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

[synechist]

the only thing I don't get is why dev needs so much money? 1 million bucks, thats pretty greedy to my taste. And I'm not sure if the market will be able to support the 25k sat price at a 10,000,000 coin money supply

2500 BTC is a limit, not a required maximum.

It's there so that people don't buy *more* than this amount; hence it's to prevent pumps.

If we raise less, then the remaining BLOCK will be destroyed, and the project will move ahead.

So really the situation is:
- we don't *need* 2500 BTC, we need a minimum of 850 BTC as stated in the OP.
- but 2500 BTC will maximise the chances of success of the project
- it's entirely up to public demand to determine how much funding we get.

Then why not just lower the amount to 850 then ?

Because less risk is better than more risk.

- but 2500 BTC will maximise the chances of success of the project

There is a chance the projekt can fail?

Of course. There are competitors, there are incoming regulations, software development can get delayed or get expensive... the list goes one.

Hence the need to minimise risk. The more funds we get, the better the chance of success.

[mav137]

Staking is necessary to secure the network. If we would't stake, you'd be bitching about how unsecure this POS coin is.
It's a compromise to sell the tokens and generate some money to further develop the technology. If you don't believe or rather invest when the product is ready.. just buy in Q2 2015. Risk is the name of the game pal

The POS interest will be canceled by in some form when the BLOCKS are being exchanged for NHZ assets.
I think that the smartest way to do this, is to make sure that everyone stakes (most secure) and that the moment of exchanging for NHZ assets will caclulate the total amount of BLOCKS available and set a conversion rate based on that.

Let's see what the team has in mind about this

[synechist]

Staking is necessary to secure the network. If we would't stake, you'd be bitching about how unsecure this POS coin is.
It's a compromise to sell the tokens and generate some money to further develop the technology. If you don't believe or rather invest when the product is ready.. just buy in Q2 2015. Risk is the name of the game pal

The POS interest will be canceled by in some form when the BLOCKS are being exchanged for NHZ assets.
I think that the smartest way to do this, is to make sure that everyone stakes (most secure) and that the moment of exchanging for NHZ assets will caclulate the total amount of BLOCKS available and set a conversion rate based on that.

Let's see what the team has in mind about this

Dan has told me that we will destroy an amount of BLOCK equivalent to however much is staked.

This will most likely be when BLOCK is redeemed for NHZ assets.

[moonchaser]

Uhm, you cannot make a withdrawal of your Blocknet Tokens from Bittrex? Or is it just me?

me too.

I think it has to do with the 800 BTC they will claim. If not you get refunded.
Pretty cool idea.

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.

I have read this statement. Where exactly does it say that you cannot withdraw your coins from the exchange?

Somebody has an answer to this that actually helps? While others can already stake their Blocks, i cannot withdraw from Bittrex. Is Bittrex staking for themselve?

It is not mentioned anywhere that Trex was to keep the coin and staking as I didn't see it mentioned anywhere, that ONLY 20% of the block will be sold for 10% discount using the participant coins, and also nobody mentioned that to each participant coin will be allocated a part of the block depending on the market cap of each coin.
So this is just BS preparation for launch.
People had to dump their participant coins because they found themselves with a lot of coins not being able to buy shit from coingate.
Or they bought coins in order to get the 10% discount and then they had to sell them at lower prices. Just crap.

[sfc]

Uhm, you cannot make a withdrawal of your Blocknet Tokens from Bittrex? Or is it just me?

me too.

I think it has to do with the 800 BTC they will claim. If not you get refunded.
Pretty cool idea.

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.

I have read this statement. Where exactly does it say that you cannot withdraw your coins from the exchange?

Somebody has an answer to this that actually helps? While others can already stake their Blocks, i cannot withdraw from Bittrex. Is Bittrex staking for themselve?

It is not mentioned anywhere that Trex was to keep the coin and staking as I didn't see it mentioned anywhere, that ONLY 20% of the block will be sold for 10% discount using the participant coins, and also nobody mentioned that to each participant coin will be allocated a part of the block depending on the market cap of each coin.
So this is just BS preparation for launch.
People had to dump their participant coins because they found themselves with a lot of coins not being able to buy shit from coingate.
Or they bought coins in order to get the 10% discount and then they had to sell them at lower prices. Just crap.

that s fked up, i bought these tokens and i want them in my wallet to stake. synechist?

[jefams]

Strange, the volume of blocknet yesterday pm 2200 on bittrex was almost 200 btc.
Now the volume dropped to 129 btc.

It should stay at 200 btc or only gaining right? Because no one can withdraw the tokens!
Or bittrex member can do that?

Can someone explain, because I bough at bittrex?

[synechist]

Uhm, you cannot make a withdrawal of your Blocknet Tokens from Bittrex? Or is it just me?

me too.

I think it has to do with the 800 BTC they will claim. If not you get refunded.
Pretty cool idea.

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.

I have read this statement. Where exactly does it say that you cannot withdraw your coins from the exchange?

Somebody has an answer to this that actually helps? While others can already stake their Blocks, i cannot withdraw from Bittrex. Is Bittrex staking for themselve?

It is not mentioned anywhere that Trex was to keep the coin and staking as I didn't see it mentioned anywhere, that ONLY 20% of the block will be sold for 10% discount using the participant coins, and also nobody mentioned that to each participant coin will be allocated a part of the block depending on the market cap of each coin.
So this is just BS preparation for launch.
People had to dump their participant coins because they found themselves with a lot of coins not being able to buy shit from coingate.
Or they bought coins in order to get the 10% discount and then they had to sell them at lower prices. Just crap.

that s fked up, i bought these tokens and i want them in my wallet to stake. synechist?

Moonchaser, read the OP FAQ and also the ITO document (which is also in the OP). The info is all there.

Sfc, if you bought on Bittrex you'll need to wait until the end of the ITO (max. one week) before you can withdraw and stake. At 3% per year, this won't amount to much.

[cryptodruti]

the only thing I don't get is why dev needs so much money? 1 million bucks, thats pretty greedy to my taste. And I'm not sure if the market will be able to support the 25k sat price at a 10,000,000 coin money supply

2500 BTC is a limit, not a required maximum.

It's there so that people don't buy *more* than this amount; hence it's to prevent pumps.

If we raise less, then the remaining BLOCK will be destroyed, and the project will move ahead.

So really the situation is:
- we don't *need* 2500 BTC, we need a minimum of 850 BTC as stated in the OP.
- but 2500 BTC will maximise the chances of success of the project
- it's entirely up to public demand to determine how much funding we get.

Then why not just lower the amount to 850 then ?

Because less risk is better than more risk.

- but 2500 BTC will maximise the chances of success of the project

There is a chance the projekt can fail?

Of course. There are competitors, there are incoming regulations, software development can get delayed or get expensive... the list goes one.

Hence the need to minimise risk. The more funds we get, the better the chance of success.

The whole idea is interesting, but the truth is you guys don't need 2500btc... The idea has potential for a higher price then 25k sat but is it worth that right now? No. The price will inevitably go down bellow ico price and the only way it wouldn't would be if massive buy walls are put in place by a whale. Which isn't going to happen because they too know the price is over valued for just a concept. If you asked for less btc at a lower price for the idea, the value would have space to grow naturally, the price will almost certainly get dumped which simply isn't healthy for it. The difference with that structure is that you guys wouldn't get to walk away with close to a million dollars if the project fails.

[strunzdumm]

Uhm, you cannot make a withdrawal of your Blocknet Tokens from Bittrex? Or is it just me?

me too.

I think it has to do with the 800 BTC they will claim. If not you get refunded.
Pretty cool idea.

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.

I have read this statement. Where exactly does it say that you cannot withdraw your coins from the exchange?

Somebody has an answer to this that actually helps? While others can already stake their Blocks, i cannot withdraw from Bittrex. Is Bittrex staking for themselve?

It is not mentioned anywhere that Trex was to keep the coin and staking as I didn't see it mentioned anywhere, that ONLY 20% of the block will be sold for 10% discount using the participant coins, and also nobody mentioned that to each participant coin will be allocated a part of the block depending on the market cap of each coin.
So this is just BS preparation for launch.
People had to dump their participant coins because they found themselves with a lot of coins not being able to buy shit from coingate.
Or they bought coins in order to get the 10% discount and then they had to sell them at lower prices. Just crap.

that s fked up, i bought these tokens and i want them in my wallet to stake. synechist?

Bittrex should pay the earnings from their stakes to their users imho.

[unusualfacts30]

Strange, the volume of blocknet yesterday pm 2200 on bittrex was almost 200 btc.
Now the volume dropped to 129 btc.

It should stay at 200 btc or only gaining right? Because no one can withdraw the tokens!
Or bittrex member can do that?

Can someone explain, because I bough at bittrex?

+1 for noticing it.

I'm glad I didn't buy it yesterday. How can volume drop on bittrex if no one is selling it besides the Dev team? It should increase or stay the same. It decreased by 100 BTC since yesterday Trex.

What is going on?

Please explain.

[jibble]

Strange, the volume of blocknet yesterday pm 2200 on bittrex was almost 200 btc.
Now the volume dropped to 129 btc.

It should stay at 200 btc or only gaining right? Because no one can withdraw the tokens!
Or bittrex member can do that?

Can someone explain, because I bough at bittrex?

+1 for noticing it.

I'm glad I didn't buy it yesterday. How can volume drop on bittrex if no one is selling it besides the Dev team? It should increase or stay the same. It decreased by 100 BTC since yesterday Trex.

What is going on?

Please explain.

That is how much has been sold over the last 24 hours, not including the large amounts sold at the beginning because that was over 24 hours ago, you can still see it as being sold on the charts but since it only shows 24 hours of trade volume and it being over 24 hours ago, it will not show up

Are people seriously asking why bittrex shows the volume over the last 24 hours and why coins that were sold over 24 hours ago ain't been added to that 24 hour volume total?

[moonchaser]

Uhm, you cannot make a withdrawal of your Blocknet Tokens from Bittrex? Or is it just me?

me too.

I think it has to do with the 800 BTC they will claim. If not you get refunded.
Pretty cool idea.

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.

I have read this statement. Where exactly does it say that you cannot withdraw your coins from the exchange?

Somebody has an answer to this that actually helps? While others can already stake their Blocks, i cannot withdraw from Bittrex. Is Bittrex staking for themselve?

It is not mentioned anywhere that Trex was to keep the coin and staking as I didn't see it mentioned anywhere, that ONLY 20% of the block will be sold for 10% discount using the participant coins, and also nobody mentioned that to each participant coin will be allocated a part of the block depending on the market cap of each coin.
So this is just BS preparation for launch.
People had to dump their participant coins because they found themselves with a lot of coins not being able to buy shit from coingate.
Or they bought coins in order to get the 10% discount and then they had to sell them at lower prices. Just crap.

that s fked up, i bought these tokens and i want them in my wallet to stake. synechist?

Me too..now I'm just feeding the pigs at Trex from my own cash...not to mention that there will never be ONLY 10 mil coins, in the case that they will all sale out. The wallet looks like the one of BitSwift, so that means 3% PoS Annually

[sfc]

Strange, the volume of blocknet yesterday pm 2200 on bittrex was almost 200 btc.
Now the volume dropped to 129 btc.

It should stay at 200 btc or only gaining right? Because no one can withdraw the tokens!
Or bittrex member can do that?

Can someone explain, because I bough at bittrex?

+1 for noticing it.

I'm glad I didn't buy it yesterday. How can volume drop on bittrex if no one is selling it besides the Dev team? It should increase or stay the same. It decreased by 100 BTC since yesterday Trex.

What is going on?

Please explain.

It's the 24h volume, not the overall volume! Decreasing volume simply means that people bought less tokens.

[synechist]

Strange, the volume of blocknet yesterday pm 2200 on bittrex was almost 200 btc.
Now the volume dropped to 129 btc.

It should stay at 200 btc or only gaining right? Because no one can withdraw the tokens!
Or bittrex member can do that?

Can someone explain, because I bough at bittrex?

+1 for noticing it.

I'm glad I didn't buy it yesterday. How can volume drop on bittrex if no one is selling it besides the Dev team? It should increase or stay the same. It decreased by 100 BTC since yesterday Trex.

What is going on?

Please explain.

It's volume per unit time, right?

If "volume" means "daily volume", then if less BLOCK has sold today than yesterday, then the volume will be reported to have decreased.

[mav137]

isnt volume a 24h average? That makes sense because it was sold mostly in the opening hours. It makes sense it's dropping because everyone that wanted to invest pretty much did already. We're close (if not already there) to the minimum of 850BTC to start this project.

Price dropping after ITO, sure this is a long term thing. I bet it's gonna go up in the end. This is not for you instant satisfaction ADD (no disrespect) fish memory, P&D, short term, 2 minute attention spam guys. This project will take time. At least the team has resources now..
If you're on the train like me, let get this bitch rolling! I looking forward to 2015

[synechist]

Regarding staking by Bittrex, they will of course state that they do not stake coins.

Even if they do, it's for a mere week. I'm unconcerned.

[strunzdumm]

Me too..now I'm just feeding the pigs at Trex from my own cash...not to mention that there will never be ONLY 10 mil coins, in the case that they will all sale out. The wallet looks like the one of BitSwift, so that means 3% PoS Annually

Wait, that means the 10 milion coins will become +3% coins every year? I thought the benefits came from the micro fees of every transaction so they will never be more then 10 milion coins? WTF

[sfc]

Uhm, you cannot make a withdrawal of your Blocknet Tokens from Bittrex? Or is it just me?

me too.

I think it has to do with the 800 BTC they will claim. If not you get refunded.
Pretty cool idea.

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.

I have read this statement. Where exactly does it say that you cannot withdraw your coins from the exchange?

Somebody has an answer to this that actually helps? While others can already stake their Blocks, i cannot withdraw from Bittrex. Is Bittrex staking for themselve?

It is not mentioned anywhere that Trex was to keep the coin and staking as I didn't see it mentioned anywhere, that ONLY 20% of the block will be sold for 10% discount using the participant coins, and also nobody mentioned that to each participant coin will be allocated a part of the block depending on the market cap of each coin.
So this is just BS preparation for launch.
People had to dump their participant coins because they found themselves with a lot of coins not being able to buy shit from coingate.
Or they bought coins in order to get the 10% discount and then they had to sell them at lower prices. Just crap.

that s fked up, i bought these tokens and i want them in my wallet to stake. synechist?

Moonchaser, read the OP FAQ and also the ITO document (which is also in the OP). The info is all there.

Sfc, if you bought on Bittrex you'll need to wait until the end of the ITO (max. one week) before you can withdraw and stake. At 3% per year, this won't amount to much.

I'm an early supporter of XC and i totally love the blocknet idea. But this wasn t part of the deal. I bought these tokens so i should be able to withdraw them. If you or Dan could at least try to talk to Bittrex to unlock the wallet that would be fine as there is absulotely no reason they should keep them.

[synechist]

Me too..now I'm just feeding the pigs at Trex from my own cash...not to mention that there will never be ONLY 10 mil coins, in the case that they will all sale out. The wallet looks like the one of BitSwift, so that means 3% PoS Annually

Wait, that means the 10 milion coins will become +3% coins every year? I thought the benefits came from the micro fees of every transaction so they will never be more then 10 milion coins? WTF

Staking - and the wallets we're using now - are interim measures before BLOCK is redeemed for NHZ assets.

I've just posted this on the previous page btw.

[synechist]

Uhm, you cannot make a withdrawal of your Blocknet Tokens from Bittrex? Or is it just me?

me too.

I think it has to do with the 800 BTC they will claim. If not you get refunded.
Pretty cool idea.

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.

I have read this statement. Where exactly does it say that you cannot withdraw your coins from the exchange?

Somebody has an answer to this that actually helps? While others can already stake their Blocks, i cannot withdraw from Bittrex. Is Bittrex staking for themselve?

It is not mentioned anywhere that Trex was to keep the coin and staking as I didn't see it mentioned anywhere, that ONLY 20% of the block will be sold for 10% discount using the participant coins, and also nobody mentioned that to each participant coin will be allocated a part of the block depending on the market cap of each coin.
So this is just BS preparation for launch.
People had to dump their participant coins because they found themselves with a lot of coins not being able to buy shit from coingate.
Or they bought coins in order to get the 10% discount and then they had to sell them at lower prices. Just crap.

that s fked up, i bought these tokens and i want them in my wallet to stake. synechist?

Moonchaser, read the OP FAQ and also the ITO document (which is also in the OP). The info is all there.

Sfc, if you bought on Bittrex you'll need to wait until the end of the ITO (max. one week) before you can withdraw and stake. At 3% per year, this won't amount to much.

I'm an early supporter of XC and i totally love the blocknet idea. But this wasn t part of the deal. I bought these tokens so i should be able to withdraw them. If you or Dan could at least try to talk to Bittrex to unlock the wallet that would be fine as there is absulotely no reason they should keep them.

These rules were agreed beforehand and posted on the OP and in the thread.

Bittrex will definitely not change the rules now.

You can withdraw them in a few days. It's not a big thing IMO.