I was waiting for this ICO with excitement, but know have mixed feelings. 2.5$ for a token is pretty high and in 1 hour millions ETH could be transferred.
I have to rethink if I should participate in ICO.
Keep in mind that the value of 1 token doesn't really matter, since you can just as easily purchase half a BNT or 0.0003 of a BNT. |
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Bancor ICO Starting from June 10th- The Participation Terms. The Bancor Protocol Crowdsale by Bprotocol Foundation, a Swiss non-profit organization, has been announced to start by June 10. The ICO has already started to gain attention since Bancor protocol is a standard for a new generation of the cryptocurrencies called the Smart Tokens. With this protocol, the Bprotocol foundation aims to establish a global standard for the intrinsically tradeable currencies. Being a contributor in this protocol through the upcoming ICO, users will be generating BNT, the first smart token to be used using the Bancor protocol, founding a Bancor network. The smart tokens provide the mechanism for auto price discovery and continuous liquidity. These tokens enable any investor to instantly buy or liquidate tokens in exchange for any of its reserve tokens, directly via smart token’s contract, at a continuously gauged price & as per the formula that balances buying and selling volumes. MoreNot June 10. June 12. |
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don't know what you guys want here. If you can devise an ICO method that keeps the marketcap reasonable, while at the same time preventing a small group from cornering the market on day one, let's hear it. All I see is bitching and moaning.
Use the pre-ICO with BTC-suisse to let the small fish and everyone else who doesn't want to gamble get in. There, you can mostly cap the investment per customer (ID verification). The ones who want to invest whale-amounts or think they can make it and want to avoid the fee/identification can try their luck in the "open" ICO with a reasonable cap. Most people don't want to have to register ID & pay fees to middle men to invest in crypto. That's a huge part of the point of crypto. |
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It's a scam, stay away!!!! They have announced a price of 100 bancor / 1 eth ($2.47 @current rate) AND NO CAP. Apparently they have a "hidden" cap that they will stop at, letting us know when 80% is hit, but not displaying how much they have raised. This isn't an ICO it's a get rich fast scam by the bancor team. Galia said she doesn't want investors to make money and doesnt' want volatility.. Disgusting attitude and a huge let down. The investors will be lucky to get 50% of their investment back when it hits the markets. This isn't what an ICO is meant to be, as in a win-win scenario where the investors get ROI and the projects gets funding.
I was removed from the telegram group after Galia couldn't respond to my questions. This whole thing is set up so investors don't make any money and the bancor team are happy with it. Galia said it herself.
I see that on slack Eyal pasted a more refined version of the crap:
"1. The most critical thing for us is to make sure that those who took the time to research and understand Bancor prior to the fundraiser will be able to participate. This is the reason behind the 1h minimum time.
2. This is not a fundraiser for quick-flip investors wanting to get in and make a quick profit. That is not the goal of the protocol, the foundation, the team, the product or the project.
3. A large fundraiser will mean a large reserve (more liquidity, less volatility) and more resources to make Bancor a success, which we have detailed plans to implement. More bounties, more community grants, more explanatory events, etc. We believe this is in the best interest of the contributors and the project, and we are the right team to execute this vision. For those looking to hold their tokens, which are the kind of contributors we are optimizing for, this seems to us the best configuration and we are doing careful planning for the spectrum of outcomes.
4. Re Bitcoin suisse, we created this option for those who wanted additional assistance or additional currencies with which to fund. As the terms structure was being delayed, we heard from many that they wanted to contribute no matter what, and were eager for an option to come online. There is no advantage to Bancor of having these funds come in early as they are held in escrow. There are no discounts or other contingencies. There was a preset amount allocated to this option which may or may not be filled, and has no material impact on the fundraiser nor it’s cap. It’s unfortunate to hear that some are frustrated with this option, as we truly set it up to be a helpful mechanism for those who wanted it, and to calm concerns about not getting in before we were able to share our minimum hour mechanism. This was also intended for those who knew they couldn’t be available later in the month regardless of a cap or no cap. That all said, If anyone feels slighted by the unfolding of events and would like to withdraw their ETH from bitcoin suisse, we have decided to cover the fee penalties ourselves.
5. Re Protocol in this group, we welcome all opinions. However, we insist on healthy and respectful dialogue, and will not tolerate unproductive behavior. Bancor is clearly not a scam. We can agree to disagree on points, and we can be convinced of points we’ve overlooked, but we’d like to keep the discussion here constructive and not further feed the frenzy engine that has plagued so many projects before us, and prevents both us and you from getting value from this forum. We will be banning users who do not adhere to this protocol, and again we welcome respectful dialogue on all points."
Now, let's analyse their bullshit.
1. EVERYONE is able to participate and has been able to participate for over a week via bitcoinsuisee.ch/bancor where people can pay in CFH, GBP, EUR, USD, DKK, SDG, Ether or Bitcoins, meaning the 1 hour un-limited cap is COMPLETE BS!
2. So this isn't a fund raiser the INVESTORS, the people who believe in you and want to help you secure funds so that you can get it off the ground and turn it into a viable project. The truth is this is purely for the greedy bancor team to get rich.
3. They believe that it is in the investors interest to have an UNCAPPED ICO, or as they put it with a "hidden cap" (LOLOLOLOLOLLOL), so that they don't make a ROI or maybe even their money back.
4. Here they are making out that investors are angry that we have bitsuisse as an option, this is BS, nobody said that. We are also told that the funds raised via bitsuisse, " has no material impact on the fundraiser nor it’s cap" - WTF? So regardless of how much is raised, it doesn't affect the cap? Off course it doesn't - because you don't have a cap, you will see how it goes and when the investments start slowing down you will say that you've reached 80% of your imaginary cap. IN A REGULATED MARKED THIS WOULD BE ILLEGAL.
5. If you question them or state that you are not happy with this shambles of an ICO scam they will eject you, what can I say.. disagree and you're out.. very classy.
Instead of using the ICO to raise funds to support the project, they are using it to get rich quick.
1) Well no, the Bitcoinsuisee option is mainly for those who want to invest via fiat currency. A small amount of the BNT is allocated to that pool so that there is an option for fiat investment. But for all who want to invest in crypto, it would only make sense to wait for the ICO if you want to avoid the high fees of something like bitcoinsuisee. We made this clear from the start. And, we're offering to cover withdrawal penalties anyways. 2) That wasn't really a question, more an accusation without referring to any fact I could refute. 3) Remember that 10% of funds raised, whatever they are, are immediately put into the BNT smart token's reserve. From there, anyone will be able to liquidate/create new BNT, starting at the ICO price and changing with every transaction. Now, it is unlikely that many people will be liquidating the BNT they just bought, and any who missed the BNT ICO but still want in will be able to create new BNT (by increasing the ETH reserve and thereby the price of BNT for all who hold it). So the price is backed by the reserve and based on supply and demand, from day 1. 4) Yes, funds raised via btcsuisee don't effect cap, because we've already allocated a number of BNT for it. It's already calculated in pre-sale. 5) Sorry you got ejected from the Telegram. I'm not in charge of that, so I don't know if it was justified or not. |
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If they do it this way, it doesn't evenm atter if they raise 100 or 200 or 500 million. The name Bancor will be tarnished before it even starts. With such a high profile project, you have to know beforehand what you need to realize your product. Don't collect as much cash as possible, from with 20% or whatever goes to the devs and founders etc. And then the "hidden" cap... They take a large part of the reward away from the investors, heavily increase their risk, and give themselves heaps of spare cash for lamborghinis. Sometimes you have to be "hard" and set a cap, or find some other way. But the team saying "we take as much money as possible" instead of "we need 30 mil for x, 50 mil for x+y" is simply unprofessional. If they don't provide a different solution, capped in one way or the other, I will sadly have to ask nicolai to return my funds. Oh right, I was told there'd be a cap and paid a fee to secure a spot ...  First off, we'll pay the bitcoinsuisse fee if you want to get your funds returned. Second, I'm not sure I understand how the 1 hour minimum = an increase of risk for investors, or a loss of reward. Can you explain? Part of the reason we're okay with the 1 hour uncapped time is that huge amounts of this money will be immediately put into smart tokens that will make the Bancor protocol run and function. The more we get, the sooner and more powerfully we can have the system up and live. |
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WOW, I invested my money, paid $100 to bitcoin suisse, they told me there is a hard cap
Then last minute: Actually we have uncapped 1hour sale, and then a "secret" hard limit
Is this some joke, why do you think you can scam the public like this ? Why is the marketcap being forced to well over 100M for a coin that hasn't done anything yet ?
Why did I pay bitcoin suisse fee if you have an uncapped sale ?
Scam coin, greedy devs trying to milk absolutely everything they can. Even though they hoarding 50% of all Bancor tokens it's not enough
Like we said, we're sorry if there's any confusion. We'll refund the fees out of our own pocket if this makes you want to pull out of bitcoin suisse |
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Hello guys. I am new in ICO world and I would really appreciate your help. I am still not sure how can I invest in Bancor? When they reveal address I should just send ETH from myetherwallet and as return they will send me BNT? Please help me to understand more how it works. Thank you so much.
Keep an eye on blog.bancor.network. We'll publish detailed instructions there. |
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At what time will ICO start on 12th June can someone please help me with that because I don't wanna miss out because of time difference, I am on IST
Ditto for London time aswell  This will help easyclock.appspot.com |
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Is this the same bancor that's linked to the status coin project?
Yup |
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Can someone explain to me why new crypto startups need their own token? Why not fund themselves with existing ones?
Kinda sorta the same reason companies the IPO needs stocks. Our coins are a representation of the value that the thing we are building brings to people. If we used ETH, its price would fluctuate on a lot of factors we have no control over. But the BNT token is built into the Bancor protocol we're building as its network token, and so its price is a representation of the value of the network. It goes the same for pretty much every ICO. |
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Thanks for link. Anyone know how the ICO works on WINGS platform? Can we use WINGS tokens or ETH only? No we can't use Wings to buy this token only ETH will be accepted for this. Wings will facilitate to host this ICO on their platform so everything looking into great direction. I don't know much about WINGS platform. Does it have any advantages for investors? I just really don't want to see 35 sec sold out like in BAT again. :C The BNT sale has a 1 hour minimum time! So no running out too fast with this one https://blog.bancor.network/bancor-network-token-bnt-contribution-token-creation-terms-48cc85a63812 |
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Can someone please explain what's the point of the BGT token on the network ? At what moment it is needed if we can use any other token ?
Network Effects: The more smart tokens that use BNT tokens in reserve (which will be the default setting for smart token creation in any Bancor developed or financed software service), the more valuable and more in-demand the BNT token becomes. As the value of BANCOR rises, so too does the value of every smart token holding BNT in reserve. And, because we’re both the most knowledgeable about the technology behind the Bancor protocol and have first mover advantage in building on it (including over a year working with a large developer team on building the first Bancor software service UX, seeding token changers, high-potential community currencies, and popular token baskets with BNT tokens), anyone forking would need the economic incentive and the ability to surpass what we’ve built, or else will have created an inferior network with little incentive for others to use it. (This can be compared to Ethereum, where the success of any solution that uses ETH appreciates Ether value, benefiting the entire Ethereum network). I know what's a network effect but appart from it. Why using BGT token on the network if you can use any other token ? Network effect is fine but I would like to know some other economic incentive. Network Effect is the primary reason. See, the Bancor protocol itself is open sourced. Anyone could fork it. But because we, the bProtocol foundation, are the ones building the Bancor protocol, our instance of it (with the many large token changers, ETFs, and smart tokens seeded with BNT by us. Plus our smart token creation chat bots have BNT as their default reserve token) will have the most build up and therefore liquid and useful infrastructure. We expect and welcome people forking the Bancor protocol for useful purposes, but doubt that anyone will build a more useful network than the one we'll be building on BNT. |
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How soon tokens will be available after ICO ?
Max a few weeks after the end of the ICO. We'll try to do a lot faster. |
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Can someone tell me if I Can participate the ico by funding the wallet diretcly from my krakken account ? Or is better and fastest to do it from myethwallet ? Im asking coz all m'y eth is in my krakken wallet. Thanks for any answer
Never buy ICO coins from an exchange, unless the ICO's company expressly specifies that that exchange can be used. yes , someone advise me the same, thanks for this are your from the DEV team ? Yup. I'm growth hacker. |
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Can someone tell me if I Can participate the ico by funding the wallet diretcly from my krakken account ? Or is better and fastest to do it from myethwallet ? Im asking coz all m'y eth is in my krakken wallet. Thanks for any answer
Never buy ICO coins from an exchange, unless the ICO's company expressly specifies that that exchange can be used. |
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How does Bancor compare to 0x?
0x is a next-generation decentralized exchange that aims to solve some of the scalability and cost challenges of current decentralized exchange solutions. Unlike Bancor, 0x uses the classic exchange model of matching bid and ask orders to facilitate transactions between two parties. The Bancor protocol works differently than the existing exchange model since it does not require matching two parties in order to facilitate an asset conversion transaction, thus enabling continuous liquidity for assets at any time and scale.
So will bancor replace ethereum technology or will function alongside ethereum technology ?
Bancor is built on the Ethereum network |
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Can someone please explain what's the point of the BGT token on the network ? At what moment it is needed if we can use any other token ?
Network Effects: The more smart tokens that use BNT tokens in reserve (which will be the default setting for smart token creation in any Bancor developed or financed software service), the more valuable and more in-demand the BNT token becomes. As the value of BANCOR rises, so too does the value of every smart token holding BNT in reserve. And, because we’re both the most knowledgeable about the technology behind the Bancor protocol and have first mover advantage in building on it (including over a year working with a large developer team on building the first Bancor software service UX, seeding token changers, high-potential community currencies, and popular token baskets with BNT tokens), anyone forking would need the economic incentive and the ability to surpass what we’ve built, or else will have created an inferior network with little incentive for others to use it. (This can be compared to Ethereum, where the success of any solution that uses ETH appreciates Ether value, benefiting the entire Ethereum network). |
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