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To clarify re: mmbtcd, the assets held in the portfolio have been dividended out to holders. A buywall has been placed at 1.82 nxt with the remaining funds. Sasha is buying more nxt to keep this wall full and enable people to sell.
Sad to see the end of mmbtcd but it's the right decision.
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So this article unpacks the purpose of the Reserve. As you'll see, it's kind of important 
Incent reserve: explainer
From the moment the first merchant goes live with Incent, liquidity and maintenance of an orderly market is imperative if the project is to function commercially. As part of our mandate to support market integrity through market-making and to enable merchants to issue and redeem Incent in good order, BitScan will be maintaining a Reserve of bitcoin and Incent. Ultimately, the reason for this is very simple:
Fiat payments from merchants are subject to a lag, whilst cryptocurrency payments need to be settled instantly at the point-of sale.
The Reserve will allow us to 'arbitrage' funds at the point of purchase, sending customers their Incent immediately
Thus BitScan must have the capacity to remit funds immediately to the customer and merchant to avoid the unacceptable delays that would otherwise be involved.
On issuance: When a customer makes a purchase with a credit card and the merchant’s PoS instructs BitScan to send Incent to their account, this needs to happen immediately for the commercial impact of the reward to be maximised; whereas the fiat settlement funds, sent by the merchant after the fact to pay for the Incent issued, take 2-4 days to process. BitScan therefore needs a reserve of Incent to send to the customer as soon as the instruction is received. BitScan also needs a reserve of BTC which is deployed in response to new Incent issuance, to buy the corresponding amount of Incent at market rates. This has the impact of driving demand and rebalancing circulation of Incent. Finally, when cash funds are received to BitScan’s bank they are converted to replenish the Reserve with BTC - and the cycle repeats.
On redemption: When a customer pays a merchant with Incent, BitScan processes both order and transaction, settling with the merchant in cash and subsequently selling the Incent received at market rates to replenish the Reserve. Of note, any redemption for a product or service attracting a discount for Incent triggers a new issuance cycle which ensures that net demand always trumps net supply.
Maintenance of a reserve is therefore critical, as it enables BitScan to acts as a market-maker and assure liquidity, while promoting enduring appreciation of the asset through maintenance of stable circulation. We recognise that such a model is unusual in the cryptocurrency world, where issuance is typically algorithmic and large pre-mines are viewed with scepticism. However, mining new Incent on a pre-set schedule would take no account of variances in demand for the token following product launch. A pre-set schedule that makes no allowances for market conditions risks placing supply pressure on price, with the resultant price volatility undermining our objective of a stable and liquid digital asset whose value appreciates steadily.
Rather than being a liability for Incent, we therefore consider the presence of a reserve and market-maker essential for Incent to have enduring value to consumers, merchants and anyone holding it as a store of value.
In recognition of and in order to reward the additional trust that this facet of our offering represents, profit deriving from market making operations will be shared 50/50 with the Incent holding community, in the form of a dividend distributed on a pro-rata basis, on the first day of every other (even) month.
Reserve tokens, bitcoin and cash will be held in secure, offline accounts, with only an operating balance of crypto held on-exchange as required to perform this critical market-making function.
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The Reserve isn't for the benefit of the devs and won't be run down over time. It's not a classic pre-mine. It's to ensure Incent can be remitted promptly to customers and is replenished as we go.
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Ah, I see the question was already answered |
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So there is no exact end time for ICO? what if the targeted amount not raised within 3 months or more? do you have any plan to refund them if fund raising not meet the target of $5M within X amount of days? it is possible to collect $5M within 15-30 days but i am saying what if Incent project failed to draw attention from potential investors?we can't put our investment if things are not clear.
Ico will end on 30 November or when $5m is raised, whichever happens first. We wanted to cap the ico, that's all - not run it until we reached that sum. |
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Will Incent value increase if waves reaches 1 Euro per coin ?
No, the value should be independent. Waves is fuel for the host platform. Incent's value is driven by merchant adoption. Very nice, are you exploring platforms like social network? Facebook? Twitter? YouTube? For promotion, you mean? Yes, we are using www.TheViralExchange.com for our social bounty programme - sign up and get started! |
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The OP thread is very lengthy. It takes much more time to read and understand everything. However, this will end as one of the nice ICO.
Thank you for your feedback. You are right and we are working on a more concise version. Glad you are interested all the same! |
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11 hours between posts on the most popular thread on BCT. Does this mean bitcoin is dedded?
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I don't know how would this implemented as we all know waves' full node is nt yet running.
We don't anticipate any problems with timing. Stress test on testnet is going well and public network should be in a week or so - two months before we need to distribute Incent tokens. So you will distribute after waves full nodes release? 2 months so long.  What I mean is that full nodes should be out in a week or so. The ICO itself won't finish until the end of November (2 months). So full nodes shouldn't have any bearing on when we distribute tokens - we can't do it before November 30 anyway. |
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It does stagger me that people still trade there...
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NXT price in exchanges is still going down. Will it stop going down or just keeps going down until Ardor is released?
There's the Ignis snapshot to factor in, but I'd say that Nxt has had a very nice boost in publicity from Ardor and the much higher trading volumes it's seen on Polo. Distribution is likely to have changed a lot in that time. All in I'd say this was a very different phase in Nxt's history. |
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PS should have some nice publicity shortly |
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'Stable' is relative. There have been at least 3 instances of clear manipulation in the last couple of weeks, both up and down. The price moved $10-30 in minutes. Suspicious to say the least.
The broader picture is relative stability, which tends to be a sign of consolidation/accumulation.
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@Pap0u. Since you put the lottery in the mix, you do not think that Waves will be pumped making some people win in the said altcoin lottery? Surely there are whales biding their time and are accumulating right now getting ready for the pump or maybe pump it themselves.
thats correct the whales itself can control now the price as many weak holders always been shaken when this guys plays around the price but those who believes from the project will hold and allow such things to happen without worrying while waiting for the actual value of waves. There have been time in the past that you will expect Whales to drive the price up but there influence has been weak. If Waves token do have Whales I don't think they are big enough to drive the price to 0.001BTC yet Waves distribution is pretty good with ~6k ICO investors. That makes P&D a little harder than for other coins. |
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I don't know how would this implemented as we all know waves' full node is nt yet running.
We don't anticipate any problems with timing. Stress test on testnet is going well and public network should be in a week or so - two months before we need to distribute Incent tokens. |
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Team, just post more TVE missions, I hunger. I only have 3 incent tokens, please add more. We want to have more.
We totally will Just sorting out yesterday's glitch and they will come thick and fast. |
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How can this claim to be the first loyalty platform when COVAL is here and is a legacy project from Ribbet Rewards which has been around for years.
That's a great question. It's the first blockchain-based universal loyalty programme that is backed by merchants. This actually completely changes the economics of loyalty from the traditional loyalty sector - will post some articles about this in due course. Essentially, though, it means that customers are rewarded with something that is genuinely rewarding: points that increase in value all the time, and can be held as an investment or spent with merchants as required. It's a bit like the difference between central banks printing fiat money (regular rewards, which are just issued by businesses and redeemed when required) and gold (which has limited supply and has to be bought). We think this is a really exciting concept for merchants, customers and investors because it totally changes the goal posts for the loyalty sector. |
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