[ANN][Blocknet] truly decentralized exchange | token ecosystem infrastructure

[MKAxe11]

@Arlyn

plz, can you or someone from the team with good knowledge of the numbers of raised funds do some calculations and keep us up to date how much was sold and refunded so far?

my own estimate is from numbers that where thrown around in the forum and are now flying around in my head  

~1100 BTC where raised and ~100 BTC were refunded so far => 1000 BTC minus 150 BTC more refunded on Bittrex would make the IPO fail => Bittrex sellwall from now 330 BTC down below 180 BTC would mean => FAIL??


IPO refund timer:http://www.webcountdown.net/?a=zqXsrez

[1715308991]

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[1715308991]

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[1715308991]

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[G-Bert]

@Arlyn

plz, can you or someone from the team with good knowledge of the numbers of raised funds do some calculations and keep us up to date how much was sold and refunded so far?

my own estimate is from numbers that where thrown around in the forum and are now flying around in my head  

~1100 BTC where raised and ~100 BTC were refunded so far => 1000 BTC minus 150 BTC more refunded on Bittrex would make the IPO fail => Bittrex sellwall from now 330 BTC down below 180 BTC would mean => FAIL??


IPO refund timer:http://www.webcountdown.net/?a=zqXsrez

so, do we know roughly where we are with regads to the amount of BTC raised so far?

We were at about 1100 btc before the buy wall appeard, now with 90 btc sold we are at about 1010 btc

[g0re79]

I see plenty of Bittrex investors buying on Poloniex at sub-ITO price, then selling an equivalent amount of their captive BLOCK into the Bittrex buywall. Cross-exchange arbitrage.

I believe deposits and withdrawals are closed during this 48 hour so you can't arbitrage.

Yes I CAN.
Withdraw is closed for Bloks, not bitcoins
I can sell all my block's on bittrex, then imediatelly I CAN withdraw all  received BTC's right into poloniex, and easy re-buy about +10% more bloks on poloniex. Why do you think I can't ?

+1 Nice opportunity for discount, but it may be BlockNets deadly blow in the end.

[G-Bert]

If they sell their BLOCK they purchased at Bittrex back into the wall at Bittrex they are perfectly welcome to take their BTC and go buy block somewhere else if thats what they choose to do.  It is their BTC they can invest how they wish.  There are no arbitrage opportunities as BLOCK cannot be withdrawn or deposited from Bittrex.

We maintain an account for the ICO that has the coins that were being sold and the BTC from those sales for our BUY/SELL walls only.  It is all tracked through there, volume created by people buying above ICO price does not count towards the ICOs total sales.

The statements above only stand for the 48 hour buy back period.

Thank you,

Ryan @ Bittrex

Thank you Ryan for the explanation.

However I think that the concern people have here is that anyone who wants to cripple the ITO can deposit as much BTC as (s)he likes, put up slightly higher bids to attract buyers, and then sell into the buy wall at a slight loss.

The cost of this would be minimal.

If you're aware of the smear campaign we've endured, you'll have little doubt about the presence of people who would very happily pay a low price to make the ITO fail.

This, in my opinion, presents a sure-fire way for opponents of the Blocknet to create conditions that do not reflect true interest in the project.

As such, I think that the buy wall does not address the unfair conditions due to open trading being enabled on Poloniex. Instead it creates a severely unfair condition for every single supporter of the Blocknet.

I request that you end the Buyback period early.

Sincerely

Arlyn

BUMP!

[cryptoba]

To address some of the valid questions LeeWilson asked (yes it's not all trolling):

- The only exchange that we were able to hand coins over to was Bittrex. The other exchanges required that we put up a sell wall ourselves.

- Correspondingly, on Bittrex, we have no access to funds unless they determine that the ITO is a success, in which case they'll send them to our escrow address.

- On the other exchanges, funds were required to be in our control all the time, and some were withdrawn to improve their security.

- At the start of the ITO our escrow service was not in place (as announced). As such we were not in a position to keep coins in it.


Anyone who becomes worried at who's in control of the funds has no more reason to be concerned than at any point in the Blocknet's ITO, since nothing's changed.

If you recall correctly, we stated that we may move coins around and vary the quantities allocated to different pairings and different exchanges. This is what we have done with the Poloniex sell wall and the extra coins sold on CoinGateway.

Thus we have not changed our rules.

Lastly, I disagree with the opinion that changing rules is necessarily a bad idea. After all, unforeseen circumstances may necessitate a rule change, and not changing a rule could be very wrong.

The circumstances need a rule change and a good one. And, this 48 h Buy wall was not in any rule.

[MKAxe11]

@Arlyn

plz, can you or someone from the team with good knowledge of the numbers of raised funds do some calculations and keep us up to date how much was sold and refunded so far?

my own estimate is from numbers that where thrown around in the forum and are now flying around in my head  

~1100 BTC where raised and ~100 BTC were refunded so far => 1000 BTC minus 150 BTC more refunded on Bittrex would make the IPO fail => Bittrex sellwall from now 330 BTC down below 180 BTC would mean => FAIL??


IPO refund timer:http://www.webcountdown.net/?a=zqXsrez

so, do we know roughly where we are with regads to the amount of BTC raised so far?

We were at about 1100 btc before the buy wall appeard, now with 90 btc sold we are at about 1010 btc

well, I was hoping for some more accurate numbers. no 'about' but rounded to one BTC decimal or so. there must be SOMEONE who knows the numbers, right?

[bloodyboy]

price on polo surge, so discount come to end and hopefully refunding on bittrex decrease

[GCab]

So much drama here!  

The world would be so much better if people would take responsibility for their decisions and actions instead of blaming others.

Dear Blocknet Team!

I'm addressing that to you as well. Why can't you stand out before the community and admit that this whole ITO was fucked up, and you are partially responsible for that even if you could not possibly foresee all the screw-ups and attacks against you?
Most importantly why don't you step up and stand behind your project? If you really believe in Blocknet and that you are capable to implement it, why is it so hard to say that "Guys, we believe in this and will implement it!"

Don't be the team that says "We have this great idea that can change the crypto landscape and have the talented programmers as well to implement it - but you know what? we won't do that." Your current stance is actually quite disturbing, as you basically say: "Well we might go on with the project... it really depends on what the guys at Bittrex are doing."

You see the support of the community - well at least part of it. People invested in your idea. No matter how the Bittrex refund ends, I cannot imagine that the collected funds will be less than 750 BTC. (500+ sold on Coingateway, 50+ on Polo, 100+ on Bter and not everybody will refund on Bittrex)
Standing out for your project could win back some respect. If you cancel the project at this stage you will loose the respect of even more people.
Which one looks better: "Blocknet team stands behind their idea and starts implementation." or "Blocknet implementation cancelled because only 92% of funds raised."?
If I would want to go even further I could say, that the original ITO rules stated that if at least 850 BTC will be raised by the end of the ITO period (i.e. Nov 5th) the project will be started. More than 1000 BTC had been raised by the end of the ITO period. What are you talking about now possible cancellation of the project and refunds?

Take responsibility for what you say and do, please!
If you really consider cancelling the project and issuing refunds:
If you had not enough control on the exchanges to enforce the rules of the ITO I'm sure you will not have enough control to enforce the refund rules, either. And who will lose on the whole thing? Those who believed in you and supported the project. Not to mention that lots of people will not be able to get a refund from coingateway, because they sent their coins from an exchange. So you sell the remaining alts at ITO price? - how do you please do that if there is not enough liquidity and lots of coins are currently trading for less anyway? No matter how fair you try to be, some people will be left with some Blocks, that will be worthless if the project does not start. Again you screw your supporters.

I don't want to discredit your efforts on trying to defend yourself and the project against the attacks, I respect your efforts. But if you fight for the project on one front then don't let the possibility open to drop the whole thing.

All the above I wrote in the belief that you are honest about your plans with Blocknet and don't want to screw people. I still did not lose my trust in you and holding on to my Blocknet investment as well.
If the whole thing is a scam, then of course you can ignore all that I wrote. And in that case all my respect to you, it has been a really clever one.

I'd appreciate some answer.
And once again, why don't you just put an end to all this speculation about what if x btc is sold back? By standing out for the project you believe in. If you believe in it, that is.

[BitcoiNaked]

I see plenty of Bittrex investors buying on Poloniex at sub-ITO price, then selling an equivalent amount of their captive BLOCK into the Bittrex buywall. Cross-exchange arbitrage.

I believe deposits and withdrawals are closed during this 48 hour so you can't arbitrage.

Yes I CAN.
Withdraw is closed for Bloks, not bitcoins
I can sell all my block's on bittrex, then imediatelly I CAN withdraw all  received BTC's right into poloniex, and easy re-buy about +10% more bloks on poloniex. Why do you think I can't ?

+1 Nice opportunity for discount, but it may be BlockNets deadly blow in the end.

Not really, blocks price on polo went up

[cryptico]

Do you mean that people buying at higher prices cannot sell back into the wall? how does it work? Once you buy at higher prices Blocks are locked?

What about the Bitcoins made due to people selling and getting the refunds? Those are still able to withdraw and then arbitrage buying block back at poloniex. Will you halt Bitcoin withdrawal till the end of the Refund period? This is a big incentive for people to sell into the buy wall and arbitrage at polo.

If they sell their BLOCK they purchased at Bittrex back into the wall at Bittrex they are perfectly welcome to take their BTC and go buy block somewhere else if thats what they choose to do.  It is their BTC they can invest how they wish.  There are no arbitrage opportunities as BLOCK cannot be withdrawn or deposited from Bittrex.

We maintain an account for the ICO that has the coins that were being sold and the BTC from those sales for our BUY/SELL walls only.  It is all tracked through there, volume created by people buying above ICO price does not count towards the ICOs total sales.

The statements above only stand for the 48 hour buy back period.

Thank you,

Ryan @ Bittrex

Thank you for your answers Ryan I disagree with your first point but I understand your position.

Since now we have a block explorer can we have the address where the unsold Blocks are kept till the end of the refund period?

with your second point I understand that the bought Blokcs at higher prices are not part of the ITO does this imply that if they sell back into the refund wall those will not be taken into consideration as "refunds"?

Thank you.

Bumping this up

Can you please address the second point and give the address as well?

That k you

[Skatebird]

Bittrex is so ridiculous with this buy wall. Why the fuck are they putting that ?? Because of Fud ?

[onealfa]

The circumstances need a rule change and a good one. And, this 48 h Buy wall was not in any rule.

Very well noted.  BRAVO

[TheBlocknet]

Has accounting been published of all the real coins dumped on coingateway for BLOCK?  I'd love to know the balances of ALL of the coins you're holding.  After all, this is 2014, that should be readily accessible...right?

[synechist]

So much drama here!  

The world would be so much better if people would take responsibility for their decisions and actions instead of blaming others.

Dear Blocknet Team!

I'm addressing that to you as well. Why can't you stand out before the community and admit that this whole ITO was fucked up, and you are partially responsible for that even if you could not possibly foresee all the screw-ups and attacks against you?

We have, concerning the Poloniex scenario. We apologised.

Most importantly why don't you step up and stand behind your project? If you really believe in Blocknet and that you are capable to implement it, why is it so hard to say that "Guys, we believe in this and will implement it!"

We are not in control of the funds on Bittrex. They will issue a complete refund of those funds in the event of the minimum threshold not being reached.

If this were to happen, the only possible thing that could legitimise our not refunding all the holders who bought elsewhere is if there was a mass-refusal to return BLOCK.

The community could come together and demand that the Blocknet be built and refuse to accept refunds.

Unfortunately I think that the number of people who would do this is small.

[Specialkey]

@Arlyn

plz, can you or someone from the team with good knowledge of the numbers of raised funds do some calculations and keep us up to date how much was sold and refunded so far?

my own estimate is from numbers that where thrown around in the forum and are now flying around in my head  

~1100 BTC where raised and ~100 BTC were refunded so far => 1000 BTC minus 150 BTC more refunded on Bittrex would make the IPO fail => Bittrex sellwall from now 330 BTC down below 180 BTC would mean => FAIL??


IPO refund timer:http://www.webcountdown.net/?a=zqXsrez

so, do we know roughly where we are with regads to the amount of BTC raised so far?

We were at about 1100 btc before the buy wall appeard, now with 90 btc sold we are at about 1010 btc

well, I was hoping for some more accurate numbers. no 'about' but rounded to one BTC decimal or so. there must be SOMEONE who knows the numbers, right?

thx

[onealfa]

ok, folks, relax....watch this
http://www.webcountdown.net/?a=zqXsrez

grab some bear ( like me) & see if Tomorrow is a better one   
Good night all !

[Crypto_Enthusiast]

I'll ask AGAIN, when will trading on BTER commence? It is STILL locked.

[Specialkey]

Good night everybody

[synechist]

I'll ask AGAIN, when will trading on BTER commence? It is STILL locked.

We have tried to make contact with them - starting this morning.

We have not had a response as yet.

Once we receive one I'll let everyone know.

[synechist]

Just to remind everyone that if the ITO does not succeed, all coins will be refunded.

Therefore selling below the ITO price makes no sense: you'll make a loss on what you'd otherwise break even with.