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Author Topic: [ANN][INCNT] Incent Loyalty | Waves Token | Traded on Bittrex | Roll-out 2017  (Read 423308 times)
gentil
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July 06, 2017, 03:21:38 PM
 #4081

I'm dont understand this part of your Incent whitepaper - its on page 5 http://prntscr.com/fs01s0

You're stating that when a customer makes a purchase, a script will run that basically makes an order to buy incent and send it to the customer. So the retailer is buying incent automatically and sending it to the customer?

What happens if the customer never uses the incent?

Then the retailer has sent money to the customer which they will never use. The retailer can't get the money / incent back!!

Am I missing something???

This is essentially what happens, yes. A percentage of the purchase amount it used to buy Incent for the customer. The merchant has known, fixed costs up front (which they love) and no forward liability. The customer gets a digital asset they can use in whatever way they want - spend, sell, hold, give away whatever.
You have to shift your perception of loyalty a little to understand how powerful this is because it's fundamentally different from the IOU-based model of traditional loyalty.

Customer rewards is an interesting blockchain area, but with your model I don't see it being appealing to businesses. With your model a business will have an additional cost - they have to buy incent - regardless of whether the customer uses it or not. And I dont think saying ''the customer willl receive an email'' etc will be anywhere near enough.

Is there no alternative way where businesses woudlnt be obliged to buy incent, regardless of whether the customer used it or not?



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Cassius
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July 06, 2017, 07:33:23 PM
 #4082

I'm dont understand this part of your Incent whitepaper - its on page 5 http://prntscr.com/fs01s0

You're stating that when a customer makes a purchase, a script will run that basically makes an order to buy incent and send it to the customer. So the retailer is buying incent automatically and sending it to the customer?

What happens if the customer never uses the incent?

Then the retailer has sent money to the customer which they will never use. The retailer can't get the money / incent back!!

Am I missing something???

This is essentially what happens, yes. A percentage of the purchase amount it used to buy Incent for the customer. The merchant has known, fixed costs up front (which they love) and no forward liability. The customer gets a digital asset they can use in whatever way they want - spend, sell, hold, give away whatever.
You have to shift your perception of loyalty a little to understand how powerful this is because it's fundamentally different from the IOU-based model of traditional loyalty.

Customer rewards is an interesting blockchain area, but with your model I don't see it being appealing to businesses. With your model a business will have an additional cost - they have to buy incent - regardless of whether the customer uses it or not. And I dont think saying ''the customer willl receive an email'' etc will be anywhere near enough.

Is there no alternative way where businesses woudlnt be obliged to buy incent, regardless of whether the customer used it or not?




Actually businesses like the idea due to the fixed overheads. With regular loyalty there's a forward liability because you never know when someone is going to cash in points at your expense.
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July 06, 2017, 10:42:05 PM
 #4083

Will we see new ICOs that use ICOTech/Incent? Same question for BlockSwap?



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Cassius
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July 07, 2017, 12:40:25 AM
 #4084

Will we see new ICOs that use ICOTech/Incent? Same question for BlockSwap?

Right now I'm in Sydney and this is one of the questions we are discussing.
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July 07, 2017, 01:48:48 PM
 #4085

So, Peter was caught that means he is likely the responsible for the hack of ETT or he could be the hacker. I hope Incent will be able to look for the 238BTC that he was able to ran away with also I hope he ends up in jail. He severely damage both incent and ETT.
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July 07, 2017, 04:50:48 PM
 #4086

Quote
from incent slack: So, the update that you have been waiting for.

As you already know, Peter is no longer a director or the CTO of Incent. Whilst there had been significant questions about the quality of his code and his fitness to act as CTO for some time now, what precipitated the decision to remove him was something way more serious. As some of you have already noted, last Wednesday a large amount cryptocurrency - 30% of Incent's WAVES, WCT and INCENT - were moved from Incent's Treasury. What we could not discuss at the time was that Peter had made these transactions, without consultation or permission, into an address that he alone controls: http://www.wavesgo.com/account.html?3PCwApDWZ9cAKGkja4XVqHXoJVcgDWR9Vro
When first Rob, then I urged him to return these funds, he refused. Rob sought legal advice immediately which established likely breaches of both company and criminal law. Today we successfully obtained an injunction which freezes (in law) the funds Peter has mis-appropriated and the balance of company funds under his control.  This means that the funds - whilst not in the control of Incent PTY Ltd - cannot be moved by Peter again without serious legal consequences, over and above the trouble he is already in from mis-appropriating them in the first place.
Make no mistake that we are treating this incident with the utmost seriousness but while it is still sub judice and there is a limited amount that we can say, we are now satisfied that the immediate danger of Peter cashing out the funds has been contained and we are leveraging threat of prosecution to secure recovery. While as shocking as it disappointing, I have been impressed by the resourcefulness and resilience of Rob's Sydney team as they fight to recover from this betrayal.

So, Peter was caught that means he is likely the responsible for the hack of ETT or he could be the hacker. I hope Incent will be able to look for the 238BTC that he was able to ran away with also I hope he ends up in jail. He severely damage both incent and ETT.

Damn ... what a scammer ....
So I think, we can forget about the incent bonus for ETT?
Is there a probability that the remaining Incent members can also get the >200 btc back which he has stolen?
Is there anything working normal in this "company"?

I think it would be the best to shut down Incent, so no more others get harmed.

Banger
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July 07, 2017, 05:34:26 PM
 #4087

I hope that after resolving this situation, the Incent developers will bring the project to a new, better quality level. Its time to become stronger and more reliable for Incent team.

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icoico
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icoico
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icoico
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Banger42
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July 07, 2017, 06:09:10 PM
 #4088

I hope that after resolving this situation, the Incent developers will bring the project to a new, better quality level. Its time to become stronger and more reliable for Incent team.

It would be better to stop the mess  Angry
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July 07, 2017, 06:37:22 PM
 #4089

I hope that after resolving this situation, the Incent developers will bring the project to a new, better quality level. Its time to become stronger and more reliable for Incent team.

It would be better to stop the mess  Angry
We are still commited to make Incent Loyalty a success story. We will rise out of this in better shape than we have ever been, I am sure of that. Please bear with us during the next days as we are trying to resolve the situation.

WavesGo - the Official Block Explorer for the Waves Platform. Making blockchain accessible to the masses.
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July 10, 2017, 04:01:40 PM
 #4090

when can I get my incent bonus for ETT?

You already asked and got the answer on Slack. Why ask again here?

Sorry, when I ask again ...
But after all the problems, when can we get our Incent bonus for ETT?

Do you still want to pay that to the ETT investors or is the problem with peter a reason to also break this promise ?

Banger
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July 10, 2017, 07:53:47 PM
 #4091

when can I get my incent bonus for ETT?

You already asked and got the answer on Slack. Why ask again here?

Sorry, when I ask again ...
But after all the problems, when can we get our Incent bonus for ETT?

Do you still want to pay that to the ETT investors or is the problem with peter a reason to also break this promise ?

Banger

I can't comment on that reason.
I can say that we do want to pay that and are working on the problem as part of the broader matter we've been addressing for the last two weeks.
I'm sorry not to be more specific but I hope you will understand.
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July 14, 2017, 09:50:07 AM
 #4092

Any news?

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July 14, 2017, 12:44:13 PM
 #4093

Any news?

Working on it Smiley We should have a fairly extensive update soon that will show the direction we intend to take from here.
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July 14, 2017, 01:34:57 PM
 #4094

Hello,
Why incent price is very low? I can't believe that current price is bellow 5k satoshi. I hope we can see a pump very soon as like before. I bought 1.2k incnt today.
Waiting for some good news.
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July 15, 2017, 05:27:12 AM
 #4095

So here's an update about the last couple of weeks and the decisions we've taken about the direction of development.

https://medium.com/incent-loyalty-blog/an-update-from-incent-690a0cd56d58
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July 15, 2017, 05:29:15 AM
 #4096

An update from Incent

Sydney, 15 July 2017

G’day,

So ends another frenetic week and in pausing to take stock, I am well aware that I owe you all an update on where things stand, how we got here and what we are doing about it. In the future I look forward to doing this by AMA or Interview but right now I need to choose my words with the utmost care and cannot afford to be drawn. I can only hope you understand. Firstly, and with respect to the most recent unpleasantness, I can only say 3 things at this point:

    1. A third of our crypto assets are not currently under our control.
    2. A NSW high court injunction would render their further movement a criminal offence.
    3. We are doing everything we can to secure their return.

Clearly, none of this is ideal but having spent the last 10 days, working up and through a damage limitation and recovery strategy, I feel like we are pulling out of the dive. The purpose of this note is to to share with you all why I feel this way.

Team

So, it’s a jolting moment when one’s Technical Director is, literally, no longer present, particularly without any succession measures in place. But, it’s important to remember that at this point Incent’s technical team is bigger than one man. Matt and Nadia have been with us for nearly 2 months, Bok is alongside and Sergey has rolled straight into the TD role. Also, Jins’ technical background has enabled him lean-in, secure and shore up our technical infrastructure. So while it’s a fact that a lot of IP walked out of the door with Peter, it isn’t like anything we were working on has ground to a halt. Further, it’s forced us to take a fresh look at our development path in the broadest sweep and this has been a wholly positive process.

Further, the arrival of Mary Powell as GM and Compliance Officer could not have been better timed and together with our legal and accounting specialists, I feel that a close team is being forged in a crucible of pressure. This is not what any of us would have wished for but we’re committed, professional adults and we’re determined to come through this trial better and stronger.

Core

So far as the core product is concerned, we have made the decision to simplify the MVP — significantly — such that Incent is bought via a web-app then distributed and traded via a mobile ‘kiosk’ app to and from a consumer’s mobile wallet app. These 3 components will allow us to get to market with an end to end solution in the shortest possible order and provide us with a foundation upon which to build the more advanced functionalities and plug-ins.

I accept that is a more modest entrance to the mainstream commercial market than we had originally envisaged but if we have learned anything over the last 3 months, it’s that sophistication doesn’t scale well, quickly. Beyond which, this MVP realisation removes all barriers to global merchant participation at the outset and gives us the tools to demonstrate the product to potential partners. So this is what we are going to do and we’re excited about it.

ICO Tech

I want to acknowledge the community angst swirling around our hosted ICO service, which stems from a decision I made back in December of 2016 to support demand for Incent quickly, using something we had already built, in a market I felt was set to catch fire.

I also want to assert that there wasn’t a lot wrong with this strategy; the ICO market has taken off and this tech provably boosts demand for Incent when deployed.

Equally, I recognise that our execution of the strategy — both commercially and technically — was poor and I accept that the impact of our failure to deliver what we had hoped to has been significant, on our reputation generally and your confidence in us to deliver our core mission.

Painful though this is to acknowledge, I am minded that history is replete with examples of things that didn’t go right the first time, so while I have hated presiding over such a bloody mess and understand that the course of least resistance would be to shutter it up and move on swiftly, I’ve felt compelled to weigh the strength of the original strategy against the complications we experienced in its execution.

And this process informed a decision I took a month back to re-build the code base, remove the dependencies, strip out the complexity and then look to open-source the lot, with a far simpler demand servo for Incent built-in.

If we follow through with this plan, the code would benefit from exposure to community audit, our maintenance costs would be zeroed and demand for Incent would still be supported whenever a new team deploys it. It would also lower entry costs for new projects wanting to launch projects on the Waves platform, which feels like the least we can do.

Anyway, while we are yet to make final deployment decisions, as I write this update the heavy lifting is well progressed. And what I can promise you is that whatever we decide ultimately to do, Incent will never again host an ICO on behalf of a client. On this point we have most certainly learnt our lesson.

Thoughts

So there you are. As I read this back to myself, it occurs to me that just 74 days have passed since the start of MobileGo’s ICO. How different life looked for us here at Incent HQ just 2 and half months ago…

But, d’you know what? Hard as they have been to endure, we are still here. Nothing has been done that cannot be undone, learnt from or improved. I haven’t undergone a change of personality or conviction. I’m still driven to deliver Incent’s core mission and despite everything, my team still has more resources and talent in place to achieve that now than we did last December. Viewing things from this perspective helps me to appreciate that the sky really isn’t going to fall in and that, in fact, we’ve only just begun.

Yours Aye,

Rob W.
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July 15, 2017, 06:55:26 AM
 #4097

Anything concrete again  Angry I feel like I just want cut my losses with Incent. Sadly...

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July 15, 2017, 10:40:27 PM
 #4098

An update from Incent


    1. A third of our crypto assets are not currently under our control.
    2. A NSW high court injunction would render their further movement a criminal offence.
    3. We are doing everything we can to secure their return.

Rob W.

Well, it could have been worse. DAO was pretty much unstoppable - whereas a) This is limited to 1/3 of assets. b) You have a good idea where the assets are and c) You are taking all reasonable steps to recover them.
I think this is still in 'learning curve' territory. And we swap an overpaid useless coder with a, hopefully, more realistically paid good coder.

Oh - and get his face off the website team photo, post haste!  Cheesy
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July 15, 2017, 11:09:48 PM
 #4099


    1. A third of our crypto assets are not currently under our control.
    2. A NSW high court injunction would render their further movement a criminal offence.
    3. We are doing everything we can to secure their return.
Looks like you are missing a lot of coins here and there is a legal battle going on with the project at stake,no wonder the price has taken a hit,is it even possible to get the coins back and if you are not able to recover the coins then what will be the situation,will the project fold before fulfilling the promise.
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July 16, 2017, 08:05:35 AM
 #4100


    1. A third of our crypto assets are not currently under our control.
    2. A NSW high court injunction would render their further movement a criminal offence.
    3. We are doing everything we can to secure their return.
Looks like you are missing a lot of coins here and there is a legal battle going on with the project at stake,no wonder the price has taken a hit,is it even possible to get the coins back and if you are not able to recover the coins then what will be the situation,will the project fold before fulfilling the promise.

Actually, the outlook on the core product is in a pretty good place right now. It would be wrong to call the other stuff a sideshow, but it won't kill the project.
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