[ANN] - OAX Foundation

[ANX Marketing]

Hi

To Hugh, Liam, and Dave: You have really failed your investors in this project. There is no inspiration or community with OpenANX and you have failed to inspire attention and people to invest. If you want people to draw to this project please do not bore them with legal or technical jargon. People interested in ANX want to see some development, not pictures of Hugh shaking hands and burning through your funds traveling/visiting other countries. Your team needs vision and actual milestones, not a flowery roadmap. We need specific commitments:

For example:

In Q4 we will achieve X
In Q1 2018 we will specifically achieve Y
By June the project will be released.

We need to see specific milestones (technically) being reached for anyone to feel this project is still current and that the 20 million raised was not in error.

It is not too late to turn things around but they require some big steps:


1) Getting your coins on more exchanges and being transparent with this.
2) Showing what you will actually achieve and the what you plan on coding and or showing the code from ANX Intl as a base (so this doesn't appear to be an empty vaporware project).
3) Being live, active, and energetic on social media. Please look at how blocksafe approaches its twitter and bitcointalk forums. Study communities like NEO and Dogecoin to see how they generate hype. As an example, when Mysterium went silent for a month people felt it was a scam, so the CEO was pressured to release a statement, be more active online, and post pictures of development etc...Even the best coins with best fundamentals will die without active marketing. Your marketing team is slow and feels like a regulatory, boring, old company at best. Cryptocurrency is fast paced and lives off momentum, not stagnation.
4) Show the world what type of value OpenANX can bring. You keep stating this coin will be beneficial because we'll all be hurting when an exchange gets hacked and takes our funds. However, I'd rather risk an exchange holding my funds, than an exchange that doesn't exist at all holding my funds (aka OAX has no working product).


Hugh, Liam etc... you may not care about the price of OAX, but when this coin goes to 1 cent and no one wants to buy it because it is on no exchanges what's the point of even developing it? You do realize if this project fails to inspire investor confidence, it will bleed over to ANX international and hurt your major brand, right? Why would you advertise OAX on the front page of ANX international if people don't think this is a good project? And how people think this is a good project is through investor confidence, aka a product and a higher marketcap. Don't act like the price is irrelevant, you raised funds for a reason and people invested in your coin for a reason. This isn't a charity or an open-source grassroots coin. You raised 20 million and now you are responsible to create a business out of it.

Hi IhateICO's, thanks for the note. Strange choice of name for a token sale backer. I understand your frustration, really I do. However, I feel we have been nothing but transparent. We have posted updates in terms of our roadmap, and how this will progress in the next 4 months until the end of the year. At this stage it looks like we will have something early rather than late, but I can't guarantee this so we are still following the roadmap as published.To answer your questions one at a time

1) We have said we cannot speculate on exchanges from day one. The reason for this should be pretty clear based on recent developments in China. We want to be a successful long term business, and to do that we must be responsible and in line with regulation. To not do that, or to ride the hype train would be irresponsible
2) We have posted user journey's on Slack, code updates on GitHub for KYC/AML tokens, which should show that our first step is to get asset gateways in place from Day #1. We won't simply push out a product that doesn't have these systems in place. One of the great benefits of the OAX project is the asset gateways and fiat channels. The ecosystem needs them to work, so we will have them from the start.
3) We have never been silent, I can understand that we can certainly improve, and we'll try to do that, but we are here every day. We are looking at doing an AMA in the next two weeks on Slack with Hugh and some of the developers. We are moving, obviously just not as fast as some people would like. We cannot predict things like the changes in China, or Korea, or other markets.
4) We were clear from the beginning what the timeline was. I'm not sure what we are getting at here.

In addition, the good news we have given you have ignored. The fact that we are in good financial health and don't need a second token sale in 2018 is surely a good thing? As I mentioned on the Slack channel we are still considering the best way to approach what that means in terms of the remaining tokens. We will update you when we have made a decision.

In closing, I do understand that you are frustrated. We are working hard to deliver a great project. If you have specific questions about the project, I'll be happy to try and answer them

I know what will help and what you can do with some of the tokens not being sold in a second sale.
How about giving some of it to the TRUE believers in your Project.
That can easily be seen by tracking the address of Project Backers that still have their initial purchased tokens in their wallets!
Meaning: They did not move it out of their wallets to an exchange to cashout.

Just my thoughts. 

Hi N0rd. Yes, we know!

[1713311680]

1713311680

[daburone]

I would say a "true believer" is someone who is crazy enough to buy tokens from the market right now, i.e. knowing that the project has no code, one developer, and posts vague nonsense on the OAX Medium about their reflections on China's policies.

[memii]

I have bought already few days ago and now will keep them holding and let myself flowing with the waves to take my investment where it is going for. It is long termed project which needs lot of work to done in order to attract real volume once it will be completed. How user friendly it will be that will make the real difference.

[bitvoyager]

I know what will help and what you can do with some of the tokens not being sold in a second sale.
How about giving some of it to the TRUE believers in your Project.
That can easily be seen by tracking the address of Project Backers that still have their initial purchased tokens in their wallets!
Meaning: They did not move it out of their wallets to an exchange to cashout.
Just my thoughts. 

Hi N0rd. Yes, we know!

You're reading my thoughts, n0rd.

[nexus20001]

If ethfinex and openANX will use both 0xproject what will be the difference among them?

[z0n0]

About bounty - when will we receive our rewards?
And how do we apply for next months as well?

[daburone]

I know what will help and what you can do with some of the tokens not being sold in a second sale.
How about giving some of it to the TRUE believers in your Project.
That can easily be seen by tracking the address of Project Backers that still have their initial purchased tokens in their wallets!
Meaning: They did not move it out of their wallets to an exchange to cashout.
Just my thoughts. 

Hi N0rd. Yes, we know!

You're reading my thoughts, n0rd.

Seriously, this is a dumb idea. Every person on this forum is a "believer" in Bitcoin but we have all traded it and moved it around. Does this mean we should not be entitled to BCH or other forks?

You can't just randomly dilute other backers with flimsy logic.

[steinkopf]

I have bought already few days ago and now will keep them holding and let myself flowing with the waves to take my investment where it is going for. It is long termed project which needs lot of work to done in order to attract real volume once it will be completed. How user friendly it will be that will make the real difference.

I'm wondering when the team will provide at least the screen-shots how do they design or plan to build prototype and when we will know who are in the working group?

[karjatu]

I would say a "true believer" is someone who is crazy enough to buy tokens from the market right now, i.e. knowing that the project has no code, one developer, and posts vague nonsense on the OAX Medium about their reflections on China's policies.

I made some inspection and read OAX website. They have plenty of managers and such kind of non-productive personnel and they have one coder and one developer. OAX should publish their burn-rate that's overall overhead expenses.  without aforementioned that there is plenty of hope in the air and now I understand the frustration among some investor. With such kind of big team, at least PR should be appropriate.

Positive thing is that they co-operate with 0x. However there is not guarantee will the co-operation be productive or not.
other positive thing is forthcoming announcement in October, Perhaps OAX has hired second coder/ developer.  

Technically speaking building the exchange is not necessary rocket-science, but on going regulation can affect of profitability. Decentralized exchanges can get around some regulation, because DEX is technically OTC market place.

as the market theory states there is not necessary easily obtainable free lunches. The project with more solid plan are usually more expensive, but even though with the solid plan the project will fails. The project always entail risk and some risks are beyond the control of the personnel of the project.

[bitvoyager]

I have bought already few days ago and now will keep them holding and let myself flowing with the waves to take my investment where it is going for. It is long termed project which needs lot of work to done in order to attract real volume once it will be completed. How user friendly it will be that will make the real difference.

I'm wondering when the team will provide at least the screen-shots how do they design or plan to build prototype and when we will know who are in the working group?

1.

Video explaining everything:
https://www.youtube.com/watch?v=PbwaFQ2r2c4&feature=youtu.be&t=19

2. Brief introduction of core engineers
https://www.youtube.com/watch?v=JuvJwe_6Byk

3. There was such statement on Sep, 22
"Today we are proud to announce OAX project is taking a step forward, introducing OAX working group, which the Foundation will invite entities across payment/ legal /exchanges industries. The project development is right on track, stay tuned for further update!"
I'd add that the Working Group Signup is planed on the Q4 2017 according to "milestones" on the site, closer to December i think.  

4. OAX Dev AMA #1 - Project Discussion "Roadmap and Development" on 4th October 2017 7AM HKT/7PM EST/12 AM GMT
Welcome to our Slack, invitation below.


WEBSITE | WHITEPAPER | YOUTUBE | SLACK | TWITTER | MEDIUM | REDDIT | WECHAT | TELEGRAM

[IhateICOs]

20 million dollars.
3 Months in.

1 Developer
0 Code
0 Good Exchanges
0 Progress

All you show is conferences, and nice graphics. Don't waste our time here anymore. If you are not going to make some progress don't keep showing the same medium posts and slack screenshots.


Hugh let me break it down like this, if you employed someone in ANX intl and paid them 2 months salary and the only thing they did was make a flow chart would you fire them?

[Iruwen]

They're on track with the road map, and the coding part isn't the hardest part about this project. Once we're behind the schedule, you can start complaining. If you bought the top, well bad luck. Don't buy into fomo. If you hate ICOs, don't invest in ICOs. It's as simple as that. There's absolutely no use in wasting time and money on adding more exchanges right now.

[mv1986]

They're on track with the road map, and the coding part isn't the hardest part about this project. Once we're behind the schedule, you can start complaining. If you bought the top, well bad luck. Don't buy into fomo. If you hate ICOs, don't invest in ICOs. It's as simple as that. There's absolutely no use in wasting time and money on adding more exchanges right now.

Hey Irwin, how do you know that everything is on track? And also, why isn't the coding the hardest part? What else should be the hardest part?

[Iruwen]

Because the roadmap isn't very specific to begin with, but at least they haven't missed any deadlines so far from what I see.
The hardest part will be legal aspects, see https://medium.com/@OAX_Foundation/oax-project-q4-roadmap-update-legal-and-regulatory-stream-8d9a3d4671a2

[alikaya58]

Show your work now! Not graphics

[ANX Marketing]

They're on track with the road map, and the coding part isn't the hardest part about this project. Once we're behind the schedule, you can start complaining. If you bought the top, well bad luck. Don't buy into fomo. If you hate ICOs, don't invest in ICOs. It's as simple as that. There's absolutely no use in wasting time and money on adding more exchanges right now.

Hey Irwin, how do you know that everything is on track? And also, why isn't the coding the hardest part? What else should be the hardest part?

Hi guys, I thought I'd jump in here. Irwin is correct, the code is not the hardest part. The platform aims to solve a few issues with launch.
1) Fiat onto the blockchain via Asset Gateways (a rising tide floats all boats) this means we need a KYC/AML token (like Tether but not suspect) the easy part with this is the token issuance, the hard part is the legal compliance in multiple jurisdictions.
2) Adding transparency to the whole token issuance process, for more on this, read this blog (not ours)
https://medium.com/@bitfinexed/a-response-to-tether-releasing-their-prior-audits-cceab8989c70
3) Protection for people who get compromised by an Asset Gateway issue (hack, scam etc)

So, the legal and regulatory is hard. The code is also difficult, but half our developers have been working for a business that has deployed 23 exchanges "out of the box" in the last 4.5 years, so we have a headstart on that.

The other challenge is recruiting reputable members for the Working Group, who will become the first round of Asset Gateways and KYC providers, but we are moving ahead on this too.

Hope that helps

[ANX Marketing]

20 million dollars.
3 Months in.

1 Developer
0 Code
0 Good Exchanges
0 Progress

All you show is conferences, and nice graphics. Don't waste our time here anymore. If you are not going to make some progress don't keep showing the same medium posts and slack screenshots.


Hugh let me break it down like this, if you employed someone in ANX intl and paid them 2 months salary and the only thing they did was make a flow chart would you fire them?

Everyone's a critic.

[pinkman12345]

Hello OAX team, The bounty pool that you have kept is quite bad as the price of OAX is hitting the bottom and even it is too below the ICO. Instead of Giving a fixed amount of OAX to participants you should give shares or stakes per week as it will be then fair for people who are advertising you the whole month, as i am a participants and comparing to the reward that we will get after a month is too way far less. I see chronological team and other teams who have given 26 ETH ( in terms of coins) to legendary participants for a month. whereas OAX will not let a hero member get more than 120$ at this price.
Its my request to consider the stakes instead of fixed amount.

[|Admiral|]

Hello OAX team, The bounty pool that you have kept is quite bad as the price of OAX is hitting the bottom and even it is too below the ICO. Instead of Giving a fixed amount of OAX to participants you should give shares or stakes per week as it will be then fair for people who are advertising you the whole month, as i am a participants and comparing to the reward that we will get after a month is too way far less. I see chronological team and other teams who have given 26 ETH ( in terms of coins) to legendary participants for a month. whereas OAX will not let a hero member get more than 120$ at this price.
Its my request to consider the stakes instead of fixed amount.

Haahaa..I agree with what you are saying. I made a good profit from chronologic bounty. This campaign is just waste of time as you are being paid very less as compared to counterparts.
Good luck.

[z0n0]

Hello OAX team, The bounty pool that you have kept is quite bad as the price of OAX is hitting the bottom and even it is too below the ICO. Instead of Giving a fixed amount of OAX to participants you should give shares or stakes per week as it will be then fair for people who are advertising you the whole month, as i am a participants and comparing to the reward that we will get after a month is too way far less. I see chronological team and other teams who have given 26 ETH ( in terms of coins) to legendary participants for a month. whereas OAX will not let a hero member get more than 120$ at this price.
Its my request to consider the stakes instead of fixed amount.

Haahaa..I agree with what you are saying. I made a good profit from chronologic bounty. This campaign is just waste of time as you are being paid very less as compared to counterparts.
Good luck.

Good point.
The team should consider this and raise a bit our rewards.