could you please give me a summary in plain english. thank you. I'm really not an expert when it comes to technical things and it's even more limited when it comes to Ethereum. But basically it's an explanation how they will integrate Ethereum because it is different to Bitcoin by design: "Unlike Bitcoin Сolored Сoins that are literally stored in the Bitcoin addresses, Ethereum tokens are just records in a single variable of an Ethereum smart contract."I'm not totally sure to be right, but I believe they'll use Ethereum-advantages/features while integrating it. Or with other words: The integration doesn't seem to be just about adding ETH as asset but also about using smart-contract-features Ethereum provides. But maybe somebody else can give a better explanation. |
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Is the current price above the ICO price?
It hasn't launched yet. |
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I'm often surprised about smart people who nevertheless spread their superficial claims into the world, based on nothing but impulsive and in fact very personal projections. It becomes visible whenever one tries to find real arguments - very often: Zero. |
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Update from Lykke-Developer about the App's:
"The new LykkeWallet app version is now available in AppStore with backup function on the settings page. Password recovery with 12-words seed is also functioning.
Android version with backup function is available in GooglePlay. Recovery function for Android is coming soon."
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@tempus: thanks for all the additional PR info. You seem well aware of everything Lykke.
May I ask what's you relationship to Lykke?
In short it was this way: I was very interested in this project, but also had some concerns and also some misconceptions. So I wrote them a mail, partially even pretty critical and I didn't expect answer, but they were very open and even Richard Olsen replied and explained me a lot about Lykke and asked if I would like to help to explain it to the "public" and I agreed. Then I got an invite into their slack-channel and that's why I can ask some questions there and post the answers here. I'm also still learning about this. The whole project is more complex and bigger as it may seem on first sight. Okay, tell explain what Richard told you. I already quoted a mail of him (he allowed me to do that). We also talked on phone and he - tried to - explain me some of the economical aspects behind Lykke and that is one of the most interesting stuff in this project. But I'm not able to explain it because I didn't understand it totally myself. It's way too complex but what I can say is: He is really an expert. Same is true for other members of his team. For himself that's not a secret, because there is a lot to find about him on the internet. Another thing was that he reassured me that this absolutely not a project to make money for a few. They will be fair to all Investors and I personally have no doubts about the honesty of the whole team. Then he also explained that Lykke as a project is different, also regarding leadership and "going into the public". They want to do it step by step, without much pressure but not slowly - with increasing intensity. One of my critics was a lack of attention and that I'm unsure about the price after the ICO because of that etc. But they have a plan and since I've learned more I believe it will work out. He also told me that they don't focus on selling the ICO since Lykke is well funded. The ICO is more a first step into the public. Another guy of his team called it "first test". And like everybody can see: Without artificially hype. It's more about building a natural dynamic and that all aspects, one after another, will work together. This is the mail I've already quoted: (...)
Richard Olsen - CEO of Lykke:
"The wholle Bitcoin Movement is inspired by the vision to replace human decision making with software algorithms. Algorithms are better, because the cannot be manipulated.
Nick Szabo gave an excellent talk at our Zurich event, where he explained his long-term vision of mapping the subtelty of the legal system that has evolved over thousands of years into software code. Nick highlighted the diffuculty of this task - a good legal system is highly refined and we cannot easily create software code that has all the subtelty of our legal system. The short comings were clearly visible in the DAO event.
I am approaching the issue in the following way:
Lykke follows a really big vision - I want to disrupt financial markets and create a fair playing field accessible for everyone. This is much more than just a matching engine with a user interface and an interface to blockchain - we talk about creating legal entities around the world, complex financial engineering, building a brand, hiring people, all the pushbacks from incumbents that want to make our lives difficult...a long list.
We have to kick off big projects that are essential for the project to fly - I will highlight just two projects: we need to build a open access publication platform for news stories in different channels...a transparent financial market only works in context of independent high quality reporting. Today, the news industry is highly monopolized and starved from independent reporting - I plan to create an open access publication platform, where prizes are available for the best contribution of the past hour, past 6 hours, past 24 hours, past 1 week, past month, past quarter, past year - the prize cascades have a dual function - they reward the author and his editor...it is easy to win an hour prize...more difficult to win a whole cascade. The prizes are good ranking tool of the quality of reports and incentivize the contributors. We plan to create many different news channels. I want to build a truly independent news reporting platform with Economist-like channels, a long list.... To evaluate companies and other assets with all the financial instruments - in depth reporting is essential.
Another big project is a bigdata information system - we live in the world of 'digital data', but there is no global informaiton system with real time forecasts for all the digital data that is being collected. In weather forecasting this is standard - big data models collect the meteorological data and then generate detailed weather forecasts around the world. The same has to happen with all the digital data that society is collecting. I dream of a Wikipedia for big data - the real time information system then feeds the risk management system, which are then used to price financial instruments, etc. Today, there does not exist a big data information system - central bankers continue to rely on ad hoc collected data, excel spread sheets, etc.
Sorry to say - it is just crazy how the financial world today functions. I want to clean up the mess and introduce highest quality standards at all levels. I have a very clear vision of how I can make all this happen...it is an exciting journey, but much more complex than a simple software code that tells us, if this happens, then do this....we are in a hugely multi-dimensional space.
Any investor, who buys Lykke coins runs a big risk - he depends on the judgement of the Lykke team, its core investors, my own capabilities...to increase the likelihood of success I am building Lykke to be extremely fragile - all our software is open source, if people are not happy with what we are doing, they can just copy the code and start a competing company that does better work. There are not sharholder agreements that prevent people from selling...this is good, because anyone can sell when he wants, i.e. voting with his feet...this sends an immediate signal to everyone and forces Lykke to regroup...
In building Lykke I am inspired by biology - I try to implement subtle mechanisms that bring Lykke back into its dynamic equilibrium.
There is another question: strictly speaking the Lykke coins are an entitlement to Lykke shares - they are a digital representation of Lykke shares. To become a full shareholder, the owner has to reveal his name to Lykke - this is a legal requirement from Swiss law. It is more efficient to just deal with colored coins, because then we can take advantage of the full digital efficiency. We will pay dividends, etc. to Lykke coin holders."
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@tempus: thanks for all the additional PR info. You seem well aware of everything Lykke.
May I ask what's you relationship to Lykke?
In short it was this way: I was very interested in this project, but also had some concerns and also some misconceptions. So I wrote them a mail, partially even pretty critical and I didn't expect answer, but they were very open and even Richard Olsen replied and explained me a lot about Lykke and asked if I would like to help to explain it to the "public" and I agreed. Then I got an invite into their slack-channel and that's why I can ask some questions there and post the answers here. I'm also still learning about this. The whole project is more complex and bigger as it may seem on first sight. |
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How do I do kyc if I want to invest USD?
As far as I know - it's not possible for US-citizen yet. Most likely LykkeX knows more about it. |
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Will Lykke coins be traded on Lykke platform after end of ICO?
Yes. Market (on Lykke) will take over right after the ICO. |
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Hi all,
Is lykke going to be an exchange focused on fiat or cryptcurrencies.
How many cryptocurrency pairs are going to be offered to trade on the platform in the short en medium term? Is it the aim to have as many cryptocurrency pairs like poloniex. It would be awesome if lykke would become the biggest cryptocurrency exchange.
Cheers!
This is a very good explanation in 5 minutes what Lykke will be about from Richard Olsen: The Future Of Currency
https://www.youtube.com/watch?v=WmZBtKL7ZcMAnd maybe/hopefully this will be one of the first digital assets on Lykke: This is also something that can give an impression about the potential of this project:  And just btw: Would be good if this Account would get more followers and retweets: https://twitter.com/LykkeCityJust found something interesting: Above can be seen that Richard Olsen was on the IATA-conference. What is IATA? It's the International Air Transport Association https://en.wikipedia.org/wiki/International_Air_Transport_AssociationAnd there is an interesting tweet: IATA shared an inspirational idea at #WFS2016 - IATA digital coin. Lykke is proud to have had a chance to contributehttps://twitter.com/LykkeCity/status/779223316452167680Including this video: IATA Digital Coinhttps://www.youtube.com/watch?v=Kip-uUa6h6oWho published that video? Lykke. What will this Digital Coin be about? In short: To make money-transfer easier, more secure, faster etc. There is also a PDF about the IATA-conference: World Financial Symposium - Supporting Sustained Airline Financial Healthhttps://www.iata.org/events/Documents/wfs16-program.pdfJust two quotes: 17:10 – 17:20
Industry cryptocurrency
See the proof of concept comparing international wire transfers and blockchain payments around the world. Could this technology enable the creation of an industrial currency such as the “IATA Coin”? What would be the advantages and what would be the limits? Can this be the payment of the future?Right after: 17:20 – 17:45
Panel discussion:
FinTech - Impact on the CFO and the finance team
What is the finance department looking like in the future? what is their role, or they still needed, what skills are needed in the new Fintech organization. With the help of Fintech, can we turn the finance department into a profit center focusing on decision support and strategic partnership.
Moderator:
∗ Tim Grosser, Head of Digital Transformation, IATA Panelists:
∗ Gautam Jain, Global Head, Digitisation & Client Access, Transaction Banking, Standard Chartered Bank
∗ Marcel Koppes, VP Airlines & Travel, Adyen
∗ Natasha Lala, Managing Director Solutions for
Business, Oanda
∗ Richard Olsen, Professor, Zurich University and founder of Lykke************ With other words: Connections are already obvious. That's not a guess anymore. Will this IATA-Coin come? Most likely it's already in development or even finished. I doubt that there would be a first PR-video if it's just about an idea. Will that Coin launch on Poloniex or any other crypto-exchange we know? They obviously call it "Industry cryptocurrency". It's safe to say "no". Will it be on Lykke - I believe the chance is high. And that shows a lot of the potential of this project. Crypto won't stay in the Poloniex-world. And Lykke, as a platform that is easy to use, secure and like a bridge between both-worlds could very well be one of a few platforms that already have a foot in the door. All of the above is much more than just a little hint. |
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When trading starts on what exchange?
The ICO ends at October 10 and the market will take over right after - on Lykke. It's already a working exchange. i can't find a reason to trade LKK. because you don't need LKK to use the exchange. if you hold LKK you are a shareholder of the company. and to receive something you have to tell them you real name. => LKK is like a stock. So this wont be on Polo? At least it won't launch on Polo and it seems as if the team itself won't push to be added on other exchanges. But it's understandable - they deliver an exchange. My personal opinion is: I expect that other exchanges could add LKK in future, but not necessarily soon. Why I believe that: I expect that Lykke will deliver big news and get increasing attention and also high volume and that would make LKK valuable for other exchanges as well. But, if I'm right I don't expect it in short-term.
Was there any bonus for early investors?
No. This ICO is from start to end 0.005 CHF |
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When trading starts on what exchange?
The ICO ends at October 10 and the market will take over right after - on Lykke. It's already a working exchange. i can't find a reason to trade LKK. because you don't need LKK to use the exchange. if you hold LKK you are a shareholder of the company. and to receive something you have to tell them you real name. => LKK is like a stock. Yes, nobody needs to buy/hold LKK to trade whatever asset on Lykke. I personally see LKK as a very good longterm-bet. First I believed it's maybe overvalued but they have delivered a lot in the last months and are very fast on development- and on business-side. And exactly because their exchange will be free to use for everybody, even with 0% fee, I believe that this project will have impact also in the Bitcoin-Community, the Ethereum-Community and FX-Trading (like Richard Olsen already has established with https://www.oanda.com). But before all: Digital Assets as colored coins. I believe that will be a big market pretty soon. Not necessarily next week or month but I doubt that it will be about years. With other words: To buy LKK is like buying everything else - I hope for a rising price. Regarding personal informations: I had to disclose my identity also on the Bitcoin-exchange I use (bitcoin.de which partners with the fidor-bank). Not sure if there is an exchange that can be used with Fiat without that, besides Local-bitcoins. And it's not even needed as long as somebody wants to use Lykke only for Crypto if I'm right. |
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When trading starts on what exchange?
The ICO ends at October 10 and the market will take over right after - on Lykke. It's already a working exchange. |
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Still not exist windows wallet ??
I thinking about buy some ICO Lykke but only IOS or Android ?
I not want keep my coins only on smartphone .... I dont have tablet anyway...
Most important in my opinion is that a smartphone is not compromised - but that risk is maybe even smaller in comparison to a computer. Since they provide a backup feature (12-words) you have to write down all Investments should be safe, even if the phone should get damaged. The recovery-feature is not implemented yet, but they say it will come during this week for IOS and a little bit later for Android would be my guess. Regarding non-mobile: when will there be a wallet for non mobile devices?
if this questions has already been answered then please tell me.
thank you.
Yes: Q3-Q4 2016, work is ongoing. We are calling this ColorEx:https://github.com/LykkeCity/ColorEx |
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ta. just realised, been at work all ngt. not my brightest moment!
No problem! Usually I need a coffee first to be able to calculate 1 + 1 . ;-) |
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so how do i buy the ico coins at 0.05 chf?
i have the wallet, but there are no coins available at that fixed price.
i only see moving market prices which are higher
Price seems to move because the Bitcoin-price is moving. If I go on "Buy Lykke", the current price in BTC is 0.00008511 = $0.0514 (if I look at Bitfinex) = 0.05 CHF It's always adjusted at 0.05 CHF. |
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I'm interested. I've downloaded the app. But is there anywhere else I can store them apart from my phone?
The current status is: IOS - already has a 12-words-backup-feature. Means, that if one installs the App, writes down the 12 words, he will be able to recover the wallet if his phone should be damaged. The recovery-feature itself is not implemented yet, but planned for this week. But again: Who writes down the 12 words is already safe. Android - the 12-words-feature is not implemented yet, but will also be released this week. First without recovery function. It was a topic on their slack yesterday. So, it depends on what system you use. If Android, maybe wait for that feature. What is also planned: Cold storage. I've asked one of their Dev's if they could make it possible to generate keys offline and to implement a feature to import offline generated private keys and so on. Reply was: "yes, we'll put it in the developent tasks" It seems as if the Android-update is already pushed out:
One of the Dev's just replied, that the backup-function ("12-backup-words") for Android will come during this week.
Thanks , great news, i will reconsider the ICO  |
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