Me too..now I'm just feeding the pigs at Trex from my own cash...not to mention that there will never be ONLY 10 mil coins, in the case that they will all sale out. The wallet looks like the one of BitSwift, so that means 3% PoS Annually
Wait, that means the 10 milion coins will become +3% coins every year? I thought the benefits came from the micro fees of every transaction so they will never be more then 10 milion coins? WTF Staking - and the wallets we're using now - are interim measures before BLOCK is redeemed for NHZ assets. I've just posted this on the previous page btw. |
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Regarding staking by Bittrex, they will of course state that they do not stake coins.
Even if they do, it's for a mere week. I'm unconcerned.
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Strange, the volume of blocknet yesterday pm 2200 on bittrex was almost 200 btc.
Now the volume dropped to 129 btc.
It should stay at 200 btc or only gaining right? Because no one can withdraw the tokens!
Or bittrex member can do that?
Can someone explain, because I bough at bittrex?
+1 for noticing it. I'm glad I didn't buy it yesterday. How can volume drop on bittrex if no one is selling it besides the Dev team? It should increase or stay the same. It decreased by 100 BTC since yesterday Trex. What is going on? Please explain.  It's volume per unit time, right? If "volume" means "daily volume", then if less BLOCK has sold today than yesterday, then the volume will be reported to have decreased. |
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Uhm, you cannot make a withdrawal of your Blocknet Tokens from Bittrex? Or is it just me?
me too. I think it has to do with the 800 BTC they will claim. If not you get refunded. Pretty cool idea. Bittrex's Statement for the ITO Bittrex will be hosting the BlockNET ICO. As a reminder, we are providing escrow for the development team. We are not endorsing this coin or any others on our exchange. Please do your own research before trading. Below are the FULL and DEFINITIVE terms for this ICO; no other conditions are required. * We will review the wallet before initially adding it. * Bittrex will host 3,400,000.00 of 10,000,000 total coins at a price of 0.00025 the ICO will value 2500 BTC across all exchanges. * The ICO will run for 7 days beginning October 29, 2014 at 5am PDT and ending on November 5th 23:59:59 PDT * The ICO must raise 850 BTC total across all exchanges to be considered a success. * If success conditions are NOT met, all BTC invested will be refunded through a buy wall. * Once the ICO is over we will verify there is working wallet, blockchain, and block explorer. * ICO payment will be in a lump sum to BlockNet within 7 days after the ICO ends. * No trading of the coin will be allowed until the ICO ends and escrow is released. * ALL SALES ARE FINAL AND THERE WILL BE NO REFUNDS - by participating in this ICO, you are agreeing to the above terms. I have read this statement. Where exactly does it say that you cannot withdraw your coins from the exchange? Somebody has an answer to this that actually helps? While others can already stake their Blocks, i cannot withdraw from Bittrex. Is Bittrex staking for themselve? It is not mentioned anywhere that Trex was to keep the coin and staking as I didn't see it mentioned anywhere, that ONLY 20% of the block will be sold for 10% discount using the participant coins, and also nobody mentioned that to each participant coin will be allocated a part of the block depending on the market cap of each coin. So this is just BS preparation for launch. People had to dump their participant coins because they found themselves with a lot of coins not being able to buy shit from coingate. Or they bought coins in order to get the 10% discount and then they had to sell them at lower prices. Just crap. that s fked up, i bought these tokens and i want them in my wallet to stake. synechist? Moonchaser, read the OP FAQ and also the ITO document (which is also in the OP). The info is all there. Sfc, if you bought on Bittrex you'll need to wait until the end of the ITO (max. one week) before you can withdraw and stake. At 3% per year, this won't amount to much. |
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Staking is necessary to secure the network. If we would't stake, you'd be bitching about how unsecure this POS coin is.
It's a compromise to sell the tokens and generate some money to further develop the technology. If you don't believe or rather invest when the product is ready.. just buy in Q2 2015. Risk is the name of the game pal
The POS interest will be canceled by in some form when the BLOCKS are being exchanged for NHZ assets.
I think that the smartest way to do this, is to make sure that everyone stakes (most secure) and that the moment of exchanging for NHZ assets will caclulate the total amount of BLOCKS available and set a conversion rate based on that.
Let's see what the team has in mind about this
Dan has told me that we will destroy an amount of BLOCK equivalent to however much is staked. This will most likely be when BLOCK is redeemed for NHZ assets. |
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the only thing I don't get is why dev needs so much money? 1 million bucks, thats pretty greedy to my taste. And I'm not sure if the market will be able to support the 25k sat price at a 10,000,000 coin money supply
2500 BTC is a limit, not a required maximum. It's there so that people don't buy *more* than this amount; hence it's to prevent pumps. If we raise less, then the remaining BLOCK will be destroyed, and the project will move ahead. So really the situation is: - we don't *need* 2500 BTC, we need a minimum of 850 BTC as stated in the OP. - but 2500 BTC will maximise the chances of success of the project - it's entirely up to public demand to determine how much funding we get. Then why not just lower the amount to 850 then ? Because less risk is better than more risk. - but 2500 BTC will maximise the chances of success of the project
There is a chance the projekt can fail? Of course. There are competitors, there are incoming regulations, software development can get delayed or get expensive... the list goes one. Hence the need to minimise risk. The more funds we get, the better the chance of success. |
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Thanks for the perspectives here everyone.
In retrospect I agree that it would've been best for the team to have prioritised how and what we communicate about spending the premine. I apologise on behalf of the team for having dropped the ball in this respect. I'm not sure whose responsibility this would've been, and that's part of what went wrong.
I'll wait until Dan is around and then talk to him about this.
We'll get back to you with info on what the premine has been spent on.
Would it be ok with you if we give a general summary? Accounting for every expenditure would take quite a while.
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the only thing I don't get is why dev needs so much money? 1 million bucks, thats pretty greedy to my taste. And I'm not sure if the market will be able to support the 25k sat price at a 10,000,000 coin money supply
2500 BTC is a limit, not a required maximum. It's there so that people don't buy *more* than this amount; hence it's to prevent pumps. If we raise less, then the remaining BLOCK will be destroyed, and the project will move ahead. So really the situation is: - we don't *need* 2500 BTC, we need a minimum of 850 BTC as stated in the OP. - but 2500 BTC will maximise the chances of success of the project - it's entirely up to public demand to determine how much funding we get. |
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Morning folks
Hmm... Looks like we need to get you all some details about how the premine has been spent and which address(es) you can all keep track of it on. It's pretty important that you're able to do this.
We'll need to wait until Dan's awake since I don't have any access to the premine. But I can tell you a few things:
- I will reveal that some of the premine has been used to pay me. It's a full time job, and I'm happy to be paid in XC.
- Dan is very likely to have paid XC to devs for various things.
- I don't think that Dan has used the premine for his own expenses. I actually think he *should* use it for his expenses, and I hope he has, but I'm not sure he has. He's specifically mentioned that XChat was developed out of his own funds.
Some pure speculation:
- I don't know how much of the premine is left, and how much might exist in BTC or another currency.
- It's possible that Dan diversified XC's funding to mitigate risk and/or to pay devs. Good plan in my opinion.
- It's possible that the premine could be used to generate profits on other coins, and thus replenish the premine.
I don't mind at all for you and the dev team to be paid with the premine. What I do mind is if you do this without stating publicly the amounts the addresses and the time you were/are paid. This is just complying with the standards that the team itself set up to follow as per pizpie link with the addresses were mentioning that each expense was going to be public. Let me put this to the community: Would one or two of you be happy to take responsibility for tracking the premine? This is important because if the XC team had this responsibility, there could be a conflict of interest. (Cryptico, expenditures are public because they're on a blockchain. We haven't, like, "failed to comply to our own standards." What's happened is simply that everyone seemed to see no need to keep track of the premine from week to week, and now we're playing catch-up. Looks like there's some tidying up to, but it's all there in the blockchain.) This is a joke isn't it? On reddit https://www.reddit.com/r/XCofficialreddit/comments/26qqrq/xc_premine_wallet_made_public/ pizpie stated: Hello everyone, in our continued belief in complete transparency, here are the wallets that had / have the pre-mine:
This one is where the funds were during launch:
XTKDMBqrxABBFu8YUtP8wYQWvYULsVp4oa
This is the address where the funds are now:
XS4QLi6VpQQo79HLkoFBj5YZkn6p6TuLKG
These funds will be used strictly for development, community growth. Any amount spent will be made public knowledge in our continued effort of transparency. If you have any questions, comment below or drop in on our IRC live chat.
Thank you.
You should have made it public when you use money for something not tell the community afterwards when someone spotted it, that you don't know what for the money was used. By Pizpie's statement, any *amount* spent will be made public knowledge. That's what blockchains do. Every transaction is public knowledge. As for revealing what the amounts were spent on, the commitment Pizpie made is that funds will be used strictly for development and community growth. - This is an ethical commitment, because, for example, I personally would not like my income to be public. I'd imagine that it would only be under exceptional circumstances that this would be ethically called for. I value my privacy as much as any of you do. - The most frequent purpose of tracking a premine is to check that the dev doesn't dump it. Clearly Dan hasn't done this. So do we have further concerns? - If the community would like to extend the tracking to identify every single expense, well, I guess we'd need to consider it, but I wouldn't be put in a comfortable position. In short, no, it's not a joke. Now if there's anyone in the community interested in tracking premine expenditures, by all means, let everyone know. Only 6k are left so there isn't much to track anymore. "Any amount spent will be made public knowledge in our continued effort of transparency. " Made public doesn't mean to have a blockchain as otherwise this sentence is just a waste of space, i read it more like, the XC team will announce what for the money is used for to be transparent. You and the other XC members are the only people that can track the coins and tell the community what the money is used for. We can now also see the that money was moved but no one knows where. Even if you state that you don't dumped it we have to believe you and as it seems believing in the XC team statements isn't the best idea at least when i look at the reddit statement and the premine wallet. So your interpretation of Pizpie was that we'd provide details on the purpose of every single payment from the premine addresses? Aside from the fact that this isn't what Pizpie committed to, do you think that it would be ethical for us to disclose people's salaries? (I'm not asking this rhetorically btw. I'm genuinely interested. It's a priority of ours that the community is part of this process.) |
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Morning folks
Hmm... Looks like we need to get you all some details about how the premine has been spent and which address(es) you can all keep track of it on. It's pretty important that you're able to do this.
We'll need to wait until Dan's awake since I don't have any access to the premine. But I can tell you a few things:
- I will reveal that some of the premine has been used to pay me. It's a full time job, and I'm happy to be paid in XC.
- Dan is very likely to have paid XC to devs for various things.
- I don't think that Dan has used the premine for his own expenses. I actually think he *should* use it for his expenses, and I hope he has, but I'm not sure he has. He's specifically mentioned that XChat was developed out of his own funds.
Some pure speculation:
- I don't know how much of the premine is left, and how much might exist in BTC or another currency.
- It's possible that Dan diversified XC's funding to mitigate risk and/or to pay devs. Good plan in my opinion.
- It's possible that the premine could be used to generate profits on other coins, and thus replenish the premine.
I don't mind at all for you and the dev team to be paid with the premine. What I do mind is if you do this without stating publicly the amounts the addresses and the time you were/are paid. This is just complying with the standards that the team itself set up to follow as per pizpie link with the addresses were mentioning that each expense was going to be public. Let me put this to the community: Would one or two of you be happy to take responsibility for tracking the premine? This is important because if the XC team had this responsibility, there could be a conflict of interest. (Cryptico, expenditures are public because they're on a blockchain. We haven't, like, "failed to comply to our own standards." What's happened is simply that everyone seemed to see no need to keep track of the premine from week to week, and now we're playing catch-up. Looks like there's some tidying up to, but it's all there in the blockchain.) This is a joke isn't it? On reddit https://www.reddit.com/r/XCofficialreddit/comments/26qqrq/xc_premine_wallet_made_public/ pizpie stated: Hello everyone, in our continued belief in complete transparency, here are the wallets that had / have the pre-mine:
This one is where the funds were during launch:
XTKDMBqrxABBFu8YUtP8wYQWvYULsVp4oa
This is the address where the funds are now:
XS4QLi6VpQQo79HLkoFBj5YZkn6p6TuLKG
These funds will be used strictly for development, community growth. Any amount spent will be made public knowledge in our continued effort of transparency. If you have any questions, comment below or drop in on our IRC live chat.
Thank you.
You should have made it public when you use money for something not tell the community afterwards when someone spotted it, that you don't know what for the money was used. By Pizpie's statement, any *amount* spent will be made public knowledge. That's what blockchains do. Every transaction is public knowledge. As for revealing what the amounts were spent on, the commitment Pizpie made is that funds will be used strictly for development and community growth. - This is an ethical commitment, because, for example, I personally would not like my income to be public. I'd imagine that it would only be under exceptional circumstances that this would be ethically called for. I value my privacy as much as any of you do. - The most frequent purpose of tracking a premine is to check that the dev doesn't dump it. Clearly Dan hasn't done this. So do we have further concerns? - If the community would like to extend the tracking to identify every single expense, well, I guess we'd need to consider it, but I wouldn't be put in a comfortable position. In short, no, it's not a joke. Now if there's anyone in the community interested in tracking premine expenditures, by all means, let everyone know. |
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Morning folks
Hmm... Looks like we need to get you all some details about how the premine has been spent and which address(es) you can all keep track of it on. It's pretty important that you're able to do this.
We'll need to wait until Dan's awake since I don't have any access to the premine. But I can tell you a few things:
- I will reveal that some of the premine has been used to pay me. It's a full time job, and I'm happy to be paid in XC.
- Dan is very likely to have paid XC to devs for various things.
- I don't think that Dan has used the premine for his own expenses. I actually think he *should* use it for his expenses, and I hope he has, but I'm not sure he has. He's specifically mentioned that XChat was developed out of his own funds.
Some pure speculation:
- I don't know how much of the premine is left, and how much might exist in BTC or another currency.
- It's possible that Dan diversified XC's funding to mitigate risk and/or to pay devs. Good plan in my opinion.
- It's possible that the premine could be used to generate profits on other coins, and thus replenish the premine.
I don't mind at all for you and the dev team to be paid with the premine. What I do mind is if you do this without stating publicly the amounts the addresses and the time you were/are paid. This is just complying with the standards that the team itself set up to follow as per pizpie link with the addresses were mentioning that each expense was going to be public. Let me put this to the community: Would one or two of you be happy to take responsibility for tracking the premine? This is important because if the XC team had this responsibility, there could be a conflict of interest. (Cryptico, expenditures are public because they're on a blockchain. We haven't, like, "failed to comply to our own standards." What's happened is simply that everyone seemed to see no need to keep track of the premine from week to week, and now we're playing catch-up. Looks like there's some tidying up to, but it's all there in the blockchain.) |
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Morning folks
Hmm... Looks like we need to get you all some details about how the premine has been spent and which address(es) you can all keep track of it on. It's pretty important that you're able to do this.
We'll need to wait until Dan's awake since I don't have any access to the premine. But I can tell you a few things:
- I will reveal that some of the premine has been used to pay me. It's a full time job, and I'm happy to be paid in XC.
- Dan is very likely to have paid XC to devs for various things.
- I don't think that Dan has used the premine for his own expenses. I actually think he *should* use it for his expenses, and I hope he has, but I'm not sure he has. He's specifically mentioned that XChat was developed out of his own funds.
Some pure speculation:
- I don't know how much of the premine is left, and how much might exist in BTC or another currency.
- It's possible that Dan diversified XC's funding to mitigate risk and/or to pay devs. Good plan in my opinion.
- It's possible that the premine could be used to generate profits on other coins, and thus replenish the premine.
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If anyone hasn't received their discount from CoinGateway, submit a ticket on their website.
They'll sort it out pronto.
P.S. Please repeat this message next time someone asks.
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Just received my 10%. Thanks coin gateway. I was 20 minutes into the ITO time.
Just received my 10% discount payout from CoinGateway. Woohoo! Who else has got theirs? I got mine. No concerns here. Hey Thrash! Good to see you on here. Arlyn, I'm still around just been real busy. Exciting things happening here and I did not want to miss out. By the way, great job answering questions for people, keep up the good work! Thanks :-). What a long day this has been. Still, the ITO's selling pretty well. Can't complain. |
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Got some ICO in Trex! I bet this coin the entire ICO sold. Can't wait.
It's certainly selling rather well so far... |
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Received my first stake already.  Which stake are you talking about? Yup...I got some stake also. BlockNet is a POS coin. Just so everyone knows, the wallets we're all using are interim wallets that'll run until the Blocknet tech is ready. The Blocknet tech isn't a coin - but of course the tech hasn't launched yet so we'll use regular PoS wallets until BLOCK can be redeemed for NHZ assets. |
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Let's stay on topic folks.
Also it's a good idea to be respectful toward SuperNET.
yea i agree, i was only trying to give a wink @ the vrc devs pinch towards blocknet. Heh :-) I must say, tech innovation aside, they have a very silly way of spelling "SuperNET". What's with the weird capitals? |
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Just received my 10%. Thanks coin gateway. I was 20 minutes into the ITO time.
Just received my 10% discount payout from CoinGateway. Woohoo! Who else has got theirs? I got mine. No concerns here. Hey Thrash! Good to see you on here. |
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Let's stay on topic folks.
Also it's a good idea to be respectful toward SuperNET.
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Just received my 10%. Thanks coin gateway. I was 20 minutes into the ITO time.
Just received my 10% discount payout from CoinGateway. Woohoo! Who else has got theirs? yep got my discount coins, im liking this more and more. Got mine. Thanks guys!  Big up to CoinGateway for following through! (and for being solid amidst the stampede). |
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