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Alternate cryptocurrencies / Tokens (Altcoins) / Re: [ANN][ICO] ChronoLogic - Proof-of-Time token on Ethereum

on: November 29, 2017, 06:11:38 PM

Quote from: Alexandr Korelko on July 30, 2017, 11:09:13 PM Quote from: ChronoLogic on July 30, 2017, 02:03:22 PM ICO contributors get both. The ETH address you contributed from becomes one of 3,333 TimeMints (similar to Masternodes) that is able to create new DAY tokens through the passage of time. On day zero, you will initially receive 24 DAY tokens per ETH. After day zero your TimeMint starts minting additional DAY tokens everyday. In the whitepaper, the minimum needed to set up a TimeTX contract is 8,888 DAY. This means you need something like a 200 ETH investment to sell your TimeMint at the end of the first chrono era (if you just let the DAY generate more of itself) and 300+ to be able to sell it early on, even for the 1% mints. In practice, since the Mint presumably isn't mining anything while it's in the contract (as your DAY that you were mining with just got locked) it's even worse. There's also no real way to check whether anyone has a mint for sale in the first place (I guess people will wind up posting in here? meh) so it's extremely illiquid. It's an interesting concept but I strongly recommend revising this point. Additionally, to be blunt, the use cases in the white paper are anemic. The WP describes a token designed to be as hoarded as humanly possible, but there's nothing to spend it on and anyone without a Mint (remember, they're effectively not tradeable) has no reason to accept it. Investors are dependent on the company to eventually launch a platform that may, one day, do something with those tokens. "We'll find a lot of use cases later" is not good enough to send 88 ETH off and get back an asset it will take 300 more to ever trade. The team's pedigree is beyond solid and the token itself is unique, so I'm puzzled why this ICO had to be now and not two weeks of use case brainstorming / development later, because there must be something better to shoot for than this. Quote from: cryptodetective on November 29, 2017, 07:09:10 AM Quote from: pgibranf on November 22, 2017, 02:53:34 PM News from the blog https://blog.chronologic.network/chronologic-debt-smart-contracts-performance-global-partnership-9ab9716648a4 Quote We have closed a partnership with Performance Global to test out ChronoLogic Debt Smart Contracts via a real world simulation. Performance Global?s business model & focus is in the advertising space & they?re looking to do a contribution period. Although Performance Global is unrelated to ChronoLogic business-wise, certain members of the ChronoLogic team have advisory roles in Performance Global. Additionally, a friendly deal was negotiated where certain private individuals from the ChronoLogic team will loan some funds to help kick start the Performance Global project & their contribution period. And what better way to do a loan than by using a ChronoLogic smart contract? Usually financial instruments work in that there are extremely long agreements that govern the terms. The goal of ChronoLogic is to take the most important terms of the debt agreement and put it directly into smart contracts. Since smart contracts are immutable & public, we believe that this will allow some very complicated terms to be discarded and for debt to be conducted purely on the blockchain. When creating the smart contract it?s first important to lay out the terms of the debt instrument that were agreed upon. Some of these parameters come from Performance Global and were mandated. We decided to not push certain aspects to make this simulation / transaction as real as possible. Terms of the Performance Global Loan 500 ETH Denominated in ETH (we wanted to use DAY but Performance Global insisted on ETH; the framework is applicable to DAY as well) 60 day term One fixed payment (in ETH) rather than a daily or monthly interest rate meaning no pre-payment penalties or any incentive to pre-pay 2% penalty of the balance for every 30 days the loan is not paid off Non-transferable (ChronoLogic cannot sell the debt to a third party) Un-secured & no collateral ChronoLogic will now take the token sale smart contract (used for TimeMints & the crowdsale) & add a few features but also strip down a few features to create this specific smart contract. The mechanics of this smart contract will be as follows: Performance Global launches a smart contract that will generate a new token denominated as PGLOAN ChronoLogic?s team will send 500 ETH to the smart contract address which will be immediately liquid for Performance Global to use as they wish ChronoLogic?s ETH address will in return receive PGLOAN tokens that signify the obligation Smart contract will have a pre-determined exchange rate at which Performance Global can send ETH back the ChronoLogic?s ETH address To clear the obligation Performance Global will send back 500 ETH + the fixed payment at which point PGLOAN tokens will be sent back to Performance Global?s address signifying that the debt obligation has been cleared If the obligation is not cleared then ChronoLogic?s ETH address that has ?TimeMint features? will start minting additional PGLOAN tokens at the monthly penalty rate of 2% per month until the obligation is cleared New Features Whitelisting ChronoLogic?s ETH address since this is a private deal so no one else can send ETH once the Performance Global debt smart contract is launched Restricting transferability of PGLOAN tokens since the debt instrument is non-transferable Fixed exchange rate system so the debt obligation can be cleared ChronoLogic will start working on the technology to launch this smart contract this upcoming week. Part of the funds have been furnished in advance for Performance Global since the deal was closed earlier; however, once the smart contract is launched the funds that have yet to be deployed will be done so via the smart contract. Afterwards, the goal will be to create a system for third parties to launch their own debt smart contracts. The first phase will be by contacting the ChronoLogic team who will facilitate the process since each debt contract will have additional features that may not yet be developed. Payment will be via DAY tokens. Please contact us if you are interested in launching your own crypto debt contract. Please someone correct me, because believe me, I want this to be wrong, but now it seems with this line "we wanted to use DAY but Performance Global insisted on ETH" Chronologic is saying fck us the ones who funded them with money and complying to use Eth which renders Day token absolutely useless. Just because they use the contract the token sale used, means nothing for DAY token and now people will just use Ethereum because lets be honest, do I want a loan in DAY token(which has slowly but surely done nothing but plummet) or ethereum, which keep in mind if we had it today instead of participating in this ICO and holding DAY to date, eth was 347 on 8/28 and today it is 470. To get a decent timemint it was 5 eth minimum so 5347 = 1735 and 5470=2350. Lets take the lowest sell order on etherdelta .0085 I have 258 day tokens and havent withdrawn since I received due to the minting and .0085258 ~ 2.19 ethereum. 2.19 470 = 1030. Loss if we calculate from investment = 700. If we want to go from Eth price now is $1320 loss. So we funded chronologic, our token was basically a proof of concept and now the concept has attracted a deal but instead of our token value increasing, it is literally worthless due to the fact our token isnt needed at all. Wow! Lessons learned now just the hard way T_T I pointed this out in August. Please stay safe and don't invest in ICOs that don't so much as provide a viable real world use case before launch =/

Alternate cryptocurrencies / Tokens (Altcoins) / Re: [ANN][UMC] Umbrella Coin - Democratized Insurance

on: August 11, 2017, 11:11:15 PM

A lot of this is intriguing, but I'm confused by the focus on preventing fraud through making it easier to deny claims - Quote from: umbrellacoin on July 21, 2017, 03:29:20 AM We're incentivizing the community be on "the winning side" of the vote so, unless that bias exists collectively, the voting process will pick the right outcome in the long run. "Guaranteeing" a claim is a risky proposition as that would leave us open to fraud - that would also require a central authority to basically say "no, we override the community" which kind of kills the decentralized concept in the first place. The community will be able to have an open discussion on claims as they're voting to compile/share evidence. Worst case scenario as a policy holder is you get your money back. Also, to be fair, anytime you're trying to extract money out of someone for a cause, you have to provide whatever they claim is sufficient evidence. The UMC community will be a reflection of all of our policyholders. As a community member with a stake in the float, don't I actually just want to deny every single claim including the good ones just to keep my own stake higher? If anything I would expect there to be a sizable group of people who try to be as stingy as possible. Related to this, we all know that the (real or not) hot girl in trouble is going to get 3x the votes a man in the same situation would, another sizable chunk of the community will be pretty biased against everyone who doesn't look like them and so on. Decentralizing oracles work for prediction markets where there is a clear right answer that anybody can look up, but I don't see a good way to make this work for something with this much subjectivity. Am I missing something obvious? How do you plan on incentivizing the 'right' side as opposed to simply the side with the bigger bias?

Alternate cryptocurrencies / Tokens (Altcoins) / Re: [ANN][PRE-ICO] 🔵 UTRUST 🔵 The future of online payments is here.

on: August 11, 2017, 02:56:42 PM

Quote from: temple on August 11, 2017, 02:18:44 PM 50 million dollars is quite an ambitious goal. I hope it will be backed up by appropriate communication and action. Otherwise I can't really see how you are going to reach that. Also, the undisclosed part is really bad. Why wouldn't you just say how much they paid? It gives newer investors the chance to judge how likely it is that they are being dumped on extraordinarily hard. To add to this, the structure is unbelievably bad for early investors. If the token is issued immediately: -Phase 1 already exists and can dump on Phase 2 holders at any time -Phase 2 holders have an upper boundary of $.04/token and can be dumped on at any time -Phase 3 has an upper boundary of $.05 and can be dumped on twice as hard, etc. ... -If the bull market reverses at any point during the ICO (let's say Phase 5) and a tranche is undersold, the people who bought during the .06 phase might wind up owning twice as much at .03 per, meaning everyone else is instantly dumped on 4 times as hard If the token is not issued immediately, investors are locked into holding for months/years. Filecoin can do that. You're not Filecoin. This is one of the worst ICO formats I've seen yet. If it's not reworked, I will avoid it.

Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][PreSale][STEX] 1-st 100% publicly owned cryptoexchange

on: August 07, 2017, 05:36:42 PM

On your site, you're claiming a lot of benefits are handed out as part of the presale and then saying that they're all guaranteed through the smart contract. Can we review the smart contract ahead of time? What's the address?

Alternate cryptocurrencies / Tokens (Altcoins) / Re: [ANN][ICO] ChronoLogic - Proof-of-Time token on Ethereum

on: July 31, 2017, 11:40:05 AM

Quote from: ChronoLogic on July 31, 2017, 09:51:15 AM Quote from: Alexandr Korelko on July 30, 2017, 11:09:13 PM Quote from: ChronoLogic on July 30, 2017, 02:03:22 PM ICO contributors get both. The ETH address you contributed from becomes one of 3,333 TimeMints (similar to Masternodes) that is able to create new DAY tokens through the passage of time. On day zero, you will initially receive 24 DAY tokens per ETH. After day zero your TimeMint starts minting additional DAY tokens everyday. In the whitepaper, the minimum needed to set up a TimeTX contract is 8,888 DAY. This means you need something like a 200 ETH investment to sell your TimeMint at the end of the first chrono era (if you just let the DAY generate more of itself) and 300+ to be able to sell it early on, even for the 1% mints. In practice, since the Mint presumably isn't mining anything while it's in the contract (as your DAY that you were mining with just got locked) it's even worse. There's also no real way to check whether anyone has a mint for sale in the first place (I guess people will wind up posting in here? meh) so it's extremely illiquid. It's an interesting concept but I strongly recommend revising this point. Additionally, to be blunt, the use cases in the white paper are anemic. The WP describes a token designed to be as hoarded as humanly possible, but there's nothing to spend it on and anyone without a Mint (remember, they're effectively not tradeable) has no reason to accept it. Investors are dependent on the company to eventually launch a platform that may, one day, do something with those tokens. "We'll find a lot of use cases later" is not good enough to send 88 ETH off and get back an asset it will take 300 more to ever trade. The team's pedigree is beyond solid and the token itself is unique, so I'm puzzled why this ICO had to be now and not two weeks of use case brainstorming / development later, because there must be something better to shoot for than this. Hi Alex, thank you for your interest in ChronoLogic, your feedback is valuable. The fact that TimeMint addresses are themselves tradable creates a secondary market. Exiting out of a TimeMint is an option of the DAY token, rather than a core feature. It is premature to analyze that the market will be illiquid or liquid. You can put in as little as 1ETH during the ICO. You don't necessarily need to pay 88ETH, that was the minimum price for some of the TimeMints still available during the pre-sale. ChronoLogic expands the use of time on the blockchain, there is a certain level of serendipity that must be taken into consideration for early stage blockchain projects like this one. Being able to explain practical use-cases is important, but we are not here to foresee how the market will evolve, we believe all the different angles empowered people will come out with will be inspiring. We envision people and businesses being able to create their time tokens with several different logic elements to measure, record, trade, buy and sell time-based activities. There is a lot that can be done with time on the blockchain and we want to expand what is possible right now. We're inspired by connecting the fundamental features of time with the blockchain. The DAY token is itself a good example of what can be done with time on the blockchain: pegging time to minting or staking a usage or store or value token. Hi, As is clear from the WP, a TimeMint is only really valuable during the first 3-4 eras. All Mints will mine >75% of their tokens within the first 6 months and 90%+ within the first 12 months. As such, there is very little point to selling a Mint after 6 months; the market will never have any significant time to develop. Furthermore, if you put the Mint (and/or the tokens used to power it) up for sale in a 2 week auction you waste 12% of its output, and, of course, it takes 300 ETH to sell -any- of them, including the ones the ICO participants pay 1-10 ETH for. With this limitation, even if they weren't already mining less than the pre-sale versions, it is virtually impossible for any of the Mints bought by small-cap buyers to ever be sold. The bigger ones might be tradeable if there was a site or a UI set up somewhere to do that, but I don't see that shown here. Meanwhile, DAYs are designed to be hoarded as their only use case in the real world right now is to be used to stake more of themselves. After those 6-12 months, the wells will run dry. Then what? You haven't outlined a reason why anyone not connected to a Mint will want one. The team wants to develop other proof of time use cases but that may well have nothing to do with DAY at all. "We are not here to foresee how the market will evolve" is not good enough for an ICO that requires this much to get off the ground. You want to raise 20 million dollars. The token idea is unique and worth pursuing but given the limited amount of time it's worth anything in this implementation, this isn't the way to go about it. If I thought you were scamming on purpose I wouldn't bother making either of these posts, so take this as a sincere request - please go back to the drawing board for a little bit and look for a way to make this work for buyers.

Alternate cryptocurrencies / Tokens (Altcoins) / Re: [ANN][ICO] ChronoLogic - Proof-of-Time token on Ethereum

on: July 30, 2017, 11:09:13 PM

Quote from: ChronoLogic on July 30, 2017, 02:03:22 PM ICO contributors get both. The ETH address you contributed from becomes one of 3,333 TimeMints (similar to Masternodes) that is able to create new DAY tokens through the passage of time. On day zero, you will initially receive 24 DAY tokens per ETH. After day zero your TimeMint starts minting additional DAY tokens everyday. In the whitepaper, the minimum needed to set up a TimeTX contract is 8,888 DAY. This means you need something like a 200 ETH investment to sell your TimeMint at the end of the first chrono era (if you just let the DAY generate more of itself) and 300+ to be able to sell it early on, even for the 1% mints. In practice, since the Mint presumably isn't mining anything while it's in the contract (as your DAY that you were mining with just got locked) it's even worse. There's also no real way to check whether anyone has a mint for sale in the first place (I guess people will wind up posting in here? meh) so it's extremely illiquid. It's an interesting concept but I strongly recommend revising this point. Additionally, to be blunt, the use cases in the white paper are anemic. The WP describes a token designed to be as hoarded as humanly possible, but there's nothing to spend it on and anyone without a Mint (remember, they're effectively not tradeable) has no reason to accept it. Investors are dependent on the company to eventually launch a platform that may, one day, do something with those tokens. "We'll find a lot of use cases later" is not good enough to send 88 ETH off and get back an asset it will take 300 more to ever trade. The team's pedigree is beyond solid and the token itself is unique, so I'm puzzled why this ICO had to be now and not two weeks of use case brainstorming / development later, because there must be something better to shoot for than this.

Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] LakeBanker | Free Banking for the World

on: July 30, 2017, 09:24:11 PM

To gauge this project accurately I want to look at lakebtc.com's volume, trends, etc. but there's virtually no way to do this because all info on lakebtc since 2016 seems to have disappeared into a black hole in the English speaking world. The coinmarketcap/other tracking site API is broken, virtually all forum activity and site reviews date back to 2014 and so on. Additionally, I'm not filled with confidence about a token sale for a spinoff that wants to trade 30 currencies when the original platform still won't even support ETH itself before phase 2. Will we see LakeBTC itself make improvements to match this ICO (and ideally ahead of it)? Is there a roadmap on that side?

Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][ICO] Ziber — The First Blockchain mobile operator.

on: July 23, 2017, 08:04:13 PM

Quote from: Ziber on July 23, 2017, 08:01:48 PM https://www.virustotal.com/en/file/4349ad7381c2310538a7e30b166ad2ba560ddbfcc32af2292fce553c7109477a/analysis/ Quote Analysis date: 2017-07-23 13:48:49 UTC ( 6 hours, 14 minutes ago ) interesting that you had that analysis ready to go for my post but didn't amend your executable to remove the false positive that shows up under a generic Windows 10 installation very interesting

Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][ICO] Ziber — The First Blockchain mobile operator.

on: July 23, 2017, 07:53:38 PM

I downloaded their app today to try it out: you've been warned

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