[ANN] Metronome, an autonomous cryptocurrency with predictable supply

[z0n0]

Consensus 2018 Wrap Up

Hello Metronome Community,
It was great to meet so many of you at Consensus last week in NYC. The conference was a flurry of interviews, conversations, and announcements that made three days fly by.
In case you missed it, the Metronome launch date is set for June 18, 2018!
News spread fast and kept Metronome’s Chief Designer and Co-Founder Jeff Garzik, and Metronome’s Co-Founder Matthew Roszak, busy with CNBC, Cheddar, NASDAQ and Reuters.
All the while, Metronome’s Telegram broke through the 20,000-member threshold — we are super proud and thankful for this milestone! Additionally, our email list’s growth has exploded with over 54,000 subscribers, and our Twitter surpassed 8,400 followers.

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[MTNToken]

also, look at the pricing, and how many coins there are. also, although these 2,880 every day is one thing - the money for these goes guess where...yep, the metronome team. talk about a license to print money and devalue the existing one at the same time.

Incorrect.

The money goes -- guess where -- to a smart contract that is not accessible by the Metronome team.

That is why we call it an "un-ICO."   No private sale + 100% of the money raised goes back to the Metronome community over time.

You've got our attention with the idea of an un-ICO, but does it really pass the Howey test?

Let' see.. for the SEC to class what you're doing as a security you need to fail the Howey test.  In order to fail, the SEC uses the 4 questions below.  If the answer to all 4 is "Yes", then you're issuing a security.

So let's give it a try..

1. It is an investment of money

Yes

2. There is an expectation of profits from the investment

Yes

3. The investment of money is in a common enterprise

Case law has seen this mean effectively anything, so Yes.

4. Any profit comes from the efforts of a promoter or third party

Though the money goes into a smart contract, that smart contract was written, supported and promoted by you and/or the Metronome team.  This whole "un-ICO" is promoted by you guys, not the investor, so this seems to be clear and resounding Yes.

Therefore it seems that Metronome fails the Howey test and will be classed as a security.  Sucks how regulation stomps out innovation...

We're big supported of the Metronome idea and we admire your bravery in the face of unclear regulation, but we're very concerned the SEC will class Metronome as a security and it will be sidelined, languished by regulation, with exchanges unable to list it.

Could you please share with us how you think this will be OK regulation-wise?  If we understand your analysis of the regulation situation, then we could get more comfortable with investing.

While we can’t get into details of legal opinions in a public forum, we have hired knowledgeable, external legal counsel to guide us every step of the way.

The initial supply auction is purchasing a working cryptocurrency via autonomous public auction, not an investment, a utility token, or token representative of anything else.

Please see Appendix A of the Owner's Manual.

[MTNToken]

This project looks promising,  I am looking forward to the auction and I will gladly start studying the project

Happy to hear you're excited. Let us know if you have any questions!

[Hillinye]

Metronome this is a very interesting project. The white paper outlines the strategy of building an encrypted currency around the core principles of autonomy, reliability and portability. Roll Eyes

[xibeijan]

also, look at the pricing, and how many coins there are. also, although these 2,880 every day is one thing - the money for these goes guess where...yep, the metronome team. talk about a license to print money and devalue the existing one at the same time.

Incorrect.

The money goes -- guess where -- to a smart contract that is not accessible by the Metronome team.

That is why we call it an "un-ICO."   No private sale + 100% of the money raised goes back to the Metronome community over time.

You've got our attention with the idea of an un-ICO, but does it really pass the Howey test?

Let' see.. for the SEC to class what you're doing as a security you need to fail the Howey test.  In order to fail, the SEC uses the 4 questions below.  If the answer to all 4 is "Yes", then you're issuing a security.

So let's give it a try..

1. It is an investment of money

Yes

2. There is an expectation of profits from the investment

Yes

3. The investment of money is in a common enterprise

Case law has seen this mean effectively anything, so Yes.

4. Any profit comes from the efforts of a promoter or third party

Though the money goes into a smart contract, that smart contract was written, supported and promoted by you and/or the Metronome team.  This whole "un-ICO" is promoted by you guys, not the investor, so this seems to be clear and resounding Yes.

Therefore it seems that Metronome fails the Howey test and will be classed as a security.  Sucks how regulation stomps out innovation...

We're big supported of the Metronome idea and we admire your bravery in the face of unclear regulation, but we're very concerned the SEC will class Metronome as a security and it will be sidelined, languished by regulation, with exchanges unable to list it.

Could you please share with us how you think this will be OK regulation-wise?  If we understand your analysis of the regulation situation, then we could get more comfortable with investing.

While we can’t get into details of legal opinions in a public forum, we have hired knowledgeable, external legal counsel to guide us every step of the way.

The initial supply auction is purchasing a working cryptocurrency via autonomous public auction, not an investment, a utility token, or token representative of anything else.

Please see Appendix A of the Owner's Manual.

And who exactly are you?  Not convinced.

[jonthecoinbaptist]

it was a different project. but why is it so complicated? I couldn't understand the discrepancy between the first investors and the last investors. :/

So Metronome isn't an investment.

The auction is set up in such a way that no one is excluded from or privileged in it. Everyone has to operate within the same rules: purchase at a given price, or wait for the price to descend. The entire point of conducting the auction this way is to discover market price by providing every purchaser the same opportunities to purchasing, and allowing them to determine what price they deem is fair and purchase then - supply permitting. You can read more about that in the Owner's manual. This article is also helpful: https://medium.com/@MetronomeToken/fairness-as-a-first-order-variable-8012a5c22ed1

Hope all is well!

The simpler way to give every purchaser the same opportunities is to give them all a fixed price, the same way the best crypto projects distribute their currencies in ICO. And of course it's an investment, why else would people honestly buy what is after all just another ERC20 token, nothing more.

This is bad project for the coin baptist. Careful all ye who invest here.


I am JTCB

[BitcoreWhy]

@MTNToken Can you explain me about the price when the price going to 0.05ETH for example per MET token and i decide to buy 1000 tokens
But the price contiune going down when i purchase 500 tokens i order this amount of tokens and nobody can buy before me while i paying for them?

[MTNToken]

@MTNToken Can you explain me about the price when the price going to 0.05ETH for example per MET token and i decide to buy 1000 tokens
But the price contiune going down when i purchase 500 tokens i order this amount of tokens and nobody can buy before me while i paying for them?

Hello,

It's a public, open auction. Purchasers will pay the rate at the time the block containing the purchase is mined.

Thanks!

[BitcoreWhy]

@MTNToken Can you explain me about the price when the price going to 0.05ETH for example per MET token and i decide to buy 1000 tokens
But the price contiune going down when i purchase 500 tokens i order this amount of tokens and nobody can buy before me while i paying for them?

Hello,

It's a public, open auction. Purchasers will pay the rate at the time the block containing the purchase is mined.

Thanks!

So this means that i purchase 300 tokens for 0.005ETH per token and then i will wait for the block containing to make this order

[MTNToken]

@MTNToken Can you explain me about the price when the price going to 0.05ETH for example per MET token and i decide to buy 1000 tokens
But the price contiune going down when i purchase 500 tokens i order this amount of tokens and nobody can buy before me while i paying for them?

Hello,

It's a public, open auction. Purchasers will pay the rate at the time the block containing the purchase is mined.

Thanks!

So this means that i purchase 300 tokens for 0.005ETH per token and then i will wait for the block containing to make this order

A high level the process will look like this: a purchaser deems a given price fair, then sends ETH from an ERC20 compatible wallet to the Metronome auction contract at that time. They will then receive their Metronome almost immediately after the purchase, and it will become transferable after the end of the Initial Supply Auction.

There's a video explaining how this works as well on metronome.io

[satoshblog]

Hello guys I wrote an article about this very interesting project!
Check it out if you want

https://satoshi.blog/2018/05/29/metronome-met-ico-distribution/

[kryptokongman]

why this project no have more interest here? not many people seem interest in it

[MTNToken]

why this project no have more interest here? not many people seem interest in it

Hello,

Actually, we have a rather vibrant following on other social media platforms, particularly our Telegram. I'll link it here for you! https://t.me/metronometoken

Thanks!

[MTNToken]

This week's Metronome Minute series focuses on one of Metronome's supporters, Colleen Sullivan of CMT Digital Ltd. Read more here:
https://medium.com/@MetronomeToken/metronome-minute-colleen-sullivan-7c917dc48155

[BitcoreWhy]

@MTNToken, Have to use MetaMask connected with MyEtherWallet for example or i can use only MEW?

[matt_kirkson]

Id like to ask when the metronome tokens will be publicly tradeable and on what exchanges?

Also, won't the fact that people wanting to buy these tokens can just do so via the daily supply auctions mean that there won't be the demand to buy via exchanges anyway, thus depressing the market?

I'm interested in principle with this (although hate the idea of the reverse auction) because I like the low initial supply, relatively low generation of new tokens and the potential of the cross blockchain stuff. Just unsure whether to take the plunge in this ICO or wait until it hits exchanges. As always, there's a gamble to be considered as to where the price goes in-between. And indeed where to buy in the ICO auction. I can see it not selling at all and then a mad scramble for them all in one go. How will the system handle it if loads of people send ether right at the end to try and get cheapest MTN?

[MTNToken]

@MTNToken, Have to use MetaMask connected with MyEtherWallet for example or i can use only MEW?

Any ERC20 compatible wallet will work, there will be a few ways to interact with the auction, including a Metronome wallet that will be released.

Thanks!

[MTNToken]

Id like to ask when the metronome tokens will be publicly tradeable and on what exchanges?

Also, won't the fact that people wanting to buy these tokens can just do so via the daily supply auctions mean that there won't be the demand to buy via exchanges anyway, thus depressing the market?

I'm interested in principle with this (although hate the idea of the reverse auction) because I like the low initial supply, relatively low generation of new tokens and the potential of the cross blockchain stuff. Just unsure whether to take the plunge in this ICO or wait until it hits exchanges. As always, there's a gamble to be considered as to where the price goes in-between. And indeed where to buy in the ICO auction. I can see it not selling at all and then a mad scramble for them all in one go. How will the system handle it if loads of people send ether right at the end to try and get cheapest MTN?

We believe Metronome represents a high quality, new foundational cryptocurrency. Third party exchanges are outside the control of the creators of Metronome and will make their own decisions as to how they wish to treat Metronome after it is launched.

It is up to exchanges to choose what they list, not Metronome authors.

Since the auction is on-chain, the "system" for auction here is the Ethereum network.

[BitcoreWhy]

@MTNToken, Have to use MetaMask connected with MyEtherWallet for example or i can use only MEW?

Any ERC20 compatible wallet will work, there will be a few ways to interact with the auction, including a Metronome wallet that will be released.

@MTNToken, Have to use MetaMask connected with MyEtherWallet for example or i can use only MEW?

Any ERC20 compatible wallet will work, there will be a few ways to interact with the auction, including a Metronome wallet that will be released.

Thanks!

Thanks!

When will release MET wallet? June of 18th?

[kokorellos]

Amazing project!