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Bitcoin / Bitcoin Discussion / Re: Bitcoin's Dystopian Future
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on: May 21, 2018, 05:14:22 PM
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Using the after effects of a massive credit bubble to argue that deflation is harmful is as rational as using the existence of hangovers to argue that one should never stop drinking.
Actually, I LOVE deflation. It's hyperinflation of fiat (accelerated by a flight to crypto) that worries me. This is a very old post, from back in 2013. I've done a lot since then ( https://www.linkedin.com/in/jrwillett/) and a lot of things have changed, but I still stand by it completely.
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Inventor of the ICO Unveils UpToken: A Bitcoin ATM on every corner
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on: October 05, 2017, 05:29:11 PM
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Definitely a good way to mass adoption despite of legal, regional complications. I have a few question regarding the actual Token sale:
Why not use a smart contract for the contribution process? What is the actual process for gathering funds? Are refunds to be handled in a manual fashion In the event you do not meet 10m?
Pretty intimidating Token-Sale-Terms paper:) Sounds like i might be signing my life away:)
Thank you,
I am mistrustful of smart contract code. My goal was to use the simplest ERC20 code possible. We are using a signup form to identify match up cryptocurrencies coming in against where UpToken needs to go out. Yeah, refunds would be manual, but signups indicate we should blow way past $10M hopefully. Hard to tell since the signup form isn't binding. Terms were written by lawyers - sorry - there's probably a clause in there that gives up your firstborn child too!
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17
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Inventor of the ICO Unveils UpToken: A Bitcoin ATM on every corner
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on: September 25, 2017, 03:52:44 PM
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this is a good idea for bitcoin development in the future, but it will be risky at every regulation in every region, no one can guarantee the project will be successful or not
This sounds like a great way to support the cause towards mass adoption of cryptocurrency, but I wonder about regulatory hurdles? It would be great if you can expand further in that respect.
One thing we've learned in the ATM business is that there is usually a way through the regulatory hurdles. It requires persistence, creativity, and money to get past them. We've got the former two, and while we do have some venture capital money, we think a big bankroll from the UpToken sale will make a big difference! Hi there! I like the idea of crypto ATMs, but aren't people use smartphones to change currency or cryptocurrency? And what is the meaning of the uptoken, what is it and how is it connected with ATMs? I dont see any necessary connection in here between ATMs and uptoken.
There are three problems with smartphone purchases: - Smartphone purchases of crypto require integration with your bank account, which gives some people the willies.
- Online purchases usually require a waiting period for new customers (to avoid fraud)
- Most importantly, a lot of the world doesn't have a bank account. We want a crypto ATM to be their bank!!
Is there a particular reason why UpToken is an eth token instead of an OMNI asset?
Also, what's the ICO price in BTC? ETH?
My business partners insisted on an ERC-20 token, but I feel confident that UpToken will benefit Omni (that's why I'm involved - I want to see "An Omni ATM on every corner") For the pricing details, I refer you to the terms of sale at UpToken.org - there's a lot of detail you need to know if you are thinking of participating.
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18
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Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN] Ethereum: Welcome to the Beginning
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on: September 22, 2017, 06:58:58 PM
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Hey guys - I did the first ever ICO back in 2013, and now I'm hoping to put "An Ethereum ATM on every corner" using UpToken. You can read all about it on the ethereum subreddit: https://www.reddit.com/r/ethereum/comments/71lk6m/inventor_of_the_ico_unveils_the_perfect_token/I'll quote it here for your convenience: In 2010, bitcoins were worth 25 cents. I told everyone I knew that Bitcoin was going to be huge. In 2012, I published a paper about how to raise funds to build a protocol layer on top of Bitcoin, an idea which later became known as the “Initial Coin Offering.” After 1.5 years, still no one had taken the action to develop the idea. To show that it could be done, I launched Mastercoin (now Omni), in 2013. Today, the Omni platform hosts assets worth half a billion dollars, including MaidSafe and Tether. Only Ethereum assets are worth more. In 2014, I predicted other things like the hacks on overly complicated Ethereum contracts losing millions of dollars. These predictions were largely ignored. Now it’s 2017. For years I have been waiting for “the perfect token sale”, and I finally found it. It may sound bonkers, but I predict crypto ATMs are going to be a really big deal in the coming years, and I helped design a token, UpToken, which captures that opportunity. I’ve partnered with a crypto ATM company that I think is best positioned to make a big move in this space ([Coinme]( https://www.coinme.com)), and helped them design a token for ATMs called UpToken ([uptoken.org]( https://www.uptoken.org?interest=ethereum)). The proceeds from the token sale will be used to deploy crypto ATMs all over the world. We want “a crypto ATM on every corner.” Here’s why I think UpToken represents “The Perfect Token Sale” - UpToken helps us all. Cryptocurrencies are changing the world, and a lot of people are getting left behind. Crypto ATMs can change that. Developing countries and the non-technical aren’t being reached. As ATM infrastructure improves, everyone can have access to fair money and financial services.
- UpToken doesn’t care who wins. Will Bitcoin win? Ethereum? Something else that hasn’t been invented yet? UpToken doesn’t care. In a gold rush, you’d rather be selling shovels than digging, and I think crypto ATMs represent the ultimate example of picks and shovels for the crypto economy.
- UpToken can help your favorite coin. Coinme ATMs currently buy and sell Bitcoin, and ethereum will be added shortly, but the owners of UpToken get to choose which coins are added to the ATMs after that. With UpToken, you can ensure there will be an ATM selling your favorite coin “on every corner!” (This is the main reason I am personally buying UpToken - I want to see “An Omni ATM on Every Corner”).
- UpToken already has traction. Most token sales are just an idea. Coinme has existing, operational hardware. Coinme wrote all the software, from the ATM firmware up to the web wallet. UpToken takes an existing functional technology and scales it up!
- Coinme continually buys UpToken. 1% of Coinme ATM fees in perpetuity are devoted to buying UpToken, which will be given to ATM customers as a rewards program. This “cash back” is locked from sale or transfer until the customer has done $10,000 worth of transactions at Coinme ATMs. In the meantime, UpToken can be used to pay Coinme ATM fees at a 30% discount. See the whitepaper for details.
- UpToken is scalable. In the ICO world, an idea that is worth only one million dollars might attract a hundred million dollars, which is grossly inefficient and wasteful. The perfect token sale should scale with the funds raised. If UpToken attracted a billion dollars, we’d use it all to build out our ATM network, each of which would use UpToken. In fact, the more funds UpToken attracts, the better, thanks to economies of scale.
Can you see why I am so excited about this? I am posting about UpToken today in various places, even though history suggests only a few visionary people will listen. But, if you are among them, you can learn more and sign up for the token sale at [uptoken.org]( https://www.uptoken.org?interest=ethereum). You can read more about me and see videos about my “crazy” predictions on my [LinkedIn profile]( https://www.linkedin.com/in/jrwillett/). edit: Laura Shin has a nice article about this on the Forbes website: https://www.forbes.com/sites/laurashin/2017/09/21/heres-the-man-who-created-icos-and-this-is-the-new-token-hes-backing/#1d9622421183TL;DR: I predicted Bitcoin would be big in 2010, invented the “ICO” in 2012 and tried to get someone to do the first one, but no one did. So I did. Now I have a new prediction: “UpToken is the perfect token sale.” I don't want to hijack this thread - just thought you guys would be interested. If you want to discuss the project, there's that reddit thread or the announcement thread here on bitcointalk. Thanks!
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