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Author Topic: [ANN][Blocknet] truly decentralized exchange | token ecosystem infrastructure  (Read 1103265 times)
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synechist (OP)
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October 29, 2014, 05:07:58 PM
 #1661

I want an answer to this.

Why don't you get someone from Coingateway on here to give a real statement about the 10% we're ALL missing?

Things sound VERY uncertain right now and I'd hate for this to cast a negative shadow over BLOCK.  


And I also want to know why the SWIFT -> BLOCK exchange rate was NOWHERE near an average price.

+1,000,000

Why was it valued on the dump? Why not the recent average? Some people were stocking up well in advance of the ITO. They got the shaft, especially when they were holding through the dumps based on claims that an average would be used.



The value of an "average price" depends entirely on one's algorithm for determining the average.

So "nowhere near an average price" is strictly incorrect.

You can reverse engineer the averaging function from the time at trade and the trade rate. Your average was for a 45 minute window at best.

Either that or you took the lower of two ratios, one being a long term average and the other being a short term average.

You shafted SWIFT people here because it dumped the hardest. Other coins like SSD were stable throughout and those people got the fairest deal.


The term "you" here refers to a third party (CoinGateway) with no vested interest in shafting anyone.

In fact, their prime interest is to attract customers, so I very much doubt there'd be any "shafting" going on.

Their algorithm was not disclosed to prevent gaming coins' prices prior to the ITO.

If you're unhappy with the price of SWIFT, please take it up with them. I'm interested to hear their response actually, so by all means post it here.


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Koontas
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October 29, 2014, 05:08:01 PM
 #1662

I want an answer to this.

Why don't you get someone from Coingateway on here to give a real statement about the 10% we're ALL missing?

Things sound VERY uncertain right now and I'd hate for this to cast a negative shadow over BLOCK. 


And I also want to know why the SWIFT -> BLOCK exchange rate was NOWHERE near an average price.

+1,000,000

Why was it valued on the dump? Why not the recent average? Some people were stocking up well in advance of the ITO. They got the shaft, especially when they were holding through the dumps based on claims that an average would be used.



The value of an "average price" depends entirely on one's algorithm for determining the average.

So "nowhere near an average price" is strictly incorrect.



Well, since the sale is over, you can now tell us all what that algorithm is so we can do our own calculations and verify our transactions.

Thanks in advance.

Don't trust any exchange!
BitcoiNaked
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October 29, 2014, 05:08:26 PM
 #1663

Can i send block to my wallet from Bittrex once i have downloaded the wallet or do i have to wait until ITO is over?
mig5000
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October 29, 2014, 05:08:35 PM
 #1664

Yah why didn't you take the past 2 month average for the ITO? GOD WHY?
qawzsx
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October 29, 2014, 05:10:19 PM
 #1665

My confidence goes up for blocknet with such fud Smiley)

Where is fud, there's money to be made
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October 29, 2014, 05:10:47 PM
 #1666

Yah why didn't you take the past 2 month average for the ITO? GOD WHY?

Because then it wouldn't work in their favor.

Show us the calculations that were used to determine the average prices for the alt exchanges.

Don't trust any exchange!
synechist (OP)
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October 29, 2014, 05:10:57 PM
 #1667

Yah why didn't you take the past 2 month average for the ITO? GOD WHY?

I suggested that to them actually, but it would be unethical of me to have had any further sway on their decision.

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tx42
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October 29, 2014, 05:11:14 PM
 #1668

The term "you" here refers to a third party (CoinGateway) with no vested interest in shafting anyone.

In fact, their prime interest is to attract customers, so I very much doubt there'd be any "shafting" going on.

Their algorithm was not disclosed to prevent gaming coins' prices prior to the ITO.

If you're unhappy with the price of SWIFT, please take it up with them. I'm interested to hear their response actually, so by all means post it here.

Are you saying that you let CoinGateway come up with the averaging function for your ITO?

That makes very little sense.

It would be impossible to game an averaging function significantly if it weighted historical prices more than recent prices. That's not a new concept.

I thought you guys were computer scientists and knew about mathy things like that.

█    █     ██    ███     ███    ████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████     ███     ███    ██     █    █
..EARN FREE BREAKOUT COINS SIG CAMPAIGN LIVE !!
█    █     ██    ███     ███    ████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████     ███     ███    ██     █    █
synechist (OP)
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October 29, 2014, 05:12:03 PM
 #1669

Yah why didn't you take the past 2 month average for the ITO? GOD WHY?

Because then it wouldn't work in their favor.

Show us the calculations that were used to determine the average prices for the alt exchanges.

Ask CoinGateway.

You'd be mistaken to think that anyone at the Blocknet is in possession of their algorithm.

I'll ask them too, and report back if I get an answer.

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synechist (OP)
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October 29, 2014, 05:14:11 PM
 #1670

The term "you" here refers to a third party (CoinGateway) with no vested interest in shafting anyone.

In fact, their prime interest is to attract customers, so I very much doubt there'd be any "shafting" going on.

Their algorithm was not disclosed to prevent gaming coins' prices prior to the ITO.

If you're unhappy with the price of SWIFT, please take it up with them. I'm interested to hear their response actually, so by all means post it here.

Are you saying that you let CoinGateway come up with the averaging function for your ITO?

That makes very little sense.

It would be impossible to game an averaging function significantly if it weighted historical prices more than recent prices. That's not a new concept.

I thought you guys were computer scientists and knew about mathy things like that.


Yes, it is their responsibility for the pricing of coins, in the same way that it could not be our responsibility to price coins on an exchange where one is listed.


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Oizopower
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October 29, 2014, 05:14:55 PM
 #1671

Distribution List / Richlist

I have created a distribution list (Richlist) for Blocknet, Hope you guys like it.
Drop me a PM if you need anything.

http://www.richlist.eu/blocknet

http://www.richlist.eu for all your cryptocoin distribution list
crackfoo
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October 29, 2014, 05:15:22 PM
 #1672

The term "you" here refers to a third party (CoinGateway) with no vested interest in shafting anyone.

In fact, their prime interest is to attract customers, so I very much doubt there'd be any "shafting" going on.

Their algorithm was not disclosed to prevent gaming coins' prices prior to the ITO.

If you're unhappy with the price of SWIFT, please take it up with them. I'm interested to hear their response actually, so by all means post it here.

Are you saying that you let CoinGateway come up with the averaging function for your ITO?

That makes very little sense.

It would be impossible to game an averaging function significantly if it weighted historical prices more than recent prices. That's not a new concept.

I thought you guys were computer scientists and knew about mathy things like that.


Yes, it is their responsibility for the pricing of coins, in the same way that it could not be our responsibility to price coins on an exchange where one is listed.



that's just wrong.

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Revelation
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October 29, 2014, 05:16:04 PM
 #1673

A few minutes ago my figures were at ~701 BTC worth of BLOCK sold in 7 hours.

At this rate we'd get to 16824 BTC by the end of the ITO's time limit.

Good thing we put a maximum amount on the ITO then.



Edit: oh wait, the ITO doesn't last exactly 7 days. It's a bit shorter.
500 BTC is on not really BTC but alts, right? Does that count toward the minimum 850 BTC?

Yes 500 BTC of the 701 BTC total at the time was in alts.

This does count towards the minimum off 850 BTC.


So, let me sum up. Your initial goal was to raise 2000 BTC and 500 BTC equivalent in the form of alts with 10% discount. You have raised 500 BTC equivalent in the form of alts with 10% discount that is worth 450 BTC. Out of 2000 BTC the following sell orders are remaining on the 3 exchanges:
Bter: 821.26273 (825 BTC initial)
Bittrex: 658.561 (850 BTC initial)
Poloniex: 338.8632978 (350 BTC initial)
Total: 1818.687028 (2025 BTC initial - why not 2000?)

i.e. you have sold less than 10% of the planned BTC amount and yet you are claiming that at the current rate you will collect 16k BTC. This is grossly inaccurate statement.
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October 29, 2014, 05:16:09 PM
 #1674

The term "you" here refers to a third party (CoinGateway) with no vested interest in shafting anyone.

In fact, their prime interest is to attract customers, so I very much doubt there'd be any "shafting" going on.

Their algorithm was not disclosed to prevent gaming coins' prices prior to the ITO.

If you're unhappy with the price of SWIFT, please take it up with them. I'm interested to hear their response actually, so by all means post it here.

Are you saying that you let CoinGateway come up with the averaging function for your ITO?

That makes very little sense.

It would be impossible to game an averaging function significantly if it weighted historical prices more than recent prices. That's not a new concept.

I thought you guys were computer scientists and knew about mathy things like that.

Yes, it is their responsibility for the pricing of coins, in the same way that it could not be our responsibility to price coins on an exchange where one is listed.


Ah. So the blocknet people don't take blocknet coins for the ICO. Hmmm.

Where's the faith in the blocknet coins?

█    █     ██    ███     ███    ████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████     ███     ███    ██     █    █
..EARN FREE BREAKOUT COINS SIG CAMPAIGN LIVE !!
█    █     ██    ███     ███    ████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████     ███     ███    ██     █    █
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October 29, 2014, 05:16:16 PM
 #1675

Can i send block to my wallet from Bittrex once i have downloaded the wallet or do i have to wait until ITO is over?

Bittrex's Statement for the ITO

Bittrex will be hosting the BlockNET ICO. As a reminder, we are providing escrow for the development team. We are not endorsing this coin or any others on our exchange. Please do your own research before trading. Below are the FULL and DEFINITIVE terms for this ICO; no other conditions are required.
* We will review the wallet before initially adding it.
* Bittrex will host 3,400,000.00 of 10,000,000 total coins at a price of 0.00025 the ICO will value 2500 BTC across all exchanges.
* The ICO will run for 7 days beginning October 29, 2014 at 5am PDT and ending on November 5th 23:59:59 PDT
* The ICO must raise 850 BTC total across all exchanges to be considered a success.
* If success conditions are NOT met, all BTC invested will be refunded through a buy wall.
* Once the ICO is over we will verify there is working wallet, blockchain, and block explorer.
* ICO payment will be in a lump sum to BlockNet within 7 days after the ICO ends.
* No trading of the coin will be allowed until the ICO ends and escrow is released.
* ALL SALES ARE FINAL AND THERE WILL BE NO REFUNDS - by participating in this ICO, you are agreeing to the above terms.


BitcoiNaked
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October 29, 2014, 05:17:07 PM
 #1676

Talk about a tainted ICO...you guys really messed this one up and screwed over a lot of people.

Let this be a lesson to the rest of you, they may talk a big game but they really have no clue what they're doing.

Nobody messed up here, don't talk crap when you can't buy block
synechist (OP)
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October 29, 2014, 05:17:23 PM
 #1677

The term "you" here refers to a third party (CoinGateway) with no vested interest in shafting anyone.

In fact, their prime interest is to attract customers, so I very much doubt there'd be any "shafting" going on.

Their algorithm was not disclosed to prevent gaming coins' prices prior to the ITO.

If you're unhappy with the price of SWIFT, please take it up with them. I'm interested to hear their response actually, so by all means post it here.

Are you saying that you let CoinGateway come up with the averaging function for your ITO?

That makes very little sense.

It would be impossible to game an averaging function significantly if it weighted historical prices more than recent prices. That's not a new concept.

I thought you guys were computer scientists and knew about mathy things like that.


Yes, it is their responsibility for the pricing of coins, in the same way that it could not be our responsibility to price coins on an exchange where one is listed.



that's just wrong.

Umm, any reason for that opinion?

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qawzsx
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October 29, 2014, 05:18:04 PM
 #1678

Talk about a tainted ICO...you guys really messed this one up and screwed over a lot of people.

Let this be a lesson to the rest of you, they may talk a big game but they really have no clue what they're doing.


sad poor ass, can't afford blocknet...
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October 29, 2014, 05:18:58 PM
 #1679

So I can't buy Blocknet shares with 10% off anymore?

That is shenanigans.
ib88
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October 29, 2014, 05:19:11 PM
 #1680

The term "you" here refers to a third party (CoinGateway) with no vested interest in shafting anyone.

In fact, their prime interest is to attract customers, so I very much doubt there'd be any "shafting" going on.

Their algorithm was not disclosed to prevent gaming coins' prices prior to the ITO.

If you're unhappy with the price of SWIFT, please take it up with them. I'm interested to hear their response actually, so by all means post it here.

Are you saying that you let CoinGateway come up with the averaging function for your ITO?

That makes very little sense.

It would be impossible to game an averaging function significantly if it weighted historical prices more than recent prices. That's not a new concept.

I thought you guys were computer scientists and knew about mathy things like that.


This. Why on earth would a third party company have any input in to the valuing of the Blocknet tokens? Also I've noticed that people who paid with XC (not sure about other coins) received Blocknet tokens at different rates - I got approx 2.9 BLOCK per XC and cryptico got roughly 2.7. Was the BLOCK price not fixed? Not trying to fud here, just seeking clarity.
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