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Author Topic: [ANN][ICO] WCX – Digital currency exchange built by ex Apple engineers  (Read 174315 times)
DejwidK
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August 05, 2017, 09:44:27 AM
 #961

Nice whitepaper but who are the wallstreet guys and apple guys who are building these exchange.

Throwing around with company names is easy but i liked to see who are the apple and wallstreet guys so i can do some research about their reputation.

Though it shall be displayed in the whitepaper but saw nothing about the team behind this project.

They are saying that:

A.  names are being withheld for 'security' reasons, which doesn't make any sense...every billion dollar company has it's investors and ceo's info etc public.

B.  That names will be revealed eventually (which is also unsatisfactory, because the only real reason for mystery is 'scam', public perception-wise).







Yeah it sounds a bit strange and I wont participate in the ICO. Everyone can say that their team is very experienced and that they worked previously at Apple etc without going public lol
I read the whitepaper but there is not much stuff except promises imo
Also they saying that their product is quite ready so why do they need to do an ICO?

I dont want to spread FUD just curious about my questions and thought and would be cool if you can answer them
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August 05, 2017, 09:46:21 AM
 #962

Password reset is broken  Sad When I click on 'Send Password Reset Email', it says 'Email is invalid.'.
When I try to register again with the same e-mail address, it says that the e-mail address already exists.
Please advise.
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August 05, 2017, 10:37:06 AM
 #963

"The WCX ICO will have a fixed hidden cap. 8% of tokens are reserved for the team and advisors; 5% are reserved for pre-ICO marketing and bounties; and 87% are reserved for sale during the ICO. Bonuses will be available for early buyers."

So....out of a mysterious X amount of total tokens, 8% are reserved for team and advisors, 5% are reserved for pre-ico marketing and bounties (that may or may not all get used up), and 87% are reserved for ICO sales.

1.  Where does the 15% bonus tokens for $25k purchasers come from?  The 87%?

2.  If only 20% of the 87% are sold during pre-ico and ico, then the 67% will get destroyed?

3.  They 'hidden cap' could be 15 billion coins, or 100 million coins.    If it's in the billions, then that 8% could be billions while the 20% that gets sold as the remaining total after the 67% get destroyed could only be in the tens/hundreds of millions.

4.  Is the token cap in the millions, or in the billions?  

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August 05, 2017, 10:44:14 AM
 #964


Also they saying that their product is quite ready so why do they need to do an ICO?


I'm guessing it's because A. it's a way to grow the userbase from the get-go.   It's better to start an exchange with as much volume as possible, as many people participating and giving good feedback to their social groups (hopefully it's good).

And because $.   They surely need to make bank, to buy coins, to have working coin capital for the buying/selling.

And because the more $ they raise, the more credible they look, the more new users will give it a try.  The faster they get to $1B in volume, the better, etc.  -IF- they can actually provide amazing and fast customer service, which from what they've said so far, they're not set up or ready for.
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August 05, 2017, 10:51:42 AM
 #965

"All unsold tokens will be burned. The remaining supply will become the total supply of WCXT, in aggregate paying out 20% of WCX's fee revenue."


On the main site there's the calculator (how many coins gets one how much of the 20% at which volume level).

If WCX doesn't know how many tokens will exist after the ICO, how can it at all calculate the income from holding tokens?

The only real reason to purchase tokens is for the monthly income (somebody can show me why I'm wrong about that) because it's unlikely that on exchanges prices will wcxt will go up much if at all (because the only reason to hold tokens is for the monthly income (somebody can show me why I'm wrong about that)........

.....and if the calculated incomes are a lot less than what's on the calculator...then there's even less reason to purchase tokens.
coniferhead
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August 05, 2017, 11:30:23 AM
 #966

Quote
t's unlikely that on exchanges prices will wcxt will go up much if at all (because the only reason to hold tokens is for the monthly income (somebody can show me why I'm wrong about that)........

Well you could say that about bonds too.. but their value clearly fluctuates with risk free interest rates.

Sentiment to crypto in general is probably a more significant driver of price though.
K5Canada
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August 05, 2017, 12:30:58 PM
Last edit: August 05, 2017, 04:33:19 PM by K5Canada
 #967

Here is my best guess on the maximum number of tokens to be issued:

Assuming that they conduct the biggest campaign ever to raise money, that would give around $250 million, which leads to 2 500 000 000 tokens pre-ICO and ICO for 87% of the total tokens. Adding to that the missing 13%, that would give a maximum of 2 873 500 000 tokens.

If the project works, the token will raise because the profit made from each token will also raise. It can be compared to the price/earning ratio used everyday in the stock market.

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JoshuaT
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August 05, 2017, 12:39:32 PM
 #968

Here is my best guess on the maximum number of tokens to be issued:

Assuming that they conduct the biggest campaign ever to raise money, that would give around $250 million, which leads to 25 000 000 tokens pre-ICO and ICO for 87% of the total tokens. Adding to that the missing 13%, that would give a maximum of 32.5 million tokens.

If the project works, the token will raise because the profit made from each token will also raise. It can be compared to the price/earning ratio used everyday in the stock market.

1.  Your math is wrong.   $250 million = 250millionx10 tokens (because $1=10 tokens).

2.  But let's go with it.  In general that math logic only works if the 8% and 5%  (really just the 8%)is based off the amount sold.  But It's not, it's (I'm 99% sure) based of the 'hidden cap', which could be 100 billion coins, or 10 billion, or 200 million, or...

Let's say the hidden cap is 10billion.  8% of that is 800 million.   Then if they sell 25 million tokens and burn the rest, that leaves 25mil in the hands of investors and 800 million in the hands of the team and advisors.

(In any case, how are they calculating the income per # of tokens per volume level?  I don't see how it can be at all accurate.)
Commie
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August 05, 2017, 01:55:26 PM
 #969

I did not find a link to white paper in Russian, where can I read it?

Russian whitepaper is coming in the next couple of days. At the moment, only the English whitepaper is up on the site.

Russian whitepaper is already done last night Smiley
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August 05, 2017, 04:20:57 PM
 #970

Here is my best guess on the maximum number of tokens to be issued:

Assuming that they conduct the biggest campaign ever to raise money, that would give around $250 million, which leads to 25 000 000 tokens pre-ICO and ICO for 87% of the total tokens. Adding to that the missing 13%, that would give a maximum of 32.5 million tokens.

If the project works, the token will raise because the profit made from each token will also raise. It can be compared to the price/earning ratio used everyday in the stock market.

1.  Your math is wrong.   $250 million = 250millionx10 tokens (because $1=10 tokens).

2.  But let's go with it.  In general that math logic only works if the 8% and 5%  (really just the 8%)is based off the amount sold.  But It's not, it's (I'm 99% sure) based of the 'hidden cap', which could be 100 billion coins, or 10 billion, or 200 million, or...

Let's say the hidden cap is 10billion.  8% of that is 800 million.   Then if they sell 25 million tokens and burn the rest, that leaves 25mil in the hands of investors and 800 million in the hands of the team and advisors.

(In any case, how are they calculating the income per # of tokens per volume level?  I don't see how it can be at all accurate.)

You are right, I corrected my numbers in the previous post. Sorry for my mistake, I had by first coffee by now... Grin

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August 05, 2017, 04:22:50 PM
Last edit: August 05, 2017, 04:50:51 PM by polkacoin
 #971


A.  names are being withheld for 'security' reasons, which doesn't make any sense...every billion dollar company has it's investors and ceo's info etc public.

B.  That names will be revealed eventually (which is also unsatisfactory, because the only real reason for mystery is 'scam', public perception-wise).


Are you new to bitcoin? It makes total sense to withhold some names, especially names of people who have access to private keys. In BTC/crypto is like having access to cash, so you can be target for kidnapping, theft, etc. That means revealing these IDs puts the WCX client funds at risk and also the safety of their staff. Many now in crypto who have revealed their identity are living with bodyguards 24/7 (coinbase, bitstamp CEOs, etc.) A billion dollar traditional CEO doesn't have to worry about that, their cash, company cash, etc. is held in bank. That being said they said they will reveal some name people, hopefully some with no access to private keys.

And concerning WCXT value seems very simple to me, it will go up when more volume on exchange, and down with less, because its fully correlated it pays out by based on volume, 20% of fee which is directly correlated to amount of volume on exchange.

And what ICO raise will be used for, its in whitepaper, read before making useless FUD!! Many of us now holding WCX token, buying pre-ICO etc. do not FUD without proof, you are making us a disservice. Here:

Funds raised at the ICO will be used for customer acquisition, research and development, and hiring the best and brightest in software development, security, marketing, compliance, and customer support.

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August 05, 2017, 05:00:28 PM
 #972


A.  names are being withheld for 'security' reasons, which doesn't make any sense...every billion dollar company has it's investors and ceo's info etc public.

B.  That names will be revealed eventually (which is also unsatisfactory, because the only real reason for mystery is 'scam', public perception-wise).


Are you new to bitcoin? It makes total sense to withhold some names, especially names of people holding private keys. Holding a private key in BTC/crypto is like holding cash, so you're a massive target for kidnapping, theft, etc. That means revealing these IDs puts the WCX client funds at risk and also the safety of their staff. A billion dollar traditional CEO doesn't have to worry about that, their cash, company cash, etc. is held in bank. That being said they said they will reveal some name people, hopefully some with no private keys.

And concerning WCXT value seems very simple to me, it will go up when more volume on exchange, and down with less, because its fully correlated it pays out by based on volume, 20% of fee which is directly correlated to amount of volume on exchange.


Right, and CEO's and other public officers of massive corps don't have direct access to vast swaths of the company monies?    Are you new to the entire world of business?

WCX could just not say who holds the keys, in your argument.   

Is it the CEO that holds them?   You're not going to name the CEO?  Because he holds the keys?  Really?  And just hope people believe you that the CEO is a worthwhile experienced pro that you can trust to lead the show?


RE:  price increase.   Volume has to increase A LOT to increase the stated payouts (the amounts of which are as of right now are just guesses blind guesses), and one has to have A LOT of tokens to get more payout.   And if the price is to go to $1, or $10, the payouts just aren't enough to justify spending, for instance, $20,000 to get $60 a month back in payouts IF volume gets to $1B.

Maybe it will trade up just on speculation on the price of the token itself, separate from actual value, like most coins in crypto right now.  We'll see.







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August 05, 2017, 05:05:01 PM
 #973



And what ICO raise will be used for, its in whitepaper, read before making useless FUD!! Many of us now holding WCX token, buying pre-ICO etc. do not FUD without proof, you are making us a disservice. Here:

Funds raised at the ICO will be used for customer acquisition, research and development, and hiring the best and brightest in software development, security, marketing, compliance, and customer support.



Don't accuse me of FUD, this isn't chaincoin where the pumpers abuse anybody that raises questions.

"do not fud without proof" says the guy that's operating with faith in the face of zero proof (no named dev team or officers, 'hidden cap' on coin amounts, etc, etc).  Basic info that should be known before any investment.

Are you saying that you bought $25k worth of tokens just on faith and the unproveable claims of the whitepaper?

I'm asking questions in the face of a potential investment.

If you believe every unsubstantiated promise in a whitepaper, good luck to you.

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August 05, 2017, 05:07:45 PM
 #974

Is there no reference system anymore? I had been told that it existed but I no longer find it Sad
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August 05, 2017, 05:10:13 PM
 #975


A.  names are being withheld for 'security' reasons, which doesn't make any sense...every billion dollar company has it's investors and ceo's info etc public.

B.  That names will be revealed eventually (which is also unsatisfactory, because the only real reason for mystery is 'scam', public perception-wise).


Are you new to bitcoin? It makes total sense to withhold some names, especially names of people holding private keys. Holding a private key in BTC/crypto is like holding cash, so you're a massive target for kidnapping, theft, etc. That means revealing these IDs puts the WCX client funds at risk and also the safety of their staff. A billion dollar traditional CEO doesn't have to worry about that, their cash, company cash, etc. is held in bank. That being said they said they will reveal some name people, hopefully some with no private keys.

And concerning WCXT value seems very simple to me, it will go up when more volume on exchange, and down with less, because its fully correlated it pays out by based on volume, 20% of fee which is directly correlated to amount of volume on exchange.


Right, and CEO's and other public officers of massive corps don't have direct access to vast swaths of the company monies?    Are you new to the entire world of business?


Bro you wanna rob Apple CEO how do you do it lol. You wanna rob coinbase CEO you put a gun to his head take the private keys and the BTC are yours forever. Welcome to crypto you sound new.



If you believe every unsubstantiated promise in a whitepaper, good luck to you.


Isn't that what every ICO has done so far. Make promises in a whitepaper? Many ICOs have had hidden caps, for good reason, so nothing new here. At least WCX will have something to show before the ICO. I guess that will make you able to judge whether people behind it are "pros" or not  . It's still early days, ICO is in 2 months.
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August 05, 2017, 05:50:54 PM
 #976

If your developing an exchange it's of paramount importance that you identify your self and team with pictures and full names. Website looks thrown up pretty quickly and the white paper is mostly graphs. I hope the finished project has more care in it's development.

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August 05, 2017, 05:58:53 PM
 #977

If your developing an exchange it's of paramount importance that you identify your self and team with pictures and full names. Website looks thrown up pretty quickly and the white paper is mostly graphs. I hope the finished project has more care in it's development.

Disagree. Revealing IDs puts funds at risk. There are it seems more cons to revealing them than pros. Although I don't know if and when they will reveal them, it may be more cautious not to.

I think whitepaper and site are very well developed. Simple and they achieve what they need. The most important number is the number of signups which is 185,000 which proves what they're doing is working very well. Whitepaper is simple and to the point IMO and can be understood by everyone. No need for fluff where it doesnt need to be there.
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August 05, 2017, 06:10:21 PM
 #978

They said they're going to announce the team this week, let's chill a bit everybody. They wouldn't advertise Apple & Wall St in the title just to announce that they won't be telling us who the team members are. Everything they said has happened so far, I'm not worried.
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August 05, 2017, 07:12:48 PM
 #979

I support! Looking forward to more information from the developers!
----
If your developing an exchange it's of paramount importance that you identify your self and team with pictures and full names. Website looks thrown up pretty quickly and the white paper is mostly graphs. I hope the finished project has more care in it's development.
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August 05, 2017, 07:18:55 PM
 #980

Seriously, although I'm supporting this project and believe it can succeed, I don't get this "risk of revealing names" thing. Check all the latest BIG ICOs like Tezos, Bancor, Civic etc. that raised millions of dollars. All have their teams with names, Linked (or facebook) links showed on their webs. Who is at risk of what here?

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