[Ann] [OTN] Open Trading Network | OTN Token | Uniting the crypto world

[OpenTN]

Hello everyone, i just found out these days about OTN, and all in all, its a really good idea, and i see that it have potential, but lets talk about how things work.
First of all, there are 1000+ alt coins running around plus a lot more ICOs and similars like OTN on the field. Its a crazy number, and a few years from now, 99% of them will die. Thats a fact.


As i see, the ones that survive will be the ones that can do something useful on the real world economy. Wich ones? no one knows. Its all a huge gamble at this point.

So, lets start with the positive things...

1 - No more exchanges hostages

The idea behind the OTN is a very solid one, since as you can all see, the existence of the exchanges go against one of the principles of the Cryptocoins: Decentralization.
The exchanges where you trade your coins holds on their wallets a big chunk of the circulating currencies, and even if the exchange have a good reputation, there is nothing that stops them to close the doors overnight and keep all the clients coins. (This would probably collapse the coin markets, but yes, it is possible).

2 - Reduced fees

If something like the idea of the OTN works the right way, that would mean the start of the end of the exchanges, or at least their exorbitant fees (come on... 0,02 BTC to withdraw, when the average network fee is 0,00014?)
If what i read about the project is right, there would be no central exchange in place, and all the transactions would be processed by the "forgers" (Somebody correct me if im wrong, but this would work in a proof-of-stake system), and the fee of processing transactions would reduce a lot, since it would use less power and there wouldnt be more than one transaction in place (Today, you have a transaction fee to transfer from your wallet to the Exchange, another to make the trade, and another to transfer back to you personal wallet)

3 - Decrease of difficulty to buy and sell Cryptos (and products)

IF (and only if) the OTN system make it possible to buy the currencies with fiat, it seems this would make the process pretty easy, and with that, increase the possibility of the cryptos be accepted by people outside the financial world
Cause in the long term, if the general population do not recognize the cryptos as actual useful money, they will die.

Now now, its time to go through the shady and weird things...

Starting with Distribution

So there will be 3 ways of distribution of the coin:


A - IQoption trades B - Wallet Owners C - To whoever have coins


B and C seems ok to me, since they wont cost anything (unless they charge for the wallet), and will reward early adopters and enthusiasts
But the problem is the A...

At first glance, the idea seems good. You do your normal trade operations, and in the mean time you get a reward fo using and specific plataform. Something like a milleage program.

But here is the catch: the fee to trade Cryptos on IQoption, that are actually CFDs, since you dont buy any coins, is now 10%
10%
that means that any trade you do, you already lost 10%, no matter the outcome. Not including the absurd Spreads (US$ 30,00 on BTC at the moment of this writing)
Nowhere on the market you will find a broker or exchange that have this fee, or this spread.

Now lets do some math (The prices is in BRL, cause that is what i used to test):
I put buy order (IQOption you only buy at market price)of $19,80. IQoption Charge me $1,84 (10% fee) for the transaction, and reward me with and estimate of 0,048 OTN Tokens (wich will go down till the day they give the coins). if i trade this for 0,048 OTN to bitcoins then to $ i would recieve $ 3,07. Well, there is no fees on this math, but lets say i would pay the absurd 10% iq option charges, i would still keep around $2,70

Good payout right? im actually recieving to trade... But here is to scenarios that might happen

At each week, the amount of the coins distributed will decrease. The supposed profit of the operation i did wont last long, and IQoption will probably keep the 10% fee, (maybe after week 20 or 30, time enough for the hype bring in everyone that dont do the profit math). BTW the usual fee per operation on the Crypto exchanges that i know is around 0,25%. And this would answer the question why they are "giving" the coins, and not selling them.

Im recieving something that doesnt exist yet, and its all on the speculative market based on a promise that still dont have anything concrete. Not even the wallet. For all i now, if there is no market manipulation by IQoption or OTN.org, the market prices might come very close to zero, and boom! IQoption keep its 10% fees, and i get trades that could be a lot more profitable if i did them somewhere else (of a even bigger loss, if my trades went bad).

The other weird thing is: why IQOption? There is a lot of exchanges around that could have a better impact on the Crypto community, and get a lot of atention around this first round of token distribution, even the ones that already trade OTN...

The answer i think is this: IQoption is the first thing you see when you start googling for the first time in your life 'how do i trade currencies'. IQOption have a lot of ads running around everywhere related to the markets. This probably attract a lot of people that think it is easy to make money on the market. Easy is the key work here guys.

And btw, IQOption isnt the most reputable broker around. You only have to go a few pages ahead on the google search to find a lot of controversy.

And for the last, a few questions popped on my mind that i still dont have answers:

- A system like this could be a big blow on the exchanges market. Why in the end, they would support a system like this

- As i could see, the coin would work like a base value, wich the other coins would have a exchange rate. Assuming that the prices of the coins would keep on the rollercoaster, wouldnt this change the exchange by the minute, just like we have now? if the idea is to make easier to trade coins, wouldn´t the transaction fee fluctuate wildly?

- How is this different, on the final consumer side, from something like shapeshift or Changelly

- About the wallet, where would the coins be stored? on OTN Server? or locally?

- If they are stored locally, how would this be different from the wallets like Jaxx and Exodus that already have a Shapeshift service included in them?

- If i used the exchange feature of the wallet, would i need to buy the OTN to pay the transaction?

- In the transaction process, the way i understood, whoever have the most coins stored, would get most of the transaction fees? or the "forger" that would process the transaction is picked randomly?

Ooof.. thats a big one wall of text. Cant do a TL;DR because the devil is in the details...

This might be good. But might be a total trainwreck.

Sorry for a delayed response.

1 - The price of assets is going to be fixed for the transaction. Should the transaction fail or remain incomplete for whatever reason - the transaction is simply going to be cancelled and the same amount will be returned to the balance.

2 - All of the services you listed are centralized. That means if the service shuts down while you have your money or an active transaction there - you’re basically screwed, because that company has full control over your funds. They are in charge of the exchange and you have no power over the transaction at all. OTN exchange is going to be decentralized and collateralized. The transactions are going to go out peer to peer.  It can’t be shut down and no single entity will have control over it.  You can’t cheat the system either. Every transaction is going to be insured and even if the person on the other side of the exchange want to scam you - you’re only going to be refunded in full for the incomplete transaction.   

3 - OTN.Wallet design calls for cold storage of coins.

4 - Like we said earlier - Shapeshift is a centralized service with all the restrictions and concerns associated with it. And Jaxx doesn’t allow you to buy Crypto right within the wallet, but OTN will.

5 - That is one of the purposes we see for the OTN token.

6 - The algorithm is going to be pseudo-random (hopefully you’re familiar with the term). The person who has more OTN at their disposal is more likely to be chosen as Depository, yes. But the participants with fewer OTN are still going to get selected for the transactions to get their commission, just for smaller transactions (for obvious reasons).

Hopefully that answers your questions!

[OpenTN]

Здpaвcтвeйтe кaк я мoгy yвидeть cвoи тoкeнa нa myetherwallet ?

Для тoгo, чтoбы yвидeть cвoи тoкeны, вaм нeoбxoдимo ввecти aдpec cмapт-кoнтpaктa для OTN token ( 0x881ef48211982d01e2cb7092c915e647cd40d85c )
Taм дoлжa быть кнoпoчкa "Дoбaвить Toкeн" (Add Custom Token).

[OpenTN]

Great news, everyone!

We have just added Newsfeed and Media sections to the OTN Website.

[gerymakgyaer]

OTN Airdrop: What You Ought to Know

According to the Whitepaper:
“Once per quarter starting from 01.01.2018 and continuing for 24 months, 2,000,000 tokens will be distributed among all holders of OTN tokens, in proportion to their stake relative to all emitted OTN tokens on the day of distribution.”
https://medium.com/@otncoin/otn-airdrop-what-you-ought-to-know-d89d815d7c11

[net_cop]

why nobody talks here

[loganberry101@gmail.com]

why nobody talks here

Hello

[jamiedimoncoin]

why nobody talks here

Dead project and is only a Reverse Ponzi that's why nobody talk here...............soon this coin go under 1$ and people with brain understand is better buy Bitcoin or other crypto

[SWD]

why nobody talks here

because this is the quiet before the storm XD

[eternityfun]

Where your prices? This project is real, after product release we will see 200-300$

[PaulG]

ppl are making so much money on others coins and stay stuck on this garbage great traders for all of you that pretend to be a trader i have one advice for u make the math for u if you love this coin so much would you not win more if you buy the same amount that you currently have invested in otn after the drop? if you sell now and buy then you will have 35-50% more otn that you will have if you hold and get the drop tokens . but surely almost all coins that are trusted fowl btc this is going down lol. my personal i will not buy this coin anymore even if it gets to 1 cent

[net_cop]

I have just received good news about OTN tokens.
in this week you will be surprise

[PaulG]

is this bollshit coin not decentralized omg they give some people more info this is trash

[jamiedimoncoin]

I have just received good news about OTN tokens.
in this week you will be surprise

Me too i receive good news................soon IQ and OTN prepare to put in the market again 3 million token for get profit...................

[Kosmog]

Now some facts guys about this token read carefully.. Have u ever wonder how will they distribute 21 millions of tokens in 2 years? With the amount of 25000 tokens per week, it's over 760 weeks!!! C'mon it's over 14 years. So I started to wonder whats going on? There must be an explanation. I did some research I'm fluent in coding so I went to GitHub and started to look for anything suspicious. First I went to was folder 'test' and in a file named 'MintableToken.js' , I found some interesting stuff. First, we see here is the initialization of variables in the filed contract. That's line 6. Let's analyze what we have here:
    let initialSupply = 79000000;
    let firstIterationMaxSupply = 350000;
    let totalSupplyLimit = 100000000;
    let token;
OK, what we have here. The most interesting thing is variable called: firstIterationMaxSupply . It equals the first amount of tokens given away to traders of IQ Option platform. That's legit, let's move forward to line 74-94 in the same file. Procedures declared here are determining supply for each week, 106 times. So 106 weeks are about 2 years (actually 2 weeks more then told).
So I translated this procedure to C++ to check weekly distribution to giveaway this 21m of tokens. It's below everyone interested can rewrite code and just check it.


Here u can find a link to their GitHub:
https://github.com/OpenTradingNetworkFoundation/otn-token/blob/master/test/MintableToken.js .

K lets now move to the real shocking news.
OTN TOKEN DISTRIBUTION ADDRESS TO TRADERS:
 https://etherscan.io/token/0x881ef48211982d01e2cb7092c915e647cd40d85c?a=0x1d907757ab41c19895bcdce9dfacd6bfd5f26ae2

The address below is used as distribution in eth network and its sending to address above a predetermined amount of tokens. Each week it gets the number of tokens you can calculate from my small program. They are blocking tokens to pump price or I would call it hold it at some level to slowly sell them, not much just stable amounts to not dump price too fast. CHECK IT THERE:
https://etherscan.io/token/0x881ef48211982d01e2cb7092c915e647cd40d85c?a=0x0000000000000000000000000000000000000000

To prove that it's true I have a screenshot of OTN response on facebook.

As they say, they will release tokens when to launch their platform. You know what it means? Millions of tokens will be instantly available and the price will be dumped again.

Next curious thing is fact that we know absolutely nothing about their team. Really 550 pros and devs? More than in many games of AAA size? Let us be honest they cant afford so many developers and in case of the program fails only Cpt.Dimitri will get burned and stay on a board till his ship will sink.

I'm sorry if any pieces of information are not clear. English is not my native language and I tried my best.

I would like to point, It's not posted to hate OTN and their project. It's posted to save people money before it's too late. Thanks for lecture and save your money before it's too late! GL

@OpenTN
OTN, what do you have to say about this ? From ~318 000 token to 25 000 it's a HUGE difference.

PS: Another problem is people pay commission using tokens, so more tokens will return to you....

[OpenTN]

@OpenTN
OTN, what do you have to say about this ? From ~318 000 token to 25 000 it's a HUGE difference.

PS: Another problem is people pay commission using tokens, so more tokens will return to you....

First of all, people paying the commission with OTN tokens is not a "problem", it's a purpose this token serves and it's one that drives its value.

"From ~318 000 token to 25 000 it's a HUGE difference." It is a huge difference. And it's true that at the moment, we are sending part of the tokens to this wallet: https://etherscan.io/token/0x881ef48211982d01e2cb7092c915e647cd40d85c?a=0x1d907757ab41c19895bcdce9dfacd6bfd5f26ae2.
When we launch our new products, a new distribution program will be created. Traders will be receiving all these tokens. To sum up, all 21 000 000 OTN tokens will be distributed, as it was planned.

 

[Kosmog]

Thanks for clarifying this. I think you need to create an article about this, especially about 'new distribution' processes. That will help

[OpenTN]

Q&A Session with OTN Head Developer Dmitry Kutuzov

Last Friday OTN Head of Development Dmitriy Kutuzov sat down in front of
the camera to answer the questions submitted via our Facebook page.

This is just the first of the many Q&A sessions that will follow.



Follow our Facebook Page for timely updates and more videos like this one!

[net_cop]

@OpenTN
OTN, what do you have to say about this ? From ~318 000 token to 25 000 it's a HUGE difference.

PS: Another problem is people pay commission using tokens, so more tokens will return to you....

First of all, people paying the commission with OTN tokens is not a "problem", it's a purpose this token serves and it's one that drives its value.

"From ~318 000 token to 25 000 it's a HUGE difference." It is a huge difference. And it's true that at the moment, we are sending part of the tokens to this wallet: https://etherscan.io/token/0x881ef48211982d01e2cb7092c915e647cd40d85c?a=0x1d907757ab41c19895bcdce9dfacd6bfd5f26ae2.
When we launch our new products, a new distribution program will be created. Traders will be receiving all these tokens. To sum up, all 21 000 000 OTN tokens will be distributed, as it was planned.

 

"we are sending part of the tokens to this wallet" the trading volume decreased because of this?

[OpenTN]

@OpenTN
OTN, what do you have to say about this ? From ~318 000 token to 25 000 it's a HUGE difference.

PS: Another problem is people pay commission using tokens, so more tokens will return to you....

First of all, people paying the commission with OTN tokens is not a "problem", it's a purpose this token serves and it's one that drives its value.

"From ~318 000 token to 25 000 it's a HUGE difference." It is a huge difference. And it's true that at the moment, we are sending part of the tokens to this wallet: https://etherscan.io/token/0x881ef48211982d01e2cb7092c915e647cd40d85c?a=0x1d907757ab41c19895bcdce9dfacd6bfd5f26ae2.
When we launch our new products, a new distribution program will be created. Traders will be receiving all these tokens. To sum up, all 21 000 000 OTN tokens will be distributed, as it was planned.

 

"we are sending part of the tokens to this wallet" the trading volume decreased because of this?

The trading volume might be on the decline because of smaller emissions, but there's no direct correlation between us setting some OTNs aside and the trading volume.

[waiberz]

Otn has no ico. And i read it that you can only get a otn if we trade in iq option. But some of us uses different exchanges. And seems otn just support for iq option not in other exchanges. How can we get a token without using iq option? Where we can buy a token directly from you. I wanting to buy with the lowest price.