A cet instant je ne sais pas si je vais investir.
AmarO, thanks for your insightful post about your perspective on the Bancor Protocol. I would like to address a few of your points in bit more detail:
I don't know who is behind the marketing for this coin but my god they need to raise his salary if he pulls this shill off. First they pay Crypt0 to post the yt video to shill, then announce Aragon partnership(gave them coins) to cause more hype, pin tweet of 1+ years hard work. Minereum already creates ERC20 coins. They just copied Minereum with ERC20 coins and backed them. Now they're asking for a 250m ICO, 250m!
There are a lot of people marketing and working on this project who truly believe in the Bancor vision. Aragon and Bancor partnered to so Bancor can utilize Aragon governance, and vice versa - which is a great partnership. Bancor did not "Copy Minereum" in any sense. If you read through the whitepaper, you can see that solving the liquidity challenge and removing the double coincidence of wants is a huge part of this project. There will be lots of projects that create ETH tokens, but look at HOW Bancor is doing it, and you'll find where it's unique.
Eyal in an interview states "making it simple to create a currency is only half the job", LOL! Look at how much funding Minereum took haha to do half the job, they want a 250M ICO. Also they will keep ~50% of the coins! This is mind-blowing. If they pull 50m in the ICO then 50m worth of coins will be created for them on top of the ICO money, check that out. Anything that goes over their cap 80% will go to a buy back which is false security and 20% will go to them just because they want some more for the heck of it.
This is a silly comparison regarding Eyal's comment. Regarding 50% of the coins, the team is only taking 10%. The rest is to improve upon the Protocol in various ways. You can read more here:
https://blog.bancor.network/bancor-network-token-bnt-contribution-token-creation-terms-48cc85a63812The craziest thing of all is when I went in their slack and questioned their core developer.... I have a screenshot as well. I told him I can already create ERC20 tokens on Minereum why do I need Bancor? He said we're the first smart token blah blah.. then I asked him if he heard about Minereum and his response is "I have not but the point im saying is our token is nice since we created it."
the "blah blah" part is pretty essential
They try to make it look really complicated on their whitepaper by using a bunch of technical language, the concept of what they're trying to do is really simple though.
I would love to hear your perspective on what you think Bancor is doing! I think solving the challenge of liquidity by utilizing reserves and removing the need for exchanges is actually a pretty technical and complex challenge to tackle. If it is "really simple" in your mind, I can't wait to see the projects you come out with!
Bancor aims to be the creation medium behind a whole slew of new tokens representing countless new types of value. The primary purpose of this project is to allow people to create ERC20 tokens and get them backed. You can create your own crypto with your name or brand on it while also getting it backed by another coin so if it ever goes to shit it'll still have the value of that real coin. I just can't believe how much coins they're keeping for themselves and the cap price for this amount of work.
There is actually a lot more going on with Bancor! It's not about it being backed by the reserve token. It's about removing the need for exchanges and algorithmically pricing all smart tokens. There is also simple ability to create community currencies through chatbots, instant liquidity, simple application, guardian mechanisms, etc...
These guys must have not known about Minereum which is also built on Ethereum as well. So all that is left is to back the coins created on it, I guarantee any solid dev can accomplish this he'd probably give you more than you ask for if you gave him $1m dollars lol. They could've gotten away with this if it wasn't for Minereum because people would think it's so cool and complicated and so much work went into this.
Minereum (which I had never heard of either) is obviously welcome to add Bancor functionality to their tokens! Instant liquidity and removing the need for exchanges is a great addition to any coin creation platform. I like how close the last part is to Scooby Doo where the bad guy is like "and I would've gotten away with it if it wasn't for you meddling kids!"
Anyways, in all seriousness I think Bancor is a pretty fundamental paradigm shift. The creator of the Euro, Bernard Lietaer, agrees with that sentiment too. If you have any other questions or comments, the team is available on Slack or Telegram to answer them!
Cheers
Why is the cap so high? Regarding the liquidity issue, all backing the coin does is set a floor for the coin, like insurance if it fails. That's not too difficult to do for a dev. That is the main focus... it being backed by the reserve token. Also Bancor charges fees if the coins don't use BNT for backing(this was hidden from people), honestly most coins would much rather use ETH or BTC. So how about instead of your guys 250m project, a dev just forks Minereum and adds the ability to back it with ETH/BTC to solve the liquidity issue? I like BANCOR don't get me wrong, however the sum of money they're asking for is extremely unreasonable for the work they're doing.
USE OF PROCEEDS40% to Software Development aka your pockets
5% Misc and Unexpected aka your pockets
5% Legal expenses aka your pockets
8% Operation Expenses aka your pockets
20% BANCOR ETH RESERVE LOL! wow........
Are you fucking kidding me? Massive cap and 40% goes straight to your pockets for developing! The rest to the other people who work with you guys, that's 58%. Don't try to bullshit me and the people.
You guys are trying to become millionaires right off the bat taking 50% of the ICO money, setting an unlimited cap, doing massive marketing and hoping people blindly pour money into it. What a marketing scheme clap clap clap clap clap. The Scooby Doo part does fit for you guys.
There are solutions for Whales buying out ICOs if you really want to implement it, honestly your ICO setup is 100x worse than one that ends in 10 seconds due to Whales. This is a pure dev shill scheme.
The point of crowdfunding is to get how much you need for the project, that happens with a set amount, then the devs keep coins for themselves as well and depending on how successful the project is both the investors and devs are successful. It's not abusing the system by putting a ridiculous cap to become millionaires overnight and if your project works out or not who cares you're set. Devs should not be shilling crowdfunding like this.
