Beware of BANCOR ICO(One of the biggest shills ever)

[AmarO]

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!

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.

The 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."

This is ridiculous the way they're trying to abuse the crowdfunding system.


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.

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.

They're using BAT selling out as an excuse to completely shill their investors, check out the newbie accounts with 20 posts all on their thread.

Below is one of the marketing guys they hired who you guys may be familiar with he got fired from "Golem" for this infamous post "http://www.eddyazar.com/i-got-fired-from-my-dream-job-golem-heres-why/"

Bancor aims to be the creation medium behind a whole slew of new tokens representing countless new types of value

Below he lists the major differences vs WAVES(Not Minereum because they don't know about it)

"Bancor has two major differences to Waves here:
The first is that Bancor tokens are fully liquid from day one. So even if its some tiny token that never aims to become worth millions or be traded on a large scale... it's still always immediately exchangeable for any other coin or token on the entire Bancor network (including ETH and every major ERC20 token)
Waves has their decentralized exchange, of course, but it still requires that you find a second party to trade with, which rules out small-market-cap tokens.
The second is that Bancor is build on Ethereum tech. At the moment, that means we're backed by a more developed & successful blockchain, and therefore have a larger set of currencies and of users to launch with."

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.

Hope I helped a lot of people out!

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[Lankster]

Sooo..do you work for Minereum orrrrr?

[AmarO]

Sooo..do you work for Minereum orrrrr?

I have a history of shitting on Minereum

[Lankster]

Sooo..do you work for Minereum orrrrr?

I have a history of shitting on Minereum

So your argument against a pretty solid looking ICO is a company you normally shit on?

Please, explain how ur logic works

[AmarO]

Sooo..do you work for Minereum orrrrr?

I have a history of shitting on Minereum

So your argument against a pretty solid looking ICO is a company you normally shit on?

Please, explain how ur logic works

You can address my points if you wish, I just don't like how Minereums' generated coin set up is.

[cunicula]

OP IS RIGHT.
Bancor is a big scam with shills echoing each other over slack.

[Lankster]

Sooo..do you work for Minereum orrrrr?

I have a history of shitting on Minereum

So your argument against a pretty solid looking ICO is a company you normally shit on?

Please, explain how ur logic works

You can address my points if you wish, I just don't like how Minereums' generated coin set up is.

You really didnt make any good points about how this is a scam? All you did was bash it and say you didnt like the answers u got from a dev?

And ur not happy with the large cap. thats understandable....but still, you fail to convince me

[xanga_17]

I am planning to invest in bancor once I get some ETH. I am having trouble finding ETH. I don't think it is a scam.

[AmarO]

I am planning to invest in bancor once I get some ETH. I am having trouble finding ETH. I don't think it is a scam.

You can address my points if you wish, I just don't like how Minereums' generated coin set up is.

You really didnt make any good points about how this is a scam? All you did was bash it and say you didnt like the answers u got from a dev?

And ur not happy with the large cap. thats understandable....but still, you fail to convince me

Bro it is 250m cap with unlimited supply first hour and then they're announcing partnership 3 days before ICO, trying to build as much hype as they can. To top it all off what they're creating is not that impressive. Do you know how much Minereum dev charged for his project? In which he completed half of BANCOR? I'm not even sure to be honest, if some Minereum person could comment that'd be nice, I think it was less than $1m.

[Lankster]

I am planning to invest in bancor once I get some ETH. I am having trouble finding ETH. I don't think it is a scam.

You can address my points if you wish, I just don't like how Minereums' generated coin set up is.

You really didnt make any good points about how this is a scam? All you did was bash it and say you didnt like the answers u got from a dev?

And ur not happy with the large cap. thats understandable....but still, you fail to convince me

Bro it is 250m cap with unlimited supply first hour and then they're announcing partnership 3 days before ICO, trying to build as much hype as they can. To top it all off what they're creating is not that impressive. Do you know how much Minereum dev charged for his project? In which he completed half of BANCOR? I'm not even sure to be honest, if some Minereum person could comment that'd be nice, I think it was less than $1m.

Sounds like ur just mad they're raising a lot of money lol...

If you have anything to say that actually matters about the platform or the adoption of it. Then I'll pay attentions..

As of now, ur opinions is worthless *shrugs*

[AmarO]

I am planning to invest in bancor once I get some ETH. I am having trouble finding ETH. I don't think it is a scam.

You can address my points if you wish, I just don't like how Minereums' generated coin set up is.

You really didnt make any good points about how this is a scam? All you did was bash it and say you didnt like the answers u got from a dev?

And ur not happy with the large cap. thats understandable....but still, you fail to convince me

Bro it is 250m cap with unlimited supply first hour and then they're announcing partnership 3 days before ICO, trying to build as much hype as they can. To top it all off what they're creating is not that impressive. Do you know how much Minereum dev charged for his project? In which he completed half of BANCOR? I'm not even sure to be honest, if some Minereum person could comment that'd be nice, I think it was less than $1m.

Sounds like ur just mad they're raising a lot of money lol...

If you have anything to say that actually matters about the platform or the adoption of it. Then I'll pay attentions..

As of now, ur opinions is worthless *shrugs*

"Sounds like you're just mad they're raising a lot of money" lol...

I'm just letting people know the facts. There's a difference between fact and opinion.

[theroryshow]

What you might have effectively done with this post is bring more attention to BANCOR. There is more then just coin creation, it is also an exchange where individuals can create "local" crypto currencies. If they raise 200 + mil and they deliver on their product it will be a pretty sound investment. Quick flippers might be out, but investors look longer term. If you do not like it, don't invest.

[AmarO]

What you might have effectively done with this post is bring more attention to BANCOR. There is more then just coin creation, it is also an exchange where individuals can create "local" crypto currencies. If they raise 200 + mil and they deliver on their product it will be a pretty sound investment. Quick flippers might be out, but investors look longer term. If you do not like it, don't invest.

Do you understand how easy it is to fork a couple projects and throw this project together? They don't need anywhere close to that much $$, did you see the devs response to me? Lol.

[arnbrd]

If there is something sure, this is that ANY ICO asking for 250 000 000$ can not be anything but a big blatant scam.

[MedaR]

If there is something sure, this is that ANY ICO asking for 250 000 000$ can not be anything but a big blatant scam.

This is very big money, i'm not sure for what is needed but already looks suspicious to me.
Maybe it is not a scam but it will be very hard for investors to get profit from this in this conditions. I'm pretty sure they won't succeed in their plans for collecting such amount.

[btbrae]

Ride the waves.

Learn from dotcom. Scam or not.

It does not matter. All that matters is you jump ship before everybody else.

[jakev]

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-48cc85a63812

The 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

[Alttrader203]

Truth is, the cap on bancor is way too high to possibly have decent ROI.
So, I doubt i will put any real money in it.
A high cap means less returns, even if it is legit.

In the same time btc or ether can double in price. So why take the risk with ico?

[AmarO]

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-48cc85a63812

The 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 PROCEEDS

40% 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.

[AmarO]

It clearly seems like a scam

The crazy part is they had this "hidden cap" scheme set up where after 80% it would show, I believe the 250m cap got leaked in their slack and it's too late now they've revealed themselves even if they try and change it. You imagine if this figure didn't get out how much money they could have picked up as people would think it hasn't gotten much funding yet? I think you can track the address they use though so people would've started making noise like wtf is going on that's probably why they released it. Unbelievable.