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tortellino
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October 13, 2016, 09:02:11 PM |
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How can i participate on the komodo ICO. i know, with BTC from my BTC wallet adress. But i also have BTCD in my wallet. When and how can i spent these BTCD for changing into Komodo? Sry if it is already said in this thread but i couldn´t find it probably!
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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CryptoNick
Legendary
 Offline
Activity: 987
Merit: 1003
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October 13, 2016, 09:03:57 PM |
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The definition of a " Money Transmitting Business " is a subset of a Money Services Business which Wikipedia defines as An MSB has specific meanings in different jurisdictions, but generally includes any business that transmits money or representatives of money, provides foreign currency exchange such as Bureau de changes, or cashes cheques or other money related instruments. It is often used in the context of Anti Money Laundering (AML) legislation and rules.[1][2] The beauty ( and bane) of cryptocurrency is that the IRS and several other cases have ruled crypto as Property and not money. I'm no lawyer but if its consider property then nodes are not considered money transmitting businesses and do not need FINCEN registration. If you are concerned, it would be best to check with a business lawyer preferably one that deals with cryptocurrency. Regarding Mining/Staking and similar: I can't speak for everywhere but the IRS guidance for cryptocurrency mining is that it is considered income. quickly reading the PDF: ### "A user who obtains convertible virtual currency and uses it to purchase real or virtual goods or services is not an MSB under FinCEN’s regulations" "an administrator or exchanger is an MSB under FinCEN’s regulations, specifically, a money transmitter, unless a limitation to or exemption from the definition applies to the person." "An administrator is a person engaged as a business in issuing (putting into circulation) a virtual currency, and who has the authority to redeem (to withdraw from circulation) such virtual currency" ### I am not a lawyer(!) but my understanding of this is that a notary node (or anybody that is mining) is putting into circulation a virtual currency but there is no redeem powers as the KMD that is mined cannot be destroyed. Clever lawyers might try to argue that anybody can burn by sending to a null pubkey, but it is not actually destroyed, just very unlikely to be able to be spent. Also, any such "authority" would be something all users would have and as such is not fitting the context of an administrator. After all, how can everybody be an administrator? It would be nice if someone with legal experience in this can confirm that mining crypto does not make an administrator. It seems to apply more to gateways. In more good news the DEX I think fits into the end user category as each DEX swap is an end user paying crypto in exchange for crypto. From what I can tell, it is the providing of services to third parties that is what is being regulated. Direct peer to peer commerce does not seem to be covered by this, but again this is not any legal opinion, just my reading of the PDF above afaik the guy who's looked into this issue the most is anonymint/TPTB/iamnotback, his two threads below are required reading if you want to learn more about crypto regulation and legal issues. He's not a lawyer, but getting his opinion on the legal status of notary nodes would be very useful. Topic: The altcoin topic everyone wants to sweep under the rug (Read 15182 times)Topic: Which crypto-coins are "investment securities"? Implications? (Read 4427 times)Peter Van Valkenburgh is a lawyer with a Washington based non-profit crypto policy think tank, Coin Center. This talk is a good introduction to crypto regulation. Reaching out to these guys might yield some good advice too. Devcon2: Regulatory Considerations for Dapp Developmenthttps://coincenter.org/entry/framework-for-securities-regulation-of-cryptocurrenciesIMO KMD has features that are part virtual currency (FINCEN) and part security (SEC), so understanding both regulatory frameworks is important. Obviously it's too early to be definitive, and many in the cryptosphere obviously haven't considered these issues, or consciously ignore them, but I think it's good to know the rules even if you decide to break them. Also, as mentioned by Peter Van Valkenburgh in the Devcon talk, being a non american does not save you from USA law if USA citizens buy your token. disclaimer: I am running in the notary node election So the conflict is the Side Chains or branches that can be created? I thought that was a part of the service of the coin. Those are created with denominations of KMD right? It is still KMD and wouldn't allow the Notary Node to participate in a Fiat transaction. The Atomic Cross Chain Transfers are a possible issue but this is confined to the KMD blockchain also. It is written as an arrangement on KMD to X Coin and KMD goes to another recipient within KMD for X Coin and the Notary Node doesn't benefit from the transfer other than to do its job of writing the transactions and securing them. What is the catch here that I am missing? |
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loremipsum
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October 13, 2016, 09:04:43 PM |
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Can you please provide some pre-ico statistic. Thank you.
Hello! What kind of statistic? Can you elaborate? Thanks Thank you for your fast response. Announcement! Komodo welcomes pre-ICO angel investors!
We will accept investments from angel investors before the ICO starts.
PreICO Angel Investors Terms:
Investments >250 BTC will receive 30% bonus instead of 25%.
Investments >500 BTC will receive 35% bonus instead of 25%.
The Offer will end right when the ICO starts on October 15th.
The total amount that can be raised with those terms is 5000 BTC.
Contact TwinWinNerD to take advantage of this deal, it is a manual process.
Best regards,
Komodo Team
I am curious about the total amount of BTC invested so far and at the end of pre-ico campaign. Thank you. I also wish you best of luck with Komodo. It looks very promising! Will you give out any stats about how many BTC are invested already and how many will be invested during the ICO? Thanks |
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jl777 (OP)
Legendary
Offline
Activity: 1176
Merit: 1132
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October 13, 2016, 09:11:01 PM |
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The definition of a " Money Transmitting Business " is a subset of a Money Services Business which Wikipedia defines as An MSB has specific meanings in different jurisdictions, but generally includes any business that transmits money or representatives of money, provides foreign currency exchange such as Bureau de changes, or cashes cheques or other money related instruments. It is often used in the context of Anti Money Laundering (AML) legislation and rules.[1][2] The beauty ( and bane) of cryptocurrency is that the IRS and several other cases have ruled crypto as Property and not money. I'm no lawyer but if its consider property then nodes are not considered money transmitting businesses and do not need FINCEN registration. If you are concerned, it would be best to check with a business lawyer preferably one that deals with cryptocurrency. Regarding Mining/Staking and similar: I can't speak for everywhere but the IRS guidance for cryptocurrency mining is that it is considered income. quickly reading the PDF: ### "A user who obtains convertible virtual currency and uses it to purchase real or virtual goods or services is not an MSB under FinCEN’s regulations" "an administrator or exchanger is an MSB under FinCEN’s regulations, specifically, a money transmitter, unless a limitation to or exemption from the definition applies to the person." "An administrator is a person engaged as a business in issuing (putting into circulation) a virtual currency, and who has the authority to redeem (to withdraw from circulation) such virtual currency" ### I am not a lawyer(!) but my understanding of this is that a notary node (or anybody that is mining) is putting into circulation a virtual currency but there is no redeem powers as the KMD that is mined cannot be destroyed. Clever lawyers might try to argue that anybody can burn by sending to a null pubkey, but it is not actually destroyed, just very unlikely to be able to be spent. Also, any such "authority" would be something all users would have and as such is not fitting the context of an administrator. After all, how can everybody be an administrator? It would be nice if someone with legal experience in this can confirm that mining crypto does not make an administrator. It seems to apply more to gateways. In more good news the DEX I think fits into the end user category as each DEX swap is an end user paying crypto in exchange for crypto. From what I can tell, it is the providing of services to third parties that is what is being regulated. Direct peer to peer commerce does not seem to be covered by this, but again this is not any legal opinion, just my reading of the PDF above afaik the guy who's looked into this issue the most is anonymint/TPTB/iamnotback, his two threads below are required reading if you want to learn more about crypto regulation and legal issues. He's not a lawyer, but getting his opinion on the legal status of notary nodes would be very useful. Topic: The altcoin topic everyone wants to sweep under the rug (Read 15182 times)Topic: Which crypto-coins are "investment securities"? Implications? (Read 4427 times)Peter Van Valkenburgh is a lawyer with a Washington based non-profit crypto policy think tank, Coin Center. This talk is a good introduction to crypto regulation. Reaching out to these guys might yield some good advice too. Devcon2: Regulatory Considerations for Dapp Developmenthttps://coincenter.org/entry/framework-for-securities-regulation-of-cryptocurrenciesIMO KMD has features that are part virtual currency (FINCEN) and part security (SEC), so understanding both regulatory frameworks is important. Obviously it's too early to be definitive, and many in the cryptosphere obviously haven't considered these issues, or consciously ignore them, but I think it's good to know the rules even if you decide to break them. Also, as mentioned by Peter Van Valkenburgh in the Devcon talk, being a non american does not save you from USA law if USA citizens buy your token. disclaimer: I am running in the notary node election So the conflict is the Side Chains or branches that can be created? I thought that was a part of the service of the coin. Those are created with denominations of KMD right? It is still KMD and wouldn't allow the Notary Node to participate in a Fiat transaction. The Atomic Cross Chain Transfers are a possible issue but this is confined to the KMD blockchain also. It is written as an arrangement on KMD to X Coin and KMD goes to another recipient within KMD for X Coin and the Notary Node doesn't benefit from the transfer other than to do its job of writing the transactions and securing them. What is the catch here that I am missing? DEX atomic swaps are native wallet to wallet. Also the assetchains are not directly related to KMD, other than they issue KMD transactions, which I dont think entangles the KMD. KMD is just available to do transactions and since KMD is protected by dPoW, so are all KMD transactions notary nodes are not involved in either blockchain and KMD is only involved if it is one of the coins being swapped. I have designed a system of cooperating parts. So while they work together, the system as a whole is immune from a DAO-doa type of scenario. Any damage would be limited to a specific assetchain that goes bad. as far as what the conflict is, I dont know. That is up to the lawyers to figure out. |
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Frogman
Legendary
Offline
Activity: 1232
Merit: 1003
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October 13, 2016, 09:16:48 PM |
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i'm confused. so if i wanna buy komodo with btc. how much btc for one komodo coin?
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jl777 (OP)
Legendary
Offline
Activity: 1176
Merit: 1132
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October 13, 2016, 09:33:37 PM |
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"blocks" : 23581, "connections" : 35, "difficulty" : 2.23659430, KMD testnet keeps chugging along and we now have almost a dozen active testnet notary nodes. We are doing daily deployments. Today, we got 3 and 4 node group tx to work: https://blockchain.info/tx/7b5a864df608ee39208efa9bebc2d62896fdbaf4d83e1bf7d0ae99e37b433aa4and latest version is testing a 5 way notarized transaction. We wont have to increment it one at a time to 33, soon I should be able to just set it to N/2 + 1. There have been many bugs I fixed over the last days and now it appears to be working fairly smoothly. I added notary packet versioning so non-updated notaries dont mess up the protocol. Dramatically reduced redundant packet transmissions and the notary network is pubkey based, so there is a layer privacy as far as the IP address goes. However it is not anything that can be relied on as it is at the mixin level, but it is better than nothing. Along the way, the notary tx to KMD chain seems to have stopped being consistent, so I need to fix that next. So steady progress. Not quite stable enough, but considering it just came online in its initial form a few days ago, things are coming together timely. I will now split time between improving the notarization process and the remaining loose ends. |
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KomodoPlatform
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October 13, 2016, 09:41:36 PM |
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I am curious about the total amount of BTC invested so far and at the end of pre-ico campaign. Thank you.
Last time I checked we had received 300 BTC and about to receive another 300 BTC. Sorry I don't know if the situation has changed since then. We can give an update about this tomorrow/before ICO starts. That's not a problem  How can i participate on the komodo ICO. i know, with BTC from my BTC wallet adress. But i also have BTCD in my wallet. When and how can i spent these BTCD for changing into Komodo? Sry if it is already said in this thread but i couldn´t find it probably!
Hello! Keep an eye on the countdown on komodoplatform.com, after it runs out you can enter the ICO site where you can send your BTC. For the BTCD swap you will have to wait until the ICO is over. We highly encourage you to send your BTCD's to a local wallet, so you can participate to the snapshot and get a REV asset. The snapshot is taken after the ICO, right before the swapping begins. Fore more info visit bitcoindark.com and read the guide linked there! Best regards, |
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KomodoPlatform
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October 13, 2016, 09:52:35 PM |
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i'm confused. so if i wanna buy komodo with btc. how much btc for one komodo coin?
The KMD supply is fixed, but the amount of capital we receive is not. Thus there is no way to set an exchange rate for BTC/KMD until the ICO has ended. We made a "KMD calculator" so everyone can speculate how much KMD they would receive under different scenarios.
Komodo Calculator
We have created a spread sheet where you can calculate different scenarios about how much KMD one bitcoin would buy or how much you would receive in a BTCD swap. The numbers in the spread sheet right now are just random guesses, as there is no way to know how much investments we will get.
The calculator can be downloaded from our website. |
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drnash85
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October 13, 2016, 09:56:37 PM |
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i'm confused. so if i wanna buy komodo with btc. how much btc for one komodo coin?
The KMD supply is fixed, but the amount of capital we receive is not. Thus there is no way to set an exchange rate for BTC/KMD until the ICO has ended. We made a "KMD calculator" so everyone can speculate how much KMD they would receive under different scenarios.
Komodo Calculator
We have created a spread sheet where you can calculate different scenarios about how much KMD one bitcoin would buy or how much you would receive in a BTCD swap. The numbers in the spread sheet right now are just random guesses, as there is no way to know how much investments we will get.
The calculator can be downloaded from our website. This is a cool ico, I am ready for launch. |
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yassin54
Legendary
Offline
Activity: 1540
Merit: 1000
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October 13, 2016, 10:16:05 PM |
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Komodo Dev Blog: A Testnet Notary Node Development Report. |
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Fire Rabbit
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Activity: 1267
Merit: 1000
BabelFish - FISH Token Sale at Sovryn
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October 13, 2016, 10:16:33 PM |
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Please count me in!  |
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yonatangov
Newbie
Offline
Activity: 24
Merit: 0
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October 13, 2016, 10:23:52 PM |
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hi,
Why don't you put real names and faces for the team of the project??
I cannot think of another reason other than that this project is a SCAM.
You have answered this question but your answer doesn't make sence.
It's very easy to put real names and pictures, you must have a good reason not to.
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Wapinter
Legendary
Offline
Activity: 2632
Merit: 1026
Hire me for Bounty Management
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October 13, 2016, 10:26:27 PM |
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hi,
Why don't you put real names and faces for the team of the project??
I cannot think of another reason other than that this project is a SCAM.
You have answered this question but your answer doesn't make sence.
It's very easy to put real names and pictures, you must have a good reason not to.
I agree with this suggestion.All the people associated with this project should come in public to give this project more authenticity |
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loremipsum
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October 13, 2016, 10:30:32 PM |
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hi,
Why don't you put real names and faces for the team of the project??
I cannot think of another reason other than that this project is a SCAM.
You have answered this question but your answer doesn't make sence.
It's very easy to put real names and pictures, you must have a good reason not to.
I agree with this suggestion.All the people associated with this project should come in public to give this project more authenticity I don't know who jl777 is but he said from the beginning that he will not reveal his real name and he wishes to remain anonymous. Afterall, you are asking for names in a project whose aim is to enhance anonymity - can't you see the irony in this?  It is your choice to invest or not |
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yonatangov
Newbie
Offline
Activity: 24
Merit: 0
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October 13, 2016, 10:41:57 PM |
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hi,
Why don't you put real names and faces for the team of the project??
I cannot think of another reason other than that this project is a SCAM.
You have answered this question but your answer doesn't make sence.
It's very easy to put real names and pictures, you must have a good reason not to.
I agree with this suggestion.All the people associated with this project should come in public to give this project more authenticity I don't know who jl777 is but he said from the beginning that he will not reveal his real name and he wishes to remain anonymous. Afterall, you are asking for names in a project whose aim is to enhance anonymity - can't you see the irony in this? It is your choice to invest or not OK 1 developer is annonymous, why is all the other fake names behind this project need to stay annonymous ?? if they even exist. the project aims for annonymousity, they want to raise money, in a normal world the minimum is to know who gets the investors money. |
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yassin54
Legendary
Offline
Activity: 1540
Merit: 1000
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October 13, 2016, 10:51:22 PM |
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hi,
Why don't you put real names and faces for the team of the project??
I cannot think of another reason other than that this project is a SCAM.
You have answered this question but your answer doesn't make sence.
It's very easy to put real names and pictures, you must have a good reason not to.
I agree with this suggestion.All the people associated with this project should come in public to give this project more authenticity I don't know who jl777 is but he said from the beginning that he will not reveal his real name and he wishes to remain anonymous. Afterall, you are asking for names in a project whose aim is to enhance anonymity - can't you see the irony in this? It is your choice to invest or not OK 1 developer is annonymous, why is all the other fake names behind this project need to stay annonymous ?? if they even exist. the project aims for annonymousity, they want to raise money, in a normal world the minimum is to know who gets the investors money. It is me "Yassin"
Social Media Manager!!
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limbaugh
Legendary
Offline
Activity: 1311
Merit: 1000
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October 13, 2016, 11:24:53 PM |
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OK 1 developer is annonymous, why is all the other fake names behind this project need to stay annonymous ?? if they even exist.
the project aims for annonymousity, they want to raise money, in a normal world the minimum is to know who gets the investors money.
Relax, Boogieman is attempting to raise 20 million USD. What could go wrong? |
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RichardT
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October 13, 2016, 11:31:39 PM |
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Is Iguana still on schedule to release before ICO starts?
This was asked a day or two ago from the GUI team and they said to be working really hard to achieve that. This doesn't look good. A couple of days to go. They should know if it is going to work or not. This ICO is rushed. Do what you said you were going to do. Release iguana. Or postpone the ICO if you can't do what you said you were going to do. Otherwise what you are doing IS the definition of a money grab. Make promises, ask for money, don't deliver, keep money. And don't give me we are working hard look at the git, yes I know there is progress, but you need to do what you said you would. And you said it would be done b4 the ICO start. It's that simple. If you do not release Iguana b4 ICO you are 100% disrespecting the people you are asking money from, and will have your first black mark on this project and a loss of confidence by many. command line iguana is available for a while now. We also have a functioning GUI, but these iguana GUI are not directly connected to dPoW. The ICO is about komodo dPoW, the fact that iguana will also be available is an extra bonus. Clearly no komodo ICO funds were used to develop iguana. My judgement is that getting dPoW functioning is much more important than GUI for iguana. iguana GUI does not do dPoW. iguana GUI does not do zcash. anyway, I will continue to finalize dPoW as I dont personally do GUI I think you're kind of missing the point, jl777. The point is to prove that you can keep your word and in return, develop more trust and a better reputation which will help the ICO. You did say iguana GUI will be done before ICO. Yes, it's not a big deal whether or not this happens from a tech point of view. But if you say something is going to happen, then it's important to make sure it will. |
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polycryptoblog
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October 13, 2016, 11:48:35 PM |
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Is Iguana still on schedule to release before ICO starts?
This was asked a day or two ago from the GUI team and they said to be working really hard to achieve that. This doesn't look good. A couple of days to go. They should know if it is going to work or not. This ICO is rushed. Do what you said you were going to do. Release iguana. Or postpone the ICO if you can't do what you said you were going to do. Otherwise what you are doing IS the definition of a money grab. Make promises, ask for money, don't deliver, keep money. And don't give me we are working hard look at the git, yes I know there is progress, but you need to do what you said you would. And you said it would be done b4 the ICO start. It's that simple. If you do not release Iguana b4 ICO you are 100% disrespecting the people you are asking money from, and will have your first black mark on this project and a loss of confidence by many. command line iguana is available for a while now. We also have a functioning GUI, but these iguana GUI are not directly connected to dPoW. The ICO is about komodo dPoW, the fact that iguana will also be available is an extra bonus. Clearly no komodo ICO funds were used to develop iguana. My judgement is that getting dPoW functioning is much more important than GUI for iguana. iguana GUI does not do dPoW. iguana GUI does not do zcash. anyway, I will continue to finalize dPoW as I dont personally do GUI I think you're kind of missing the point, jl777. The point is to prove that you can keep your word and in return, develop more trust and a better reputation which will help the ICO. You did say iguana GUI will be done before ICO. Yes, it's not a big deal whether or not this happens from a tech point of view. But if you say something is going to happen, then it's important to make sure it will. JL777 is not doing GUI development, Iguana GUI is being worked on by Boogieman and EasyDex GUI is being worked on by grewalsatinder. He completed his part of the work, now the other developers are working to bring it to the finish line. Coding takes time, and its better to have a project with no/little bugs than to have to issue constant updates to fix bugs in a rushed release. Be patient. |
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Frogman
Legendary
Offline
Activity: 1232
Merit: 1003
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October 14, 2016, 12:02:41 AM |
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so when will the wallet come out and what address do i send the btc to for my komodo coins?
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