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

[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.

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"?

Exactly.

Blockchain and crypto technologies have the capacity to make game theoretic systems like this "provably fair".

Why these coin developers didn't think about this aspect is beyond me.

Let's get on the program. It's time to quit being amateurs.

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[cryptico]

Anyway Arlyn is too shady to do not share the algoritm with the people that bought them.

The price was just changing according to the current price of the alt in 10 min there was a 500 block difference on a 3000 XC buy.

The algoritm was said to be calculated on an avg of prices over a period of time. None was thinking that that period of time was form the begginning to the End of the ITO. It should have been for example from the announcement day till today.

You would have released a fixed price for all coins and that was what we were getting. The price was not fixed. This was another messed up thing that happened during this morning and people ended up getting less blocks for their alts. Meaning More Alts for the faundation.

Now if you wanted to start with the wrong foot you did it. Now it looks shady....unfortunately.

Plus there is the 10% discount mess up. Plus Xcash mess up. Plus XST people sayng they were not able to buy in from the beginning.

You have many things now where the fudders can fud UNFORTUNATELY.

UNPROFESSIONAL.

[qawzsx]

You MUST tell to Poloshietx to close the market, so that people cannot sell BLOCK until ITO ends.

[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.

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...

Ok maybe "fatal" was a harsh word.. But for real.. Number one rule is to have all the markets go live at once... Later tonight or tomorrow "if" you guys are failing to sellout I assume that some of the early investors will decide to jump ship and sell the  tokens off on Poloniex for a tiny loss.

I wish you guys luck though and I have invested in BlockNet personally. Although just for 1 btc... Let's see where this goes.

[rokkyroad]

ICO at bittrex and live trading elsewhere. Priceless.

[mxxxxxx]

Anyway Arlyn is too shady to do not share the algoritm with the people that bought them.

The price was just changing according to the current price of the alt in 10 min there was a 500 block difference on a 3000 XC buy.

The algoritm was said to be calculated on an avg of prices over a period of time. None was thinking that that period of time was form the begginning to the End of the ITO. It should have been for example from the announcement day till today.

You would have released a fixed price for all coins and that was what we were getting. The price was not fixed. This was another messed up thing that happened during this morning and people ended up getting less blocks for their alts. Meaning More Alts for the faundation.

Now if you wanted to start with the wrong foot you did it. Now it looks shady....unfortunately.

Plus there is the 10% discount mess up. Plus Xcash mess up. Plus XST people sayng they were not able to buy in from the beginning.

You have many things now where the fudders can fud UNFORTUNATELY.

UNPROFESSIONAL.

Here are the latest updates from Coingateway

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

[synechist]

[conflict of interest]

This has been resolved.

Quote my last response if you want to continue discussing it.

[Mountaingoat]

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.

That sucks.

[mxxxxxx]

ICO at bittrex and live trading elsewhere. Priceless.

Here are Bittrex rules

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.

[jahl]

hmm next time i will hold off buying instantly, could have gotten 187+ more coins purchasing on poloniex right now (5btc sell @ 24500)  

[rokkyroad]

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.

That sucks.

Yes, it sucks. Little regard was given to those who hold Xc or the other blocknet affliates.

[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.

That sucks.

Yes, it sucks. Little regard was given to those who hold Xc or the other blocknet affliates.

Get some perspective:

We gave immense regard to XC holders. You had a chance to buy BLOCK with XC when almost all ITOs are only paired with BTC.

First come first serve.

[qawzsx]

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.

That sucks.

Yes, it sucks. Little regard was given to those who hold Xc or the other blocknet affliates.

Get some perspective:

We gave immense regard to XC holders. You had a chance to buy BLOCK with XC when almost all ITOs are only paired with BTC.

First come first serve.

You MUST talk to poloniex asap to close BLOCK market. Wtf are they doing allowing people to sell?

[ib88]

Anyway Arlyn is too shady to do not share the algoritm with the people that bought them.

The price was just changing according to the current price of the alt in 10 min there was a 500 block difference on a 3000 XC buy.

The algoritm was said to be calculated on an avg of prices over a period of time. None was thinking that that period of time was form the begginning to the End of the ITO. It should have been for example from the announcement day till today.

You would have released a fixed price for all coins and that was what we were getting. The price was not fixed. This was another messed up thing that happened during this morning and people ended up getting less blocks for their alts. Meaning More Alts for the faundation.

Now if you wanted to start with the wrong foot you did it. Now it looks shady....unfortunately.

Plus there is the 10% discount mess up. Plus Xcash mess up. Plus XST people sayng they were not able to buy in from the beginning.

You have many things now where the fudders can fud UNFORTUNATELY.

UNPROFESSIONAL.

Here are the latest updates from Coingateway

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

Yeah, mxxxxxx, those posts you quoted don't address any of Cryptico's (and mine) thoughts on the situation. I was under the impression that the altcoin:BLOCK exchange rate would be fixed, was this not the case?

Ultimately the Blocknet foundation don't know the exact figured raised by coingateway (impossible without knowing the algorithm) so who's to say they didn't set an algorithm that raised 600 BTC for example and gave you guys your 500 BTC (20% of 2500 BTC) and kept 100 BTC for themselves? Do you understand my concerns here?

[cryptico]

Anyway Arlyn is too shady to do not share the algoritm with the people that bought them.

The price was just changing according to the current price of the alt in 10 min there was a 500 block difference on a 3000 XC buy.

The algoritm was said to be calculated on an avg of prices over a period of time. None was thinking that that period of time was form the begginning to the End of the ITO. It should have been for example from the announcement day till today.

You would have released a fixed price for all coins and that was what we were getting. The price was not fixed. This was another messed up thing that happened during this morning and people ended up getting less blocks for their alts. Meaning More Alts for the faundation.

Now if you wanted to start with the wrong foot you did it. Now it looks shady....unfortunately.

Plus there is the 10% discount mess up. Plus Xcash mess up. Plus XST people sayng they were not able to buy in from the beginning.

You have many things now where the fudders can fud UNFORTUNATELY.

UNPROFESSIONAL.

Here are the latest updates from Coingateway

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

Yeah, mxxxxxx, those posts you quoted don't address any of Cryptico's (and mine) thoughts on the situation. I was under the impression that the altcoin:BLOCK exchange rate would be fixed, was this not the case?

Ultimately the Blocknet foundation don't know the exact figured raised by coingateway (impossible without knowing the algorithm) so who's to say they didn't set an algorithm that raised 600 BTC for example and gave you guys your 500 BTC (20% of 2500 BTC) and kept 100 BTC for themselves? Do you understand my concerns here?

Exactly I was going to write the Same .... Please address my points.

[tx42]

Yeah, mxxxxxx, those posts you quoted don't address any of Cryptico's (and mine) thoughts on the situation. I was under the impression that the altcoin:BLOCK exchange rate would be fixed, was this not the case?

Ultimately the Blocknet foundation don't know the exact figured raised by coingateway (impossible without knowing the algorithm) so who's to say they didn't set an algorithm that raised 600 BTC for example and gave you guys your 500 BTC (20% of 2500 BTC) and kept 100 BTC for themselves? Do you understand my concerns here?

Seriously. They should visit satoshi dice and see how provable fairness works.

The concept is that you can demonstrate a fair system post facto.

Let's drill that into our collective heads.

[mxxxxxx]

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"?

You can use this page to address your concerns

https://coingateway.net/contact.php

For now Coingateway updated us with this info :

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

[Jimmy_Zed]

There is too many unanswered questions. And there is nothing really tangible about the blocknet. You guys want 2,500 BTC so you can develop your idea ? Well I have plenty of ideas, but I'm not asking anyone to give me 1 million dollars for them.

Jimmy Zed

[synechist]

Yeah, mxxxxxx, those posts you quoted don't address any of Cryptico's (and mine) thoughts on the situation. I was under the impression that the altcoin:BLOCK exchange rate would be fixed, was this not the case?

Ultimately the Blocknet foundation don't know the exact figured raised by coingateway (impossible without knowing the algorithm) so who's to say they didn't set an algorithm that raised 600 BTC for example and gave you guys your 500 BTC (20% of 2500 BTC) and kept 100 BTC for themselves? Do you understand my concerns here?

I have asked CoinGateway to give an account of the BLOCK sale.

When I receive a response I'll report back here.

[strunzdumm]

The people are right, that it isnt fair, that Bittex customers are not allowed to trade while other platforms allow them to... That will dump the price extremly when all the bittrex holders trying to sell their coins because they dont want to make a loss