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

[crypt0dude]

I only read till the part that you say they should stop at 1 hour.
 Coz at this point you clearly dont read properly.
Why waste my time reading the fud.

They have no reasons to stop in 1 hour even if there no attack and no clogged transaction
because the cap not even reach yet at that time.


Duration: The fundraiser will run for 14 days or until the hidden cap is reached, with a 1 hour minimum time.

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

You're proven me correct that most of you are a bunch of idiotic sheeple without intelligence.
Reading is hard, huh? And no arguments given, again, no surprise. The fact that you say it yourself that "Coz at this point you clearly dont read properly" means you don't understand anything what you read, which may be a sign of a mental attention disorder.

Quote:
"Clause 14: Initial creation period is either one hour or until the hidden cap has been reached. It must be at least one hour, but when the hidden cap has not been reached, it will be longer.
Clause 15: Here it clearly states the minimal initial creation period is 1 hour long. Not more. Not less.
Clause 16: "After the Minimal Initial Creation Period, the Initial Creation Period automatically ends once the Hidden Cap as implemented in the SCS has been reached."

So, the "Minimal Initial Creation" period is one hour long. After that time is up, we're into the Initial Creation Period, which terminates once the hidden cap has been reached. The hidden cap was 250k ETH.
250k ETH was reached at 2 hours, which is after the "Minimal Creation Period" that is very clearly stated to be 1 hour long. Because the hidden cap was reached after the "Minimal Creation Period", the hard cap ends the ICO."

Clearly, you talk non-sense, because it went longer than 2 hours up to 3 hours. Again, where are your arguments? They're clearly in violation of their own T&C, yet you keep defending with ZERO arguments, pathetic!

Just as DigitalNinja is shilling and acting like a clown, by spouting bullshit and opinions, which his posts show only activity in this thread @ https://bitcointalk.org/index.php?action=profile;u=1008945;sa=showPosts;start=60

Contract law (crying laughing face) you do know that a contract has to be signed in wet ink by all parties to stand in law? I sure didnt sign any contract hahaha. I stopped reading there because i know that

See this intelligence of @ DigitalNinja. Contracts don't have to be signed in "wet ink by all parties". You must be blind that one of the other terms was that you're not a US citizen/resident and by contributing, you have given consensus to this case, which is enough to be used in court against you. You clearly don't understand law at all. For example: Clicking on the terms and agreements at Paypal account creation, you're already binded by the terms in court. I'm getting tired of stupid people like you.

"most of you are a bunch of idiotic sheeple without intelligence" - Thanks for the compliment!

You falsely quote: “Clause 14: Initial creation period is either one hour or until the hidden cap has been reached. It must be at least one hour, but when the hidden cap has not been reached, it will be longer.”

This while the BNT Creation and Bprotocol Foundation Contribution Terms and Explanatory Note (https://bancor.network/static/BNT_Creation_and_Bprotocol_Foundation_Contribution_Terms.pdf) clear state:

“Initial Creation Period: The Initial Creation Period starts on June 12, 2017, at 14:00 GMT and lasts for a maximal duration of 14 days (“Duration of Initial Creation Period”) or until a hidden cap implemented in the SCS (“Hidden Cap”) has been reached, whichever is earlier. In any event, the Initial Creation Period will last for a minimum of 1 (one) hour”

In other words: The minimum duration is 1 hour and the maximum 14 days.  

You falsely quote: “Clause 15: Here it clearly states the minimal initial creation period is 1 hour long. Not more. Not less.”

It is clearly stated in the Terms and Explanatory note:

“Minimal Initial Creation Period: Independent of the Hidden Cap, the Initial Creation Period will in any event last for 1 (one) hour”

In other words: The initial creation period must at a minimum be 1 hour long. Common sense dictates, according to what’s stated, that they were well within their rights to go over 1 hour.

Furthermore, you state: “Clause 16: "After the Minimal Initial Creation Period, the Initial Creation Period automatically ends once the Hidden Cap as implemented in the SCS has been reached."

“Hidden Cap: After the Minimal Initial Creation Period, the Initial Creation Period automatically ends once the Hidden Cap as implemented in the SCS has been reached. The amount of the Hidden Cap will be communicated once contributions amounting to 80% of the Hidden Cap have been recorded in the SCS. In case Contributions during the Minimal Initial Creation Period exceed the Hidden Cap, 20% of the exceeding Contributions will be allocated to the ETH Reserve Balance. The remaining 80% of the exceeding Contributions will be locked for two years in a smart contract serving the purpose of stabilizing the BProtocol ecosystem by purchasing BNT (at the price of 0.01 ETH). After the two-year lock-up period, remaining ETH will be allocated to the Foundation to be used in accordance to para 33”

So nice you spend time entertain this kind of ppl

He did not even understand what the 2 year contract do.

You're welcome. I am not going to respond to troll BS at length, but I wanted to set the record straight to at least some extent.

In addition, I am not supporting Bancor at any cost. For all I know, Bancor could very well turn out to be the 'scam of the century,' but to establish that on account of dishonest troll BS is unjust and far-fetched.

You haven't countered anything, in fact, you have strengthened my position, so thank you. See my previous reply. Again, clearly violated their own t&c by continueing for another hour after cap has reached. You people are too stupid to see or acknowledge your faults. Does it hurt your ego?
I just showed my critique of this kind of business practises and people started attacking me. I'm not even going to waste time consulting people here, I see it's a waste of time dealing with idiots. It's better to post it in private groups and own websites.

Also, I've never said that bancor is a scam and was in favor for this ico, but the terms just suck for serious investors and you know I'm right, because some serious investors agreed with me. The little fish who don't even know what the word investing means, are wanna be emotional cry babies here on the forum who bring ZERO value to the table. I've wasted many hours for nothing, but I learned a lesson. This place is infested with stupid people, hence dumb money. Great way for traders to capitalize on. That's all I'm going to say.

Nobody has ever countered my arguments on this forum, but trying hard to feed their ego by trying to be right by fabricating fantasies and using reverse logic. Nice try and only in this thread. You have winkers on, only you miss the custome to go with it.

Ughhh i dont know why that guy try so hard here. This is bancor thread of course ppl in here believe in bancor.

I written there 'even if the transaction not get clogged'
What the team done after the clogged transaction happen, they extend the time limit to 3 hour( that not wrong at all for me becaus the cap not even reach yet at this time) and then they need to find a way to send stop order through the clogged transaction whic fail btw. So?

Any investor that dont like with that can liquidate after this.
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.

Thats a 120k eth buy back wall at ico price.
Idk why this guy so bitter bout this.

Proud with his reddit peers, but in the fud thread about bancor there all making stupid accusation, didnot even read whitepaper and grasp concept., just listen to hearsay. Lol



The team react according to situation. He salty this ico can get huge amount. Lol

That might not be wrong for you, but it is for pre-ico investors and investors < 1hour. Rules are rules. A buddy of a friend of mine has invested close to a million USD and he's not happy with this ico launch and we are not alone. If you broaden your horizon and google, you see a lot of people don't like such ico launch at all, especially extending the time and those are prominent players in the crypto scene.

If you don't know why this buyback contract is bad, I can't help you. It's financially not in your interest vs liquidity, nor in risk assessment. One of the first thing you learn in college and business school...

Yeah, exactly just what you've said you prove my point... you just follow what others say... One day, you'll pay the bill and they don't. Maybe that's the day you decide to live your life on your own terms

I only read till the part that you say they should stop at 1 hour.
 Coz at this point you clearly dont read properly.
Why waste my time reading the fud.

They have no reasons to stop in 1 hour even if there no attack and no clogged transaction
because the cap not even reach yet at that time.


Duration: The fundraiser will run for 14 days or until the hidden cap is reached, with a 1 hour minimum time.

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

You're proven me correct that most of you are a bunch of idiotic sheeple without intelligence.
Reading is hard, huh? And no arguments given, again, no surprise. The fact that you say it yourself that "Coz at this point you clearly dont read properly" means you don't understand anything what you read, which may be a sign of a mental attention disorder.

Quote:
"Clause 14: Initial creation period is either one hour or until the hidden cap has been reached. It must be at least one hour, but when the hidden cap has not been reached, it will be longer.
Clause 15: Here it clearly states the minimal initial creation period is 1 hour long. Not more. Not less.
Clause 16: "After the Minimal Initial Creation Period, the Initial Creation Period automatically ends once the Hidden Cap as implemented in the SCS has been reached."

So, the "Minimal Initial Creation" period is one hour long. After that time is up, we're into the Initial Creation Period, which terminates once the hidden cap has been reached. The hidden cap was 250k ETH.
250k ETH was reached at 2 hours, which is after the "Minimal Creation Period" that is very clearly stated to be 1 hour long. Because the hidden cap was reached after the "Minimal Creation Period", the hard cap ends the ICO."

Clearly, you talk non-sense, because it went longer than 2 hours up to 3 hours. Again, where are your arguments? They're clearly in violation of their own T&C, yet you keep defending with ZERO arguments, pathetic!

Just as DigitalNinja is shilling and acting like a clown, by spouting bullshit and opinions, which his posts show only activity in this thread @ https://bitcointalk.org/index.php?action=profile;u=1008945;sa=showPosts;start=60

Contract law (crying laughing face) you do know that a contract has to be signed in wet ink by all parties to stand in law? I sure didnt sign any contract hahaha. I stopped reading there because i know that

See this intelligence of @ DigitalNinja. Contracts don't have to be signed in "wet ink by all parties". You must be blind that one of the other terms was that you're not a US citizen/resident and by contributing, you have given consensus to this case, which is enough to be used in court against you. You clearly don't understand law at all. For example: Clicking on the terms and agreements at Paypal account creation, you're already binded by the terms in court. I'm getting tired of stupid people like you.

Ok and how exactly does a court prove it was you the (human being) that clicked those terms? If you study common law you will soon realise you are very wrong. This account has a low post count my other does not.

edit - Cryptodude is 1 salty as fk troll. ive seen so many of these types eat their words its unreal. have fun cryptodude while it lasts meanwhile the rest of us will carry on supporting this project. go and pick the toys up you have thrown out of your pram child.

Clearly, you talk from out of your ass, once again. That's why this forum needs moderation like Reddit and Steem, to keep stupid people in their place. They just clutter meaningful discussions on purpose.
You talk as if you know law, which clearly you don't. The plaintiff need to provide evidence, not the other way around. That's why bank accounts require your personal information to link and that's why governments, eu and un don't want privacy in the blockchain, because they cannot identify who the transaction holder is. Your question is rhetoric and I don't know if it's legit or just plain stupid. In either way, that doesn't bring legitimacy to your claim that others don't know the law, when in fact you don't know jackshit about contracts, but act like you do with plain lies.

It ceases to amaze me that people that are so wrong never admit they're and keeping going without any shame or guilt. Again, refering to a possible solution how to mitigate that in my first paragraph, possibly with a permanent rating system coupled to passports and passed history in work and education for in the next blockchain solution, that would be nice.

I only read till the part that you say they should stop at 1 hour.
 Coz at this point you clearly dont read properly.
Why waste my time reading the fud.

They have no reasons to stop in 1 hour even if there no attack and no clogged transaction
because the cap not even reach yet at that time.


Duration: The fundraiser will run for 14 days or until the hidden cap is reached, with a 1 hour minimum time.

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

You're proven me correct that most of you are a bunch of idiotic sheeple without intelligence.
Reading is hard, huh? And no arguments given, again, no surprise. The fact that you say it yourself that "Coz at this point you clearly dont read properly" means you don't understand anything what you read, which may be a sign of a mental attention disorder.

Quote:
"Clause 14: Initial creation period is either one hour or until the hidden cap has been reached. It must be at least one hour, but when the hidden cap has not been reached, it will be longer.
Clause 15: Here it clearly states the minimal initial creation period is 1 hour long. Not more. Not less.
Clause 16: "After the Minimal Initial Creation Period, the Initial Creation Period automatically ends once the Hidden Cap as implemented in the SCS has been reached."

So, the "Minimal Initial Creation" period is one hour long. After that time is up, we're into the Initial Creation Period, which terminates once the hidden cap has been reached. The hidden cap was 250k ETH.
250k ETH was reached at 2 hours, which is after the "Minimal Creation Period" that is very clearly stated to be 1 hour long. Because the hidden cap was reached after the "Minimal Creation Period", the hard cap ends the ICO."

Clearly, you talk non-sense, because it went longer than 2 hours up to 3 hours. Again, where are your arguments? They're clearly in violation of their own T&C, yet you keep defending with ZERO arguments, pathetic!

Just as DigitalNinja is shilling and acting like a clown, by spouting bullshit and opinions, which his posts show only activity in this thread @ https://bitcointalk.org/index.php?action=profile;u=1008945;sa=showPosts;start=60

Contract law (crying laughing face) you do know that a contract has to be signed in wet ink by all parties to stand in law? I sure didnt sign any contract hahaha. I stopped reading there because i know that

See this intelligence of @ DigitalNinja. Contracts don't have to be signed in "wet ink by all parties". You must be blind that one of the other terms was that you're not a US citizen/resident and by contributing, you have given consensus to this case, which is enough to be used in court against you. You clearly don't understand law at all. For example: Clicking on the terms and agreements at Paypal account creation, you're already binded by the terms in court. I'm getting tired of stupid people like you.

"most of you are a bunch of idiotic sheeple without intelligence" - Thanks for the compliment!

You falsely quote: “Clause 14: Initial creation period is either one hour or until the hidden cap has been reached. It must be at least one hour, but when the hidden cap has not been reached, it will be longer.”

This while the BNT Creation and Bprotocol Foundation Contribution Terms and Explanatory Note (https://bancor.network/static/BNT_Creation_and_Bprotocol_Foundation_Contribution_Terms.pdf) clear state:

“Initial Creation Period: The Initial Creation Period starts on June 12, 2017, at 14:00 GMT and lasts for a maximal duration of 14 days (“Duration of Initial Creation Period”) or until a hidden cap implemented in the SCS (“Hidden Cap”) has been reached, whichever is earlier. In any event, the Initial Creation Period will last for a minimum of 1 (one) hour”

In other words: The minimum duration is 1 hour and the maximum 14 days.  

You falsely quote: “Clause 15: Here it clearly states the minimal initial creation period is 1 hour long. Not more. Not less.”

It is clearly stated in the Terms and Explanatory note:

“Minimal Initial Creation Period: Independent of the Hidden Cap, the Initial Creation Period will in any event last for 1 (one) hour”

In other words: The initial creation period must at a minimum be 1 hour long. Common sense dictates, according to what’s stated, that they were well within their rights to go over 1 hour.

Furthermore, you state: “Clause 16: "After the Minimal Initial Creation Period, the Initial Creation Period automatically ends once the Hidden Cap as implemented in the SCS has been reached."

“Hidden Cap: After the Minimal Initial Creation Period, the Initial Creation Period automatically ends once the Hidden Cap as implemented in the SCS has been reached. The amount of the Hidden Cap will be communicated once contributions amounting to 80% of the Hidden Cap have been recorded in the SCS. In case Contributions during the Minimal Initial Creation Period exceed the Hidden Cap, 20% of the exceeding Contributions will be allocated to the ETH Reserve Balance. The remaining 80% of the exceeding Contributions will be locked for two years in a smart contract serving the purpose of stabilizing the BProtocol ecosystem by purchasing BNT (at the price of 0.01 ETH). After the two-year lock-up period, remaining ETH will be allocated to the Foundation to be used in accordance to para 33”

So nice you spend time entertain this kind of ppl

He did not even understand what the 2 year contract do.

I've already explained how this shitty 2 year contract reduces roi, carries high risk or even a loss. You stupid people just don't read, because "I'm too lazy" and "my opionion is fact". You are not investors, but little fish wannabe investors.

So what are you trying to prove? It clearly is in my advantage, because these changes in words of terms are effectively the same as in the unedited version. Good riddance.

Can you understand what the meaning is of my critique? Or do you need a teacher to explain what you read, because you are not able to on your own? Difference between idiots and successful intelligent people: The former read, the latter understand. In real life, this manifests in employees vs entrepreneurs and venture capitalists. That's a golden nugget for you, you know who you're.
Please defend yourself how both these terms does not violate their own terms. Cap is reached, yet going for another 1 hour. That's right, nobody defends this. Bunch of pathetic clowns. Trying to steer attention away from the main issue. Why nobody of you 4 clowns are talking about this. You don't even have an opinion? Why you have an opinion of everything else? Fools these mortals be.

This is just critique and people (again, this shows enough who these 3-4 people are) think I'm attacking the project or bancor, which I'm not at all. I support this project and team, it's interesting and could hedge against volatility.

All the above gives me the immpression that you sir are politically correct moron. The world could do with less people like you. Peace out cryptodude i have wasted enough of my valuable time interacting with you.

Again, thank you for proving me right. Everything I've said is true, again. People have been burned, because of people like you. This is proof nobody should not listen to anyone in here, because you are getting sucked in fantasyland where there is no rationale. Thank you for learning the mentality in here. I know enough now about psychology in these threads and what kind of folks are operating here. Have a good one.

Ok i said i was done but i couldnt resist. So exactly why should anyone listen to you? "This is proof nobody should not listen to anyone in here" or are you saying everyone should listen to everyone in here?

Nobody should listen to anyone, including me. Smart people can discern value by whom. Nice twisted logic again, exactly why it's dangerous to listen to people like you and I won't even deduce your kind to myself if you think in the abstract.
If you ever know the meaning of what I've typed... this world would be a better place. People like you are better not to philosophize, or weird ideologies come in to manifestation like in the 20th century  

Funfact | Quick analysis over the last 5 hours: 2/4 active trolls and 14 ignorant people seeking for advice. You better know who the trolls are before you take that advice in if you're one of the 14.

[DigitalNinja]

Anybody else get screwed out of ICO because tx/network issues?  Submitted my transaction 11 minutes into the ICO only to come back from work to find that it hasn't been processed.

I had to try 5 times before it worked

Ah damn.  Wish I had the time to do that before having to run to work.  Oh well, what can ya do?

The instruction was unclear as well. I tried over 10 times and finally got in.

Yeah this is why i am glad they extended the 1st hour. I too had to send my investment 5x before it was confirmed. If anything this proves that the systems currently in place cannot handle the amount of transaction that were seen yesterday.

[crypt0dude]

By the way, have fun trolling. I can't understand why people are doing this without getting paid 
See you at the exchanges   

[DigitalNinja]

Cryptodude you need to go somewhere where people give 2 shits about what you are saying. even the language you use screams dick head. lol

[Avaahnaa]

It ceases to amaze me that people that are so wrong never admit they're and keeping going without any shame or guilt.

[Arkaen]

This is my first time even using Ethereum.  It didn't make a good impression.  I was getting errors and gave up thinking it didn't work.  The Ether funds disappeared from my account when I first sent and then reappeared a short time later when the errors were happening and then when I checked later in the day they had disappeared again.  So presumably I have Bancor tokens now.

Is whatever that caused the problem in Ethereum during the ICO fixable in Ethereum or will this happen every time there is a spike in traffic or DDOS attempt?  Are any of these platforms able this kind of thing efficiently?

These growing pains are part of new technology. In this case, adoption is happening faster than the technology can keep up with. But adoption is still restricted to a select group of technically literate.

A seamless user experience is what will propel cryptos to mainstream adoption, but this requires a solid backbone: security, speed, forgiveness, integration with existing services, and effortless user interfaces.

When cryptos become truly easy to use for the average person, they will quickly gain mainstream adoption. By the time this happens, I will have mostly cashed out.

[MofoMF]

Crowdsale for bancor ,can someone reply with the website?

[paulmaritz]

By the way, have fun trolling. I can't understand why people are doing this without getting paid 
See you at the exchanges   

[MalReynolds]

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.

[DigitalNinja]

By the way, have fun trolling. I can't understand why people are doing this without getting paid 
See you at the exchanges   

Technically i am getting paid to interact with you. Im currently on annual leave from my full time job and also im sat trading altcoins. :-) See you on the exchanges? I hope your smart enough to have removed your balances from polo

[DigitalNinja]

So me and my pals were playing around witht he private bancor net last night. made a few pages with tokens etc connected to fb messenger. to say its in its infancy it really has potential this. Has anyone else had a play around with it what do you think?

[DigitalNinja]

via Imgflip Meme Generator

[Avaahnaa]

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/fundraiser

[Piston Honda]

to fishy and yet another waste of an ICO with nooooooothing to release for a looong as time, so another speculative pnd toy for eth whales.

get with dlsag.com who are actually about to release something legit.

[irlandescoin]

Crowdsale finished?

[Shahrul09]

Nah now i know why he so bitter. And whiny.


He cant flip and there are too many token been given out. Lol

Keep arguing about the minimum time allocated, lol.
Go ask the dev if you right or not.. And post it here you troll.

[Shahrul09]

to fishy and yet another waste of an ICO with nooooooothing to release for a looong as time, so another speculative pnd toy for eth whales.

get with dlsag.com who are actually about to release something legit.

' you could at least research and read about the project that you gonna diss about.

They have a working product.
Here the demo.
https://app.demo.bancor.network/discover

[Zev777]

I will just start boldly. The Bancor business model is pretty close to a scam. I am sure you will not take my word for it, because this is my first post. In fact, I made this account because I find it bizarre that no one is talking about this. Let's be honest, which one of you truly tried to comprehend their mathematical proof? Not a single person who invested at least, because otherwise they would not have wasted their money. I will try to explain a little.

They collected pretty close to 400k ether. Essentially what they do, is keep .8*400k ETH = 320k ETH to themselves, and call the remaining 80k reserves. They will express this 80k in a different coin, called BNT. They assign 100 BNT to 1ETH that they received. That means there is 500BNT for every 1ETH in the reserves. Essentially, if everyone would want to convert their BNT back to ETH, they would get 1/500 ETH per BNT. Wait you say, in the white paper it says that the starting price of 100BNT will equal 1 ETH! This is true, this is where the mathematics uses a trick to hide what is going on. Their pricing formula, P=R/(S*F) ensures that the first BNT sold will be sold at a 'fair' value, namely equal to the amount of ETH you spent to buy it in the first place. After the first sell, things get worse rather quickly. Let's illustrate this by a little example:

Lets say that 10% of people who own BNT sell it back to ETH via the smart contract. For the initial price we get: P = 80k/(40m*.2) = 0.01. All looks fair. Then after the sell we get 40m*10%*0.01 = 40k,  P = 80k-40k/((40m-4m)*0.20) = 0,00556. Ouch, the price almost dropped to half value from the 10% sell-off (this is different if there are many small transactions but I will get to that later).

If people buy the same amount of BNT, this is what happens: P = 120k/(44m*0.20) = 0.01364. The increase in price is not nearly as interesting for the next person. But again, this will be lower for many small transactions.

I created a plot assuming transactions are made in small batches of BNT coins. We find that the BNT value drop VERY quickly when people start selling, and does not rise nearly as fast. Essentially this just makes BNT an undesirable coin. Another weird thing about their system is that it does not consider convexity. This means that big transactions will get very different prices than many small ones. This just does not make sense, but they don't care as they simply took your money.
http://imgur.com/a/f9yLy

If you are still not convinced, consider this. They literally admit to taking 80% of your money. All they give back is some mathematical trick based on 20% of the ether that you gave them. Do you really believe they just generated x5 value out of thin air? Sorry, but math does not work that way. I would recommend getting rid of your BNT asap, or you end up all the way on the left side of the graph. I am sorry that this news comes a bit late for some of you... I didn't read their methodology until last night Sad

Maybe now you can start to add up why the ICO was strange in various ways.

As final words, don't just believe whatever I say. Think about it for yourself. I gain nothing by convincing you of whatever I write here, I am simply sharing thoughts.

[Sam San]

Social Media Bounty Rules:

 

- Do NOT spam. This will result in disqualification.

- Report your contributions honestly. We will randomly check accounts.

- All Zuks = 0.2% of the total supply of BANCOR at the end of the fundraiser.

0,2% from a sum will be considered? sum 39.6M BNT FUNDRAISER TOKEN ALLOCATION  79.3M TOTAL BNT SUPPLY?

[Shahrul09]

I will just start boldly. The Bancor business model is pretty close to a scam. I am sure you will not take my word for it, because this is my first post. In fact, I made this account because I find it bizarre that no one is talking about this. Let's be honest, which one of you truly tried to comprehend their mathematical proof? Not a single person who invested at least, because otherwise they would not have wasted their money. I will try to explain a little.

They collected pretty close to 400k ether. Essentially what they do, is keep .8*400k ETH = 320k ETH to themselves, and call the remaining 80k reserves. They will express this 80k in a different coin, called BNT. They assign 100 BNT to 1ETH that they received. That means there is 500BNT for every 1ETH in the reserves. Essentially, if everyone would want to convert their BNT back to ETH, they would get 1/500 ETH per BNT. Wait you say, in the white paper it says that the starting price of 100BNT will equal 1 ETH! This is true, this is where the mathematics uses a trick to hide what is going on. Their pricing formula, P=R/(S*F) ensures that the first BNT sold will be sold at a 'fair' value, namely equal to the amount of ETH you spent to buy it in the first place. After the first sell, things get worse rather quickly. Let's illustrate this by a little example:

Lets say that 10% of people who own BNT sell it back to ETH via the smart contract. For the initial price we get: P = 80k/(40m*.2) = 0.01. All looks fair. Then after the sell we get 40m*10%*0.01 = 40k,  P = 80k-40k/((40m-4m)*0.20) = 0,00556. Ouch, the price almost dropped to half value from the 10% sell-off (this is different if there are many small transactions but I will get to that later).

If people buy the same amount of BNT, this is what happens: P = 120k/(44m*0.20) = 0.01364. The increase in price is not nearly as interesting for the next person. But again, this will be lower for many small transactions.

I created a plot assuming transactions are made in small batches of BNT coins. We find that the BNT value drop VERY quickly when people start selling, and does not rise nearly as fast. Essentially this just makes BNT an undesirable coin. Another weird thing about their system is that it does not consider convexity. This means that big transactions will get very different prices than many small ones. This just does not make sense, but they don't care as they simply took your money.
http://imgur.com/a/f9yLy

If you are still not convinced, consider this. They literally admit to taking 80% of your money. All they give back is some mathematical trick based on 20% of the ether that you gave them. Do you really believe they just generated x5 value out of thin air? Sorry, but math does not work that way. I would recommend getting rid of your BNT asap, or you end up all the way on the left side of the graph. I am sorry that this news comes a bit late for some of you... I didn't read their methodology until last night Sad

Maybe now you can start to add up why the ICO was strange in various ways.

As final words, don't just believe whatever I say. Think about it for yourself. I gain nothing by convincing you of whatever I write here, I am simply sharing thoughts.

Give me back my 2minute after spend it on your fud.

Tldr: he just want ppl to do the bold part