whole lot of next-gen technology. So we're having an ITO and incentivising people to buy and hold shares. |
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What decentralized stock platform will the Blocknet Shares be based on? Nxt, counterparty, BitsharesX, Mastercoin or some new platform?
How will the destruction of the unsold Blocknet shares be proven? proof of burn, or something else?
Will the usage of the gathered funds (2500BTC) be transparant and visible on the blockchain with regular Proof of Reserves?
The project looks amazing and i really hope you guys can pull it off, but the above questions need answering to access and gain the trust of a large market.
kind regards
Bytas
Good questions. Thanks. Blocknet tokens will initially be sold on Poloniex, Bittrex, and CoinGateway. Then, once the Blocknet gains the capacity to pay fees to holders, tokens will be redeemable for assets on the NHZ asset exchange. After the ITO, any unsold tokens will be provably destroyed. The Blocknet's funds will always be publicly visible. Furthermore the Blocknet Foundation will give public account for expenditures. |
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i want to buy more XC, what do you think if its good idea to buy now at ~100k , or we will see something like yesterday (69k)  if they would finally start spending some time selling XC as the privacy leader it is to the normal people 100k is a gift basically. Thanks for the suggestion. This is a central part of the next phase of XC, as we move from pure tech development to delivering services that everyday people can use. Good to hear. the blocknet puts some kind of additional time pressure on this imo. the PR not the products themselfes. Yes basically now your Job is doubled Synechist. Heh. In 8 days' time there'll be funding to employ more people. Can you not get help from the PR guys of the other coins involved in the block-net? As well you should clarify well how revenue system will work for the shareholders in saying how, when and how much the holders will get paid for each share they own. The dividends I mean. At this point for most Investors is a jump in the Dark me included even if I see the potential. I am starting to have the mix feeling that we are doing too many things in a bit of a messy way without grasping our xc foundamentals first. Maybe we should have waited to have a final complete product before jumping into this. XC product will have given more trust to the blocknet. as for now XC is still in Beta release and many things do not work or are outdated. Yes, hope that now blocknet got his own thread we can go back to business, finish anon & xchat and stuff like the new UI, mobile etc Indeed. Back to business. This week's focus: getting the new UI done and into your hands. |
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i want to buy more XC, what do you think if its good idea to buy now at ~100k , or we will see something like yesterday (69k) if they would finally start spending some time selling XC as the privacy leader it is to the normal people 100k is a gift basically. Thanks for the suggestion. This is a central part of the next phase of XC, as we move from pure tech development to delivering services that everyday people can use. Good to hear. the blocknet puts some kind of additional time pressure on this imo. the PR not the products themselfes. Yes basically now your Job is doubled Synechist. Heh. In 8 days' time there'll be funding to employ more people. Can you not get help from the PR guys of the other coins involved in the block-net? Yes but that could be a more complicated route to take. As well you should clarify well how revenue system will work for the shareholders in saying how, when and how much the holders will get paid for each share they own. The dividends I mean. What's clear at the moment is that revenues will depend on usage * fee * number of tx per service / number of shareholders. What's not clear is what the usage will be. I am starting to have the mix feeling that we are doing too many things in a bit of a messy way without grasping our xc foundamentals first. Maybe we should have waited to have a final complete product before jumping into this.
XC product will have given more trust to the blocknet. as for now XC is still in Beta release and many things do not work or are outdated.
I do not think it makes any sense to wait longer before creating the Blocknet. The Blocknet is essential to XC actually being used. It'll increase liquidity, massive increase its user base, and advertise its services like nothing else. To release Rev 3 without the Blocknet is like deciding to launch a company without a web presence: enormously detrimental. |
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^^ Thanks Mxxxxxx!
Dont forget you get a 10% discount on the ITO price when purchasing with participating coins. There's surely some profits to be made on the deal.
Regards
Killa
FIBRE ThreadFibre Twitter How i get this discount? Thanks Buy Blocknet tokens with any participating currency. |
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i want to buy more XC, what do you think if its good idea to buy now at ~100k , or we will see something like yesterday (69k) if they would finally start spending some time selling XC as the privacy leader it is to the normal people 100k is a gift basically. Thanks for the suggestion. This is a central part of the next phase of XC, as we move from pure tech development to delivering services that everyday people can use. Good to hear. the blocknet puts some kind of additional time pressure on this imo. the PR not the products themselfes. Yes basically now your Job is doubled Synechist. Heh. In 8 days' time there'll be funding to employ more people. |
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Intelligent people do have doubts of course. I agree with this: So, omitting bizarre revenue calculations in the OP, what would generate dividents for Blocknet share holders? Why are these shares needed in the first place? Where are they used?
Even though I am a long term XC supporter and Blocknet idea itself looks interesting, the way it is put looks like incoherent attempt to exploit greed of those not paying much attention to details or simply new to cryptos.
I am eager to be proven wrong.
No promises, no contracts, no security.
you guys are promising 450% expected return.... i think you guys shot yourself in the foot...horribly worded op, no consideration of laws and legal structure...especially with the impending sec investigation into 4 cryptocurrencies for unregulated securities...what is wrong with you delete the post now Are you people that dumb and ignorant? How are they promising anything? - BlockNET real value SHOULD equate the total combined value of every coin, mathematically, practically is another story, but still there is not promise out there - A gain in price CAN be expected after the ITO, again I don't see any promise here. Just like you CAN expect to die from cancer in X Time, that does not mean that you will die for sure. You people going to fast profits with something, ignoring all the real usable value with a tech, are pathetic, and you always talk about money. I never seen a post containing an Idea, or a tech question, a vision, etc. Just plain stupid profit questions and issues. Hear hear. And for the record, the paragraph in the OP pertaining to profits has been removed. |
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Aha. Then probably a typo on my part. |
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Aha. Thanks. They must've changed things on their end. Sneaky. |
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i want to buy more XC, what do you think if its good idea to buy now at ~100k , or we will see something like yesterday (69k) if they would finally start spending some time selling XC as the privacy leader it is to the normal people 100k is a gift basically. Thanks for the suggestion. This is a central part of the next phase of XC, as we move from pure tech development to delivering services that everyday people can use. |
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coins like ppc or doge would bring a huge userbase to blocknet which is just as important as the unique and innovative features of the current blocknet coins. so this is not about neither the one or the other , both well known coins and new innovative coins can benefit from taking part in the blocknet. but blocknet had to start somewhere and its easier to start this with smaller coin teams. when this turns out to run smoothly i think a lot of old school coins will join and they are very welcome. If you are one hosting a service like XC private transaction by holding 1k xc you welcome them with open arms. I think the BlockNet targets tech, not userbase. For real? Doge, gtfo with that shitcoin, it's just a plain stupid copy-paste of litecoin, no tech at all in that one. You're right. All current participating coins are included for their genuine (and relevant) innovation. Personally I'm not averse to large user-bases by any means though. :-) |
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What should be explained is: The most profitable way to enter the blocknet(What coin to buy to get blocknet shares).
On the day of the ITO, any participating coin will get you the same discount: 10% off. |
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I want to clarify, that although without some sort of tangible proof-of-concept I believe this is purely a vehicle for market manipulation, I also fully support this project and will be following it closely.  Personally I'd love some proof-of-concept code to be released prior to the ITO. Part of the XBridge code is actually completed so this might be possible. Regardless of that, the XBridge protocol is based on the Xnode protocol that XC uses. If anyone is worried about development talent or the ability to deliver, take a look at XC's timeline. Now pool all the developer talent from all the participating coins. This code will get nailed down good and proper. |
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I would like to apologise for the inclusion of the "Reasons to buy Blocknet shares" paragraph in the OP.
It was not intended as investment advice, but rather as a cursory summation of fundamentals.
It has now been removed.
Thank you for the update, but it is still unclear why Blocknet shares are needed at all. Blocknet fees have to be paid in something right? We're offering the community a chance to earn Blocknet fees by owning shares (tokens). In return, the Blocknet gets development funding. What time on the 29th should we expect the ITO to start? Further details will be announced as we approach the ITO. |
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i was merely commenting on others points that they brought up while injecting my own point of view that i don't think tokens are needed in order to do currency conversions, which both supernet and blocknet use. Bit/Black halo has already shown that crosschain trading can be done without the need for a token. This is merely my opinion as a person.
You're right, Blocknet tokens are not used for currency conversions. They're used to allocated fee-revenue to holders. They're also used to express the value of the Blocknet. And, lastly, they're used to enable community-ownership of Blocknet assets. |
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I would like to apologise for the inclusion of the "Reasons to buy Blocknet shares" paragraph in the OP.
It was not intended as investment advice, but rather as a cursory summation of fundamentals.
It has now been removed.
Thank you for the update, but it is still unclear why Blocknet shares are needed at all. Blocknet fees have to be paid in something right? We're offering the community a chance to stake Blocknet fees by owning tokens. In return, the Blocknet gets development funding. |
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REASONS TO BUY BLOCKNET SHARES
- The Blocknet’s initial value during the ITO equates to the following: 10 000 000 shares multiplied by an
initial share price of 0.00025 BTC = 2500 BTC.
- However the Blocknet’s real-world value should equate to the total combined use-value of every coin in
the Blocknet. Therefore, at a bare minimum, the Blocknet’s value would be equal to the sum of the market
cap of all participating coins. Why?  Why is the Blocknet equivalent to all those coins (valuewise). This is currently $4,288,591.00 or 11,285 BTC. Therefore an eventual gain in
price of 450% can be expected after the ITO. - But in addition to all its coins’ features, the Blocknet has the further features of (a) making all the coins’
services accessible to all users, and (b) bringing all coins’ users to every coin. Taking this massive increase
in utility into consideration results in the following calculation: multiply the combined market cap of all
participating coins by the number of coins. The resulting value is 22,500 BTC or a 900% profit on the
share price after a successful implementation (and adoption) of the technology. Why? I really can't follow the reasoning here. Am I missing something? I didn't follow the logic either. Why would the real world value equate to the sum of the market caps? The value of the London Stock Exchange isn't equal to the total value of the shares traded on it. Indeed the announcement page need to be re-done ASAP in that point. as well being sure that is compleately legal what it is written in that ANNOUNCEMENT as I saw some concerns about this in the blocknet thread. It's been done already. Go check it out. |
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- The Blocknet’s initial value during the ITO equates to the following: 10 000 000 shares multiplied by an
initial share price of 0.00025 BTC = 2500 BTC.
Is BTC the only accepted coin to buy BN shares? Could Xcurrency redeem BN shares after its release?
So the usage of Xcurrency is to setup a Xnode and nothing else, right?
XC community have been supporting the team from Day1 and unfortunately the team seems to initial a new business to move on. XC holders' investment will go down the drain？
Let's explain these questions.
Sorry, I feel really bad about recent news.
Just to clear this up... - Blocknet shares can be bought with all participating currencies. - The usage of XCurrency is exactly what it was before. The Blocknet takes nothing away from XC. Thinking that the Blocknet will somehow dilute XC's value is like saying that Google's value will decrease by being on the internet. - Did you even read the press release? To quote: The Blocknet is, essentially, all the features of all participating coins rolled into one. Does this mean that by joining the Blocknet, a coin gives up its technology to the Blocknet?
- No, coins retain every single one of their features and do not give up any of them.
- Coins’ features are offered as services to other coins – for a fee – on the Blocknet.
- Nodes that render these services are remunerated for their role.
- The Blocknet also receives micropayments as fees for supporting the rendering of these services – the profits for which go to token-holders.
- So instead of stealing coins’ features, the Blocknet does two things:
o The Blocknet increases a coin’s userbase for its services. No longer are coins only used by their (generally tiny) communities.
o By extending the reach of a coin’s service, the Blocknet serves as the most effective form of advertising possible for a coin: actual usage. Nothing will attract users more than trying a coin’s service and enjoying it.
- Furthermore, the Blocknet removes multiple barriers to entry for would-be users of a coin, like
a) Making it trivially easy to discover a coin amidst the thousands in existence.
b) Not requiring a user to research a coin and understand it before adopting it.
c) Not requiring a user to download new software and learn how to use it.
d) Not having to do market analysis to calculate the risks of buying a coin before one can use it. For the first time the Blocknet makes it possible for coins’ services to be used without one first having to buy coins, and coins can be traded without having to use their services.
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I would like to apologise for the inclusion of the "Reasons to buy Blocknet shares" paragraph in the OP.
It was not intended as investment advice, but rather as a cursory summation of fundamentals.
It has now been removed.
can u get litecoin or doge in on this Now that could be interesting. |
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