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Author Topic: [ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem  (Read 367644 times)
stefanoste
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June 11, 2017, 02:12:50 PM
 #1601

An interesting read for most people in this thread: Vitalik Buterin's objective analysis on token sale models in general. (Not specifically about the Bancor ICO, but mentioned several times as an example)

http://vitalik.ca/general/2017/06/09/sales.html

Yes. I think below statement is very important for Bancor fundraiser.

Bancor, which recently agreed (https://blog.bancor.network/the-community-of-the-currency-9770087fde17) to put all funds raised over a cap into a market maker which will maintain price stability along with maintaining a price floor of 0.01 ETH. These funds cannot be removed from the market maker for two years.

Which means if you decide to invest Bancor, you agree that you will hold it for a long term investment.
You totally got it wrong buddy, try to read and digest it properly.  Nobody investment gonna get locked up.

From Cummunication below
https://blog.bancor.network/the-community-of-the-currency-9770087fde17

"Ok so let's give the information as reported on communication as well as the term of sale

We’ve heard many concerns that having no cap in the first hour (other than the 1M Ether security cap) may result in BNT dropping below its initial price after the token allocation event. Even though we’d like to think that our hodlers will not be quick to liquidate BNT they’ve purchased at its initial price, we have decided to allocate any proceeds collected in the minimum hour which exceed the hidden cap as follows:
20% will be allocated to the BNT Ether Reserve, to further improve the liquidity of BNT, which increases stability while reducing conversion costs (price slippage) for all.
80% will be locked for two years in a smart contract that will buy back BNT for 0.01 ETH (the initial price) whenever it is available, according to its calculated price. The purchased BNT will be added to the Foundation’s long-term budget, and after a 2-year period, any remaining ETH will be allocated pro-rata according to the “Use of Proceeds” chart in our Token Creation Terms."

And from Term of sale
https://blog.bancor.network/bancor-network-token-bnt-contribution-token-creation-terms-48cc85a63812

"Terms Summary:
50/20/20/10 Token Distribution: 50% of BNT will be issued to the contributors in the fundraiser, 20% allocated to partnerships, community grants and public bounties, 20% to the Foundation’s long-term operating budget, 10% to founders, team members, advisors and early contributors. Founders and team contributors will be subject to a three year vesting schedule.
Fixed Price: 0.01 ETH per 1 BNT (i.e. 100 BNT per 1 ETH)
Hidden ETH Cap: revealed if 80% of the cap is reached.
Duration: The fundraiser will run for 14 days or until the hidden cap is reached, with a 1 hour minimum time.
How minimum time works? Read this: https://goo.gl/1lL0NY
Token Availability: BNT for ETH contributions will be distributed immediately. The ability to transfer, purchase and liquidate BNT through the smart token’s contract will be enabled gradually during a time span estimated at 7 days following the fundraiser closing.
Security: Funds will be held using multi-sig wallets according to industry best practices."

What is " three year vesting schedule."??

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June 11, 2017, 02:44:40 PM
 #1602

Changing the pre-established time to rake in more money from Americans is absolutely ridiculous. Why set the original time in the first place?? Scammy look all the way around
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June 11, 2017, 02:49:36 PM
 #1603

What is " three year vesting schedule."??

So the 10% of BNT that goes to the team has a 3 year vesting schedule. This is to safeguard the company from employees running away after they get their share. So every team member has some "skin in the game" Wink
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June 11, 2017, 02:51:24 PM
 #1604

good project, greedy project. I will wait after ICO

my prediction it will be cheaper.

Blah blah
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June 11, 2017, 02:58:04 PM
 #1605

What is " three year vesting schedule."??

So the 10% of BNT that goes to the team has a 3 year vesting schedule. This is to safeguard the company from employees running away after they get their share. So every team member has some "skin in the game" Wink

Thx ...so funds will be locked  for two years  as state  on the  communication right ?

"
20% will be allocated to the BNT Ether Reserve, to further improve the liquidity of BNT, which increases stability while reducing conversion costs (price slippage) for all.
80% will be locked for two years in a smart contract that will buy back BNT for 0.01 ETH (the initial price) whenever it is available, according to its calculated price. The purchased BNT will be added to the Foundation’s long-term budget, and after a 2-year period, any remaining ETH will be allocated pro-rata according to the “Use of Proceeds” chart in our Token Creation Terms
"

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June 11, 2017, 03:00:00 PM
 #1606

Changing the pre-established time to rake in more money from Americans is absolutely ridiculous. Why set the original time in the first place?? Scammy look all the way around
Do you run a company? have you ever run an ICO? i believe you are a true FUDER if you imply  Bancor is a scam, i have been following them for months now, and i think they are one of the most intersting teams out there

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June 11, 2017, 03:11:11 PM
 #1607

What is " three year vesting schedule."??

So the 10% of BNT that goes to the team has a 3 year vesting schedule. This is to safeguard the company from employees running away after they get their share. So every team member has some "skin in the game" Wink

Thx ...so funds will be locked  for two years  as state  on the  communication right ?

"
20% will be allocated to the BNT Ether Reserve, to further improve the liquidity of BNT, which increases stability while reducing conversion costs (price slippage) for all.
80% will be locked for two years in a smart contract that will buy back BNT for 0.01 ETH (the initial price) whenever it is available, according to its calculated price. The purchased BNT will be added to the Foundation’s long-term budget, and after a 2-year period, any remaining ETH will be allocated pro-rata according to the “Use of Proceeds” chart in our Token Creation Terms
"

No lol, those 2 are unrelated.

So the 3 year vesting schedule refers to the 10% of BNT going to the team which solely applies to employees. This wont affect you in any way.

The 2 year period you mention is the distribution of ETH funds raised in the 1st hour  more than the hidden cap, of which 80% will be locked up in a smart contract for 2 years buying up BNT as described above.
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June 11, 2017, 03:13:01 PM
 #1608

No matter how bad the terms are, people will buy into this anyway.
Ya that how it goes. As long as u will do money with that.....people will invest in this ico. Every ICO Project this years started with x2 and more on the exchange. Noone will sell his coins less then ico price. You will do always some money with legit/good ico projects

I was too lazy to check out the team until now but as I see, nobody cares here, so here's my question about the developer team. I hope some people will read this.

Yehuda Levi - CTO - CoFounder Appcoin, 3years 9mo. When you go to Appcoins, it has no detail at all, not even a website, what did he do for almost 4 years ?
Mati Levi - QA Engineer - 3 years at Appcoin. Same thing, what did he do ?
Omry Rosenfeld - Frondend developer 1year 5mo, same question.
Assaf Rachman - Full stack developer at Appcoin. same question
Or Bachar - Web developer at Marketspulse for 2years 1mo. Here's the site. http://www.marketspulse.com/ It does not even have a single link in it. Could have been a bare picture with text. This was his work for 2 years ?
Itay Dreyfus - UX/UI Designer for 5months at Appcoin but he links group.market app.

These are the devs. Now I'm really curious what did they do at appcoin, all I could find was https://bitcointalk.org/index.php?topic=475160.0 It's a scamcoin from 2014 and https://www.appcoin.me/ UX/UI DESIGNER open position, no links.


Yes Appcoin seems to be scam/ project suspended. But Itay left that company. In most of the cases the UI/UX ,Developers dont even know if they are working for a scam project.
But involvment of Yehuda as CTO is strange.
I have no idea why nobody cares about the dev team.. I wanted to invest like 20-30 eth in this but there are just too many unanswered questions that makes the whole thing fishy. People's logic is something like this : every ICO will at least 2x and noody sells under ICO so let's invest. But they only see the winning ICOs, the majority fails. Now this will be bought in 1hour I'm sure of that so it might make profit anyway and that is pretty dangerous in the long run, it teaches people to lose their common sense/logic and throw money at everything new..(this is kinda happening all year with ICOs)
FOMO at its finest. I was going to throw most of my liquidity into this project but now I'm toning it back.

Is there any proof of appcoin being a scam other than some forum speculating about it? Looks like it was simply an unsuccessful project. They are even open about it in at least one interview, saying "many of the appcoin team now works on Bancor". Having a failed project is not necessarily a bad thing, can be good, as long as they learned from it.

Let me ask you a different question, is there any proof that the dev team actually ever worked on anything ? I don't see much. more like none in the past 4 years.

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June 11, 2017, 03:17:11 PM
 #1609

It's too late and I literally JUST found this thread so have mercy with this question, how do we know the cap again? I thought it was hidden but everyone keeps saying 300 cap with 750 or something.

It is right there in the contract code hard coded as 1 million ETH, which equals 350 million USD, which equals 700 million market cap.

I realized this RIGHT before passing out last night, but it's also not entirely correct eh?

wouldn't this bank entirely on the price of ETH on the day of investing?

I think I'm only gonna put a small bit in...such high goals is a little crazy, espcially if with X tokens and ETH @ ~$350 the 'hidden cap' HAS to be higher than that, since that's their BASE market cap.

Wouldn't that mean that 100/ETH is right now ~$3.50 USD/BNT which 1 million ETH would be 100 Mil BNT?

how you get 700 million market cap unless it's ~$7/BNT?

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June 11, 2017, 03:21:53 PM
 #1610

It's too late and I literally JUST found this thread so have mercy with this question, how do we know the cap again? I thought it was hidden but everyone keeps saying 300 cap with 750 or something.

It is right there in the contract code hard coded as 1 million ETH, which equals 350 million USD, which equals 700 million market cap.

I realized this RIGHT before passing out last night, but it's also not entirely correct eh?

wouldn't this bank entirely on the price of ETH on the day of investing?

I think I'm only gonna put a small bit in...such high goals is a little crazy, espcially if with X tokens and ETH @ ~$350 the 'hidden cap' HAS to be higher than that, since that's their BASE market cap.

Wouldn't that mean that 100/ETH is right now ~$3.50 USD/BNT which 1 million ETH would be 100 Mil BNT?

how you get 700 million market cap unless it's ~$7/BNT?

I donno why ppl think this ico gonna get 1m eth in 1 hour. Is that even possible? Lol

That 1m eth is a security cap.
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June 11, 2017, 03:22:55 PM
 #1611


I have no idea why nobody cares about the dev team.. I wanted to invest like 20-30 eth in this but there are just too many unanswered questions that makes the whole thing fishy. People's logic is something like this : every ICO will at least 2x and noody sells under ICO so let's invest. But they only see the winning ICOs, the majority fails. Now this will be bought in 1hour I'm sure of that so it might make profit anyway and that is pretty dangerous in the long run, it teaches people to lose their common sense/logic and throw money at everything new..(this is kinda happening all year with ICOs)
FOMO at its finest. I was going to throw most of my liquidity into this project but now I'm toning it back.

Is there any proof of appcoin being a scam other than some forum speculating about it? Looks like it was simply an unsuccessful project. They are even open about it in at least one interview, saying "many of the appcoin team now works on Bancor". Having a failed project is not necessarily a bad thing, can be good, as long as they learned from it.

Let me ask you a different question, is there any proof that the dev team actually ever worked on anything ? I don't see much. more like none in the past 4 years.

While correct, they could've just learned from mistakes and be golden now, it IS sketchy that there's not more discussion about it.

I'm totally with you pw but the only disagreement is we don't try to predict where the market is going, we should closely follow it. And like the greats have said, the market will remain illogical longer than you remain liquid Wink

idk for sure about this one, might drop 10-15 ETH into it just in case, but I agree...the fundamentals are ALL off but fundamentals don't dictate where a market goes, it's the fools with tons of money who WONT let it drop past ICO price. I'll have to see how many transactions are attempting to occur right up til the sale...then I'll go with the money if it's going there!


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June 11, 2017, 03:27:44 PM
 #1612

It's too late and I literally JUST found this thread so have mercy with this question, how do we know the cap again? I thought it was hidden but everyone keeps saying 300 cap with 750 or something.

It is right there in the contract code hard coded as 1 million ETH, which equals 350 million USD, which equals 700 million market cap.

I realized this RIGHT before passing out last night, but it's also not entirely correct eh?

wouldn't this bank entirely on the price of ETH on the day of investing?

I think I'm only gonna put a small bit in...such high goals is a little crazy, espcially if with X tokens and ETH @ ~$350 the 'hidden cap' HAS to be higher than that, since that's their BASE market cap.

Wouldn't that mean that 100/ETH is right now ~$3.50 USD/BNT which 1 million ETH would be 100 Mil BNT?

how you get 700 million market cap unless it's ~$7/BNT?

I donno why ppl think this ico gonna get 1m eth in 1 hour. Is that even possible? Lol

That 1m eth is a security cap.


i don't even understand how will be possible to have like 250k eth ... no one in history of crypto raised too much...

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Zechis966
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June 11, 2017, 03:27:49 PM
 #1613

It's too late and I literally JUST found this thread so have mercy with this question, how do we know the cap again? I thought it was hidden but everyone keeps saying 300 cap with 750 or something.

It is right there in the contract code hard coded as 1 million ETH, which equals 350 million USD, which equals 700 million market cap.

I realized this RIGHT before passing out last night, but it's also not entirely correct eh?

wouldn't this bank entirely on the price of ETH on the day of investing?

I think I'm only gonna put a small bit in...such high goals is a little crazy, espcially if with X tokens and ETH @ ~$350 the 'hidden cap' HAS to be higher than that, since that's their BASE market cap.

Wouldn't that mean that 100/ETH is right now ~$3.50 USD/BNT which 1 million ETH would be 100 Mil BNT?

how you get 700 million market cap unless it's ~$7/BNT?

I donno why ppl think this ico gonna get 1m eth in 1 hour. Is that even possible? Lol

That 1m eth is a security cap.



but so, is the 1m ETH the 'hidden' cap they just have it obviously shown in the contract?

"Because if that's the hidden cap then I doubt this one will hit the hidden cap xD

I put tons into MGO when I saw it break 35m from when I first put in around 10m...I have NO doubts we'll see a project this year or beginning of next that pulls in 100m+...just don't know if it's Bancor or if it'll go even past the 100 to 350+ heheh....


still don't understand the logic people are using to calculate 700+ market cap at current eth prices. Wouldn't a hard cap of 1 m eth=100m BNT...which at ~3.50/BNT would be 350m market cap?....not 700?



I was never great at math because I didn't give two craps...but now that the math is involved with me making good decisions with my money...I'm getting sharper and sharper...had to correct people so many times at MGO who thought the price was determined through 'Funds Raised/Tokens Total' which was incorrect because 30 million tokens were reserved out of the bidding pool...thus can't be counted in towards market price.

I might very well be wrong and missing something I've barely perused this thread, but 100 mil tokens at ~$3.50/token I'm missing the math where it hits 700mil market cap!

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June 11, 2017, 03:30:09 PM
 #1614

could be possible to fund in 2 times?
let's say 1 eth on the start and some other eth after 40-50 mins? or should i make a single transation?

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June 11, 2017, 03:30:45 PM
 #1615

No matter how bad the terms are, people will buy into this anyway.
Ya that how it goes. As long as u will do money with that.....people will invest in this ico. Every ICO Project this years started with x2 and more on the exchange. Noone will sell his coins less then ico price. You will do always some money with legit/good ico projects

I was too lazy to check out the team until now but as I see, nobody cares here, so here's my question about the developer team. I hope some people will read this.

Yehuda Levi - CTO - CoFounder Appcoin, 3years 9mo. When you go to Appcoins, it has no detail at all, not even a website, what did he do for almost 4 years ?
Mati Levi - QA Engineer - 3 years at Appcoin. Same thing, what did he do ?
Omry Rosenfeld - Frondend developer 1year 5mo, same question.
Assaf Rachman - Full stack developer at Appcoin. same question
Or Bachar - Web developer at Marketspulse for 2years 1mo. Here's the site. http://www.marketspulse.com/ It does not even have a single link in it. Could have been a bare picture with text. This was his work for 2 years ?
Itay Dreyfus - UX/UI Designer for 5months at Appcoin but he links group.market app.

These are the devs. Now I'm really curious what did they do at appcoin, all I could find was https://bitcointalk.org/index.php?topic=475160.0 It's a scamcoin from 2014 and https://www.appcoin.me/ UX/UI DESIGNER open position, no links.


Yes Appcoin seems to be scam/ project suspended. But Itay left that company. In most of the cases the UI/UX ,Developers dont even know if they are working for a scam project.
But involvment of Yehuda as CTO is strange.
I have no idea why nobody cares about the dev team.. I wanted to invest like 20-30 eth in this but there are just too many unanswered questions that makes the whole thing fishy. People's logic is something like this : every ICO will at least 2x and noody sells under ICO so let's invest. But they only see the winning ICOs, the majority fails. Now this will be bought in 1hour I'm sure of that so it might make profit anyway and that is pretty dangerous in the long run, it teaches people to lose their common sense/logic and throw money at everything new..(this is kinda happening all year with ICOs)
FOMO at its finest. I was going to throw most of my liquidity into this project but now I'm toning it back.

Is there any proof of appcoin being a scam other than some forum speculating about it? Looks like it was simply an unsuccessful project. They are even open about it in at least one interview, saying "many of the appcoin team now works on Bancor". Having a failed project is not necessarily a bad thing, can be good, as long as they learned from it.

Let me ask you a different question, is there any proof that the dev team actually ever worked on anything ? I don't see much. more like none in the past 4 years.

No but not having proof of them working on something or having proof of a scam does not carry the same weight imo. I can also only speculate but to me it looks like a project they simply gave up on... Otherwise they would do a better job hiding it, don't you think? (Like not mentioning it on their linkedin, not speaking about it in interviews, deleting the website completely, etc.) I can also understand why they gave up on it if they had a potentially better idea like Bancor.
Some proof in either direction would help, without it anyone can only use their best judgment I guess...
Zechis966
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June 11, 2017, 03:35:28 PM
 #1616



No but not having proof of them working on something or having proof of a scam does not carry the same weight imo. I can also only speculate but to me it looks like a project they simply gave up on... Otherwise they would do a better job hiding it, don't you think? (Like not mentioning it on their linkedin, not speaking about it in interviews, deleting the website completely, etc.) I can also understand why they gave up on it if they had a potentially better idea like Bancor.
Some proof in either direction would help, without it anyone can only use their best judgment I guess...

true but also sketchy pending the timeline if they 'just gave up' haha.

In cases like MAIDSAFE I beg D. Irvine to stop...a good entrepreneur knows when to quit obviously...but there is a time-space where it's understandable and times where it ends up looking like they raised funds just to 'quit' the failing project.

I don't know which was the case here I don't know if I care, because the market has spoken and I'm trying to go with the market.

Still...any kind of tarnish on a record seems a little lame if they don't straight up say something like:

"Appcoin was a fail and we've been working to distance ourselves from it and continue on to bigger better things"

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June 11, 2017, 04:07:16 PM
 #1617

I am worried I can't join the ICO ,you are so crazy ,
a lots of guys join the ICO and sell it quickly ,
and then join other ICO project
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June 11, 2017, 04:13:12 PM
 #1618

I am worried I can't join the ICO ,you are so crazy ,
a lots of guys join the ICO and sell it quickly ,
and then join other ICO project


the ico will last 1 hour, you have the time dont worry
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June 11, 2017, 04:17:11 PM
 #1619

Bancor - What it is and why its awesome, the entire concept explained

https://medium.com/@eddyeazar/bancor-a-new-global-financial-system-where-every-currency-can-be-liquid-eafcc5c7165a

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June 11, 2017, 04:17:48 PM
 #1620

No matter how bad the terms are, people will buy into this anyway.
Ya that how it goes. As long as u will do money with that.....people will invest in this ico. Every ICO Project this years started with x2 and more on the exchange. Noone will sell his coins less then ico price. You will do always some money with legit/good ico projects

I was too lazy to check out the team until now but as I see, nobody cares here, so here's my question about the developer team. I hope some people will read this.

Yehuda Levi - CTO - CoFounder Appcoin, 3years 9mo. When you go to Appcoins, it has no detail at all, not even a website, what did he do for almost 4 years ?
Mati Levi - QA Engineer - 3 years at Appcoin. Same thing, what did he do ?
Omry Rosenfeld - Frondend developer 1year 5mo, same question.
Assaf Rachman - Full stack developer at Appcoin. same question
Or Bachar - Web developer at Marketspulse for 2years 1mo. Here's the site. http://www.marketspulse.com/ It does not even have a single link in it. Could have been a bare picture with text. This was his work for 2 years ?
Itay Dreyfus - UX/UI Designer for 5months at Appcoin but he links group.market app.

These are the devs. Now I'm really curious what did they do at appcoin, all I could find was https://bitcointalk.org/index.php?topic=475160.0 It's a scamcoin from 2014 and https://www.appcoin.me/ UX/UI DESIGNER open position, no links.


Yes Appcoin seems to be scam/ project suspended. But Itay left that company. In most of the cases the UI/UX ,Developers dont even know if they are working for a scam project.
But involvment of Yehuda as CTO is strange.
I have no idea why nobody cares about the dev team.. I wanted to invest like 20-30 eth in this but there are just too many unanswered questions that makes the whole thing fishy. People's logic is something like this : every ICO will at least 2x and noody sells under ICO so let's invest. But they only see the winning ICOs, the majority fails. Now this will be bought in 1hour I'm sure of that so it might make profit anyway and that is pretty dangerous in the long run, it teaches people to lose their common sense/logic and throw money at everything new..(this is kinda happening all year with ICOs)
FOMO at its finest. I was going to throw most of my liquidity into this project but now I'm toning it back.

Is there any proof of appcoin being a scam other than some forum speculating about it? Looks like it was simply an unsuccessful project. They are even open about it in at least one interview, saying "many of the appcoin team now works on Bancor". Having a failed project is not necessarily a bad thing, can be good, as long as they learned from it.

Let me ask you a different question, is there any proof that the dev team actually ever worked on anything ? I don't see much. more like none in the past 4 years.

No but not having proof of them working on something or having proof of a scam does not carry the same weight imo. I can also only speculate but to me it looks like a project they simply gave up on... Otherwise they would do a better job hiding it, don't you think? (Like not mentioning it on their linkedin, not speaking about it in interviews, deleting the website completely, etc.) I can also understand why they gave up on it if they had a potentially better idea like Bancor.
Some proof in either direction would help, without it anyone can only use their best judgment I guess...

AT least they should say why they gave it up or say anything but this silence is just a joke. If this was not in the crypto community, people would laugh on it and not invest a dime unless things are cleared up but here we see no reply at all, not for the dev questions and nothing for the hard cap question..I feel like.. "guys... are you for real ?"

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