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

[synechist]

Of course we take Blocknet coins! That's why the ITO included them.

We'll use the coins to fund development.

You said at the beginning, that you fund the development with the BTC you earn from the ITO?!  No you tell us that this isnt enough and that you want to hold a bunch of BLOCK token??

No. Argh.
 
The commenter referred to altcoins that people used to buy BLOCK as "blocknet coins".

We SOLD Blocknet tokens for alts.

We're KEEPING the alts and using them for development.

[mxxxxxx]

Of course we take Blocknet coins! That's why the ITO included them.

We'll use the coins to fund development.

You said at the beginning, that you fund the development with the BTC you earn from the ITO?!  No you tell us that this isnt enough and that you want to hold a bunch of BLOCK token??

We will use Blocknet participating coins to fund the development! not BLOCK tokens...

[ShillAccount]

Unclear distribution really tends to hurt a coin...  

I have a feeling this isn't going to end any time soon.

[tx42]

Then why did you let a third party determine the exchange rate?

Because it's their responsibility to exchange the coins for BLOCK.

We'd have a conflict of interest if we determined the price.

This is pretty glaringly obvious IMO.

How would there be a conflict of interest? Coingateway takes a percentage of the value of the transaction. They could value this transaction in terms of the tokens and have no uncertainty. Then you could set the exchange rate. And if you had done that, you could share the valuation function with us.

There'd be a conflict of interest for us because we could set an algorithm that guaranteed we'd rake in the maximum amount of altcoin per BLOCK.

What? If you shared the algorithm later, people could verify it with their own transactions and see if they got shafted later.

The incentive would be for you to be fair because any unfair algorithm would hurt the value of the coin later when the algorithm was revealed.


[edit]

Hiding the algorithm or claiming that you have no control over it appears as if you have something to hide.

[mxxxxxx]

An update from CoinGateway:


Coingateway has about 40 tickets in-process for payments‏.


Once those are done, they will do the 10% payouts.

This is likely (but not certain) to happen at around 21:00GMT (5pm EST‏).

Update on CoinGateway's pricing algorithm:

we looked at volume and set a btc amount‏
  
but [the algorithm] is confidential tho i rather not disclose that‏

let say Bitswift  for example‏
  
we look at what it takes to buy 0.2 btc worth of bitswift and average the price around that‏

differnet alt usually have different btc volume equivalent depending on their volume‏

[Revelation]

Good job polo traders ... Buy high sell low

Nope, sellers are not BTC investors. They are alt holders who converted alt to BLOCK and are now exiting their alt position.

[Mountaingoat]

Please answer my question.

Is it not possible to buy with 10% off anymore?

[synechist]

Then why did you let a third party determine the exchange rate?

Because it's their responsibility to exchange the coins for BLOCK.

We'd have a conflict of interest if we determined the price.

This is pretty glaringly obvious IMO.

How would there be a conflict of interest? Coingateway takes a percentage of the value of the transaction. They could value this transaction in terms of the tokens and have no uncertainty. Then you could set the exchange rate. And if you had done that, you could share the valuation function with us.

There'd be a conflict of interest for us because we could set an algorithm that guaranteed we'd rake in the maximum amount of altcoin per BLOCK.

What? If you shared the algorithm later, people could verify it with their own transactions and see if they got shafted later.

The incentive would be for you to be fair because any unfair algorithm would hurt the value of the coin later when the algorithm was revealed.

Maybe.

Then again, avoiding conflicts of interest completely is an obvious choice.

What's done is done, and it was a responsibly chosen path. Do you have any further questions?

[Bobsurplus]

Can someone clear some things up for me.. I just woke up and was taking a look at blocknet and I see that poloniex has opened trading and blocknet is now selling there for less then the ito price and less then it is on bittrex.

Is that just a fuckup on Vern's part or was that how this is supposed to work?

There are 2mln BLOCKs (worth 500 BTC at ICO price) from coingateway that were converted from alts. People are free trade these on Polo and Bter but not Bittrex.

Well you guys are doing this ass backwards. You cant have an open live market selling the ITO for 3K less satoshi and expect Bittrex to sell out at 3K more satoshi..

Someone made a fatal error.

[G-Bert]

Please answer my question.

Is it not possible to buy with 10% off anymore?

Im afraid you have missed the 10% discount mate. Was available on coingateway but sold out hours ago.

[synechist]

Please answer my question.

Is it not possible to buy with 10% off anymore?

It is not possible, because CoinGateway has sold out of BLOCK, and no altcoin:BLOCK pairings are available.

It is now only possible to buy BLOCK using BTC, at Bittrex, Polo, or Bter.

[Koontas]

Can someone clear some things up for me.. I just woke up and was taking a look at blocknet and I see that poloniex has opened trading and blocknet is now selling there for less then the ito price and less then it is on bittrex.

Is that just a fuckup on Vern's part or was that how this is supposed to work?

There are 2mln BLOCKs (worth 500 BTC at ICO price) from coingateway that were converted from alts. People are free trade these on Polo and Bter but not Bittrex.

Well you guys are doing this ass backwards. You cant have an open live market selling the ITO for 3K less satoshi and expect Bittrex to sell out at 3K more satoshi..

Someone made a fatal error.

For once, Bob and I agree.

[racer2012]

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.

They're not valuing Blocknet tokens, they valued coins used to buy Blocknet tokens.

True +1000
Coins will be worth more than blocknet value
People should hold their coins and buy blocknet with extra btc
Coins connect to blocknet will worth more

[tx42]

Can someone clear some things up for me.. I just woke up and was taking a look at blocknet and I see that poloniex has opened trading and blocknet is now selling there for less then the ito price and less then it is on bittrex.

Is that just a fuckup on Vern's part or was that how this is supposed to work?

There are 2mln BLOCKs (worth 500 BTC at ICO price) from coingateway that were converted from alts. People are free trade these on Polo and Bter but not Bittrex.

Well you guys are doing this ass backwards. You cant have an open live market selling the ITO for 3K less satoshi and expect Bittrex to sell out at 3K more satoshi..

Someone made a fatal error.

That blows my theory that the blocknet people were consulting you on this one.

[cryptico]

Please answer my question.

Is it not possible to buy with 10% off anymore?

No goat they sold out after 5 hours on coingateway this morning.

[synechist]

Can someone clear some things up for me.. I just woke up and was taking a look at blocknet and I see that poloniex has opened trading and blocknet is now selling there for less then the ito price and less then it is on bittrex.

Is that just a fuckup on Vern's part or was that how this is supposed to work?

There are 2mln BLOCKs (worth 500 BTC at ICO price) from coingateway that were converted from alts. People are free trade these on Polo and Bter but not Bittrex.

Well you guys are doing this ass backwards. You cant have an open live market selling the ITO for 3K less satoshi and expect Bittrex to sell out at 3K more satoshi..

Someone made a fatal error.

For once, Bob and I agree.

I wouldn't call it fatal.

I mean, it's not like the ITO is thereby failing or something.

It presented a very small profit that some people rightly took advantage of - and we've honoured our offer of a 10% discount for participating coins.

No real harm. People are buying away...

[Koontas]

Can someone clear some things up for me.. I just woke up and was taking a look at blocknet and I see that poloniex has opened trading and blocknet is now selling there for less then the ito price and less then it is on bittrex.

Is that just a fuckup on Vern's part or was that how this is supposed to work?

There are 2mln BLOCKs (worth 500 BTC at ICO price) from coingateway that were converted from alts. People are free trade these on Polo and Bter but not Bittrex.

Well you guys are doing this ass backwards. You cant have an open live market selling the ITO for 3K less satoshi and expect Bittrex to sell out at 3K more satoshi..

Someone made a fatal error.

For once, Bob and I agree.

I wouldn't call it fatal.

I mean, it's not like the ITO is thereby failing or something.

It presented a very small profit that some people rightly took advantage of - and we've honoured our offer of a 10% discount for participating coins.

No real harm. People are buying away...

I believe you mean "Suckers are buying away..."

[Bobsurplus]

Can someone clear some things up for me.. I just woke up and was taking a look at blocknet and I see that poloniex has opened trading and blocknet is now selling there for less then the ito price and less then it is on bittrex.

Is that just a fuckup on Vern's part or was that how this is supposed to work?

There are 2mln BLOCKs (worth 500 BTC at ICO price) from coingateway that were converted from alts. People are free trade these on Polo and Bter but not Bittrex.

Well you guys are doing this ass backwards. You cant have an open live market selling the ITO for 3K less satoshi and expect Bittrex to sell out at 3K more satoshi..

Someone made a fatal error.

That blows my theory that the blocknet people were consulting you on this one.

What?

[ib88]

Then why did you let a third party determine the exchange rate?

Because it's their responsibility to exchange the coins for BLOCK.

We'd have a conflict of interest if we determined the price.

This is pretty glaringly obvious IMO.

How would there be a conflict of interest? Coingateway takes a percentage of the value of the transaction. They could value this transaction in terms of the tokens and have no uncertainty. Then you could set the exchange rate. And if you had done that, you could share the valuation function with us.

There'd be a conflict of interest for us because we could set an algorithm that guaranteed we'd rake in the maximum amount of altcoin per BLOCK.

What? If you shared the algorithm later, people could verify it with their own transactions and see if they got shafted later.

The incentive would be for you to be fair because any unfair algorithm would hurt the value of the coin later when the algorithm was revealed.


[edit]

Hiding the algorithm or claiming that you have no control over it appears as if you have something to hide.

This again x100.

There would be no conflict of interest if you guys came up with the algorithm and shared it with us after the ITO ended on coingateway. This would allow people to verify their transaction to see if they received the correct amount of BLOCK. Also, the fact that you guys don't know the algorithm worries me. Who's to say coingateway didn't "set an algorithm that guaranteed [they'd] rake in the maximum amount"?

[strunzdumm]

No. Argh.
 
The commenter referred to altcoins that people used to buy BLOCK as "blocknet coins".

We SOLD Blocknet tokens for alts.

We're KEEPING the alts and using them for development.

We will use Blocknet participating coins to fund the development! not BLOCK tokens...

Thanks, goyz. I have to say that you are trying hard here to answer every question.