If this is working out, won't rather quickly happen what happened to bitcoin mining? I mean, huge professional mining farms in low electricity cost countries will be profitable while it will be unprofitable for the average Joe? Any bonus?
What are we actually buying here? Equity? Doesn't look like. So we are not going to own the company behind this. Therefore we are also not eligible for dividends. Later they may actually sell equity like others did on bank to the future.
Due to the recent spam of ICO's, I wonder if it is useful to join this one. Most ICO's were traded below ICO price right after they were distributed. So even if I like this project, I wonder if it would not be better to just buy on exchanges after the initial major dump.
So it is an apptoken we are buying here, right? A token that can be purchased by someone interested in getting cheap cloud computation power? Then I don't see the developers interest in a high token price since that would hinder the project. And if this project succeeds, it will not be long until huge data centers start providing their services and thereby driving the token price down.
Please prove me wrong since I am always looking for high risk high reward investments.
@someone111 You're buying the currency that the Golem Network will use for all transactions. If you want to take a look at the things that will likely influence the future value of GNT, we wrote a blog post on that here: https://blog.golemproject.net/the-economics-of-the-golem-network-token-d64c1a50b1d5#.7a1lqt2lkIf the cost of GNT rises, it won't have any effect on the cost of computing power on the network. Just like Bitcoin, if 1 GNT is worth 10x what it was before, people will simply charge 10x less in GNT than they did before. Likely more, actually, since a rise in price is likely reflective of more computers on the network (which also makes addresses the datacenter aspect, as them joining the network will drive the power of the Golem Netowrk, and thereby the cost of GNT, up instead of down. The more datacenters offering their services on Golem, the more supply of computing power. Simple market logic dictates, that prices fall if supply increases. So GNT price would go down. If more customers want to use Golem network, but there are too few datacenters, then price of GNT could go up. Which one is more likely is a pure gamble. I think it will be easier to get the datacenters excited and on board, because they are always looking for ways to optimally use all their available capacity. Getting the word to users of blender etc. and make them use Golem however looks more difficult to me. Replace GNT with USD. And replace Golem with market for computing power. An abundance of computing power and shortage of customers, results falling prices in USD of. Vice versa, a high demand of customers but short supply of computing power, results in falling USD prices for computing. (Okay, well, the supply of USD is insanely, incalculable and arbitrarily inflated, but that is besides the point here. If someone wanted to use a currency with a known sane inflation, they could just buy bitcoin or if they wanted zero inflation, there are other coins for that.) Why should I buy the internal currency (app token) as an investor? What will the people owning the company behind Golem earn? If they earn an percentage on all GNT transactions, then this seems much more profitable to me. Investments into startup companies makes sense to me, but investments into app tokens not so much. Okay, so the cost of computing power on Golem and the price of GNT are two completely different things. As more computational power enters the Golem Network, the cost of computational power will go down. As more computational power enters the Golem Network, the value of the network (and thereby the currency it relies on) will go up. So the cost of computational power will go down a lot because a) its cost is going down b) it's being bought in GNT, and the value of GNT is going up No one is earning a percentage of transactions. If there was one, then someone would simply fork our open sourced code, remove that transaction fee, and release a Golem variant that is cheaper and more profitable for everyone (except those who got the fee) |
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What a complete charade. You recommend people use MyEtherWallet and then it fails to produce the transaction data in time. I tried for several minutes without success. I wonder how many other people missed out after following your instructions to the letter.
I missed out also. Tried for the whole time crowdsale was open, not good.
Sorry guys, we wound up sending more traffic to MEW than it's ever seen before, by orders of magnitude. We couldn't have expected this, but we're definitely sorry that we accidentally DDoS'd MEW. |
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Any bonus?
What are we actually buying here? Equity? Doesn't look like. So we are not going to own the company behind this. Therefore we are also not eligible for dividends. Later they may actually sell equity like others did on bank to the future.
Due to the recent spam of ICO's, I wonder if it is useful to join this one. Most ICO's were traded below ICO price right after they were distributed. So even if I like this project, I wonder if it would not be better to just buy on exchanges after the initial major dump.
So it is an apptoken we are buying here, right? A token that can be purchased by someone interested in getting cheap cloud computation power? Then I don't see the developers interest in a high token price since that would hinder the project. And if this project succeeds, it will not be long until huge data centers start providing their services and thereby driving the token price down.
Please prove me wrong since I am always looking for high risk high reward investments.
@someone111 You're buying the currency that the Golem Network will use for all transactions. If you want to take a look at the things that will likely influence the future value of GNT, we wrote a blog post on that here: https://blog.golemproject.net/the-economics-of-the-golem-network-token-d64c1a50b1d5#.7a1lqt2lkIf the cost of GNT rises, it won't have any effect on the cost of computing power on the network. Just like Bitcoin, if 1 GNT is worth 10x what it was before, people will simply charge 10x less in GNT than they did before. Likely more, actually, since a rise in price is likely reflective of more computers on the network (which also makes addresses the datacenter aspect, as them joining the network will drive the power of the Golem Netowrk, and thereby the cost of GNT, up instead of down. |
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alright then, download of eth blockchain in mist 0.8.7 progressing thus far meanwhile I read this guy who wrote a little bit about his coming adventure of golem participation, feel free to give it a read too https://medium.com/@cjremus/heres-how-i-m-participating-in-golem-s-crowdfunding-process-part-2-d76e533f08ea#.4qe8y4lb0my main question as an investor is: after crowdsale is finished (either fully stacked at 820k or way beneath at 150k eth) will $gnt immediately be tradeable at exchanges? I do ask because this would properly keep me away from participation due to recent massacre of tremendous dump of SingularDTV and/or firstblood token right after exchange listings few minutes after ICO end. Looking at Plutus and IOTA I would assume a development timeframe for gathering attention and demand for $gnt due to tech progress and marketing. cheers Hey tobsnn, That is a great post. We've been talking with him in the Slack as well. Ala exchanges, we don't have any control over when they list GNT. As soon as the campaign is over, your GNT will be spendable. It's up to the exchanges when they list it. |
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@BTC Community
The computations are sandboxed in an isolated virtual machine and executed with the minimal required privileges.
Crackers can defeat sandboxes though, so Golem's Application Registry will have a class of users called Validators. They review and certify apps as safe and trustworthy by adding them to their own whitelists (or adding them to blacklists if they're definitely unsafe).
Providers can choose to only run apps that are on a given whitelist or, if they're willing to take more risk, only refuse apps that are on a given blacklist.
----
What's the name of the 2014 platform?
In other words Golem will be centralized due to backlist by "validators" I will pass on this one, good luck. Anyone can become a validator. Not centralized. |
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Golem project looks good and imho it may have a bright future. I think I'll take part in ICO. Good luck to project!
Thanks  See you at the GNT Sale |
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@LiskQH no bounties for the crowdfunding sale.
If you're talking about bug-fixing bounties, then we'll likely have some in the future. None at the moment though. You can follow us on twitter or join our slack to get updates on that.
Well I don't fall into that category. I have done my research, authored a buy recommendation for my investment group and will proceed to purchase on 11/11 (my lucky number 1111). Bounty is a way I can support the investments I make. (by the way, my recommendation was a hold for a minimum of 3 years)
it seems you forgot to read this post, where it is CLEAR there will be no bounties during crowdfunding . Neither for the bug-fixing. It is on page 2 of this thread. Thanks |
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So essentially this coin all lives and dies based on letting your computer be a part of the hive mind and rented by what we hope would be scholars and scientist, now what you should be expecting and deciding to promote it is renting for cpu mining. I see this almost entirely being used as a cpu mining rent/lease coin.
It'll be used by literally everyone who has need of powerful and inexpensive computational power. Miners can be part of this. So can scientists. And artificial intelligence + machine learning programmers. And every company that does graphic rendering. And people who want to host dApps that do anything. It's far more than just scholars and scientists. |
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I'm also waiting for the ICO! Will Golem development take that long to implement? Will investors see roi within a reasonable time frame?
Longest time frame is 48 months from their road map, and that will only happen when they raise 800k eth, it is very large amount of fund. It is not easy to raise so much fund. In my opinion, this project will not attract so much fund. But 200k is reasonable for them, 800k is very unlikely. Well, Golem will start generating income for it's users within 6 or so months of crowdfunding. That is through Brass Golem, the version that does graphics rendering. As we build more versions, we'll expand into new markets and the price of GNT will rise. You can see the roadmap in detail in the whitepaper, here: https://golem.network/crowdfunding.html
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So when is this project going to be a working progress?
I saw there was a thread about this months ago, i think it mentions about the most waited projects in the years to come. I can't remember the thread.
The project can probably surpass zec's achievement but why is this being hyped so much and yet we can't see yet where its going?
You can access the Alpha of Brass Golem already. It's live here: https://github.com/imapp-pl/golem/As for roadmap, you can see that here: http://imgur.com/a/29KB8eta for 4th part is 36-48 months, very long term project, do you also reserve some part of coins? Yes, the team will be holding 18% of the GNT tokens. |
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So when is this project going to be a working progress?
I saw there was a thread about this months ago, i think it mentions about the most waited projects in the years to come. I can't remember the thread.
The project can probably surpass zec's achievement but why is this being hyped so much and yet we can't see yet where its going?
You can access the Alpha of Brass Golem already. It's live here: https://github.com/imapp-pl/golem/As for roadmap, you can see that here: http://imgur.com/a/29KB8 |
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Hi guys, I just don't want to ruin the fun here, I am still confused why does the development team have to cater a huge percentage of premine while they already have the BTC in their hand? I think this is very unfair to the investors since with this huge holdings, plus the bitcoin in their hands, they can play the market. As much as I am interested in this project, this setup of the crowdfunding had been seen that the token reserved to the team is often times misused.
Organisation and founders endowment is common practice in most crowdfunding initiatives. It is good for supporters, because it aligns incentives of all parties involved. And keep in mind, besides the one-time income burst from the upcoming GNT Sale, we won’t actually make any money by building the Golem Network itself. It’s an open sourced technology that anyone can copy… so if we tried to make a profit by, say, taking a percentage of every GNT transaction, then someone would simply fork our code, remove that percentage, and create a version of Golem that is cheaper for everyone. So, just like the Ethereum Foundation develops and builds Ethereum without directly profiting from its use, we will build the Golem Network. Our long term income will come from being the first to understand the potential uses of Golem tech and use it to Author software on the Application Registry. With Ethereum, Developers endowment gave them long term capability to work on the project, even without foundation support. They are doing a lot of great stuff, sometimes starting own companies. Foundation endowment gave it extra stability. I do not know the numbers, so this is only my educated guess, but I do not think Ethereum development would be progressing at this pace (maybe project would not be progressing at all) if not for Foundation endowment. AND Ethereum crowdfunding had no cap. This is R&D. And this is crypto. It is hard to plan for the next quarter, not mentioning 3-4 years of basic development needed. Endowment gives extra security and stability, which is beneficial to token holders. |
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Since Golem project wants basically to rent computing power, that means that the Requestors will be able to install/copy their specific binaries to the rented computers to do their job, right?
And then I see some issues:
1. Who can pinky swear that the requestors will not be nosy about what else is on the computer or simply infect it?
Well, Requestors do not install anything on providers’ machines, they just use integrations implemented in Golem to send specific tasks (such as images to be rendered) to the network and Golem distributes these task between nodes. All computations take place in virtual machines & will be fully isolated from the host system, with cryptography based on well known elliptic curves. There will also be a reputation system to detect bad behaving users, and a class of user called Validators who will analyse new programs and whitelist or blacklist them. We'll consider preparing special type of tasks that may have access to external data, but they won't be executed on machines if the provider doesn't deliberately agree to this. 2. Who can pinky swear that the requestors will not do anything illegal or harmful on the rented computer (including DDoS)?
Same as #1 3. How can you ensure a fair system of "payment" for the rented computers based on time, power and capabilities (based on the initial thought that requestors will have to install their own binaries, so they can basically get around your systems and not declare what they use)?
Maybe I've got something wrong in my thinking. Let's see.
Like I said in #1, Requestors don't install anything on the Providers' computers. Exact method of payments hasn't been decided on yet (it may be micropayments, or it may be lottery, depending on tech advances in ETH). But, whatever the method, Providers will be paid for the work their computers do. |
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