[ANN][ICO] LakeBanker | Free Banking for the World

[LakeBTC]

Usually when choosing an investment I always see the initial achievement when ico is opened when many people invest then I will also buy in ico
Well where can we monitor the achievement of ico? Is there an address provided so we can monitor it?

The cap for Phase 1 is so small we're not going to provide monitoring. For Phase one it's possible to participate NOW. We did this to avoid users missing out because of last minute technical problems or network congestion. It's possible we will sell out long before the official start time of 9/15 3pm UTC. If we're oversold we'll allocate tokens pro rata. So there's no reason to wait if you're interested in getting our token. Users that "wait and see" are likely to miss out for Phase 1.

As you know the current price is 1 ETH = 1300 BAC, while in Phase 2 our auction starts with 1 ETH = 100 BAC. If the Phase 2 auction closes at that price, Phase 1 participants make 13x profit.

For Phase 2, where we sell most of our tokens, we will provide monitoring of the progress of the auction. Phase two will be held in mid-October.

[LakeBTC]

Usually when choosing an investment I always see the initial achievement when ico is opened when many people invest then I will also buy in ico
Well where can we monitor the achievement of ico? Is there an address provided so we can monitor it?

I also want to know how much they raised so far, it would be like to see the progress of the ico and I also want to know how fund lake team are investing themselves.

On the first question, see the above answer: we're expecting Phase 1 to sell out quickly but if we oversell tokens will be allocated pro rata. LakeBTC has ten million user accounts. We have very many pro-traders investing with us. A lot of the demand for tokens in Phase one is coming from guys like that.

As to your second question, I'm not quite sure what you mean. 25% of the tokens are allocated to the team, but we subject ourselves to a long 5-year vesting schedule in which team members can only trade 20% of their tokens each year. This demonstrates our long term commitment to the project.

Our CSO wrote an article about team token allocation comparing us with some other successful ICOs. You can check it out here: https://medium.com/@andrew.mccarthy/ico-distribution-models-team-tokens-a866641e579

[LakeBanker]

Investment is coming in for Phase 1 of our token sale. Right now our investors are of a few different types:

1. Pro-traders who see the chance of making 1300% profit. Right now the Phase 1 price is 1 ETH = 1300 BAC. At the beginning of Phase 2 the price will be 1 ETH = 100 BAC. If Phase 2 sells out in the first hour, people who bought in Phase 1 will make 1300% profit.

2. Long term investors who recognise the strength of our business model and the potential of our token to circulate amongst millions of people in the long run. They see long term value in holding BAC tokens.

3. Idealists who recognise the banking sector needs to change. It leaves billions of The world's  people behind. These investors want to be part of changing the world for the better with us.

4. Participants in the beta of the LakeBanker system. These guys have been working with us to develop the system in beta for 1.5 years. They're already working as Lakebankers. With them we have improved the system and streamlined our processes. Now the system is ready for the world. These  guys want to be part of the coming expansion.

So there are lots of reasons people are investing with us. But the phase one cap is very small. Just 2% of our total token supply. Early participation is recommended to avoid missing out.

[MsCollec]

What is the conversion rate for BTC to ETH/BAC

[LakeBTC]

The price of BAC is stated in term of ETH. Current price is 1 ETH = 1300 BAC. This is the best price anyone will ever get.

The BTC to ETH exchange rate will be determined by the weighted average market rate on 15th September 2017 3pm UTC. See https://coinmarketcap.com/currencies/ethereum/#BTC

[adsadsx]

if you need ,reserved the Chinese translation

[xapwxrm5742]

Portfolio/Experience/previous translations links :
Ann thread:
https://bitcointalk.org/index.php?topic=2090936.msg20887037#msg20887037
https://bitcointalk.org/index.php?topic=2075235.msg20733405#msg20733405
whitepaper:
https://drive.google.com/open?id=0ByApryHvYSpQUWVubkpDVWJTNEk
PM me if you need the Chinese translation..

[MsCollec]

The price of BAC is stated in term of ETH. Current price is 1 ETH = 1300 BAC. This is the best price anyone will ever get.

The BTC to ETH exchange rate will be determined by the weighted average market rate on 15th September 2015 3pm UTC. See https://coinmarketcap.com/currencies/ethereum/#BTC

Okay, I will just convert it myself. Thanks

[LakeBTC]

Portfolio/Experience/previous translations links :
Ann thread:
https://bitcointalk.org/index.php?topic=2090936.msg20887037#msg20887037
https://bitcointalk.org/index.php?topic=2075235.msg20733405#msg20733405
whitepaper:
https://drive.google.com/open?id=0ByApryHvYSpQUWVubkpDVWJTNEk
PM me if you need the Chinese translation..

Thanks for that. Chinese translation is now completed and is available here

[TinaK]

Usually when choosing an investment I always see the initial achievement when ico is opened when many people invest then I will also buy in ico
Well where can we monitor the achievement of ico? Is there an address provided so we can monitor it?

I also want to know how much they raised so far, it would be like to see the progress of the ico and I also want to know how fund lake team are investing themselves.

this is an interesting question, will keep focus on this.

[leslie4u]

well, I am just trying to understand how this whole system would work. Is this similar to PayPal or AdvCash? I mean how different is this from these providers in the market other than the fact that transfer within the system and to merchants are free.

Who is this LakeBanker? Is he/she the person to whom we send our currency to top up out Lake account?

can you answer this in a layman's term please?

[jeeb]

Free banker,Not governments? Oh,more idealized project, good, have signed  up Bitcointalk Signature campaign and Avatar,good luck!

[LakeBanker]

Usually when choosing an investment I always see the initial achievement when ico is opened when many people invest then I will also buy in ico
Well where can we monitor the achievement of ico? Is there an address provided so we can monitor it?

I also want to know how much they raised so far, it would be like to see the progress of the ico and I also want to know how fund lake team are investing themselves.

this is an interesting question, will keep focus on this.

We answered this question a couple of posts up. Thanks.

[LakeBTC]

well, I am just trying to understand how this whole system would work. Is this similar to PayPal or AdvCash? I mean how different is this from these providers in the market other than the fact that transfer within the system and to merchants are free.

can you answer this in a layman's term please?

(1) The fact that all transactions in the system are free (include user-to-user and user-to-merchant) is a really big difference. Paypal, Western Union, Bank Wires, VISA, Mastercard all charge heavy fees. Our whitepaper has some data on this. Our interface with LakeBTC.com also means we can offer currency exchange, including cryptocurrencies, with excellent liquidity and the best rates. Can Paypal do that?

(2) We are more than just a payment network. Our Crowd-Banking model gives us exceptional risk-management. This means when our Free Banking options attract millions of users, we can offer them a rich ecosystem of financial services such as credit lines, p2p lending, insurance etc. Our risk-adjusted returns from these services will be very high.

[LakeBTC]

Free banker,Not governments? Oh,more idealized project, good, have signed  up Bitcointalk Signature campaign and Avatar,good luck!

Thanks. Not sure what your question about governments is? Could you restate the question?

[LakeBTC]

The price of our token BAC in Phase 1 is 1 ETH = 1300 BAC. Only 2% of the total tokens are available at this price. Investment is already coming in long before the official start of Phase 1 on 9/15.

We recommend participating now to avoid missing out. If we oversell before the 9/15 3pm UTC we will allocate tokens pro rata so everyone can enjoy this low Phase 1 price. After that time, it will be first come first served.

[LakeBTC]

Massively Reduced Operational Overhead

On advantage of the LakeBanker system is that we can provide banking services with MUCH lower costs than traditional banks. Our Crowd-Banking model means that we have no high street branches, few employees, no large corporate offices and no ATM machines. Instead, we leverage the potential of existing personnel and infrastructure outside our core organisation. If a traditional bank wishes to expand its supply in a given location, they need to build a new branch, hire many employees and so on. In contrast, we expand supply just by having more users install our app. As a result, our marginal cost of supply falls exponentially and approaches zero:

Here is a comparative example:

A user in Hong Kong wishes to make a cash deposit into his regular bank account. This is done in branch. Real estate in Hong Kong is expensive—- over $2000 per square foot per annum in those prime areas where high street branches need to be. Assuming a modest sized 2000 square foot branch, the user deposits his money in a building which costs the bank $4 million dollars per year.

The same user, in the same part of Hong Kong wishes to deposit money into the LakeBanker system. He pushes a button on our app; Sage determines optimised matches and the app transmits the request to nearby LakeBankers. Within seconds the request is accepted. For the sake of the example, imagine the LakeBanker here is a nearby convenience store. The user walks to the store and hands over his money. The clerk presses a button on our app and the user’s account is credited with the appropriate amount. The cost to us of accepting the deposit is close to zero.

LakeBanker is bringing finance into the zero marginal cost economy

[LakeBTC]

Exponenential Growth

One advantage of our Crowd-Banking model is that it leverages network effects that encourage the LakeBanker system to grow exponentially. When we enter a country, a single LakeBanker can service roughly ten users. The system encourages users to themselves become LakeBankers and offer services to others. Thus, once inside the system, those ten users can service a further hundred, who can then service a further thousand and so on. As more LakeBankers join the network it becomes more valuable—there is more geographical coverage/saturation and faster matches with user requests through our app. A more valuable network attracts more users which in turn attracts more Lake- Bankers to meet that demand. The cycle continues and the network grows exponentially:

[LakeBTC]

Beta Version

The LakeBanker system has been operating in Beta for 1.5 years.  Here is some more information about our trial period:

• The trail started about 1.5 years ago in stealth mode. No formal announcement and no media coverage. During this trial, we improved our workflow and streamlined the overall process.

• We currently have over 2000 LakeBankers. The demand is strong and has well exceeded our existing capacity. See map below for the global distribution of LakeBankers in our Beta (data may be incomplete)

• 40 FIAT currencies are supported and about 10 are most active.The demand for other currencies is as strong but LakeBankers in those areas need more support and training.

Our successful Beta demonstrates proof of concept. Now the LakeBanker system is ready for the world

[leea-1334]

Overall, I like existing projects with existing work,,, most important of all existing people who do things before any nonsense ICO. The business model is average, do you have examples of work in the countries with no banks? You say 1 LakeBanker services 20, so you have 2,000 means you have 40,000 people serviced?