Damn i didnt see this one before, looks solid and a great smart idea.
How better the Ethereum erc20 tokens will work how better bancor can become. Can even think about some own coins to make.
What i dont get yet = how will the bancor token get any value ? Is it a must have inside your portofolio (like a creation fee) ?
Any one know more about this ?
BNT gets its value from the same place as any other currency: supply and demand. In this case the demand is generated by network effects: The more smart tokens that use BANCOR 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 BANCOR token becomes. As the value of BANCOR rises, so too does the value of every smart token holding BANCOR 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 BANCOR 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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I am very happy with the idea of bancor
There is a ton of projects trying to implement this concept
what projects would you count as the same concept as bancor? havent heard of a single 1 We don't know of any either. |
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this is a very cool project but i do not get 1 thing. let's say i create 1 token with bancor and gno in reserve. after a while i decide to also put in reserve some BTC and some waves. can i do that or i have to create another token with all the reserves i want?
You cannot really put BTC or Waves in reserve. As it stands today, Bancor is created on Ethereum, so you can only put ETH or an ERC20 token. Bitcoin and Waves are their own blockchains and currently there's no neat way to create cross-blockchain trustless transactions, so everything needs to be Ethereum-based. All the same on Ethereum ((( I hoped that they would follow the principle of a central bank, in which everyone would be able to open a branch Long term, it is our goal to make Bancor a cross-blockchain tech. For now though, we're only live on Ethereum. |
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why no chinese TRANSLATIONS?
Because the OP is not updating yet the ANN thread same as translation, I saw on the Bancor app that almost the translation of all language are completed. I'm also looking for the local translation for my country but it is still not listed here. The bounty manager must create a separate thread in able to discuss bounty in right thread and don't mixed up here. You can read the Chinese whitepaper here: https://bancor.network/static/Bancor_Protocol_Whitepaper_cn.pdf |
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I dont think you should look at the tokens as fractional reserves, the reserve is merely a tool for liquidity and usually when speaking about fractional reserve the reserve is the thing that gives the value to the coin which in this case it isnt. its just the market depth for liquidity in this case or atleast thats how i see it from what i read
Collateralized token is very nice thing which has a number of use cases and reserve can provide some liquidity, which will depend on its size. You can manage liquidity with a smart contract by keeping constant CRR, or you could use this reserve to put buy/sell orders on exchange and manage it with a trading bot, the result would be the same. But saying that 1% of reserve will make a token fully liquid is a complete bullshit. Also, if token B is backed by token A at fractional CRR, it does not make sense to use token B as reserve for token C instead of using token A. This is an infinite money multiplier. Two things One, keep in mind that the BNT token itself will not hold a 1% reserve. Ours will be much higher. Also, a 1% reserve is equivalent to a 1% market depth in an exchange (the use case is very similar), and with 1% market depth is a big exchange. Its not fractional reserve because the value of a smart token is not based on the value of its reserve tokens. They're just there so the smart token's contract can trade autonomously and therefore keep its token fully liquid. Two, the reason that BNT will be the preferred reserve currency is 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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We already have token platforms like ETH or WAVE.
Do you have a good reason for using Bancor instead?
So far, nobody could answer my legit question Copy-pasted from an answer on reddit: https://www.reddit.com/r/Bancor/comments/6dpmhm/bancor_vs_waves/it is very possible for both Bancor and Waves to thrive as they only compete on some aspect of their use cases, and are potentially complimentary so long as both ETH & Waves blockchains thrive. Their competitive aspect lies in the fact that both Bancor & Waves aim to be the creation medium behind a whole slew of new tokens representing countless new types of value. 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. However should Waves succeed and become a widely used blockchain of tokens, the two can indirectly collaborate. Tokens on both Ethereum and Waves blockchains can be 1:1 tokenized for each other. Waves Token backed ERC20 tokens could use the Bancor network for liquidity & as reserve tokens. |
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The token sale is delayed. As has been announced for some time, it will NOT be today on May 30th. We are waiting for the third and final round of contract audits from our new partner, Consensys, before starting the token sale.
We anticipate it will take place in June. Token sale terms will be released shortly. The token sale date will be announced as soon as possible. Thank you.
Recent news:
- Bancor FAQ: https://[Suspicious link removed]/SIVaHK
- Presale available at Bitcoin Suisse: http://bitcoinsuisse.com/bancor
- We just published our product roadmap (using Trello). I would be happy to get your feedback and thoughts. https://[Suspicious link removed]/YlccdI (edited) These best be the cheapest ICO tokens I ever saw, jesus you lot are wasting hella time Also, why did I have to upload and sign documents for this ICO, seems to defeat the purpose You only have to upload and sign docs if you're getting your BNT through the Bitcoin Suisse presale. Because it is not part of the ICO and must go through gov regulation. |
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Does the Bancor protocol price discovery mechanism add to the price
volatility, compared to crypto-exchanges?
On the contrary. By holding a reserve balance which preserves a constant ratio to the
market-cap, the price volatility of smart tokens is not subject to the current market depth
since the reserve functions as a predictable and controlled alternative to the traditional
order book which normally provides market depth. We’ve seen that regular exchanges
generally hold around 1% market depth, meaning that any smart token with a CRR above
1% could be relatively more This is total BS! According to your own formula, at 1% fractional reserve, changing supply by 1% will change the price by 150%. Is not this volatile??? Yeah right, the formula for price change is deterministic, but a trade is a random event, and any function of random event is a random variable. With low fractional reserve your tokens are going to be as volatile as any low volume tokens on exchanges. Okay, what would happen if, say, someone bought 1% of the supply of Bitcoin? That would be a ~$370 Million USD purchase. I imagine that too would change the BTC price in a volatile way. Any 1% purchase/liquidation of any currency would. Exactly. Then what's a point in your token if it is not any different? Edit: and by the way, $300M is about a daily trade volume for bitcoin, and it does not change bitcont price by 150%. Your token is actually not going to be like bitcoin, with low fractional reserve it is going to be same as those illiquid and highly volatile tokens out there. There's a big difference between a daily trading volume of 1% and someone either buying or selling 1%. You know this. My argument holds, because ANY currency which experiences a 1% buy/sell will experience huge fluctuation as a result. The point of the BNT token is simple: to be the default reserve currency of smart tokens on the Bancor network, tying them all together so that all token-changers work as one (so you can exchange any currency for any other) and so that a raise in value of any token on the network raises the value of BNT and therefore of every token holding BNT in reserve. As for Bancor being the same as a illiquid token, it will be liquid for ETH from day 1. |
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But, more importantly, I haven't a clue on how to join in on the crowd sale. Are there any specifics or demands I have to meet in order for me to invest during the crowd sale?
I am currently using Exodus. Can I participate with Exodus?
Would be happy if anyone can give me some pointers.
I'm just a few weeks older to you in the cryptoworld - let me answer this till a more senior member gives a more qualified response. 1. Participating in an ICO merely involves transferring some cryptocurrency (mostly Bitcoin/Ethereum) to a specified address. You should be able to do this in Exodus. The ICO folks have a way to keep track of who invested with what amount (to that end, they may make you create a unique ICO account). They give you an amount of ICO cryptocurrency depending on your share of the total amount received by them (some ICOs have a cap on investment, while some are open). 2. Please make sure you do a lot of reading about the project. This site, ICO reviews on Youtube, discussions on Steemit, reddit; are a good starting point. Unfortunately, there is a lot of 'meaningless ranting/currency-bashing', but there are surely gems of advice hidden between them. 3. Bear in mind that altcoins are receiving a lot of new attention and everyone is looking to make a fortune. Please make sure you don't get carried away and invest with whatever you can afford to lose. If you've been following the action in the recent weeks, the price-action in cryptos is very volatile. Hope you end up supporting some good ideas & end up rich too  Excellent answer. Only thing to include from the team is that we'll be publishing a detailed how-to on the blog before the ICO. Thanks! Will the how-to also include which platforms can be used to participate in the ICO. For instance Exodus? Yup. |
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I'm a swissguy, is there any benefit of investing via Bitcoin Suisse rather than your main crowdsale which has not started yet? The main purpose of Bitcoin Suisse is that it lets you invest with fiat. If you're investing with crypto, then you'll want the ICO. |
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Does the Bancor protocol price discovery mechanism add to the price
volatility, compared to crypto-exchanges?
On the contrary. By holding a reserve balance which preserves a constant ratio to the
market-cap, the price volatility of smart tokens is not subject to the current market depth
since the reserve functions as a predictable and controlled alternative to the traditional
order book which normally provides market depth. We’ve seen that regular exchanges
generally hold around 1% market depth, meaning that any smart token with a CRR above
1% could be relatively more This is total BS! According to your own formula, at 1% fractional reserve, changing supply by 1% will change the price by 150%. Is not this volatile??? Yeah right, the formula for price change is deterministic, but a trade is a random event, and any function of random event is a random variable. With low fractional reserve your tokens are going to be as volatile as any low volume tokens on exchanges. Okay, what would happen if, say, someone bought 1% of the supply of Bitcoin? That would be a ~$370 Million USD purchase. I imagine that too would change the BTC price in a volatile way. Any 1% purchase/liquidation of any currency would. |
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Hello everyone, We were planning to announce the following along with the crowdsale terms, but since its already been posted and we don't want to keep you waiting (or confused), here is a brief sneak peak: We have entered into a partnership with Bitcoin Suisse to provide on-boarding services PRIOR to the token sale for those who want to contribute with fiat, or receive some assistance sending their crypto to a smart contract, before the actual sale begins. There is a small (standard) fee involved, specified on the website. They are also able to hold your tokens for you until you want to receive possession of them. They are very reliable and have a great reputation in the industry and among other token sale teams. We entered into this partnership with Bitcoin Suisse to make the token sale more accessible and allow those who wish to be involved to guarantee their place even before the start date. The remainder of the details coming soon... and in the meantime here is the link for contributions: https://www.bitcoinsuisse.ch/bancor/Please note, regretfully, due to regulatory uncertainties, this service is currently available to NON US citizens only Well done guys, this will give non-crypto investors chance to participate in the ICO. But I want to ask can US citizens invest with BTC Yup. We'll be accepting BTC. |
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But, more importantly, I haven't a clue on how to join in on the crowd sale. Are there any specifics or demands I have to meet in order for me to invest during the crowd sale?
I am currently using Exodus. Can I participate with Exodus?
Would be happy if anyone can give me some pointers.
I'm just a few weeks older to you in the cryptoworld - let me answer this till a more senior member gives a more qualified response. 1. Participating in an ICO merely involves transferring some cryptocurrency (mostly Bitcoin/Ethereum) to a specified address. You should be able to do this in Exodus. The ICO folks have a way to keep track of who invested with what amount (to that end, they may make you create a unique ICO account). They give you an amount of ICO cryptocurrency depending on your share of the total amount received by them (some ICOs have a cap on investment, while some are open). 2. Please make sure you do a lot of reading about the project. This site, ICO reviews on Youtube, discussions on Steemit, reddit; are a good starting point. Unfortunately, there is a lot of 'meaningless ranting/currency-bashing', but there are surely gems of advice hidden between them. 3. Bear in mind that altcoins are receiving a lot of new attention and everyone is looking to make a fortune. Please make sure you don't get carried away and invest with whatever you can afford to lose. If you've been following the action in the recent weeks, the price-action in cryptos is very volatile. Hope you end up supporting some good ideas & end up rich too Excellent answer. Only thing to include from the team is that we'll be publishing a detailed how-to on the blog before the ICO. |
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I hate teams like this, they don't inform about anything. It's 29 May people deserve at least apology for delay.
Oh my god. They already delay the project like since one week ago. And they update the website too. And people here also post regarding the delay and inform about the upcoming announcement. Read at least few page before comment. And where is my apology? Fuck them. No no, this is fair. markelof, on behalf of the Bancor team (which I am a part of), I apologize to you for us delaying this ICO with so little communication on when the new date will be. Guy, Eyal, and the team are working on that as I type this. |
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Something I don't understand yet. Lets say I want to make a new currency ("ImaginaryCoin" or IMC lets say). That currency isn't on any exchanges. How would I give IMC value through Bancor? Do I just make a value up (1 ETH per IMC or 0.25 BNC per IMC or etc.)? I haven't seen a clear outline on that process yet.
For a normal cryptocurrency the value is determined by its exchange value, but Bancor is looking to bypass counterparty. They say the price is self-regulating and will stay at market value, but what about coins without an existing market value like this hypothetical IMC currency? What determines the starting price?
Okay so imagine the creation of the ImaginaryCoin smart token (and IMC's smart contract) like a little robot you’ve created. The robot has two (or more) wallets. One wallet is full of an asset (let's choose ETH for this example). The other is a bottomless wallet of a new asset (IMC, in this case). When you create the robot, you give it a CRR (Constant Reserve Ratio). This is the percentage of total value that the robot assigns the total-individual-value of each of its wallets. It will use this CRR (which is a % between >0 and 100) to determine the price IMC relative to ETH. Here's how. Let's say the CRR for this Robot is 20% ETH and 80% IMC (of which there are currently 100 in existence out in the world). If it has 1000 ETH in its wallet, the cost of 1 IMC follows this equation: Price = Marketcap / supply Market Cap = Reserve Balance / CRR = 1000 ETH / 0.2 So Market Cap is 5000 ETH Price of IMC = Marketcap / Supply = 5000 / 100 1 IMC = 50 ETH Now there is a larger reserve balance of ETH, thereby increasing the price of IMC for the next buyer. The next NewCoin would cost (1050/0.2)/101 = 51.9802 ETH Now all of this gives value to the coin in terms of price discovery... but IMC has to itself have value or else everyone will liquidate it for ETH and it will die. So the value is created by, just like any currency, some external source. But trading is created by the reserve currency. |
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I have saved up 30 ETH. Would it be enough ?
I mean enough is kinda subjective. Technically, 0.001 ETH would be enough to participate in the ICO. |
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The coefficient of the permanent provisions will be determined and by whom? When there are more or will remain, know-How and we remain in the dark...
Sorry, I'm not sure what your question is. If you're asking who will set the Constant Reserve Ratio (CRR) of each smart token, that will be said token's creator. |
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Many questions appearing here were already answered in the whitepaper.
Ahaha yeah, welcome to the world of forum comments  |
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We already have token platforms like ETH or WAVE.
Do you have a good reason for using Bancor instead?
Bancor & Waves compete on some aspect of their use cases, and are potentially complementary so long as both ETH & Waves blockchains thrive. Their competitive aspect lies in the fact that both Bancor & Waves aim to be the creation medium behind a whole slew of new tokens representing countless new types of value. 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. We don't compete with ETH at all, we are a use case of ETH-built technologies and coins. 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. However should Waves succeed and become a widely used blockchain of tokens, the two can indirectly collaborate. Tokens on both Ethereum and Waves blockchains can be 1:1 tokenized for each other. Waves Token backed ERC20 tokens could use the Bancor network for liquidity & as reserve tokens. |
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