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.
Algorithmic price discovery and removing the need for a double coincidence of wants is the main focus. If you feel capable of bringing something more useful to the table, by all means, build it.
honestly most coins would much rather use ETH or BTC.
How can you know this when you haven't seen the stability and economics of how BNT functions? The purpose of BNT is to create a connective mesh between currencies created on the platform that operates in an economic ecosystem that can operate almost independantly of any other. Tapping into BTC or ETH markets as a reserve is a totally different proposition, which yes- some might prefer.
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.
You are pulling the 250m number out of thin air. If a dev wants to fork Minereum and add similar functionality, they are welcome to do so! The Bancor team has a pretty epic plan and the backing of a pretty amazing group of people to execute. We need lots of great economic engines in this new economic paradigm.
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.
A token launch is equivalent to what in traditional funding would represent A,B,C,D, IPO rounds. Sometimes companies raise billions through this route. So for the entire life, hopefully a very long time, of a project that will grow and expand, it is not unreasonable to ask for certain amounts of capital if it is going to be allocated appropriately.
Saying "aka your pockets" is shortsighted IMO. Have you ever paid or seen legal bills for a large corporation over the course of many years? This team has run multiple startups and raised a lot of money in the past and know the cost of real world things at a large scale.
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.
The team appreciates your perspective and the attention you've given to the project. It is unfortunate that we can't make everyone happy. Some prefer capped. Some prefer uncapped. Bancor is striving to create a happy medium where everyone can participate in the fairest possible solution.
Eyal has a great response to this Medium post in the comments.
