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

[Shahrul09]

Should i repeat again?
The rule stated that every bounty program will end
On 30th june or when ico over, which ever come first.
The reward are paid weekly. Stated when everyone join and report for signup.

The manager accepted ppl to join till saturday and close it after that.(due to overwhelm reponse)


They did the right thing here.

[1715032108]

1715032108

[1715032108]

1715032108

[paulmaritz]

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.

We bought into BNT not ETH. If we wanted to buy into ETH, we would have simply kept our money in ETH. It is no secret that 80% of the ETH will go towards the BNT project’s development and 20% will be kept as a reserve to ensure a minimum value per BNT. This doesn’t automatically make BNT worthless or the business model a scam, because we’re buying into Bancor’s potential (good or bad).

"Essentially, if everyone would want to convert their BNT back to ETH" - Why would we all want to convert our BNT back into ETH, especially at this stage?

[hdclover]

so many haters, I believed most of them missed the ICO?
 

[paulmaritz]

so many haters, I believed most of them missed the ICO?
 

It must be the case. Either that or the wall is too high. lol

P.S. Even if BNT goes to zero, you've got to love the entertainment value here. 

[Orias67]

so many haters, I believed most of them missed the ICO?
 

I agree with that, but I understand them, I would be mad if I would miss this nice ICO

[paulmaritz]

so many haters, I believed most of them missed the ICO?
 

I agree with that, but I understand them, I would be mad if I would miss this nice ICO

I would probably be mad too, but I wouldn't come here trying to score points at any cost. Some are taking it too far.

[FandangledGizmo]

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.

You forgot to include Einstein's lesser known theorem of E=Poloniex²

Which simply states that regardless of the merits of any ICO, if it trades on Poloniex shortly after, ICO speculators will make money.

Mathematical proof: Gnosis

(This ICO was so big and will trade quickly so if they don't get on the biggest and most liquid exchange it may struggle price wise imo.)

I didn't understand their formula, so thanks for the clear explanation. I think most were aware the ETH backing would be limited/fractional, the question is whether having some reserve will make them & other future Bancor based tokens more liquid and desirable. I don't think they will be more liquid and I think reserve backed tokens will be less desirable due to real/perceived complexity.

I think a self adjusting ETF ETH token (that adds and removes ETH tokens mostly based on market cap) will be popular but don't know if that's possible.

I didn't participate, but as usual, good luck to all that invested. Certainly interesting one to watch.

[Zechis966]

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.

For someone who thinks they're so intelligent and good at arguing, you never learned how to effectively condense a post? You don't seem very intelligent to me...more like someone who has always been able to manipulate their words possibly better than the next man...and it gave you the false-impression that you were smarter than said person.

Just so you know...since you're such an expert in law...it's so rare anyone even gets brought to a judge over internet contractual agreements...it's even rarer they get prosecuted...

Any judge in our beautiful nation worth their salt knows how the legalese is specifically written in extra extra fine print to deter/entrap any layman.

I think you watched the episode of South Park "Human Cent-iPad" and got confused...

you said "a buddy of a friend of mine invested close to a million dollars" and that those people are the real players in crypto or some crap like that?...
You do realize that with bitcoin and ether (amongst couple others) gaining so much value in the past years that even like 10 million dollars is not unusual to see coming from some of the more experienced players.

Sure, tons of outside money is coming in (thankfully) and bringing new price discovery, but they're not in any real way influencing anything save for the project they themselves bid on. sadly too 1 mil is less than 1% of the money raised so I doubt there are enough people pissed about the 1 hour to do anything to this project. Anyone who really IS an experienced player in this sphere knows that the market is so infantile you cant compare it to other markets, and you can't expect things to go over smoothly. You can critique it...but don't crap your pants... They're the biggest ICO so far...when 10 other ICO's start getting 100m+ THEN we can start bitching about inefficiencies and changes to protocol mid ICO. I've seen it happen multiple times now and it's generally when that project is groundbreaking at the time in terms of funds gathered or just speed gathered.

Just calm down seems some people are caught in an epeen fight which I love getting into myself, but the fact you're spamming text walls is NOT helping you seem any smarter...which even if you don't think that's what you're trying to do...clearly looks to all of us like you're trying to assert your intelligence over them.

[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.

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

Friend, 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."

[toknormal]

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

[AltcoinScamfinder]

Is it traded somewhere yet?

[Shahrul09]

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

Friend, 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.

[Zechis966]

You forgot to include Einstein's lesser known theorem of E=Poloniex²

Which simply states that regardless of the merits of any ICO, if it trades on Poloniex shortly after, ICO speculators will make money.

Mathematical proof: Gnosis

I have to say ^ is mostly why I put in. When you try using too much logic in an illogical market...you end up humbled.

So now if something sounds too good to be true...I make SURE to put some in. If I win I probably win big, if I lose, eh no big deal. After all if you can't survive losing this capital then don't put it into anything but a garden to grow yourself some food for a year.

They're not positive who first coined it if it was Keynes (ugh) or whomever...I've heard Buffett say it in interviews...

"The markets will remain irrational longer than you remain solvent"

These are serious words to at least consider in any bubbly market, but especially tech ones, where almost anyone from anywhere in the world can participate, throwing in money and thus in theory raising at least the perceived value of the product because if more and more people want into something there's gotta be a reason, right? Heheh I feel like just understanding psychology is going to make a lot of people, and already has obviously, a ton of money in cryptos.

Good luck to everyone who put in, and good luck to everyone who didnt, with their respective choices!

[Freaks]

Is it traded somewhere yet?

No at the moment we have to wait when team will decide to open this market. The team will be happy to see this amazing response as well as all big exchanges would like to open market for trading.

[canvan]

Should i repeat again?
The rule stated that every bounty program will end
On 30th june or when ico over, which ever come first.
The reward are paid weekly. Stated when everyone join and report for signup.

The manager accepted ppl to join till saturday and close it after that.(due to overwhelm reponse)


They did the right thing here.

They accepted people into their bounty giving them the impression they would get paid for their work which it now seems they will not. Its yet another fuck up by bancor after a disastrous ICO. They said the reward is paid weekly but they never said they would accept people without paying them regardless of their contribution.

[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.

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

Friend, 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.

[easyrimka]

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

Friend, 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.  

This constitutes a monumental unplanned failure.  Everybody should have such problems.

dont loose your time with shahrul , hes from bancor team, everything is fine, no problem, bancor is paradise, bancor is genius ...

[Shahrul09]

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

Friend, 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-9770087fde17

That means there will be like 120k eth buy back wall at ico price.
Unsatissfy investor can just liquidate if they want

[Shahrul09]

 

dont loose your time with shahrul , hes from bancor team, everything is fine, no problem, bancor is paradise, bancor is genius ...

Well we having a healthy discussion and a relevant one .
I donno why you so bitter bout it.

[clardalan]

Well, they collected 142$ but only part is issued in tokens, right? I thought it was 50%. (so 142x2 = 280 million market cap is needed to stay equal to investment)
so basically this has to be a billion dollar listing to be a decent ROI.
I do not think investors will have a good return on this.

This depends on being listed on polo or bittrex, which is not certain...