ICO period will be at mid November while on the first page of this thread it stated that the ICO will be held at October 23th - November 17th. Some small fix should be made to avoid miscommunication, I guess!
I agree, a lot of people are checking BitcoinTalk regularly and this information has to be changed here also before some confusion will start. I know the exact date is not known, but they should change it anyways. |
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new to this thread. have a lot of backreading to do. but from what i've seen so far, the idea is great and promising indeed, but it has a lot to prove, specially in the implementation. a lot of people are already expecting x3-x5 ico price this year, and some x50 lol. but irregardless of the price, the concept is revolutionary and with the right development team and people/countries backing it, can really go a long way.
I think most of the ideas in the blockchain technology are great, but they all have to prove themself, not just Utrust... When it comes to Utrust, it really is a project with already so much information/whitepaper/roadmap. This is why it stands out when you look at other ICOs imo Like I said before, we're buying a whitepaper and a roadmap here there's no alpha/demo whatever, so why am I buying? Because this project can bring mass adoption to cryptocurrencies There has to be a lot of trust here, its true that there is no beta available but sometimes you need to take a risk if you want to profit. Right now there are a lot of ICOs incoming so you really need to choose the right one and im sure Utrust is one of them. |
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Cool project,
But I couldn't really understand how does the IIC actually work?
What would be a simple real life example?
El IIC is a virtual document in the blockchain that will store all the information of an item, including how many times it was bought, it's like a history of the item, so when you buy it inside the platform, you know what the particular item has been through, the downside is that the history starts when the item enters the ecosystem, before that, you will only know the information that the seller fills in, so if it was actually bought 3 times, the first time it may actually say 1, that will depend of the veracity of the seller, of course, if it's found out that the information is false, the seller and item lose credibility, thus reducing the chances of it being bought; its a fantastic feature, and once the platform becomes mainstream, it will become essential. So first of all, Soma will have to function for quite some time for IIC to actually become meaningful since the items has to be traded only on their platform. Other thing is how the II card will be bound to the item? Every re-seller can just make a new card and promote it with a different history. Most item have a scan able barcode, am guessing that will implemented into the platform. Every smart phone with an irc reader can easily scan this barcode. so implementation should be easy. Anyway, as already mentioned the IIC validity only matters if product is traded exclusively on Soma. So I believe the IIC factor will diminish over time cos we dealing with a free market and as such multiple competition is in place. Ebay/Amazon is a huge market but we all know second hand product is not traded exclusively in this sites. Barcodes are not necessarily unique to each item. Items may share the same barcode for the whole product line/model. Even serial numbers are not necessarily unique because in practice they can be model numbers which are the same for identical items. Therefore I do not believe barcodes can be used to unique identify an item and link that item to an IIC. To expand on this, let's take an example from the whitepaper: For example, imagine that there is a musician with a lot of followers as a user in the Soma.A few years ago Jimi Hendrix's burnt guitar was auctioned. To this day people still doubt whether it is the real thing or if it is a replica. http://www.strat-talk.com/threads/jimi-hendrixs-original-torched-fender-strat-found.112817/http://forums.stevehoffman.tv/threads/did-jimi-hendrix-actually-burn-a-guitar-at-the-miami-pop-festival.647676/Whether it is real or fake, if you can make a replica of an iconic burnt guitar, you can also make a replica of its barcode. So that proves nothing. Well that's a problem you always will face to. Like in art etc. there will always be people who wants to make money with replica. But for the average user it will probably be not such a big deal because the time and effort wouldn't be worth it probably. Also as before discussed, it's not save because every trade which takes part outside of the platform will not be registered :/ I like the idea of the IIC card, but still there are some problems with it. The project will have to be VERY popular for the IIC to function properly, that same function will scare some people that want to fool buyers, so they won't be getting in the platform, or will try it and look for ways to bypass it, but here are those who are not scammer, but want to lie about a product to be able to sell it anyway, because of that another part of the clients will go, so the platform will be getting either good sellers and buyers, and some few bad apples. It's a moral hazard problem, like pretty much everywhere. At this point, I think, we can't really deal with it, since the system is not functioning yet and there is no relevant information and data to improve the system. |
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Yes, investors will have open statistic. All managers’ trades will be automatically verified, uploaded, and recorded in a smart contract, building a trustworthy trading history and statistics. history? may be you can make live statistic? It will be a history that investor can look at it to know how good that manager's skill and ability are. I think live statistic isnt necessary. I think successful traders will be well-known soon so there is no use in live statistics. Will the trader be able to communicate with his supporters? no also for me live statistics will be not necessary, trading history and statistics will be enough in my opinion for traders feedbacks,a communication channel with supporters will be apreciate... I think most important will be a comment of trader what he wants to achieve. Something like trader who aims to big risk and great return or trader for safe trading with low return. I dont think a simple plan with a promise will be enough for investors o trust managers. I think this platform will struggle a little in the beginning since there wont be enough trading history to determent the quality of manager. |
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Looks like an interesting initiative for improving disclosure and i hope it will stick and many other projects would join. If nothing else, its a good marketing move for the future. |
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Now are the golden years of crypto. Guys do your research and invest in all promising ICOs.
But patience is key! Everyone freaks out when an ICO doesn't double in the first week. If everyone holds tight and thinks long term, they will be much better off. I agree, and think in the first week after the successful launch of the working version of bots, the price of these coins will grow to the moon Since we are not talking here about any random project, but about NapoleonX which has a bright future, i think we dont have to worry about the long term profit. What will be happening in the first week is a different story since then every project goes trough rough times. |
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Cool project,
But I couldn't really understand how does the IIC actually work?
What would be a simple real life example?
El IIC is a virtual document in the blockchain that will store all the information of an item, including how many times it was bought, it's like a history of the item, so when you buy it inside the platform, you know what the particular item has been through, the downside is that the history starts when the item enters the ecosystem, before that, you will only know the information that the seller fills in, so if it was actually bought 3 times, the first time it may actually say 1, that will depend of the veracity of the seller, of course, if it's found out that the information is false, the seller and item lose credibility, thus reducing the chances of it being bought; its a fantastic feature, and once the platform becomes mainstream, it will become essential. So first of all, Soma will have to function for quite some time for IIC to actually become meaningful since the items has to be traded only on their platform. Other thing is how the II card will be bound to the item? Every re-seller can just make a new card and promote it with a different history. |
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still keep my eyes on this coins!
3.5 million raised in the pre_sale is a good thing!
really? its huge amount on pre-sale. Yes it is a huge amount indeed. I can't wait on the ICO. It is not impossible for them to reach their maximum cap right? Their ICO is so promising that makes many investors come to this ann thread for follow up reports about this project. its just a small amount of their coin ! and it was sold out in a minimal time! the 700 million tokens will be out in just a few days and with that i think you should be at the front line because this one too will spend just a little time to be sold out! Still waiting for the ICO , still there is no exact date yet, now its almost a week in early october. Is there any confirmation from dev? Was wondering this too, it's early october now but what can I say? Better safe then sorry? Maybe they're preparing a surprise an we don't know about it I must say its getting a little annoying that they are dragging the ICO date for so long. I think in this flood of projects lately, they cant afford to keep it a secret for so long or else they might miss out on a lot of investors. |
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Got a question
75 max eth per address.
What's to stop whales using multiple addresses, high gas fees they could easy do this and set up bots/scripts to spam network. Do this with 5 accounts and that's over $100k.
How can this be prevented and does the team plan to do anything to stop this?
Something like civic or at minimum a max gasv of say 100geei
Recently said that 100 eth. Now it's 75 eth? I think it's useless. Indeed, can use many addresses. They took this measures to soften the impact of whales a little but as you already noticed the fact is, you cant really stop them. Nothing can prevent them from using multiple addresses. |
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Sorry if I unseen something, but I don't understand the project profit to managers and traders.
All advantages are the advantages of blockchain that already exist. Why do you want to make something same in samr methods and same users.
This idea transforms in closest time of die in the same time.
There is no extra value in the idea. What are you thinking about in a year after ICO finished?
The main idea of the project, in an easy way to understand, is to allow common people to invest their money, but because these users are not experts or have little to none trading experiences, the platform will let them just send money to a person that knows how to invest, and actually get profits, a manager of funds as it is called, so this manager will invest in whatever market he/she wants with his/her own strategy with the goal of getting profits, using genesis visions' users money, so when a timeframe is reached (set by the manager) the manager sent the profits, together with the invested money to the token holders of this particular manager, so people just sent money to a guy that knows how to make money, and then the profits are share, simply as that. Im guessing managers will get certain fee or percentage of the profits or why else would somebody waste his time with your money? |
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We are by no means ignoring markets other than Japan! upon completion of the ICO we will have dedicated teams for business development who's job it is to sign on more merchants in the market you just mentioned. We know that the GATCOIN system is of use to merchants all over the world and we plan to have more merchants participating in the system by the time we launch. That being said one of the reasons we believe so strongly in this project is that we will have a large anchor client in place from the very beginning which we believe benefits early investors. Through out our dev period stay tuned for more updates on new merchants!
That partnership before ICO is certainly one of the best if not the strongest feature of your project. I cant tell you how much it means to investors if there is something tangible already present and i think this will be a decisive point. |
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One of the strengh of algorithmic is the stress model which evaluate the best way to taking into account the worst case scenario. A gifted human could do it but it does not have the right to error. It saves time and security that bring the serenity to the investor.
Humans will always make an emotional mistake in the long run. No way humans can be unbiased with numbers and stress when it involves money. Bots are the future for most things that involve money:D Indeed! I have lost money this way. Bots dont have emotions or stress  , so they will make the best dissision. I'm really curious how everything will run, cant wait to see this platform in action and make us all rich  I am being constantly victim of my own fomoing and being afraid of selling on top. Usually i'll try to sell against my feelings on the subject. And i admit that a bot would be an excellent solution to my problem. We have all been there, it always feels like you are buying on top and selling on bottom. So frustrating and your learning curve is slow, but with NapoleonX everything will change and you wont have to worry about that. |
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Which other currency are you going to support for marketplace?
As per their wp they provide payment methods in fiat, BTC and "few major altcoins" but they of course incentivize the use of Soma community tokens. Since they recently announced a partnership with Utrust, you can expect to use a lot of different altcoins for a payment method. But i guess fiat, BTC, ETH and Soma will be most popular. |
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What if i want to purchase online using only fiat currency but i want to use Utrust as my payment platform because i want the benefits that they give, will utrust accept any credit/visa card i use to pay my purchases?
I'm sure they will. one of the goals of the project is to make crypto payments mainstream. that includes using fiat in both buying and selling. Yes, if they do that , then they will get more customers (fiat user) It will be a good decision to let a payment with fiat (visa card/credit) That was the purpose of the project from the beginning, it won't be useful if it only accepted fiat currencies, that advantage og the platform is that is a blockchain base wallet for payments, is way faster and better secured than platforms like paypal. But will they be able to afford such a low fees for trading with fiat? Of course we all want to see that, but if i would be that easy, why doesn't Paypal have more competition with lower fees? |
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Price per Token: 0.0011 ETH But its usual price that was announced on main ICO... so any bonuses avaliable on pre-sale? I was hope at last 20% bonus on pre-sale.. Or price on main ICO now will be higher?  There will be some bonuses announced later on. According to their statement, there will be some kind of bonus for smaller investors to prevent pumps and dumps. I never seen this before but it actually sounds like a great idea. |
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I asked a while back but didnt get an answer. What is the connection between GatCoin and a company owned by SK Planet called OK cashback?
According to Wikipedia, OK cashback is South Korea’s most widely used integrated loyalty program where customers can earn points across a variety of retailers and redeem those points for goods, services, and discounts with over 60,000 merchants, and 38 million subscribers on its marketing platform.
This is basically the same thing Gatcoin will be doing except they will be using blockchain.
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When you will send your founds to the manager, will they be locked for some period of time or you will be able to trade it back and forth?
I image it will depend on the manager how he will decide to run the fund?
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I haven't seen any original ideas in our project. There are a lot of marketplaces around the world. So what's the difference?
Besides Ebay I don't know any project like this and Ebay have only auction system. SOMA will be social marketplace (fusion of Facebook, Instagra and Ebay) and this in my opinion is at least very innovative Exactly like that. It's a hybrid project. Not just a marketplace or social media. It's both. It makes them unique and when i think about it, it is logical too. But the focus will still be on marketplace? I mean it could be interesting for some users, but still i would like some privacy when buying online and i hope the purchase history wont be public. |
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We know that nowadays one of the biggest means of payment is paypal so i found that the comparison between utrust and paypal was very interesting.
yes. there is comparing with bitpay and paypal. they charge too much and service nothing helpful but UTRUST will fill all gap those need customers. like low fees and accept cryptos many payment methods and bank transfer and also provide soma projects tokens and other cryptos can exchangeable. UTRUST is the one project will bring revolution is this world. The idea is good thats why we are all here, but it will take quite some time for them to realize all this. I think the low fees will be the decisive factor when people will be choosing between different platform for payment. |
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I also think that NapoleonX is the best project in crypto asset management. The Daf system is really disruptive and the team will offer us a well developed platform. The algorithm for each Daf will be very powerfull, I think that the benefit from NapoleonX will be incredible.
They do have a very innovative system, but there is definitely competition from a lot of similar projects. Only time will tell who does best, but being mentioned in Forbes is already a sign that this is a very serious project. Well competition is also a good thing, so developers have to work hard to get better at what they do, while the investors could profit from this For sure there are and will be more identical projects as napoleonx offers but only projects that are organized properly and correctly will survive. And I am sure napoleonx will be one of the most successful project among the other projects. Unfortunately we cant compare NapoleonX with any other project with bots yet since there is no data to be analyzed and we will have to wait till the working beta. But the team is for sure enthusiastic and experienced so i would bet they would be the leading project in crypto bot trading. |
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