[ANN] Bancor | Protocol for Smart-tokens, solving the liquidity problem

[sud]

I was waiting for this ICO with excitement, but know have mixed feelings. 2.5$ for a token is pretty high and in 1 hour millions ETH could be transferred.

I have to rethink if I should participate in ICO.

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[PCindy]

Do you have any new information?

This information in my opinion is less complete and no description bounty sosmed, blog, sigcamp there is only bounty translation,
In my opinion must be held another bounty to get suport and spread the news to big investors

[Razaberry]

This just out. Bancor to use WINGS for their crowdfunding.

https://news.bitcoin.com/bancor-launches-first-crowdfunding-valuation-and-promotion-by-a-dao-on-the-wings-platform/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

Thanks for link. Anyone know how the ICO works on WINGS platform? Can we use WINGS tokens or ETH only?

No we can't use Wings to buy this token only ETH will be accepted for this. Wings will facilitate to host this ICO on their platform so everything looking into great direction.

I don't know much about WINGS platform. Does it have any advantages for investors? I just really don't want to see 35 sec sold out like in BAT again. :C

The BNT sale has a 1 hour minimum time! So no running out too fast with this one

https://blog.bancor.network/bancor-network-token-bnt-contribution-token-creation-terms-48cc85a63812

[Anarchy101]

At what time will ICO start on 12th June can someone please help me with that because I don't wanna miss out because of time difference, I am on IST

[Trinibits]

At what time will ICO start on 12th June can someone please help me with that because I don't wanna miss out because of time difference, I am on IST

Ditto for London time aswell   

[Razaberry]

Can someone explain to me why new crypto startups need their own token? Why not fund themselves with existing ones?

Kinda sorta the same reason companies the IPO needs stocks. Our coins are a representation of the value that the thing we are building brings to people. If we used ETH, its price would fluctuate on a lot of factors we have no control over. But the BNT token is built into the Bancor protocol we're building as its network token, and so its price is a representation of the value of the network.

It goes the same for pretty much every ICO.

[Razaberry]

Is this the same bancor that's linked to the status coin project?

Yup

[Razaberry]

At what time will ICO start on 12th June can someone please help me with that because I don't wanna miss out because of time difference, I am on IST

Ditto for London time aswell   

This will help easyclock.appspot.com

[Razaberry]

Hello guys. I am new in ICO world and I would really appreciate your help. I am still not sure how can I invest in Bancor? When they reveal address I should just send ETH from myetherwallet and as return they will send me BNT? Please help me to understand more how it works. Thank you so much.

Keep an eye on blog.bancor.network. We'll publish detailed instructions there.

[denam]

It's going to be really awesome as WingsDao has become partner with Bacor. Eyes are waiting for the campaign to have official start and it will complete all targets in shortest possible time. I don't want miss this project so I have prepared money for this already to be among very first participants.

[Trinibits]

At what time will ICO start on 12th June can someone please help me with that because I don't wanna miss out because of time difference, I am on IST

Ditto for London time aswell   

This will help easyclock.appspot.com

My bad just seen the time on front page 

[Razaberry]

WOW, I invested my money, paid $100 to bitcoin suisse, they told me there is a hard cap



Then last minute: Actually we have uncapped 1hour sale, and then a "secret" hard limit

Is this some joke, why do you think you can scam the public like this ? Why is the marketcap being forced to well over 100M for a coin that hasn't done anything yet ?

Why did I pay bitcoin suisse fee if you have an uncapped sale ?

Scam coin, greedy devs trying to milk absolutely everything they can. Even though they hoarding 50% of all Bancor tokens it's not enough

Like we said, we're sorry if there's any confusion. We'll refund the fees out of our own pocket if this makes you want to pull out of bitcoin suisse

[xibeijan]

How can we obtain some coinz?

[Razaberry]

If they do it this way, it doesn't evenm atter if they raise 100 or 200 or 500 million.
The name Bancor will be tarnished before it even starts.
With such a high profile project, you have to know beforehand what you need to realize your product. Don't collect as much cash as possible, from with 20% or whatever goes to the devs and founders etc. And then the "hidden" cap...
They take a large part of the reward away from the investors, heavily increase their risk, and give themselves heaps of spare cash for lamborghinis.
Sometimes you have to be "hard" and set a cap, or find some other way. But the team saying "we take as much money as possible" instead of "we need 30 mil for x, 50 mil for x+y" is simply unprofessional.

If they don't provide a different solution, capped in one way or the other, I will sadly have to ask nicolai to return my funds.
Oh right, I was told there'd be a cap and paid a fee to secure a spot ...  

First off, we'll pay the bitcoinsuisse fee if you want to get your funds returned.

Second, I'm not sure I understand how the 1 hour minimum = an increase of risk for investors, or a loss of reward.  Can you explain?

Part of the reason we're okay with the 1 hour uncapped time is that huge amounts of this money will be immediately put into smart tokens that will make the Bancor protocol run and function. The more we get, the sooner and more powerfully we can have the system up and live.

[Razaberry]

It's a scam, stay away!!!! They have announced a price of 100 bancor / 1 eth ($2.47 @current rate) AND NO CAP. Apparently they have a "hidden" cap that they will stop at, letting us know when 80% is hit, but not displaying how much they have raised. This isn't an ICO it's a get rich fast scam by the bancor team. Galia said she doesn't want investors to make money and doesnt' want volatility..  Disgusting attitude and a huge let down. The investors will be lucky to get 50% of their investment back when it hits the markets. This isn't what an ICO is meant to be, as in a win-win scenario where the investors get ROI and the projects gets funding.


I was removed from the telegram group after Galia couldn't respond to my questions. This whole thing is set up so investors don't make any money and the bancor team are happy with it. Galia said it herself.

I see that on slack Eyal pasted a more refined version of the crap:

"1. The most critical thing for us is to make sure that those who took the time to research and understand Bancor prior to the fundraiser will be able to participate. This is the reason behind the 1h minimum time.

2. This is not a fundraiser for quick-flip investors wanting to get in and make a quick profit. That is not the goal of the protocol, the foundation, the team, the product or the project.

3. A large fundraiser will mean a large reserve (more liquidity, less volatility) and more resources to make Bancor a success, which we have detailed plans to implement. More bounties, more community grants, more explanatory events, etc. We believe this is in the best interest of the contributors and the project, and we are the right team to execute this vision. For those looking to hold their tokens, which are the kind of contributors we are optimizing for, this seems to us the best configuration and we are doing careful planning for the spectrum of outcomes.

4. Re Bitcoin suisse, we created this option for those who wanted additional assistance or additional currencies with which to fund. As the terms structure was being delayed, we heard from many that they wanted to contribute no matter what, and were eager for an option to come online. There is no advantage to Bancor of having these funds come in early as they are held in escrow. There are no discounts or other contingencies. There was a preset amount allocated to this option which may or may not be filled, and has no material impact on the fundraiser nor it’s cap. It’s unfortunate to hear that some are frustrated with this option, as we truly set it up to be a helpful mechanism for those who wanted it, and to calm concerns about not getting in before we were able to share our minimum hour mechanism. This was also intended for those who knew they couldn’t be available later in the month regardless of a cap or no cap. That all said, If anyone feels slighted by the unfolding of events and would like to withdraw their ETH from bitcoin suisse, we have decided to cover the fee penalties ourselves.

5. Re Protocol in this group, we welcome all opinions. However, we insist on healthy and respectful dialogue, and will not tolerate unproductive behavior. Bancor is clearly not a scam. We can agree to disagree on points, and we can be convinced of points we’ve overlooked, but we’d like to keep the discussion here constructive and not further feed the frenzy engine that has plagued so many projects before us, and prevents both us and you from getting value from this forum. We will be banning users who do not adhere to this protocol, and again we welcome respectful dialogue on all points."

Now, let's analyse their bullshit.

1. EVERYONE is able to participate and has been able to participate for over a week via bitcoinsuisee.ch/bancor where people can pay in CFH, GBP, EUR, USD, DKK, SDG, Ether or Bitcoins, meaning the 1 hour un-limited cap is COMPLETE BS!

2. So this isn't a fund raiser the INVESTORS, the people who believe in you and want to help you secure funds so that you can get it off the ground and turn it into a viable project. The truth is this is purely for the greedy bancor team to get rich.

3. They believe that it is in the investors interest to have an UNCAPPED ICO, or as they put it with a "hidden cap" (LOLOLOLOLOLLOL), so that they don't make a ROI or maybe even their money back.

4. Here they are making out that investors are angry that we have bitsuisse as an option, this is BS, nobody said that. We are also told that the funds raised via bitsuisse, " has no material impact on the fundraiser nor it’s cap" - WTF? So regardless of how much is raised, it doesn't affect the cap? Off course it doesn't - because you don't have a cap, you will see how it goes and when the investments start slowing down you will say that you've reached 80% of your imaginary cap. IN A REGULATED MARKED THIS WOULD BE ILLEGAL.

5. If you question them or state that you are not happy with this shambles of an ICO scam they will eject you, what can I say.. disagree and you're out.. very classy.

Instead of using the ICO to raise funds to support the project, they are using it to get rich quick.

1) Well no, the Bitcoinsuisee option is mainly for those who want to invest via fiat currency. A small amount of the BNT is allocated to that pool so that there is an option for fiat investment. But for all who want to invest in crypto, it would only make sense to wait for the ICO if you want to avoid the high fees of something like bitcoinsuisee. We made this clear from the start. And, we're offering to cover withdrawal penalties anyways.

2) That wasn't really a question, more an accusation without referring to any fact I could refute.

3) Remember that 10% of funds raised, whatever they are, are immediately put into the BNT smart token's reserve. From there, anyone will be able to liquidate/create new BNT, starting at the ICO price and changing with every transaction. Now, it is unlikely that many people will be liquidating the BNT they just bought, and any who missed the BNT ICO but still want in will be able to create new BNT (by increasing the ETH reserve and thereby the price of BNT for all who hold it). So the price is backed by the reserve and based on supply and demand, from day 1.

4) Yes, funds raised via btcsuisee don't effect cap, because we've already allocated a number of BNT for it. It's already calculated in pre-sale.

5) Sorry you got ejected from the Telegram. I'm not in charge of that, so I don't know if it was justified or not.

[the1arty]

Joined signature campaign & surely waiting for an ico )))

[pigheadbig]

I read the whitepaper and searched the website, this project seems to be promising, but I didn't find any official details of this ICO, even the date of this ICO remains unknown.

[PaulEngelbertink]

Anyone did the pre sale?

I did.... I couldn't really see if all attachments were uploaded correct. It was superfast, normally uploading some attachments takes time, or the browser already pre uploaded it when I hit send on the end of the form..

i will do it tomorrow, how long did it take to finish ? (transfer money, get confirmation, etc)

20mins, you need to prepare some documents... But all in allin you are done in minutes!

[tricass]

This just out. Bancor to use WINGS for their crowdfunding.

https://news.bitcoin.com/bancor-launches-first-crowdfunding-valuation-and-promotion-by-a-dao-on-the-wings-platform/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

Thanks for link. Anyone know how the ICO works on WINGS platform? Can we use WINGS tokens or ETH only?

No we can't use Wings to buy this token only ETH will be accepted for this. Wings will facilitate to host this ICO on their platform so everything looking into great direction.

I don't know much about WINGS platform. Does it have any advantages for investors? I just really don't want to see 35 sec sold out like in BAT again. :C

The BNT sale has a 1 hour minimum time! So no running out too fast with this one

https://blog.bancor.network/bancor-network-token-bnt-contribution-token-creation-terms-48cc85a63812

If there is a hidden cap please supply a signed message that captures this information ahead of the the ICO and release to the community. Once the the ICO is over you can release the original message for verification. This should help build trust in the community of your intentions.

[sotisoti]

How many BNT are there in total?