If I get 5% more Incent for paying with $Waves - is that on top of the 10,000 Incent I would get for early investment? So would be like 10,500 Incent for one Bitcoin worth in Waves?

If the merchants are the only ones to have access to new Incent and it becomes, as you predict, a valuable 'commodity' in itself, you will get ppl buying job lots of stuff they don't need from the Incent network of stores just to hoard the coin right? ...but then why would you ever spend Incent with a merchant? I guess you wouldn't - but then I guess it doesn't matter. Units are sold - incent gained - market driven - job done.

Decided to invest - I've got no patience for long ICO's but I see Openledger are onboard -

LOL - everyone please stop investing, the ICO hasn't started yet!