[ANN][GEMZ] GetGems - Social Messaging App That Pays - Live on Android, iOS, Web

[btcdrak]

I think the BTC devs have changed their opinion on that since. iirc

They have not. I follow the discussions on github and IRC. It comes up a lot. As I said, ultimately whether you can successfully censor embedded consensus us up for debate but it's going to be a game of cat and mouse. If they had changed their mind, they would have added back OP_RETURN 80, and not merged in more changes that affect embedded consensus systems.

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[MrBig]

100,000,000 GEMS / 15,000 = 6,666 BTC = $2,500,000

Seems a bit overpriced to me.

[peled1986]

I have heard you say this (quote below) a couple of times, it concerns me that you are suggesting that the coins are not meant as an actual currency but only an in app advertising token. I'm guessing this is to tread carefully in regulatory environment but people should know they might never be able to use these coins outside the app to actually buy something basically?

If so you should be clear this is a closed system ultimately. Its not going to be attractive to users if they are told they can't actually buy anything at all with the gems. Therefore the main motivation to use this particular app disappears. And  can't imagine teenage girls trading the coins for Bitcoin on exchanges and then using BTC anytime soon.

"Gems are a product designed to be used to advertise on the Gems network. Until we have finished building the application and the advertising functionality Gems are still inherently tradable between users since this is a core functionality of the blockchain technology. The only reason you should be purchasing Gems is to use as an advertising credit in the future or in order to support the Gems application development."

The problem is the value of Gems is not based on the use as a currency but only as an advertisement payment. So even if you were get to have a few million users its not like Bitcoin where they are currency holders but the value is based on what advertisers will pay to connect to those million users. Which is a lot lot lot less than people think. Imagine a popular blog gets a million viewers, doesn't mean an advertisers ie Google ads will bring much revenue for the blog, some but its not much. Plus chat apps are not the best place for advertising anyway.

This is not a closed system as you are describing it. The intrinsic value we are bootstrapping into gems is derived from it's use as an advertising credit, however if it gains widespread adoption and price stability then it could certainly be used by people as a currency. From a technical point of view people could use Gems for whatever they want. We can guarantee that gems will always be usable as an in-app currency within the Gems application.

As the network grows and new features are added, some of those will require payment to sustain. Gems will always exist as a payment option for any value added features available in the app. Additionally, as new p2p reward models are created, new opt-in features will become available enabling sharing economy type activities, crowdfunding, and more. Since this is the first time the users will control the core value of the social network it is too early to predict what new novel ideas will come into existence.

Potential advertising models for Gems: https://bitcointalk.org/index.php?topic=758004.msg9017388#msg9017388
Potential uses for Gems: https://bitcointalk.org/index.php?topic=758004.msg9020027#msg9020027

[bitwhizz]

Nxtty 's total values is 6,786btc, Gems's tolal values should not more than it by presale.beacause gems is presale,nxtty is saling.
so,1 gems's values should less than 0.00001 btc,these we can earn money Instead of work for gems's team.

There are a total of 100M gems. We are selling 50% of the total amount of gems during the pre-sale. [b]The community will decide how many btc these gems are worth and what's the initial Gems marketcap (just like with ethereum, bitshares, counterparty, qora etc).[/b]

The difference with Gems pre-sale compared to the examples above is that we are capping the pre-sale at 3200 btc.
We are biased but we think Gems has many advantages over Nxtty  

(Short comparison here: https://bitcointalk.org/index.php?topic=758004.msg8594258;topicseen#msg8594258)

Don't know if the ama is clos4ed or not but there were a couple questions asked which i will repeat here

-

We are monitoring all the social networks (Reddit, twitter, facebook and bitcointalk of course for community feedback and questions).

- yes, Gems tokens will be tradable on Melotic and BTER exchanges post pre-sale.
- The price of Gems in the public pre-sale is initially set to a discounted price of 15000 gems per btc, and will stay this way for 7 days before declining every 5 days to a final rate of 10,000 gems per btc.
- iOS and Android are our top priority. (they hold ~93.9% of the market share: http://www.cnet.com/news/android-loses-some-us-market-share-but-remains-top-dog/). SNAP might be an interesting solution.

Hi Peled
Just to clarify and reconfirm,  based on these two points ( which are bolded)
I take it that after the presale the amount of gems per bitcoin invested will adjust based on the amount of bitcoins raised?
If 3200 bitcoins isn't raised

[peled1986]

Nxtty 's total values is 6,786btc, Gems's tolal values should not more than it by presale.beacause gems is presale,nxtty is saling.
so,1 gems's values should less than 0.00001 btc,these we can earn money Instead of work for gems's team.

There are a total of 100M gems. We are selling 50% of the total amount of gems during the pre-sale. [b]The community will decide how many btc these gems are worth and what's the initial Gems marketcap (just like with ethereum, bitshares, counterparty, qora etc).[/b]
The difference with Gems pre-sale compared to the examples above is that we are capping the pre-sale at 3200 btc.
We are biased but we think Gems has many advantages over Nxtty  
(Short comparison here: https://bitcointalk.org/index.php?topic=758004.msg8594258;topicseen#msg8594258)

Don't know if the ama is clos4ed or not but there were a couple questions asked which i will repeat here

We are monitoring all the social networks (Reddit, twitter, facebook and bitcointalk of course for community feedback and questions).
- yes, Gems tokens will be tradable on Melotic and BTER exchanges post pre-sale.
- The price of Gems in the public pre-sale is initially set to a discounted price of 15000 gems per btc, and will stay this way for 7 days before declining every 5 days to a final rate of 10,000 gems per btc.
- iOS and Android are our top priority. (they hold ~93.9% of the market share: http://www.cnet.com/news/android-loses-some-us-market-share-but-remains-top-dog/). SNAP might be an interesting solution.

Hi Peled
Just to clarify and reconfirm,  based on these two points ( which are bolded)
I take it that after the presale the amount of gems per bitcoin invested will adjust based on the amount of bitcoins raised?
If 3200 bitcoins isn't raised

We would like to rephrase the above statement for clarification. At pre-sale, 50 percent of the 100M gems are available for purchase by the public. If that target is not reached, the remaining unsold gems will be sent to a verified unspendable address. Thus the community will determine the initial gems marketcap based on how many of the gems they are willing to purchase at the pre-sale price.

[MrBig]

What will happen to the coins in the unspendable address? Will they be distributed among the investors? How long does the pre-sale last before sending coins to the locked address?

[peled1986]

What will happen to the coins in the unspendable address? Will they be distributed among the investors? How long does the pre-sale last before sending coins to the locked address?

-Gems sent to the specifically chosen unspendable address will stay there and no one will have access to them. (This post on Reddit should help you visualise the astoundingly small probability of ending up with the same passphrase as someone else).

[johncarpe64]

when does the public presale end?

[MrBig]

What will happen to the coins in the unspendable address? Will they be distributed among the investors? How long does the pre-sale last before sending coins to the locked address?

-Gems sent to the specifically chosen unspendable address will stay there and no one will have access to them. (This post on Reddit should help you visualise the astoundingly small probability of ending up with the same passphrase as someone else).

So you're saying no one will access the unspendable coins ever again? Interesting.

[nextgencoin]

I have heard you say this (quote below) a couple of times, it concerns me that you are suggesting that the coins are not meant as an actual currency but only an in app advertising token. I'm guessing this is to tread carefully in regulatory environment but people should know they might never be able to use these coins outside the app to actually buy something basically?

If so you should be clear this is a closed system ultimately. Its not going to be attractive to users if they are told they can't actually buy anything at all with the gems. Therefore the main motivation to use this particular app disappears. And  can't imagine teenage girls trading the coins for Bitcoin on exchanges and then using BTC anytime soon.

"Gems are a product designed to be used to advertise on the Gems network. Until we have finished building the application and the advertising functionality Gems are still inherently tradable between users since this is a core functionality of the blockchain technology. The only reason you should be purchasing Gems is to use as an advertising credit in the future or in order to support the Gems application development."

The problem is the value of Gems is not based on the use as a currency but only as an advertisement payment. So even if you were get to have a few million users its not like Bitcoin where they are currency holders but the value is based on what advertisers will pay to connect to those million users. Which is a lot lot lot less than people think. Imagine a popular blog gets a million viewers, doesn't mean an advertisers ie Google ads will bring much revenue for the blog, some but its not much. Plus chat apps are not the best place for advertising anyway.

This is not a closed system as you are describing it. The intrinsic value we are bootstrapping into gems is derived from it's use as an advertising credit, however if it gains widespread adoption and price stability then it could certainly be used by people as a currency. From a technical point of view people could use Gems for whatever they want. We can guarantee that gems will always be usable as an in-app currency within the Gems application.

As the network grows and new features are added, some of those will require payment to sustain. Gems will always exist as a payment option for any value added features available in the app. Additionally, as new p2p reward models are created, new opt-in features will become available enabling sharing economy type activities, crowdfunding, and more. Since this is the first time the users will control the core value of the social network it is too early to predict what new novel ideas will come into existence.

Potential advertising models for Gems: https://bitcointalk.org/index.php?topic=758004.msg9017388#msg9017388
Potential uses for Gems: https://bitcointalk.org/index.php?topic=758004.msg9020027#msg9020027

Fair enough, just fact checking, but I saw this also in the whitepaper and it seemed like you were evading the use of Gems as a currency.

[reRaise]

Will gems be the whatsapp competitor?   

[moneyflow]

I am a big whatsapp user my self, so basically gems work the same way but i get pay for using it?

Also the more gems i hold the more i get paid right?

[softstorb]

When can we test the official app? the screenshots looks pretty good

[455ss]

When can we test the official app?

[junsha]

Hi peled1986, I have 2 questions.
1. BTC rised quite a lot since the announce of pre-sale.
    will the pricing be cheaper to reflect the BTC rise? I think it will be fair to person who
    exchange fait to BTC then buy in the ipo.
2. Why you founders (developers) have such few shares (8%).
    Usually when a investor see the founder or CEO has too few shares (in your case 8%), he will doubt that if the CEO has enough incentive to make the company/project big.
and will easily think that you just want to be a paid developer instead of making the product well adopted.

[peled1986]

Will gems be the whatsapp competitor?  

Please read our answer here: https://bitcointalk.org/index.php?topic=758004.msg9183382#msg9183382

I am a big whatsapp user my self, so basically gems work the same way but i get pay for using it?
Also the more gems i hold the more i get paid right?

Yes, our goal is to make Gems User experience design very similar to whatsapp which everyone is familiar with.
The difference is we added:
(1) Virtual wallet,  sending Gems/Bitcoins is as easy as sending a message to a friend - no need for long addresses.
(2) User reward mechanism - putting the user back in the center.
(3) Privacy - messages are encrypted, protecting your privacy.

Daily airdrop of gems - Every day, ~27,400 gems are air dropped from the Exodus Address. The ecosystem automatically distributes these gems between users according to their relative network contribution. Contribution is measured by the number of active daily users which were introduced by you to the network so far. In addition, air drop share is multiplied by total gems owned. The more gems you own, the more gems you make - an advantage to those who accumulate gems first and invite their friends.

When can we test the official app?

The iOS App will be released during the pre-sale. Some of the users that signed up for Gems updates will receive an early invite to the beta.

[peled1986]

Hi peled1986, I have 2 questions.
1. BTC rised quite a lot since the announce of pre-sale.
    will the pricing be cheaper to reflect the BTC rise? I think it will be fair to person who
    exchange fait to BTC then buy in the ipo.
2. Why you founders (developers) have such few shares (8%).
    Usually when a investor see the founder or CEO has too few shares (in your case 8%), he will doubt that if the CEO has enough incentive to make the company/project big.
and will easily think that you just want to be a paid developer instead of making the product well adopted.

1. you can ready all the details regarding the pre-sell here: http://koinify.com/blog/gems-token-sale-details-update/
2. there needs to be a balance between founders incentive and community incentive.

[peled1986]

Gems and Koinify on Let's Talk Bitcoin http://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-161-the-mine-and-the-pick

[moneyflow]

Which exchange will gems be on once it officially launches?

[deliciousowl]

Which exchange will gems be on once it officially launches?

BTER and some others. It was mentioned in this thread I think.