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Author Topic: [ANN][Blocknet] truly decentralized exchange | token ecosystem infrastructure  (Read 1103262 times)
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synechist (OP)
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November 04, 2014, 04:49:23 PM
 #3161

REFUNDS:

Thanks for asking questions about refunds folks.

There are a few ways in which we could issue them:

- Bittrex's 48hr buy wall will be in place for Bittrex customers.

- Following this, if the Blocknet does not achieve its minimum amount of funding, the remaining BLOCK on Bittrex will be refunded with BTC.

- All BLOCK bought on CoinGateway can then be refunded using their transaction history.

- Finally, the remaining BLOCK can be withdrawn to users' wallets. From there, it is easy to prove ownership of coins by signing a message:
      - A message containing the user's BTC address can be signed by the private key holding the user's BLOCK, and sent (over, say, email) to us.
      - The user then pays BLOCK to an address we provide
      - Upon receipt of the BLOCK we match the message with the address the BLOCK was sent from, and return BTC to the address in the message.

If the latter suggestion is too time-consuming or complicated, we could just put up a buy wall on Polo and Bter for 48 hours.



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November 04, 2014, 05:07:06 PM
 #3162

REFUNDS:

Thanks for asking questions about refunds folks.

There are a few ways in which we could issue them:

- Bittrex's 48hr buy wall will be in place for Bittrex customers.

- Following this, if the Blocknet does not achieve its minimum amount of funding, the remaining BLOCK on Bittrex will be refunded with BTC.

- All BLOCK bought on CoinGateway can then be refunded using their transaction history.

- Finally, the remaining BLOCK can be withdrawn to users' wallets. From there, it is easy to prove ownership of coins by signing a message:
      - A message containing the user's BTC address can be signed by the private key holding the user's BLOCK, and sent (over, say, email) to us.
      - The user then pays BLOCK to an address we provide
      - Upon receipt of the BLOCK we match the message with the address the BLOCK was sent from, and return BTC to the address in the message.

If the latter suggestion is too time-consuming or complicated, we could just put up a buy wall on Polo and Bter for 48 hours.


Thanks for the update.  Hopefully it won't need to come to this.  HODL!
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November 04, 2014, 05:10:11 PM
 #3163

REFUNDS:

Thanks for asking questions about refunds folks.

There are a few ways in which we could issue them:

- Bittrex's 48hr buy wall will be in place for Bittrex customers.

- Following this, if the Blocknet does not achieve its minimum amount of funding, the remaining BLOCK on Bittrex will be refunded with BTC.

- All BLOCK bought on CoinGateway can then be refunded using their transaction history.

- Finally, the remaining BLOCK can be withdrawn to users' wallets. From there, it is easy to prove ownership of coins by signing a message:
      - A message containing the user's BTC address can be signed by the private key holding the user's BLOCK, and sent (over, say, email) to us.
      - The user then pays BLOCK to an address we provide
      - Upon receipt of the BLOCK we match the message with the address the BLOCK was sent from, and return BTC to the address in the message.

If the latter suggestion is too time-consuming or complicated, we could just put up a buy wall on Polo and Bter for 48 hours.


I think if there is going to be a refund (due to the minimum not being met), then it would have to be through a buy wall.  I bought my Block tokens through Coingateway (with XC) and had them in my wallet in a few minutes.  Since Poloniex is actively trading Block, then I could have sent by Coingateway Block tokens to Poloni and sold them there.  If you then refund based on Coingateway's transaction history, I would get my refunded XC even though I had already sold my Block on Poloniex. 

Is that possible?  Or would Coingateway first verify that the original address that they sent the Block to still retained the initial amount before issuing a refund?
WhiteNotWright
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November 04, 2014, 05:12:33 PM
 #3164

REFUNDS:

Thanks for asking questions about refunds folks.

There are a few ways in which we could issue them:

- Bittrex's 48hr buy wall will be in place for Bittrex customers.

- Following this, if the Blocknet does not achieve its minimum amount of funding, the remaining BLOCK on Bittrex will be refunded with BTC.

- All BLOCK bought on CoinGateway can then be refunded using their transaction history.

- Finally, the remaining BLOCK can be withdrawn to users' wallets. From there, it is easy to prove ownership of coins by signing a message:
      - A message containing the user's BTC address can be signed by the private key holding the user's BLOCK, and sent (over, say, email) to us.
      - The user then pays BLOCK to an address we provide
      - Upon receipt of the BLOCK we match the message with the address the BLOCK was sent from, and return BTC to the address in the message.

If the latter suggestion is too time-consuming or complicated, we could just put up a buy wall on Polo and Bter for 48 hours.


I think if there is going to be a refund (due to the minimum not being met), then it would have to be through a buy wall.  I bought my Block tokens through Coingateway (with XC) and had them in my wallet in a few minutes.  Since Poloniex is actively trading Block, then I could have sent by Coingateway Block tokens to Poloni and sold them there.  If you then refund based on Coingateway's transaction history, I would get my refunded XC even though I had already sold my Block on Poloniex. 

Is that possible?  Or would Coingateway first verify that the original address that they sent the Block to still retained the initial amount before issuing a refund?

Yeah, that is going to be a mess if you have traded a lot of block already.

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November 04, 2014, 05:15:49 PM
 #3165

REFUNDS:

Thanks for asking questions about refunds folks.

There are a few ways in which we could issue them:

- Bittrex's 48hr buy wall will be in place for Bittrex customers.

- Following this, if the Blocknet does not achieve its minimum amount of funding, the remaining BLOCK on Bittrex will be refunded with BTC.

- All BLOCK bought on CoinGateway can then be refunded using their transaction history.

- Finally, the remaining BLOCK can be withdrawn to users' wallets. From there, it is easy to prove ownership of coins by signing a message:
      - A message containing the user's BTC address can be signed by the private key holding the user's BLOCK, and sent (over, say, email) to us.
      - The user then pays BLOCK to an address we provide
      - Upon receipt of the BLOCK we match the message with the address the BLOCK was sent from, and return BTC to the address in the message.

If the latter suggestion is too time-consuming or complicated, we could just put up a buy wall on Polo and Bter for 48 hours.




Too much complicated
I am holding not selling and not getting refund
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November 04, 2014, 05:16:41 PM
 #3166

REFUNDS:

Thanks for asking questions about refunds folks.

There are a few ways in which we could issue them:

- Bittrex's 48hr buy wall will be in place for Bittrex customers.

- Following this, if the Blocknet does not achieve its minimum amount of funding, the remaining BLOCK on Bittrex will be refunded with BTC.

- All BLOCK bought on CoinGateway can then be refunded using their transaction history.

- Finally, the remaining BLOCK can be withdrawn to users' wallets. From there, it is easy to prove ownership of coins by signing a message:
      - A message containing the user's BTC address can be signed by the private key holding the user's BLOCK, and sent (over, say, email) to us.
      - The user then pays BLOCK to an address we provide
      - Upon receipt of the BLOCK we match the message with the address the BLOCK was sent from, and return BTC to the address in the message.

If the latter suggestion is too time-consuming or complicated, we could just put up a buy wall on Polo and Bter for 48 hours.




Too much complicated
I am holding not selling and not getting refund

Smiley

laredo7mm
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November 04, 2014, 05:21:16 PM
 #3167

REFUNDS:

Thanks for asking questions about refunds folks.

There are a few ways in which we could issue them:

- Bittrex's 48hr buy wall will be in place for Bittrex customers.

- Following this, if the Blocknet does not achieve its minimum amount of funding, the remaining BLOCK on Bittrex will be refunded with BTC.

- All BLOCK bought on CoinGateway can then be refunded using their transaction history.

- Finally, the remaining BLOCK can be withdrawn to users' wallets. From there, it is easy to prove ownership of coins by signing a message:
      - A message containing the user's BTC address can be signed by the private key holding the user's BLOCK, and sent (over, say, email) to us.
      - The user then pays BLOCK to an address we provide
      - Upon receipt of the BLOCK we match the message with the address the BLOCK was sent from, and return BTC to the address in the message.

If the latter suggestion is too time-consuming or complicated, we could just put up a buy wall on Polo and Bter for 48 hours.


I think if there is going to be a refund (due to the minimum not being met), then it would have to be through a buy wall.  I bought my Block tokens through Coingateway (with XC) and had them in my wallet in a few minutes.  Since Poloniex is actively trading Block, then I could have sent by Coingateway Block tokens to Poloni and sold them there.  If you then refund based on Coingateway's transaction history, I would get my refunded XC even though I had already sold my Block on Poloniex. 

Is that possible?  Or would Coingateway first verify that the original address that they sent the Block to still retained the initial amount before issuing a refund?

Yeah, that is going to be a mess if you have traded a lot of block already.

It is.  I haven't sold any, but you know there are Coingateway tokens that have been sold on Poloniex so issuing a refund without verifying ownership of Block can't happen.  I think Bittrex is taken care of.  From what I understand trading will be frozen during the 48 hour refund window so people won't be able to deposit or withdraw.  Is it the same with Bter?  I think it is (i.e., deposit and withdraw are frozen).

Poloniex is the only sticky point and really messed up by allowing trading.  IMO.
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November 04, 2014, 05:23:26 PM
 #3168

For anyone who's unaware: The refund offered by Bittrex is solely to do with other exchanges such as poloniex opening trading during the ITO. This was against the terms of Bittrex's rules so they want to be fair to investors who bought in on the basis that tokens wouldn't be open for trading during the ITO. The offer of refunds has absolutely nothing to do with the unfounded scam claims of the SDC trolls clique.
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November 04, 2014, 05:25:05 PM
 #3169

what about just cancelling blocknet?
my xc's would like that
so that xc would be again 100% backed by dan ...only thing encouraging to hodl

altcoincasinogulagshoppingshow FUD is good, look @altcoin prices ...
pls fud me hard via pm
id appriciate that.
laredo7mm
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November 04, 2014, 05:25:29 PM
 #3170

For anyone who's unaware: The refund offered by Bittrex is solely to do with other exchanges such as poloniex opening trading during the ITO. This was against the terms of Bittrex's rules so they want to be fair to investors who bought in on the basis that tokens wouldn't be open for trading during the ITO. The offer of refunds has absolutely nothing to do with the unfounded scam claims of the SDC trolls clique.

That's the way I understand it too.  Poloniex definitely threw a wrench into the works by allowing trading during the ITO.

Edit:  Not to mention that there is some other exchange that is also actively trading Block.  I can't remember their name, but iirc, they announced it here in this thread.
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November 04, 2014, 05:28:58 PM
 #3171

what about just cancelling blocknet?
my xc's would like that
so that xc would be again 100% backed by dan ...only thing encouraging to hodl

XC is still 100% backed by Dan, with or without Bolcknet.
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November 04, 2014, 05:32:52 PM
 #3172

 Smiley I'm buying XC and BLOCK. Paying no attention to FUD. HODL long term.
synechist (OP)
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November 04, 2014, 05:33:08 PM
 #3173

REFUNDS:

Thanks for asking questions about refunds folks.

There are a few ways in which we could issue them:

- Bittrex's 48hr buy wall will be in place for Bittrex customers.

- Following this, if the Blocknet does not achieve its minimum amount of funding, the remaining BLOCK on Bittrex will be refunded with BTC.

- All BLOCK bought on CoinGateway can then be refunded using their transaction history.

- Finally, the remaining BLOCK can be withdrawn to users' wallets. From there, it is easy to prove ownership of coins by signing a message:
      - A message containing the user's BTC address can be signed by the private key holding the user's BLOCK, and sent (over, say, email) to us.
      - The user then pays BLOCK to an address we provide
      - Upon receipt of the BLOCK we match the message with the address the BLOCK was sent from, and return BTC to the address in the message.

If the latter suggestion is too time-consuming or complicated, we could just put up a buy wall on Polo and Bter for 48 hours.


I think if there is going to be a refund (due to the minimum not being met), then it would have to be through a buy wall.  I bought my Block tokens through Coingateway (with XC) and had them in my wallet in a few minutes.  Since Poloniex is actively trading Block, then I could have sent by Coingateway Block tokens to Poloni and sold them there.  If you then refund based on Coingateway's transaction history, I would get my refunded XC even though I had already sold my Block on Poloniex. 

Is that possible?  Or would Coingateway first verify that the original address that they sent the Block to still retained the initial amount before issuing a refund?

Yeah, that is going to be a mess if you have traded a lot of block already.

It is.  I haven't sold any, but you know there are Coingateway tokens that have been sold on Poloniex so issuing a refund without verifying ownership of Block can't happen.  I think Bittrex is taken care of.  From what I understand trading will be frozen during the 48 hour refund window so people won't be able to deposit or withdraw.  Is it the same with Bter?  I think it is (i.e., deposit and withdraw are frozen).

Poloniex is the only sticky point and really messed up by allowing trading.  IMO.

Good point about coins bought on CoinGateway being traded already. If you bought on CoinGateway and then sold your BLOCK, you won't be able to pay the BLOCK back to CoinGateway, in which case you wouldn't get a refund through them.


Important point: during Bittrex's 48hr buy wall period, no withdrawals or deposits of BLOCK will be possible. This prevents anyone who bought BLOCK on Bittrex losing out on the chance to sell. The Bittrex refund option is only offered to Bittrex customers.

Another important point: you should probably wait until the ITO is confirmed to have failed or succeeded before selling. Otherwise you'll sell below market price. If the ITO doesn't make its minimum then refunds will be at the price offered: 0.00025 BTC.



(Disclaimer: these are provisional remarks.)

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November 04, 2014, 05:34:24 PM
 #3174

what about just cancelling blocknet?
my xc's would like that
so that xc would be again 100% backed by dan ...only thing encouraging to hodl

XC is still 100% backed by Dan, with or without Bolcknet.

+1

Add to the fact that if Dan's Blocknet vision comes to fruition his credibility will go through the roof. This will be huge for XC. It may not seem like it now with the price taking a beating with this smear campaign but hold strong and keep the faith. Dan has come through time and time again with XC, the price right now does not reflect this.
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November 04, 2014, 05:39:06 PM
 #3175

i know the team needs to be prepared but the rest should just think positiv .

Arlyn when will the xc thread be up again. guess you wanna restart with some news. Smiley

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November 04, 2014, 05:40:59 PM
 #3176

i know the team needs to be prepared but the rest should just think positiv .

Arlyn when will the xc thread be up again. guess you wanna restart with some news. Smiley



I think it is safe to reopen the BTC talk thread again. The fud storm is over.
synechist (OP)
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November 04, 2014, 05:43:20 PM
 #3177

i know the team needs to be prepared but the rest should just think positiv .

Arlyn when will the xc thread be up again. guess you wanna restart with some news. Smiley



I think it is safe to reopen the BTC talk thread again. The fud storm is over.

We'll be doing this at some point. I'm also considering a separate thread just for announcements, so that they can all be on one easily accessible place instead of getting drowned out.

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November 04, 2014, 05:45:13 PM
 #3178

i know the team needs to be prepared but the rest should just think positiv .

Arlyn when will the xc thread be up again. guess you wanna restart with some news. Smiley



I think it is safe to reopen the BTC talk thread again. The fud storm is over.

+1

though I have a funny feeling the fudstorm may return briefly tommorrow. (if so, not hard to close it again)

Just seen Synechists post, good plan for an Updates only thread.

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4theLOVEofCrypto
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November 04, 2014, 05:46:11 PM
 #3179



Good point about coins bought on CoinGateway being traded already. If you bought on CoinGateway and then sold your BLOCK, you won't be able to pay the BLOCK back to CoinGateway, in which case you wouldn't get a refund through them.


Important point: during Bittrex's 48hr buy wall period, no withdrawals or deposits of BLOCK will be possible. This prevents anyone who bought BLOCK on Bittrex losing out on the chance to sell. The Bittrex refund option is only offered to Bittrex customers.

Another important point: you should probably wait until the ITO is confirmed to have failed or succeeded before selling. Otherwise you'll sell below market price. If the ITO doesn't make its minimum then refunds will be at the price offered: 0.00025 BTC.



(Disclaimer: these are provisional remarks.)

This was the reason I brought up the question about refunds.  I still hold my BLOCK from the exchange and haven't sold any on Polo.  But those that have would be SOL.  What would happen to those participating coins that Coingateway holds that can't be returned because of this?  They hopefully wouldn't be put on the market to exchange for BTC because that could kill the coins.  Would the unclaimed coins be destroyed?

And what if you have a situation where someone that exchanged a participating coin for BLOCK on coingateway, instead of getting those coins back, goes to POLO and exchanges the BLOCK for BTC at the 25k buy wall?  There really is no way to control this.

And as a final note like you said, if it doesn't get funded, then all those that sold at a loss will take the loss.  Those that bought at the discounted prices will now actually make some off those purchases because they will be selling into a buy wall on POLO.  ALL OF THIS IS THEORETICALLY SPEAKING OF COURSE.

This is getting funded, but just wanted to cover the what ifs.
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November 04, 2014, 05:47:31 PM
 #3180

i know the team needs to be prepared but the rest should just think positiv .

Arlyn when will the xc thread be up again. guess you wanna restart with some news. Smiley



I think it is safe to reopen the BTC talk thread again. The fud storm is over.

We'll be doing this at some point. I'm also considering a separate thread just for announcements, so that they can all be on one easily accessible place instead of getting drowned out.


Great idea. This will show potential investors the impressive rate of development of XC without having to sift through all the other posts.
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