|
EventToken (OP)
|
 |
December 11, 2014, 11:23:57 AM |
|
As an aside, clearly there is something wrong with staking at present. It is not going to be fixable without a fork. Forking during POW is a really bad idea.
Our thoughts are that we will fix it when POW is finished and then up the stake % a little to cover for the less coins received during this stage of staking.
|
|
|
|
|
|
|
|
|
|
It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
|
|
|
HKBvM
|
|
December 11, 2014, 01:51:37 PM |
|
the question is where do the coins that are swapped to event tokens come from in the first place, your example starts with "1 million coins are swapped". You have to buy them on the exchanges, right? After you have done your swap+festival+swap back thing you have to sell them afterwards, on the exchanges. This is the critical point. You - devs, whoever that is - promise to take over the volatility risk from the vendors. You need to be willing and be able (critical point again) to cover substantial losses in the case the tradeable coin drops during the festival period.
The concept is nonsense, nothing else.
|
|
|
|
|
|
EventToken (OP)
|
|
December 11, 2014, 02:22:16 PM |
|
the question is where do the coins that are swapped to event tokens come from in the first place, your example starts with "1 million coins are swapped". You have to buy them on the exchanges, right? After you have done your swap+festival+swap back thing you have to sell them afterwards, on the exchanges. This is the critical point. You - devs, whoever that is - promise to take over the volatility risk from the vendors. You need to be willing and be able (critical point again) to cover substantial losses in the case the tradeable coin drops during the festival period.
The concept is nonsense, nothing else.
Nope, we hold the coins for the next event that we need them for. A million coins is a large amount I wouldn't expect to need anything like that for initial events, as adoption increases then we will increase our holdings as and when we need. It's not like we are going to need a million coins from the off. It was just an example of a figure. You fail to understand where the mitigation of volatility risk comes from. It comes from the fact that at the event what is being traded between vendors and festival goers is not EventToken but in fact an asset of the coin created on EventHub, think Counterparty assets. The reason for this is that it means people who already hold EventToken cannot come in and use their EventToken at the Event. EventToken is the blockchain that backs the created assets that are traded at events. We need a master blockchain that secures the assets created on EventHub. Think of it like you think of a coin like Via. Via at clearing house can be used to create assets by burning for XCH. The difference here with eventhub is that the asset can be converted back to the original coin. Why? because otherwise we would end up running out of coins to create the assets from. What is being traded at the event is the asset not the coin. This is how we mitigate volatility, not by taking coins off exchange. |
|
|
|
|
|
HKBvM
|
|
December 11, 2014, 02:57:22 PM |
|
the question is where do the coins that are swapped to event tokens come from in the first place, your example starts with "1 million coins are swapped". You have to buy them on the exchanges, right? After you have done your swap+festival+swap back thing you have to sell them afterwards, on the exchanges. This is the critical point. You - devs, whoever that is - promise to take over the volatility risk from the vendors. You need to be willing and be able (critical point again) to cover substantial losses in the case the tradeable coin drops during the festival period.
The concept is nonsense, nothing else.
Nope, we hold the coins for the next event that we need them for. A million coins is a large amount I wouldn't expect to need anything like that for initial events, as adoption increases then we will increase our holdings as and when we need. It's not like we are going to need a million coins from the off. It was just an example of a figure. You fail to understand where the mitigation of volatility risk comes from. It comes from the fact that at the event what is being traded between vendors and festival goers is not EventToken but in fact an asset of the coin created on EventHub, think Counterparty assets. The reason for this is that it means people who already hold EventToken cannot come in and use their EventToken at the Event. EventToken is the blockchain that backs the created assets that are traded at events. We need a master blockchain that secures the assets created on EventHub. Think of it like you think of a coin like Via. Via at clearing house can be used to create assets by burning for XCH. The difference here with eventhub is that the asset can be converted back to the original coin. Why? because otherwise we would end up running out of coins to create the assets from. What is being traded at the event is the asset not the coin. This is how we mitigate volatility, not by taking coins off exchange. I dont fail to understand anything. Do you plan on holding the coins indefinitely? The concept is: buy coins from exchange -> swap to tokens 1:1 -> sell to vendors/customers via webstie -> use tokens at festival -> buy back the token via website -> swap back to coins 1:1 -> sell on exchange. Right or wrong? |
|
|
|
|
|
EventToken (OP)
|
|
December 11, 2014, 03:18:51 PM |
|
the question is where do the coins that are swapped to event tokens come from in the first place, your example starts with "1 million coins are swapped". You have to buy them on the exchanges, right? After you have done your swap+festival+swap back thing you have to sell them afterwards, on the exchanges. This is the critical point. You - devs, whoever that is - promise to take over the volatility risk from the vendors. You need to be willing and be able (critical point again) to cover substantial losses in the case the tradeable coin drops during the festival period.
The concept is nonsense, nothing else.
Nope, we hold the coins for the next event that we need them for. A million coins is a large amount I wouldn't expect to need anything like that for initial events, as adoption increases then we will increase our holdings as and when we need. It's not like we are going to need a million coins from the off. It was just an example of a figure. You fail to understand where the mitigation of volatility risk comes from. It comes from the fact that at the event what is being traded between vendors and festival goers is not EventToken but in fact an asset of the coin created on EventHub, think Counterparty assets. The reason for this is that it means people who already hold EventToken cannot come in and use their EventToken at the Event. EventToken is the blockchain that backs the created assets that are traded at events. We need a master blockchain that secures the assets created on EventHub. Think of it like you think of a coin like Via. Via at clearing house can be used to create assets by burning for XCH. The difference here with eventhub is that the asset can be converted back to the original coin. Why? because otherwise we would end up running out of coins to create the assets from. What is being traded at the event is the asset not the coin. This is how we mitigate volatility, not by taking coins off exchange. I dont fail to understand anything. Do you plan on holding the coins indefinitely? The concept is: buy coins from exchange -> swap to tokens 1:1 -> use tokens at festival -> swap back to coins 1:1 -> sell on exchange. Right or wrong? OK, apologies for thinking that you misunderstood. Yes we plan on holding coins indefinitely. Our way of thinking here is that making money from crypto and building sustainable business from crypto does not come from exchange trading in the long term. Sure in the short term and to raise funds it is a great way of kickstarting a project and raising money. And sure you can make money from trading but the value is in the application of blockchain technology. Initially we have a premine that will enable us to get moving and get things off the ground, which a % will be used to fund development, PR etc and the rest held to be used at events but as long as we are going to need more coins for more events in future and things are going as planned, why would we get rid of the asset we need to enable our business model? Our income comes from merchant fees for use of the coin and other things. when it gets to a stage we need to take more coins off exchange then it means business is going well and our premine isn't enough to cover all the events we have running and we are making more on merchant fees and other streams. It is no different than any other business needing to invest in infrastructure as the business grows. Sure we have created the infrastructure in the first place but all that is happening if we need to buy more from exchange later is those that 'crowdfunded' us are getting paid back. Same as any other capital raising venture. I wish I could release our whitepaper now that explains everything about the business model and all the different elements but as I said earlier I can't. We have some really unique ways of using the blockchain coming up but until we file for intellectual property protection on those ideas it is simply not possible for us to release this info. We are meeting our IP lawyer on Monday and hope we can file then but until then our hands are tied. This wasn't our initial intention but as concepts and the idea has developed we realised we needed to protect some of our stuff because there are large companies out there with massive funds that could just take the ideas and run with them before we even got off the ground. |
|
|
|
|
|
EventToken (OP)
|
|
December 11, 2014, 06:23:39 PM |
|
the question is where do the coins that are swapped to event tokens come from in the first place, your example starts with "1 million coins are swapped". You have to buy them on the exchanges, right? After you have done your swap+festival+swap back thing you have to sell them afterwards, on the exchanges. This is the critical point. You - devs, whoever that is - promise to take over the volatility risk from the vendors. You need to be willing and be able (critical point again) to cover substantial losses in the case the tradeable coin drops during the festival period.
The concept is nonsense, nothing else.
Nope, we hold the coins for the next event that we need them for. A million coins is a large amount I wouldn't expect to need anything like that for initial events, as adoption increases then we will increase our holdings as and when we need. It's not like we are going to need a million coins from the off. It was just an example of a figure. You fail to understand where the mitigation of volatility risk comes from. It comes from the fact that at the event what is being traded between vendors and festival goers is not EventToken but in fact an asset of the coin created on EventHub, think Counterparty assets. The reason for this is that it means people who already hold EventToken cannot come in and use their EventToken at the Event. EventToken is the blockchain that backs the created assets that are traded at events. We need a master blockchain that secures the assets created on EventHub. Think of it like you think of a coin like Via. Via at clearing house can be used to create assets by burning for XCH. The difference here with eventhub is that the asset can be converted back to the original coin. Why? because otherwise we would end up running out of coins to create the assets from. What is being traded at the event is the asset not the coin. This is how we mitigate volatility, not by taking coins off exchange. I dont fail to understand anything. Do you plan on holding the coins indefinitely? The concept is: buy coins from exchange -> swap to tokens 1:1 -> sell to vendors/customers via webstie -> use tokens at festival -> buy back the token via website -> swap back to coins 1:1 -> sell on exchange. Right or wrong? after rereading this I see you have a bit of a misunderstanding of the process. It is more like this. Send coins to EventHub > Create Asset > Sell asset at agreed price to customers + small processing fee (say 0.5 per load up of MyEvent app > Customers spend with Vendors > Vendors return coins to us, we give them equivalen fiat minus merchant fee (less than credit / debit card) > swap coins returned to us back to EventToken at event hub. Put coins into cold store until needed for next event. As said before, when it gets to the stage that we need to buy tokens from Exchange, that means business is good and sucessful and we have made a lot of money in processing and transaction fees. But this concept is only hallf the story anyway. Anyone wil be able to create a currency for their own event on EventHub, doesn't have to be us. If you are having a PR laucnh party for 1000 people and you want to offer a certain amount of free drinks tokens then you could use it for that, 1 token = 1 drink distributed equally among guests. Great marketing and branding... there are loads of applications. |
|
|
|
|
|
klopper
|
|
December 11, 2014, 10:32:15 PM |
|
the question is where do the coins that are swapped to event tokens come from in the first place, your example starts with "1 million coins are swapped". You have to buy them on the exchanges, right? After you have done your swap+festival+swap back thing you have to sell them afterwards, on the exchanges. This is the critical point. You - devs, whoever that is - promise to take over the volatility risk from the vendors. You need to be willing and be able (critical point again) to cover substantial losses in the case the tradeable coin drops during the festival period.
The concept is nonsense, nothing else.
Nope, we hold the coins for the next event that we need them for. A million coins is a large amount I wouldn't expect to need anything like that for initial events, as adoption increases then we will increase our holdings as and when we need. It's not like we are going to need a million coins from the off. It was just an example of a figure. You fail to understand where the mitigation of volatility risk comes from. It comes from the fact that at the event what is being traded between vendors and festival goers is not EventToken but in fact an asset of the coin created on EventHub, think Counterparty assets. The reason for this is that it means people who already hold EventToken cannot come in and use their EventToken at the Event. EventToken is the blockchain that backs the created assets that are traded at events. We need a master blockchain that secures the assets created on EventHub. Think of it like you think of a coin like Via. Via at clearing house can be used to create assets by burning for XCH. The difference here with eventhub is that the asset can be converted back to the original coin. Why? because otherwise we would end up running out of coins to create the assets from. What is being traded at the event is the asset not the coin. This is how we mitigate volatility, not by taking coins off exchange. I dont fail to understand anything. Do you plan on holding the coins indefinitely? The concept is: buy coins from exchange -> swap to tokens 1:1 -> sell to vendors/customers via webstie -> use tokens at festival -> buy back the token via website -> swap back to coins 1:1 -> sell on exchange. Right or wrong? after rereading this I see you have a bit of a misunderstanding of the process. It is more like this. Send coins to EventHub > Create Asset > Sell asset at agreed price to customers + small processing fee (say 0.5 per load up of MyEvent app > Customers spend with Vendors > Vendors return coins to us, we give them equivalen fiat minus merchant fee (less than credit / debit card) > swap coins returned to us back to EventToken at event hub. Put coins into cold store until needed for next event. As said before, when it gets to the stage that we need to buy tokens from Exchange, that means business is good and sucessful and we have made a lot of money in processing and transaction fees. But this concept is only hallf the story anyway. Anyone wil be able to create a currency for their own event on EventHub, doesn't have to be us. If you are having a PR laucnh party for 1000 people and you want to offer a certain amount of free drinks tokens then you could use it for that, 1 token = 1 drink distributed equally among guests. Great marketing and branding... there are loads of applications. There is certainly a demand for a solution like this with low fees, I'm in!  |
|
|
|
|
|
EventToken (OP)
|
|
December 12, 2014, 10:33:38 AM |
|
the question is where do the coins that are swapped to event tokens come from in the first place, your example starts with "1 million coins are swapped". You have to buy them on the exchanges, right? After you have done your swap+festival+swap back thing you have to sell them afterwards, on the exchanges. This is the critical point. You - devs, whoever that is - promise to take over the volatility risk from the vendors. You need to be willing and be able (critical point again) to cover substantial losses in the case the tradeable coin drops during the festival period.
The concept is nonsense, nothing else.
Nope, we hold the coins for the next event that we need them for. A million coins is a large amount I wouldn't expect to need anything like that for initial events, as adoption increases then we will increase our holdings as and when we need. It's not like we are going to need a million coins from the off. It was just an example of a figure. You fail to understand where the mitigation of volatility risk comes from. It comes from the fact that at the event what is being traded between vendors and festival goers is not EventToken but in fact an asset of the coin created on EventHub, think Counterparty assets. The reason for this is that it means people who already hold EventToken cannot come in and use their EventToken at the Event. EventToken is the blockchain that backs the created assets that are traded at events. We need a master blockchain that secures the assets created on EventHub. Think of it like you think of a coin like Via. Via at clearing house can be used to create assets by burning for XCH. The difference here with eventhub is that the asset can be converted back to the original coin. Why? because otherwise we would end up running out of coins to create the assets from. What is being traded at the event is the asset not the coin. This is how we mitigate volatility, not by taking coins off exchange. I dont fail to understand anything. Do you plan on holding the coins indefinitely? The concept is: buy coins from exchange -> swap to tokens 1:1 -> sell to vendors/customers via webstie -> use tokens at festival -> buy back the token via website -> swap back to coins 1:1 -> sell on exchange. Right or wrong? after rereading this I see you have a bit of a misunderstanding of the process. It is more like this. Send coins to EventHub > Create Asset > Sell asset at agreed price to customers + small processing fee (say 0.5 per load up of MyEvent app > Customers spend with Vendors > Vendors return coins to us, we give them equivalen fiat minus merchant fee (less than credit / debit card) > swap coins returned to us back to EventToken at event hub. Put coins into cold store until needed for next event. As said before, when it gets to the stage that we need to buy tokens from Exchange, that means business is good and sucessful and we have made a lot of money in processing and transaction fees. But this concept is only hallf the story anyway. Anyone wil be able to create a currency for their own event on EventHub, doesn't have to be us. If you are having a PR laucnh party for 1000 people and you want to offer a certain amount of free drinks tokens then you could use it for that, 1 token = 1 drink distributed equally among guests. Great marketing and branding... there are loads of applications. There is certainly a demand for a solution like this with low fees, I'm in! Blockchain can solve so many issues and improve so many industries. So many good and talented people in crypto trying to use blockchain in the right way and so many leeches and scammers trying to ruin the potential. It really is the wild west out here. Eventually though this decentralised technology will win and get applied to the places where it is relevant. I'm not sure it can happen while we have our current economy though. As it stands there is less and less money in Alts, not more and more. As BTC goes down in price and more and more money gets taken out of alts by large ICO and events like the recent BitBay one. Anyone genuinely interested in the future of alt coins / alternative blockchains and the value of them has to look at two things. 1. Inventive ways to use blockchain technology 2. Ways of introducing fresh fiat You don't even have to achieve both, if you can achieve just one of them then that will help to improve an economy that is, at present getting worth less and less all the time. Recirculating the same BTC round and round exchanges and then allowing them to get hoovered up and not put back into the economy is just not sustainable. The only way we can survive is if we can introduce fresh fiat into this world. |
|
|
|
|
SnoopCn
Full Member
 Offline
Activity: 184
Merit: 100
The All-in-One Cryptocurrency Exchange
|
|
December 12, 2014, 10:42:37 AM |
|
the question is where do the coins that are swapped to event tokens come from in the first place, your example starts with "1 million coins are swapped". You have to buy them on the exchanges, right? After you have done your swap+festival+swap back thing you have to sell them afterwards, on the exchanges. This is the critical point. You - devs, whoever that is - promise to take over the volatility risk from the vendors. You need to be willing and be able (critical point again) to cover substantial losses in the case the tradeable coin drops during the festival period.
The concept is nonsense, nothing else.
Nope, we hold the coins for the next event that we need them for. A million coins is a large amount I wouldn't expect to need anything like that for initial events, as adoption increases then we will increase our holdings as and when we need. It's not like we are going to need a million coins from the off. It was just an example of a figure. You fail to understand where the mitigation of volatility risk comes from. It comes from the fact that at the event what is being traded between vendors and festival goers is not EventToken but in fact an asset of the coin created on EventHub, think Counterparty assets. The reason for this is that it means people who already hold EventToken cannot come in and use their EventToken at the Event. EventToken is the blockchain that backs the created assets that are traded at events. We need a master blockchain that secures the assets created on EventHub. Think of it like you think of a coin like Via. Via at clearing house can be used to create assets by burning for XCH. The difference here with eventhub is that the asset can be converted back to the original coin. Why? because otherwise we would end up running out of coins to create the assets from. What is being traded at the event is the asset not the coin. This is how we mitigate volatility, not by taking coins off exchange. I dont fail to understand anything. Do you plan on holding the coins indefinitely? The concept is: buy coins from exchange -> swap to tokens 1:1 -> sell to vendors/customers via webstie -> use tokens at festival -> buy back the token via website -> swap back to coins 1:1 -> sell on exchange. Right or wrong? after rereading this I see you have a bit of a misunderstanding of the process. It is more like this. Send coins to EventHub > Create Asset > Sell asset at agreed price to customers + small processing fee (say 0.5 per load up of MyEvent app > Customers spend with Vendors > Vendors return coins to us, we give them equivalen fiat minus merchant fee (less than credit / debit card) > swap coins returned to us back to EventToken at event hub. Put coins into cold store until needed for next event. As said before, when it gets to the stage that we need to buy tokens from Exchange, that means business is good and sucessful and we have made a lot of money in processing and transaction fees. But this concept is only hallf the story anyway. Anyone wil be able to create a currency for their own event on EventHub, doesn't have to be us. If you are having a PR laucnh party for 1000 people and you want to offer a certain amount of free drinks tokens then you could use it for that, 1 token = 1 drink distributed equally among guests. Great marketing and branding... there are loads of applications. There is certainly a demand for a solution like this with low fees, I'm in! Blockchain can solve so many issues and improve so many industries. So many good and talented people in crypto trying to use blockchain in the right way and so many leeches and scammers trying to ruin the potential. It really is the wild west out here. Eventually though this decentralised technology will win and get applied to the places where it is relevant. I'm not sure it can happen while we have our current economy though. As it stands there is less and less money in Alts, not more and more. As BTC goes down in price and more and more money gets taken out of alts by large ICO and events like the recent BitBay one. Anyone genuinely interested in the future of alt coins / alternative blockchains and the value of them has to look at two things. 1. Inventive ways to use blockchain technology 2. Ways of introducing fresh fiat You don't even have to achieve both, if you can achieve just one of them then that will help to improve an economy that is, at present getting worth less and less all the time. Recirculating the same BTC round and round exchanges and then allowing them to get hoovered up and not put back into the economy is just not sustainable. The only way we can survive is if we can introduce fresh fiat into this world. Very true! Far too less people understand that. I think the idea is genius and will have some success. It's a perfect use of the blockchain and has big advantages of cash on festivals. If you need some help with something let me know! Be happy to help. |
|
|
|
|
EventToken (OP)
|
|
December 12, 2014, 11:02:08 AM |
|
the question is where do the coins that are swapped to event tokens come from in the first place, your example starts with "1 million coins are swapped". You have to buy them on the exchanges, right? After you have done your swap+festival+swap back thing you have to sell them afterwards, on the exchanges. This is the critical point. You - devs, whoever that is - promise to take over the volatility risk from the vendors. You need to be willing and be able (critical point again) to cover substantial losses in the case the tradeable coin drops during the festival period.
The concept is nonsense, nothing else.
Nope, we hold the coins for the next event that we need them for. A million coins is a large amount I wouldn't expect to need anything like that for initial events, as adoption increases then we will increase our holdings as and when we need. It's not like we are going to need a million coins from the off. It was just an example of a figure. You fail to understand where the mitigation of volatility risk comes from. It comes from the fact that at the event what is being traded between vendors and festival goers is not EventToken but in fact an asset of the coin created on EventHub, think Counterparty assets. The reason for this is that it means people who already hold EventToken cannot come in and use their EventToken at the Event. EventToken is the blockchain that backs the created assets that are traded at events. We need a master blockchain that secures the assets created on EventHub. Think of it like you think of a coin like Via. Via at clearing house can be used to create assets by burning for XCH. The difference here with eventhub is that the asset can be converted back to the original coin. Why? because otherwise we would end up running out of coins to create the assets from. What is being traded at the event is the asset not the coin. This is how we mitigate volatility, not by taking coins off exchange. I dont fail to understand anything. Do you plan on holding the coins indefinitely? The concept is: buy coins from exchange -> swap to tokens 1:1 -> sell to vendors/customers via webstie -> use tokens at festival -> buy back the token via website -> swap back to coins 1:1 -> sell on exchange. Right or wrong? after rereading this I see you have a bit of a misunderstanding of the process. It is more like this. Send coins to EventHub > Create Asset > Sell asset at agreed price to customers + small processing fee (say 0.5 per load up of MyEvent app > Customers spend with Vendors > Vendors return coins to us, we give them equivalen fiat minus merchant fee (less than credit / debit card) > swap coins returned to us back to EventToken at event hub. Put coins into cold store until needed for next event. As said before, when it gets to the stage that we need to buy tokens from Exchange, that means business is good and sucessful and we have made a lot of money in processing and transaction fees. But this concept is only hallf the story anyway. Anyone wil be able to create a currency for their own event on EventHub, doesn't have to be us. If you are having a PR laucnh party for 1000 people and you want to offer a certain amount of free drinks tokens then you could use it for that, 1 token = 1 drink distributed equally among guests. Great marketing and branding... there are loads of applications. There is certainly a demand for a solution like this with low fees, I'm in! Blockchain can solve so many issues and improve so many industries. So many good and talented people in crypto trying to use blockchain in the right way and so many leeches and scammers trying to ruin the potential. It really is the wild west out here. Eventually though this decentralised technology will win and get applied to the places where it is relevant. I'm not sure it can happen while we have our current economy though. As it stands there is less and less money in Alts, not more and more. As BTC goes down in price and more and more money gets taken out of alts by large ICO and events like the recent BitBay one. Anyone genuinely interested in the future of alt coins / alternative blockchains and the value of them has to look at two things. 1. Inventive ways to use blockchain technology 2. Ways of introducing fresh fiat You don't even have to achieve both, if you can achieve just one of them then that will help to improve an economy that is, at present getting worth less and less all the time. Recirculating the same BTC round and round exchanges and then allowing them to get hoovered up and not put back into the economy is just not sustainable. The only way we can survive is if we can introduce fresh fiat into this world. Very true! Far too less people understand that. I think the idea is genius and will have some success. It's a perfect use of the blockchain and has big advantages of cash on festivals. If you need some help with something let me know! Be happy to help. Thanks, really appreciated. Cash at festivals is only half the equation. The rest will be revealed properly, hopefully after we see our solicitor on Monday |
|
|
|
|
SnoopCn
Full Member
Offline
Activity: 184
Merit: 100
The All-in-One Cryptocurrency Exchange
|
|
December 12, 2014, 11:11:50 AM |
|
the question is where do the coins that are swapped to event tokens come from in the first place, your example starts with "1 million coins are swapped". You have to buy them on the exchanges, right? After you have done your swap+festival+swap back thing you have to sell them afterwards, on the exchanges. This is the critical point. You - devs, whoever that is - promise to take over the volatility risk from the vendors. You need to be willing and be able (critical point again) to cover substantial losses in the case the tradeable coin drops during the festival period.
The concept is nonsense, nothing else.
Nope, we hold the coins for the next event that we need them for. A million coins is a large amount I wouldn't expect to need anything like that for initial events, as adoption increases then we will increase our holdings as and when we need. It's not like we are going to need a million coins from the off. It was just an example of a figure. You fail to understand where the mitigation of volatility risk comes from. It comes from the fact that at the event what is being traded between vendors and festival goers is not EventToken but in fact an asset of the coin created on EventHub, think Counterparty assets. The reason for this is that it means people who already hold EventToken cannot come in and use their EventToken at the Event. EventToken is the blockchain that backs the created assets that are traded at events. We need a master blockchain that secures the assets created on EventHub. Think of it like you think of a coin like Via. Via at clearing house can be used to create assets by burning for XCH. The difference here with eventhub is that the asset can be converted back to the original coin. Why? because otherwise we would end up running out of coins to create the assets from. What is being traded at the event is the asset not the coin. This is how we mitigate volatility, not by taking coins off exchange. I dont fail to understand anything. Do you plan on holding the coins indefinitely? The concept is: buy coins from exchange -> swap to tokens 1:1 -> sell to vendors/customers via webstie -> use tokens at festival -> buy back the token via website -> swap back to coins 1:1 -> sell on exchange. Right or wrong? after rereading this I see you have a bit of a misunderstanding of the process. It is more like this. Send coins to EventHub > Create Asset > Sell asset at agreed price to customers + small processing fee (say 0.5 per load up of MyEvent app > Customers spend with Vendors > Vendors return coins to us, we give them equivalen fiat minus merchant fee (less than credit / debit card) > swap coins returned to us back to EventToken at event hub. Put coins into cold store until needed for next event. As said before, when it gets to the stage that we need to buy tokens from Exchange, that means business is good and sucessful and we have made a lot of money in processing and transaction fees. But this concept is only hallf the story anyway. Anyone wil be able to create a currency for their own event on EventHub, doesn't have to be us. If you are having a PR laucnh party for 1000 people and you want to offer a certain amount of free drinks tokens then you could use it for that, 1 token = 1 drink distributed equally among guests. Great marketing and branding... there are loads of applications. There is certainly a demand for a solution like this with low fees, I'm in! Blockchain can solve so many issues and improve so many industries. So many good and talented people in crypto trying to use blockchain in the right way and so many leeches and scammers trying to ruin the potential. It really is the wild west out here. Eventually though this decentralised technology will win and get applied to the places where it is relevant. I'm not sure it can happen while we have our current economy though. As it stands there is less and less money in Alts, not more and more. As BTC goes down in price and more and more money gets taken out of alts by large ICO and events like the recent BitBay one. Anyone genuinely interested in the future of alt coins / alternative blockchains and the value of them has to look at two things. 1. Inventive ways to use blockchain technology 2. Ways of introducing fresh fiat You don't even have to achieve both, if you can achieve just one of them then that will help to improve an economy that is, at present getting worth less and less all the time. Recirculating the same BTC round and round exchanges and then allowing them to get hoovered up and not put back into the economy is just not sustainable. The only way we can survive is if we can introduce fresh fiat into this world. Very true! Far too less people understand that. I think the idea is genius and will have some success. It's a perfect use of the blockchain and has big advantages of cash on festivals. If you need some help with something let me know! Be happy to help. Thanks, really appreciated. Cash at festivals is only half the equation. The rest will be revealed properly, hopefully after we see our solicitor on Monday cant wait! whats actually up with the website? when is it coming? |
|
|
|
|
EventToken (OP)
|
|
December 12, 2014, 11:22:59 AM |
|
the question is where do the coins that are swapped to event tokens come from in the first place, your example starts with "1 million coins are swapped". You have to buy them on the exchanges, right? After you have done your swap+festival+swap back thing you have to sell them afterwards, on the exchanges. This is the critical point. You - devs, whoever that is - promise to take over the volatility risk from the vendors. You need to be willing and be able (critical point again) to cover substantial losses in the case the tradeable coin drops during the festival period.
The concept is nonsense, nothing else.
Nope, we hold the coins for the next event that we need them for. A million coins is a large amount I wouldn't expect to need anything like that for initial events, as adoption increases then we will increase our holdings as and when we need. It's not like we are going to need a million coins from the off. It was just an example of a figure. You fail to understand where the mitigation of volatility risk comes from. It comes from the fact that at the event what is being traded between vendors and festival goers is not EventToken but in fact an asset of the coin created on EventHub, think Counterparty assets. The reason for this is that it means people who already hold EventToken cannot come in and use their EventToken at the Event. EventToken is the blockchain that backs the created assets that are traded at events. We need a master blockchain that secures the assets created on EventHub. Think of it like you think of a coin like Via. Via at clearing house can be used to create assets by burning for XCH. The difference here with eventhub is that the asset can be converted back to the original coin. Why? because otherwise we would end up running out of coins to create the assets from. What is being traded at the event is the asset not the coin. This is how we mitigate volatility, not by taking coins off exchange. I dont fail to understand anything. Do you plan on holding the coins indefinitely? The concept is: buy coins from exchange -> swap to tokens 1:1 -> sell to vendors/customers via webstie -> use tokens at festival -> buy back the token via website -> swap back to coins 1:1 -> sell on exchange. Right or wrong? after rereading this I see you have a bit of a misunderstanding of the process. It is more like this. Send coins to EventHub > Create Asset > Sell asset at agreed price to customers + small processing fee (say 0.5 per load up of MyEvent app > Customers spend with Vendors > Vendors return coins to us, we give them equivalen fiat minus merchant fee (less than credit / debit card) > swap coins returned to us back to EventToken at event hub. Put coins into cold store until needed for next event. As said before, when it gets to the stage that we need to buy tokens from Exchange, that means business is good and sucessful and we have made a lot of money in processing and transaction fees. But this concept is only hallf the story anyway. Anyone wil be able to create a currency for their own event on EventHub, doesn't have to be us. If you are having a PR laucnh party for 1000 people and you want to offer a certain amount of free drinks tokens then you could use it for that, 1 token = 1 drink distributed equally among guests. Great marketing and branding... there are loads of applications. There is certainly a demand for a solution like this with low fees, I'm in! Blockchain can solve so many issues and improve so many industries. So many good and talented people in crypto trying to use blockchain in the right way and so many leeches and scammers trying to ruin the potential. It really is the wild west out here. Eventually though this decentralised technology will win and get applied to the places where it is relevant. I'm not sure it can happen while we have our current economy though. As it stands there is less and less money in Alts, not more and more. As BTC goes down in price and more and more money gets taken out of alts by large ICO and events like the recent BitBay one. Anyone genuinely interested in the future of alt coins / alternative blockchains and the value of them has to look at two things. 1. Inventive ways to use blockchain technology 2. Ways of introducing fresh fiat You don't even have to achieve both, if you can achieve just one of them then that will help to improve an economy that is, at present getting worth less and less all the time. Recirculating the same BTC round and round exchanges and then allowing them to get hoovered up and not put back into the economy is just not sustainable. The only way we can survive is if we can introduce fresh fiat into this world. Very true! Far too less people understand that. I think the idea is genius and will have some success. It's a perfect use of the blockchain and has big advantages of cash on festivals. If you need some help with something let me know! Be happy to help. Thanks, really appreciated. Cash at festivals is only half the equation. The rest will be revealed properly, hopefully after we see our solicitor on Monday cant wait! whats actually up with the website? when is it coming? should be coming in the next week. Hard to give an exact date. It won't be the full EventHub for a while because that is going to take some time, it will however give full breakdown of how everything is going to work etc, workflows, details of technology, business plan etc etc |
|
|
|
|
SnoopCn
Full Member
Offline
Activity: 184
Merit: 100
The All-in-One Cryptocurrency Exchange
|
|
December 12, 2014, 02:10:54 PM |
|
the question is where do the coins that are swapped to event tokens come from in the first place, your example starts with "1 million coins are swapped". You have to buy them on the exchanges, right? After you have done your swap+festival+swap back thing you have to sell them afterwards, on the exchanges. This is the critical point. You - devs, whoever that is - promise to take over the volatility risk from the vendors. You need to be willing and be able (critical point again) to cover substantial losses in the case the tradeable coin drops during the festival period.
The concept is nonsense, nothing else.
Nope, we hold the coins for the next event that we need them for. A million coins is a large amount I wouldn't expect to need anything like that for initial events, as adoption increases then we will increase our holdings as and when we need. It's not like we are going to need a million coins from the off. It was just an example of a figure. You fail to understand where the mitigation of volatility risk comes from. It comes from the fact that at the event what is being traded between vendors and festival goers is not EventToken but in fact an asset of the coin created on EventHub, think Counterparty assets. The reason for this is that it means people who already hold EventToken cannot come in and use their EventToken at the Event. EventToken is the blockchain that backs the created assets that are traded at events. We need a master blockchain that secures the assets created on EventHub. Think of it like you think of a coin like Via. Via at clearing house can be used to create assets by burning for XCH. The difference here with eventhub is that the asset can be converted back to the original coin. Why? because otherwise we would end up running out of coins to create the assets from. What is being traded at the event is the asset not the coin. This is how we mitigate volatility, not by taking coins off exchange. I dont fail to understand anything. Do you plan on holding the coins indefinitely? The concept is: buy coins from exchange -> swap to tokens 1:1 -> sell to vendors/customers via webstie -> use tokens at festival -> buy back the token via website -> swap back to coins 1:1 -> sell on exchange. Right or wrong? after rereading this I see you have a bit of a misunderstanding of the process. It is more like this. Send coins to EventHub > Create Asset > Sell asset at agreed price to customers + small processing fee (say 0.5 per load up of MyEvent app > Customers spend with Vendors > Vendors return coins to us, we give them equivalen fiat minus merchant fee (less than credit / debit card) > swap coins returned to us back to EventToken at event hub. Put coins into cold store until needed for next event. As said before, when it gets to the stage that we need to buy tokens from Exchange, that means business is good and sucessful and we have made a lot of money in processing and transaction fees. But this concept is only hallf the story anyway. Anyone wil be able to create a currency for their own event on EventHub, doesn't have to be us. If you are having a PR laucnh party for 1000 people and you want to offer a certain amount of free drinks tokens then you could use it for that, 1 token = 1 drink distributed equally among guests. Great marketing and branding... there are loads of applications. There is certainly a demand for a solution like this with low fees, I'm in! Blockchain can solve so many issues and improve so many industries. So many good and talented people in crypto trying to use blockchain in the right way and so many leeches and scammers trying to ruin the potential. It really is the wild west out here. Eventually though this decentralised technology will win and get applied to the places where it is relevant. I'm not sure it can happen while we have our current economy though. As it stands there is less and less money in Alts, not more and more. As BTC goes down in price and more and more money gets taken out of alts by large ICO and events like the recent BitBay one. Anyone genuinely interested in the future of alt coins / alternative blockchains and the value of them has to look at two things. 1. Inventive ways to use blockchain technology 2. Ways of introducing fresh fiat You don't even have to achieve both, if you can achieve just one of them then that will help to improve an economy that is, at present getting worth less and less all the time. Recirculating the same BTC round and round exchanges and then allowing them to get hoovered up and not put back into the economy is just not sustainable. The only way we can survive is if we can introduce fresh fiat into this world. Very true! Far too less people understand that. I think the idea is genius and will have some success. It's a perfect use of the blockchain and has big advantages of cash on festivals. If you need some help with something let me know! Be happy to help. Thanks, really appreciated. Cash at festivals is only half the equation. The rest will be revealed properly, hopefully after we see our solicitor on Monday cant wait! whats actually up with the website? when is it coming? should be coming in the next week. Hard to give an exact date. It won't be the full EventHub for a while because that is going to take some time, it will however give full breakdown of how everything is going to work etc, workflows, details of technology, business plan etc etc sounds good! |
|
|
|
SnoopCn
Full Member
Offline
Activity: 184
Merit: 100
The All-in-One Cryptocurrency Exchange
|
|
December 12, 2014, 02:12:06 PM |
|
alright guys another 200k of the market enough $event for me right now |
|
|
|
|
silverduck
|
|
December 12, 2014, 04:43:48 PM |
|
still pow?
|
|
|
|
|
SnoopCn
Full Member
Offline
Activity: 184
Merit: 100
The All-in-One Cryptocurrency Exchange
|
|
December 12, 2014, 04:53:57 PM |
|
still pow?
still for a while. we're on block 12,6k now, 37,4k to go |
|
|
|
|
silverduck
|
|
December 12, 2014, 05:04:54 PM |
|
still pow?
still for a while. we're on block 12,6k now, 37,4k to go oh wow :S |
|
|
|
|
|
EventToken (OP)
|
|
December 12, 2014, 05:17:43 PM |
|
still pow?
still for a while. we're on block 12,6k now, 37,4k to go oh wow :S coin was launched last Friday. POW is around a month |
|
|
|
|
|
