ludbega
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June 13, 2017, 06:51:44 PM |
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Hey, sorry, somebody have the solution to log in???
I try all the day to connect myself via messenger...
internal error, internal error...
Have we a explain? i can't post my report ! Thanks all
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Un tiens vaut mieux que 2 tu l'auras
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paulmaritz
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June 13, 2017, 06:52:27 PM |
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I will just start boldly. The Bancor business model is pretty close to a scam. We bought into BNT not ETH....This doesn’t automatically make BNT worthless or the business model a scam, because we’re buying into Bancor’s potential (good or bad). Well, 20% of your funds bought into it. The other 80% goes to capitalising the balance sheet of Bitcoin Suisse AG of which you receive no share, at least as far as I understand. Happy to be corrected on that if wrong "80% goes to capitalising the balance sheet of Bitcoin Suisse AG of which you receive no share" - How did you come to this conclusion? Please explain and state your sources.
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MalReynolds
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Activity: 938
Merit: 1000
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June 13, 2017, 06:53:03 PM Last edit: June 13, 2017, 07:15:18 PM by MalReynolds |
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Crowdsale for bancor ,can someone reply with the website?
https://bancor.network/I am confused about what the hell just happened in this ICO / TGE. There was a hidden cap. They changed / raised the hidden cap DURING THE EXPECTED ONLY HOUR. People donated after the hidden cap was hit. What was the final hidden cap? How many total ETH were sent to the contract? The people who contributed after the hidden cap was hit, they didn't get tokens, right? But the eth they donated is still locked up in a 20% / 80% contract split for a year? ELI5, please. The cap was not changed/raised, or at least there is no discernible proof that it was as it was hidden until 80% was reached. The first hour was the minimum ICO period, not the expected ICO period. The minimum time for the ICO to run was increased by 2 hours to compensate for network issues during most of the first hour. A good move by Bancor who were having to make a quick decision. [Even if the cap were hit within the first hour, the ICO would have continued until that minimum period elapsed. The fact that they increased the minimum time seems to have displeased some people who have misunderstood * cough Crypt0dude cough*, but imagine the genuine displeasure (had the minimum time not been extended) by the masses who wanted to invest but couldn't due to the network overload.] Everybody who contributed Eth will have received BNT to their wallets. The cap was 250,000Eth and the results of the ICO can be seen on their website: https://bancor.network/fundraiserFriend, you and I have yet to converge on the same reality. https://www.ethnews.com/bancor-token-offering-breaks-140-million"On Bancor's end, via Twitter, the company reported that a massive attack coinciding with the token offering affected its website and application. As a result, the mechanism which the token offering was operating under, a hidden cap, became stuck with another transaction and failed to trigger. In light of the network difficulties, Bancor opted to extend the minimum time for the token offering by approximately three hours, or until the second hidden cap was met, whereupon the offering would end. When the second hidden cap was hit, Bancor had raised 396,720 Ether and sold 79.3 million BNTs, valued at the time of the offering at more than $142 million." Going through out whole things in telegram with devs yesterday, that not what happen. Idk how the author get info?self interpretation or an opinion? There are no second hidden cap. Devs told that the transaction get clogged - lot of ppl still pending the transaction. Ico hidden cap still not reach by 1 hour yet so they open it more for 3 hour. (its not even wrong because the minimum time is 1 hour till max 14days until cap reach) And they try to send the hidden cap stop transaction in the midst of the clogged transaction which result in that it didnt stop,exactly at 250k, and it end after 2.5 hour. Not exactly 3 hour. OK, I stand corrected. There was no "second" hidden cap. The Bancor twitter feed said " the second the hidden cap transaction hits, it will be executed and the token allocation event will end." The word "second" refers to time, not cap messages. So they tried to kill donations at 250K ETH = $100M, but their kill message couldn't get through, so darn, they were forced to accept an additional unwanted 146K ETH and made an extra unintentional $58 million. So in reality, they didn't "extend" the time at all in a "controlled manner" to benefit anybody. They just estimated the system would take a couple of hours to unclog itself before their kill message got through and was accepted by the smart contract. This constitutes a monumental unplanned failure. Everybody should have such problems. They 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. https://blog.bancor.network/the-community-of-the-currency-9770087fde17That means there will be like 120k eth buy back wall at ico price. Unsatissfy investor can just liquidate if they want Bancor is praying that disgruntled investors / dumpers give this 0.8 * 146,000 * 100 = 11.68M BNT back to them. That would only leave 39.6M - 11.6M = 28M BNT in the hands of the public and 79.3M - 28M = 51.3M BNT in the hands of the Bancor Network BOTTOM LINE:
Before this mess is over, the Bancor Network could end up holding 65% of the tokens they have just issued to go along with the $100M they had hoped to raise in the first place.
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canvan
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June 13, 2017, 06:53:30 PM |
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Hey, sorry, somebody have the solution to log in???
I try all the day to connect myself via messenger...
internal error, internal error...
Have we a explain? i can't post my report ! Thanks all
If you joined less than a week ago it seems they won't let bounty participants claim any money despite accepting them into the program on the assumption they would get paid.
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ludbega
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June 13, 2017, 06:54:35 PM |
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Hey, sorry, somebody have the solution to log in???
I try all the day to connect myself via messenger...
internal error, internal error...
Have we a explain? i can't post my report ! Thanks all
If you joined less than a week ago it seems they won't let bounty participants claim any money despite accepting them into the program on the assumption they would get paid. i join 8 days ago.
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Un tiens vaut mieux que 2 tu l'auras
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2012
Legendary
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Activity: 1526
Merit: 1003
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June 13, 2017, 07:05:14 PM |
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Hey, sorry, somebody have the solution to log in???
I try all the day to connect myself via messenger...
internal error, internal error...
Have we a explain? i can't post my report ! Thanks all
Maybe this happening due to low internet connectivity or server of this site get busy. Try after few minutes maybe you would get succeed to login into that site I have no issue just access to my account there.
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ludbega
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June 13, 2017, 07:07:31 PM |
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Hey, sorry, somebody have the solution to log in???
I try all the day to connect myself via messenger...
internal error, internal error...
Have we a explain? i can't post my report ! Thanks all
Maybe this happening due to low internet connectivity or server of this site get busy. Try after few minutes maybe you would get succeed to login into that site I have no issue just access to my account there. I try all the day, and i'm not the only one...
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Un tiens vaut mieux que 2 tu l'auras
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toknormal
Legendary
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Activity: 3066
Merit: 1188
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June 13, 2017, 07:08:43 PM Last edit: June 13, 2017, 07:20:15 PM by toknormal |
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"80% goes to capitalising the balance sheet of Bitcoin Suisse AG of which you receive no share" - How did you come to this conclusion? Please explain and state your sources.
My source is here: https://bancor.network/fundraiserOnly 20% of your investment goes into the token reserve. That's what you now hold (20% of what you originally put in at opening book value). So you've effectively paid an 80% premium on your Ether for it to be turned into BNT tokens. The other 80% of what you put in (approx $120 Million) now sits on the balance sheet of the ICO issuer either explicitly (in the form of fiat balances at bank) or implicitly (in the form of crypto currency holdings). Investors no longer have any stake in this part. As I understand it, the issuer is Bitcoin Suisse AG but have not looked too much into the corporate structures behind the issue so could be wrong. So in summary: • 20% of your investment went into capitalising the asset you now hold • 80% of your investment went into capitalising a private company in which you didn't get any shares Like I say, that's just my understanding of the current equity balance of the ICO. I'm happy to be corrected if wrong.
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Bitcoin Guy
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June 13, 2017, 07:11:09 PM |
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I just found out about Bancor yesterday. Could someone tell me how Supply is derived in the following formula?
Price = Balance / (Supply x CRR)
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- To be or not to be, that is the question. -
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Xandan
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June 13, 2017, 07:11:19 PM |
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I think BNT will be get listed at Poloniex and some other kraken type exchange as well. It is already added to Bittrex what many of us know now everyone is waiting for official announcement for opening of trading market. Much more is coming stay tuned.
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canvan
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June 13, 2017, 07:12:17 PM |
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Hey, sorry, somebody have the solution to log in???
I try all the day to connect myself via messenger...
internal error, internal error...
Have we a explain? i can't post my report ! Thanks all
If you joined less than a week ago it seems they won't let bounty participants claim any money despite accepting them into the program on the assumption they would get paid. i join 8 days ago. Ahh sorry in that case I don't know. I did read though that they closed the bounty campaign for any new content though so perhaps this is why.
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Shahrul09
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June 13, 2017, 07:18:36 PM |
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Hey, sorry, somebody have the solution to log in???
I try all the day to connect myself via messenger...
internal error, internal error...
Have we a explain? i can't post my report ! Thanks all
Bounty program is over. Any report after ico end wont be count. They locked it probably to audit/reviewing the remaining stuff.
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paulmaritz
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June 13, 2017, 07:20:30 PM |
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"80% goes to capitalising the balance sheet of Bitcoin Suisse AG of which you receive no share" - How did you come to this conclusion? Please explain and state your sources.
My source is here: https://bancor.network/fundraiserOnly 20% of your investment goes into the token reserve. That's what you now hold (20% of what you originally put in at opening book value). So you've effectively paid an 80% premium on your Ether for it to be turned into BNT tokens. The other 80% of what you put in (approx $120 Million) now sits on the balance sheet of the ICO issuer either explicitly (in the form of fiat balances at bank) or implicitly (in the form of crypto currency holdings). Investors no longer have any stake in this part. As I understand it, the issuer is Bitcoin Suisse AG but have not looked too much into the corporate structures behind the issue so could be wrong. Like I say, that's just my understanding of the current equity balance of the ICO. I'm happy to be corrected if wrong. Now kindly provide a quote out of that source that even remotely states or convey the idea that "80% goes to capitalising the balance sheet of Bitcoin Suisse AG of which you receive no share."
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toknormal
Legendary
Offline
Activity: 3066
Merit: 1188
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June 13, 2017, 07:23:38 PM |
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Now kindly provide a quote out of that source that even remotely states or convey the idea that "80% goes to capitalising the balance sheet of Bitcoin Suisse AG of which you receive no share."
Maybe you should be looking into that since you invested. It's on someone's balance sheet and it sure isn't yours
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Gekkoo
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June 13, 2017, 07:28:51 PM |
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Hi, I'm not able to log in with my telegram account, are you giving error to what? What is happening? Also, the ICO was considered a success then? It's all very confusing in this thread!
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Shahrul09
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June 13, 2017, 07:29:04 PM Last edit: June 13, 2017, 07:41:39 PM by Shahrul09 |
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@Malreynold. Im to lazy to compress all the qoute post.
Investor can also liquidate through the smart contract which will destroyed the BNT, thus decrease the number in circulation. One things need to be remained here, total number of BNT is unlimited,
'Smart tokens are issued when purchased and destroyed when liquidated, therefore it is always possible to purchase a smart token with its reserve token, as well as to liquidate a smart token to its reserve token, at the current price.'
Problem is this concept still new and ppl more used to exchanges.
P/s: idk is it necessary to use larger font with big red color
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Shahrul09
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June 13, 2017, 07:30:08 PM |
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Hi, I'm not able to log in with my telegram account, are you giving error to what? What is happening? Also, the ICO was considered a success then? It's all very confusing in this thread!
Bounty program is over, they doing final reviewing. You cant access it now.
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paulmaritz
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June 13, 2017, 07:32:13 PM |
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Now kindly provide a quote out of that source that even remotely states or convey the idea that "80% goes to capitalising the balance sheet of Bitcoin Suisse AG of which you receive no share."
Maybe you should be looking into that since you invested. It's on someone's balance sheet and it sure isn't yours Just as I thought. What you initially stated is patently false: "Well, 20% of your funds bought into it. The other 80% goes to capitalising the balance sheet of Bitcoin Suisse AG of which you receive no share, at least as far as I understand. Happy to be corrected on that if wrong."
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Shahrul09
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June 13, 2017, 07:33:41 PM |
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Hey, sorry, somebody have the solution to log in???
I try all the day to connect myself via messenger...
internal error, internal error...
Have we a explain? i can't post my report ! Thanks all
If you joined less than a week ago it seems they won't let bounty participants claim any money despite accepting them into the program on the assumption they would get paid. i join 8 days ago. You probably can get reward. They pay reward weekly, not daily. So they might blame you thou because you didnt report on time and before ico over. You cant really give excuse you didnt know its over when ico over because its mention several time before already.
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ludbega
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June 13, 2017, 07:37:00 PM |
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Hey, sorry, somebody have the solution to log in???
I try all the day to connect myself via messenger...
internal error, internal error...
Have we a explain? i can't post my report ! Thanks all
If you joined less than a week ago it seems they won't let bounty participants claim any money despite accepting them into the program on the assumption they would get paid. i join 8 days ago. You probably can get reward. They pay reward weekly, not daily. So they might blame you thou because you didnt report on time and before ico over. You cant really give excuse you didnt know its over when ico over because its mention several time before already. I have a work, i m' not on the same country, i have a mom with cancer, i have a fucking life... WTF they can't understand than 2 days is fucking so short...??
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Un tiens vaut mieux que 2 tu l'auras
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