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

[onealfa]

I.... After the ITO, the price of BLOCK could go down to 1 satoshi ....

This will never happen. This is impossible.
Because I will get 'em ALL at 0.00000002.

[devachelekar]

Actually if you look at the obvious 'dump' that we are observing over the week, is not that huge. No big selling or no big buying is happening but it is showing downtrend. People are not buying because they are thinking that their buy orders would be filled. Certainly a support wall would maintain the price but none of them are visible right now. 

[holyprofit]

It seems to me that it's irrational to want the price of BLOCK to be higher.

BLOCK isn't a normal coin - no one is pushing for it to be accepted by merchants, no one is promoting BLOCK for charity, etc. - it's simply a receipt for supporting the ITO, and its only value is in how many NHZ assets you can exchange it for when Blocknet is a reality.

The price of BLOCK doesn't have any bearing on the project either, unless I'm mistaken; the devs are getting paid from the BTC or other supported altcoins when people paid for BLOCK in the ITO. They aren't getting paid in BLOCK, right? After the ITO, the price of BLOCK could go down to 1 satoshi with no detriment to their development efforts.

Thus, it really seems like we should be hoping for the price of BLOCK to be as low as possible, in order to scoop it up cheaply. The only reason to want the price of BLOCK to be higher is if you want to sell it for profit before Blocknet (which is valid, but I would think most holders are interested in getting paid by Blocknet's NHZ assets; otherwise why not just invest in a normal coin?).

I'm writing this because I don't understand the desire to have the devs put up a buy wall for BLOCK. If the price of BLOCK goes back to ITO price or higher, it doesn't affect the project's funding at all, but it makes it more expensive to acquire BLOCK for users, correct? Let me know if I'm missing anything.

By this argument you would be happy if the price drops to 1 sat so whatever block you are holding would be effectively worthless despite the fact that you paid twice as much for them last week as you would today. Last time I looked, the price of something was supposed to reflect the confidence the market has that you will see that return someday. Concern about the price is a concern about this apparent lack of confidence. Therefore if the team is not concerned about a drop in price then they are not concerned about a lack of confidence in their abilities to deliver. I only hold about 2000 blocks so it's not a big deal to me. But personally I would be worried. And also I would be worried about the fact that any future ITO by them (e.g. the one proposed for XC itself) would almost certainly be unsuccessful. These are all just facts, not really subject to opinion.

[synechist]

Concern about the price is a concern about this apparent lack of confidence. Therefore if the team is not concerned about a drop in price then they are not concerned about a lack of confidence in their abilities to deliver.

This, to me, is overly simple. We are concerned about keeping the public in the loop about progress and about the project as a whole. We are also interested in the market-related health of the project, and are aware of its relation to the overall health of the project.

However what we are not concerned about is the sort of day-by-day "concerns" that some people here seem to be prone to (like "hmm... the Github repo hasn't been updated, therefore something must be wrong!"). If this sort of thing has an effect on the market then, well, we just can't do anything about it, because no matter how healthy a project and no matter how hard we work, there will always be room for small and speculative doubts. Selling over trifles or idle speculation is just short-sighted, and we simply don't have the time and energy to address every "concern". I encourage investors to become suitably hardened against this.

Work is ongoing; we're forming a foundation; we're well-funded to achieve what we've set out to achieve; we'll report our developments very soon; read my post history if you want more details.

[biskyb33]

I.... After the ITO, the price of BLOCK could go down to 1 satoshi ....

This will never happen. This is impossible.
Because I will get 'em ALL at 0.00000002.

onealfa, you'll have to fight me for them! 

[jahl]

I.... After the ITO, the price of BLOCK could go down to 1 satoshi ....

This will never happen. This is impossible.
Because I will get 'em ALL at 0.00000002.

onealfa, you'll have to fight me for them! 

when two dogs fight for a bone, and a third runs away with it.. (yea me) 

[biskyb33]

I.... After the ITO, the price of BLOCK could go down to 1 satoshi ....

This will never happen. This is impossible.
Because I will get 'em ALL at 0.00000002.

onealfa, you'll have to fight me for them! 

when two dogs fight for a bone, and a third runs away with it.. (yea me) 

you just put yourself at the top of my list, jahl ...better sleep with one eye open 

[holyprofit]

Concern about the price is a concern about this apparent lack of confidence. Therefore if the team is not concerned about a drop in price then they are not concerned about a lack of confidence in their abilities to deliver.

This, to me, is overly simple. We are concerned about keeping the public in the loop about progress and about the project as a whole. We are also interested in the market-related health of the project, and are aware of its relation to the overall health of the project.

However what we are not concerned about is the sort of day-by-day "concerns" that some people here seem to be prone to (like "hmm... the Github repo hasn't been updated, therefore something must be wrong!"). If this sort of thing has an effect on the market then, well, we just can't do anything about it, because no matter how healthy a project and no matter how hard we work, there will always be room for small and speculative doubts. Selling over trifles or idle speculation is just short-sighted, and we simply don't have the time and energy to address every "concern". I encourage investors to become suitably hardened against this.

Work is ongoing; we're forming a foundation; we're well-funded to achieve what we've set out to achieve; we'll report our developments very soon; read my post history if you want more details.

Don't get me wrong - I'm not saying that I have doubts about your ability to deliver, or that you yourselves are not concerned about the market related health of the project - including the price. But I do not hold with the previous comments that everything is rosy if it drops to 1 sat. We can all see that just 6btc gets us back to 25 on bittrex so I myself do not believe it is a mass exodus or signals huge lack of confidence, but it is not good advertising for the moment.

[friendfromnobody]

synechist : you talk maybe with prom or dan , can you ask prom to talk to us??

prom talked a week back in util thread and he is a big invester from blocknet and util .
but can he let us know he is still in ??

[BTCMILLIONAIRE]

synechist : you talk maybe with prom or dan , can you ask prom to talk to us??

prom talked a week back in util thread and he is a big invester from blocknet and util .
but can he let us know he is still in ??

talk to us? about what? hes just another investor...maybe he already dumped i dunno 

[WhiteNotWright]

synechist : you talk maybe with prom or dan , can you ask prom to talk to us??

prom talked a week back in util thread and he is a big invester from blocknet and util .
but can he let us know he is still in ??

Again, you are so full of shit lol

[friendfromnobody]

BTC hit the mid November High as noted 2 months ago. Look for a brief pullback into next week, then a renewed push upward into mid December. Volume in the altcoin market has continued to decline. I believe this is due in part to the present rally in BTC, but not the only reason. For many months, the altcoin market has been overrun with scams. As scam coins are increasing, more people are becoming wise to it and moving toward BTC and LTC. If the atlcoin market doesn't correct this image, volume will continue to move away. In regards to alt picks: we picked up some nice moves in DTC, Gaia, XC, and Fuel2. Join us and take the guessing out of your trading decisions.

^news and its happening now , (btc)

[synechist]

Hi all

Apologies, but I'm going to delete all this futile bickering about Util.

Reason: it's not relevant to the topic.

(And it's very tedious.)

Please try refrain from dragging the conversation down into bickering. There's really no point.

[ib88]

Hi all

Apologies, but I'm going to delete all this futile bickering about Util.

It's not relevant to the topic, and it's very tedious.

Please try refrain from dragging the conversation into bickering. There's really no point.

Fine by me. Only reason I engaged was to refute his claims that Prom is behind Blocknet and to urge him to keep his util ramblings in its own thread.

[MKAxe11]

When you were planning development budget of 850 BTC, bitcoin price was lower. On top of that, you have collected more than what you need to develop the BlockNet. Therefore, you should have excess funds that you could use for the buyback and support the price. Why don't you spend 100 BTC or so on the buyback?

Update: BTC funds will be held at the following multisig address in a BitGo wallet: 39mtqLhmPQ8WEpzFCBNHpwPvxFgFPuSDye

That is 364.38012183 BTC ~ 150 thousand USD.

Have you considered to sacrifice (bittrex 7.8 + poloniex 3.6 + bter dust) / total =
only 3% of your immense gains, to stabilize the trading back to ICO prices?

That would immediately stop a lot of complaints.

You believe in your project? Then buy up some of your coins, for cheap.

EDIT: And you probably need less BTC, once the market understands that the trend towards 0 Satioshi is reversed.

A buy wall is actually something we've considered cursorily.

It's not a bad idea -  and neither is it a bad idea for the Foundation to be invested in BLOCK.

We'll let you all know if we decide to do this. It makes a degree of sense.



(Hint: might wanna avoid selling at a loss until we respond to this...)

Hey Arlyn,

about the buy wall thing, I wouldn't consider putting it above 1/2 of the ITO price. and only with a max of BTC of the difference between the min of 850 and what was actually raised.

After all, this was a sort of crowd funding of the development of some new technology. If someone wants to get out right NOW he/she should not get a full refund. If I fund a project on, let's say, kickstarter.com once the funding is successful, there is no way investors get funding back other than waiting until the product/software is finished and then claiming their tier 'pledge'.

And here we invested in new technology, which will only give investors some revenue once it is fully 'in action'. Reinvesting as a foundation to profit more from uptrends seems reasonable to keep the motivation high. But there is no point of letting investors drop their share without a loss at this point.

Best, Axe

[1echo]

so how is the coin going now?

[MKAxe11]

so how is the coin going now?

It's more like a blocknet share.
And it's doing what every one could have expected, for the time being it's below the ITO price.

[catotune]

Thanks everyone who explained their point of view. I do get it - if I invested in something and it dropped in price, I wouldn't be happy either.

By this argument you would be happy if the price drops to 1 sat so whatever block you are holding would be effectively worthless despite the fact that you paid twice as much for them last week as you would today. Last time I looked, the price of something was supposed to reflect the confidence the market has that you will see that return someday. Concern about the price is a concern about this apparent lack of confidence. Therefore if the team is not concerned about a drop in price then they are not concerned about a lack of confidence in their abilities to deliver. I only hold about 2000 blocks so it's not a big deal to me. But personally I would be worried. And also I would be worried about the fact that any future ITO by them (e.g. the one proposed for XC itself) would almost certainly be unsuccessful. These are all just facts, not really subject to opinion.

Emotionally, I probably wouldn't be happy if the price dropped to 1 satoshi after I paid a lot more for it, but from a purely logical point of view, money spent in the past is irrelevant, and the low price would give me the opportunity to purchase more. Understand it would be different if this was an altcoin, whose value is purely determined by its worth in BTC. An altcoin's BTC value is its entire value, period.

BLOCK seems different because its value can be measured in terms of how many NHZ assets you can trade for 1 BLOCK, which from what I can tell is completely independent from BLOCK's BTC value. NOTE: If I'm wrong here, and the BLOCK/BTC exchange rate determines your BLOCK's NHZ asset buying power, then my entire hypothesis is wrong. Also the price of BLOCK doesn't have any bearing on project development or success, since people are basically just trading ITO receipts at this point; the project is already paid for.

If you are planning to sell BLOCK for BTC, then yes, of course you want its BTC value to increase. But if you want to benefit from the NHZ asset payouts from Blocknet, then the important value is how many NHZ assets you can exchange for 1 BLOCK. From this point of view, my only (rational, selfish) interest in the BTC price is for it to get lower so I can buy more; I'm planning to trade for NHZ assets, not ever to sell it for BTC.

But yes, I do understand the disappointment of BLOCK's BTC price from a purely human point of view, and I also agree that the drop in BLOCK's price could negatively affect the success of any future ITO by the team - that is a really good point.

[Skatebird]

I also think that a buywall could be nice for investors !! Im i the only one who think that altcoins are dying ?:/

[infinitechaos]

I also think that a buywall could be nice for investors !! Im i the only one who think that altcoins are dying ?:/

Everyone thought BTC was dying a couple weeks ago...something to consider.