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

[Specialkey]

Massage from Bittrex:

 RYAN HENTZ (Bittrex)

 Oct 30 05:22

 Hi,

 The terms are clear on the blocknet ico that trading and withdraws
would not happen. The developer failed to properly make the terms with
the other exchanges. We must follow our terms.

 Thank you,

 Ryan


So Bittrex user could not stake 

[cryptocointools]

Great stuff. Really impressed with the BlockNet project.
Time will tell with this project. If the developments of XC reflects on this project, then I think there is a good chance of success.
I bought some BlockNet tokens last night to help round out my portfolio a bit.

[crackfoo]

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.

But, can't people simply just take the extra staked coins and start trading them on the open market? Seems like quite the can of worms...

How can you destroy them when they've been traded?

[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.

But, can't people simply just take the extra staked coins and start trading them on the open market? Seems like quite the can of worms...

How can you destroy them when they've been traded?

We will not destroy the stakes people get.

We'll destroy an amount equivalent to the stakes people get.

[synechist]

Great stuff. Really impressed with the BlockNet project.
Time will tell with this project. If the developments of XC reflects on this project, then I think there is a good chance of success.
I bought some BlockNet tokens last night to help round out my portfolio a bit.

Thanks!

We're pretty excited about this. When the Blocknet launches it will benefit both the participating coins and all of crypto.

[racer2012]

Hi synechist you doing great job on this thread keep up the hard work.
I want to know once everyone get nhz asset for blocknet tokens
When can we expect steady monthly income based on blocknet tokens example let's say if I have 2500 blocknet
What can I expect in return if I keep holding it.

[synechist]

Hi synechist you doing great job on this thread keep up the hard work.
I want to know once everyone get nhz asset for blocknet tokens
When can we expect steady monthly income based on blocknet tokens example let's say if I have 2500 blocknet
What can I expect in return if I keep holding it.

Hey hey. Thanks. :-)

The plan is to redeem BLOCK for NHZ assets once the tech is ready to deliver fees to asset-holders.

If we do this, there shouldn't be any delay in receiving income.

However income might not be large initially, as this will depend on how popular coins' services are. I expect Blocknet services to become more popular as they mature.

[itod]

This is just another clone of SC wallet,nothing new.

The wallet is indeed just a fork of some other coin. But that is irrelevant because the wallet only serves as a place to store the BLOCKs while the tech is being developed to exchange them for NHZ assets.

How is this irrelevant when the wallet is almost the only criteria if the ITO is successful or not. See:

* Once the ICO is over we will verify there is working wallet, blockchain, and block explorer.

Block explorer is even easier to clone than a wallet, so this simple task of cloning some other wallet is what allows the funds of 0.3-1 million US$ to be spent or not. At least be honest about that it is relevant, when the dev team haven't troubled themselves to write the whitepaper what they want to develop. Pretty graphics with some marketing mambo-jumbo is far from optimal development starting point.

[Jimmy_Zed]

Hi synechist you doing great job on this thread keep up the hard work.
I want to know once everyone get nhz asset for blocknet tokens
When can we expect steady monthly income based on blocknet tokens example let's say if I have 2500 blocknet
What can I expect in return if I keep holding it.

You'll get a monthly salary of $3000 to $4000 dollars a month, plus a free ticket to Disneyland.

Jimmy Zed

[synechist]

This is just another clone of SC wallet,nothing new.

The wallet is indeed just a fork of some other coin. But that is irrelevant because the wallet only serves as a place to store the BLOCKs while the tech is being developed to exchange them for NHZ assets.

How is this irrelevant when the wallet is almost the only criteria if the ITO is successful or not. See:

* Once the ICO is over we will verify there is working wallet, blockchain, and block explorer.

Block explorer is even easier to clone than a wallet, so this simple task of cloning some other wallet is what allows the funds of 0.3-1 million US$ to be spent or not. At least be honest about that it is relevant, when the dev team haven't troubled themselves to write the whitepaper what they want to develop. Pretty graphics with some marketing mambo-jumbo is far from optimal development starting point.

The wallet is *not* a criterion for the ITO's success.

How does an interim wallet have any bearing on the Blocknet's tech? It doesn't.

If you don't like what we offer, don't buy it. It's as simple as that. We've been very clear what we have and what we don't yet have.

[synechist]

Good news: Bter has now disabled selling on the BLOCK:BTC pairing.

[itod]

This is just another clone of SC wallet,nothing new.

The wallet is indeed just a fork of some other coin. But that is irrelevant because the wallet only serves as a place to store the BLOCKs while the tech is being developed to exchange them for NHZ assets.

How is this irrelevant when the wallet is almost the only criteria if the ITO is successful or not. See:

* Once the ICO is over we will verify there is working wallet, blockchain, and block explorer.

Block explorer is even easier to clone than a wallet, so this simple task of cloning some other wallet is what allows the funds of 0.3-1 million US$ to be spent or not. At least be honest about that it is relevant, when the dev team haven't troubled themselves to write the whitepaper what they want to develop. Pretty graphics with some marketing mambo-jumbo is far from optimal development starting point.

The wallet is *not* a criterion for the ITO's success.

How does an interim wallet have any bearing on the Blocknet's tech? It doesn't.

If you don't like what we offer, don't buy it. It's as simple as that. We've been very clear what we have and what we don't yet have.

How the wallet is not a criterion, when the only three things Bitttrex wants done to release all BTC to developers after the ITO are:
1) wallet,
2) blockchain,
3) block explorer?
They explicitly stated Bittrex will not check anything else before they send BTC to you. What are you talking about? It's easy to say "if you don't like it don't buy it", but that's not the answer. Everything you do with this ITO will reflect on the community, so when somebody in the future want's to do something similar, but to do everything right, people will always point to eventual failure/success of this project. That's the reason we try to reason with you guys not to do this without proper software specification or whitepaper, it should be bad for future projects if you fail spectacularly, and the way you are doing things you are on the path to do exactly that.

[Crypto_Enthusiast]

Good news: Bter has now disabled selling on the BLOCK:BTC pairing.

How is this good news? I want to be able to set a sell order if I want to.

[infinitechaos]

[snip]

Is there something wrong with the wallet?

No?

Then it's a non-issue.

It doesn't matter whether it's a fork of another coin or not because it works and therefore meets the criteria of the ITO. Its only purpose is to allow holders of BLOCK to store their tokens while the technology is developed to exchange them for NHZ assets which is the ultimate intention of the tokens.

[synechist]

Good news: Bter has now disabled selling on the BLOCK:BTC pairing.

How is this good news? I want to be able to set a sell order if I want to.

It's good news because this is an ITO.

That is, this is the period in which we distribute funds.

It is not the period in which you sell BLOCK.

You can sell after the ITO is done.

[cryptocointools]

I personally would not want the dev team to be wasting their time making a better BlockNet wallet. As others have said, BLOCKS are just representative of a stake in the total BlockNet assets. I would rather have them spend time focusing on the XBridge which is how BlockNet tokens are actually going to be useful.

[itod]

[snip]

Is there something wrong with the wallet?

No?

Then it's a non-issue.

It doesn't matter whether it's a fork of another coin or not because it works and therefore meets the criteria of the ITO. Its only purpose is to allow holders of BLOCK to store their tokens while the technology is developed to exchange them for NHZ assets which is the ultimate intention of the tokens.

It's not a non-issue because it shows lack of serious effort from development team, not to put single feature they are advertising in that wallet, rather they decided to release the simple clone. You have a responsibility to the community, that's what I was trying to explain. It's not the issue if you will walk away with 1M US$ of other people's money and achieve nothing, problem is your failure will make every other attempt of funding the development this way much, much harder. You are not alone on this world, and your potential failure will have serious consequences. Show me on thing that was done about this project that required some effort, pretty graphics doesn't count. That's why the cloning the wallet is an issue, even if it is working as it should.

[synechist]

[snip]

Is there something wrong with the wallet?

No?

Then it's a non-issue.

It doesn't matter whether it's a fork of another coin or not because it works and therefore meets the criteria of the ITO. Its only purpose is to allow holders of BLOCK to store their tokens while the technology is developed to exchange them for NHZ assets which is the ultimate intention of the tokens.

It's not a non-issue because it shows lack of serious effort from development team, not to put single feature they are advertising in that wallet, rather they decided to release the simple clone. You have a responsibility to the community, that's what I was trying to explain. It's not the issue if you will walk away with 1M US$ of other people money and achieve nothing, problem is your failure will make every other attempt of funding the development this way much, much harder. You are not alone on this world, and your potential failure will have serious consequences. Show me on thing that was done about this project that required some effort, pretty graphics doesn't count. That's why the cloning wallet is an issue, even if it is working as it should.

I get your perspective.

On the other hand, I do not think we'd significantly lower the risk of failure by putting out a whitepaper.

Why? Because describing how you'd do something isn't the same as actually doing it. Projects can fail for multiple reasons, including unexpected oversights in the whitepaper. In fact, it may turn out that whitepapers can lead to overconfidence in a technical proposal. So, to summarise, I don't think we'd lower the risk with a whitepaper. Better to do what we've done and go with a track record (the Xnode protocol).

In any case, what's done is done. People seem to think the Blocknet is a great idea, and there's no changing the plan now.

[infinitechaos]

It's not a non-issue because it shows lack of serious effort from development team, not to put single feature they are advertising in that wallet, rather they decided to release the simple clone. You have a responsibility to the community, that's what I was trying to explain. It's not the issue if you will walk away with 1M US$ of other people's money and achieve nothing, problem is your failure will make every other attempt of funding the development this way much, much harder. You are not alone on this world, and your potential failure will have serious consequences. Show me on thing that was done about this project that required some effort, pretty graphics doesn't count. That's why the cloning the wallet is an issue, even if it is working as it should.

To this I say:

I personally would not want the dev team to be wasting their time making a better BlockNet wallet. As others have said, BLOCKS are just representative of a stake in the total BlockNet assets. I would rather have them spend time focusing on the XBridge which is how BlockNet tokens are actually going to be useful.

It seems that perhaps you don't understand this project itod. Did you read all of the information?

This is an ITO to collect funds for development of the BLOCKnet. This was all laid out in the documentation available to you.

The code for the XBridge protocol is already underway and, last I heard, the team is considering opening up part of the half-completed source code before the ITO is over.

[racasanuk]

We're pretty excited about this. When the Blocknet launches it will benefit both the participating coins and all of crypto.

[/quote]

HI I realize this has probably been asked a few times but how does it benefit the other coins?