Topic: ANN: ELIXIR (ELIX) Crowdfunding and E-Commerce With Token Rewards - page 70. (Read 172883 times)

Those who think I have not contacted Dev. I have dropped email and PM on 3rd Oct. And answering unauthorized people here.
-This is your own choice. You chose to answer people responding on a public board. I myself am responding because you keep on clogging this ANN thread. I am here to read on where things are going. I don’t like you. You are in my irritation zone and I will express that.
And: unauthorized people? Where the hell do you think you are, in some Wallstreet private club?

I serve for an institutional investor and its part of my job to give a conclusion even if its a loss to compile final tax filing.
- You are doing a shitty job. If I was keen on my investment and was to read on what you, my employee was doing you could kiss your Christmas bonus goodbye as it would go to a mandatory internet for dummies course for you. To be done in your free time.
In fact I don’t believe you at all. A real professional wouldn’t go on a public place to try and sort a matter like this out in the way you are doing. Not even speaking about how to organize this tax-wise.

When Dev can not come up to say anything, all shadow account keep on responding here.
- Even though it is possible it is a shadow account you cannot prove that. If this unbacked accusation is coloring how you would go into legal procedures then I don’t think you would come very far. Did I already say you are doing a shitty job?

... you owe a reply and that's what I did. But You can stop replying and then expect me to stop replying you.
- This pisses me off the most right now. You don’t owe me jack shit when I tell you you are annoying. Welcome to the internet. But don’t set the rules here buddy. Regardless if you get responded to, you still come back to shit-talk and express your emotions about this NOVA thing. Like that bitchy lying respons that in the AMA this NOVA issue wasn’t addressed. Some tend to call this spamming behavior. For me it is clogging up the thread. I was sick of reading your bullshit already when all I want is to read/ discuss/ ask about this project’s progress. But now you are telling me how this internet forum stuff works and what the rules of communication are.
Yeah, No.

And please don't be polite to me, my TME has more than 50k+ value in Elix, so think over it.
- What does that even mean “don’t be polite to me”. Never mind that. Fuck if I care.
- “my TME has over 50k+ value in ELIX, so think over it.” I do. Same conclusion: I think nothing of it. Your loss. 

So if you guys can stop taking Dev's chair,
- What was this called? Projection? On a public place I damn well decide myself where I will sit and wherever that may be, it will be MY chair. Don’t decide for me how this reality is constructed.

I will have nothing to respond and will wait for Dev to respond,
- Again: don’t set the rules for me here.
- Don’t give yourself or anyone here importance that you have to respond to them when being talked to.
- Stop clogging up the thread and when being pointed to this say: “But you do it too. I have to clog up because you respond to me from Dev’s chair!1!”
- rethink your professional behavior and maybe poke out your employers eyes because if he ever would read how you are representing him, I am sure he would release the hounds on you, mr Smithers.

I think the issue with Novaexchange is not the fault of the developers, people have been warned several times that they should stop using exchanges for their wallet but alot of people still do, what of if the amount is more than this and the exchange disappear into thin air

@musclepump , no you are not a shadow account.

I wonder if you have me classified as another shadow account of the elix team? Lol

Now, writing insult also, owes an answer.
You belong to Dev team, a shadow account. You have been only commenting on Elix thread and nowhere else. So stop pretending and stop poking. The more you poke, more complex it will become.

I saw you response, which was fine initially, then you went on editing and included insulting remark. Now you will blame me again for reverting a reply.

Fair enough. If we stop quoting/replying to the individuals who lost their TME, they'll stop posting about it.

On a sidenote, I do feel some sympathy for fastfalcon and JimHanson and hope they can recover some of their coins back, although it is unlikely at this point.

1) The elixir devs seem to be tired of working with the NovaExchange team and based on the elixir dev's productivity record, I'm going to assume the NovaExchange team is to blame and trying to scapegoat their way out of this situation.

2) Also, there only seems to be 3 active individuals still trying to recover TME, maybe less than 5-10 overall. That's a conversion rate I'd be happy with as an Elixir dev considering the situation at hand. Your influence as a group isn't very strong and not worth the trouble of addressing unless these devs decide to become some humanitarians. Doesn't help that the loudest one of you all is basically a monkey with a keyboard.

I mean it doesn't hurt to keep trying, but the odds are against you and any small chance of recovery seems to be fading away.  


Also, nice summary post of the AMA.

TME NOVA ISSUE:

Those who think I have not contacted Dev. I have dropped email and PM on 3rd Oct. And answering unauthorized people here. I serve for an institutional investor and its part of my job to give a conclusion even if its a loss to compile final tax filing.

When Dev can not come up to say anything, all shadow account keep on responding here. I have asked you number of times that let Dev say something. I am not spamming, if you answer or you blame or advise me something, you owe a reply and that's what I did. But You can stop replying and then expect me to stop replying you. And please don't be polite to me, my TME has more than 50k+ value in Elix, so think over it.

So if you guys can stop taking Dev's chair, I will have nothing to respond and will wait for Dev to respond, because Dev is aware of this issue, its just decided not to speak up

All questions answered so far



1. How are you handling rules and regulations set forth in your country?

We have legal counsel to handle this.


2. Are you incorporated or plan to become a public entity?

No comment on legal aspects like this right now.


3. Are you working on forming any partnerships?

We’d like to get our MVP out first and then form partnerships. If opportunity arises while we’re developing, we’ll look into it.


4. Does the Elixir team have genesis pairs?

Yes, we have about 5% (unmined) of the total pairs. We would estimate we’ve mined about 2% of the total pairs to support fees for exchanges, legal consultations, website redesign/hosting, and logo design. We haven’t paid ourselves yet, but both plan to be paid starting in 2018.


5. How many Elix does the dev team hold for development purposes? (wallet?)

5% of the total pairs, minus other project expenses.


6. Do you feel you have enough capital as of now to see through with development?

We have enough capital to get us through the next 6-8 months, and after that point we have a plan to transition to a larger company with employees.


7. How many team members are there?

There are 2 team members at the moment. We don’t need more engineers right now, but plan to expand the team in 2018.


8. How many years experience does the team have in crypto?

We’ll put up more information about the team when the new website comes online.


9. Will you be attending any upcoming events or conferences?

Possibly, if it’s beneficial to ELIX.


10. When would you begin a marketing plan?

As our MVP progresses we’ll be looking into and planning out marketing aspects.


11. Are you in talks with more exchanges?

Maybe. We can’t/wouldn’t talk about this.


12. How is your relationship with Novaexchange?

Our relationship with them isn’t ideal. There have been many communication issues on their end, and they’ve shown a general lack of proactivity.


13. Does final supply = max supply?

Yes, though there will be a reward function that will have an effect on the final supply. We’ll discuss this more on this thread as well.


14. Do you plan to make the code open source?

The contracts should definitely be open source. We’ll consult an expert regarding the app licensing. We like transparency as well, while balancing protection of our IP.


15. Estimated time of completion for the new website?

The web designer started working yesterday. We’ll keep the community updated.


16. Will the new website have a secure ssl connection?

We’ve been meaning to do this, but have been busy. We’ll make it happen.


17. Are there plans for a new domain name?

No comment.


18. Why do you think Elixir can jump to the forefront of crypto?

The rewards system.
A mobile exchange and wallet, providing an easy to use UI and facilitating trading.
Aimed at mainstream mobile users to make interacting with cryptocurrencies as simple as possible. For many mobile users, the ELIX app could be their first introduction to cryptocurrency.
Holding periods, which reduce the circulating supply.
Strong branding


19. What is the biggest advantage Elixir has over your competitors?

Our product is better branded than competitors like SALT, and we don’t suffer from an overly corporate image like many ICOs. We also have incentives built into the platform, and holding periods to reduce the circulating supply. The mobile space is also the largest used device platform.


20. What is your biggest challenge that you've yet to overcome?

We’re looking into possibilities to reduce volatility during loan periods. We have some preliminary solutions and ideas, which we’ll be researching and testing further.


21. Where did you get the inspiration off for elixir?

It’s a catchy name.


22. What is your background .. how much / what experience in online businesses do you guys have?

Research and development, startups, machine learning, mobile development, software and hardware.


23. Once released, what is your strategy for getting into broader audiences and users?

We'll be aggressively marketing and advertising the advantages of using the Elix lending platform compared to other payment methods. This will be done across various social media platforms and tech forums.

 
24. Awesome job with all the updates. I've noticed a lot of progress so far thanks to the weekly updates. Quick question: Are you still on target to hit the release date, do you believe you might release sooner/later? Would love to know updates on where you feel like you are so far on the roadmap.

We’re on schedule for the MVP. The smart contracts already work and the mobile development has gone quickly. This week we are starting to link the contracts to the frontend on a testnet. We could complete it early, but it’s too early to know.


25. As a developer I would like to know what tech stack do you use for app development and how do you organize your work?

We use web3, testrpc, Angular, Ionic. Bitbucket for versioning.


26. Are there any mechanisms planned to be integrated to protect loaners from being ripped?

We’re setting up a zero collateral, zero interest system first to get everything off the ground. This also has some advantages from a legal standpoint. Later on, we plan to expand to a general lending protocol that can be linked to real world collateral.


27. What's stopping me from borrowing $1000 of Elix from someone and running far far away?

Our MVP is aimed at providing a lending platform for users between their friends and family, which we recommend that you lend/borrow only from people you trust and know very well. However, the long-term global lending platform will have a method of tying real-world collateral to a lender and borrower to ensure that no fraud or theft occurs during a loan created between two people. Any loan created between two people on that service will present a binding legal contract, and failure to repay would result in legal repercussions in that person's country.


28. where do you see elixir in one year?

On the app store!


29. If I lend a friend 100 ELIX, and he pays me 100 ELIX back, we'll both get a reward, let's say both 1 ELIX. Where does the 2 ELIX come from?
What stops me from lending to myself (different accounts) to get the rewards?

Rewards will be generated by a smart contract. However, you’ll notice that there are several aspects of the lending token that need to be in place. First, the transfer() and transferFrom() need to contain holding checks to prevent lenders from breaking holding. Secondly, the contract that manages rewards and loans, which we call the “tokenManager” needs to have the ability to reward users when loans are repaid. To do this, the app will automatically convert Elixir into a token with all of these functionalities. We’ll likely use a conversion ratio, but only to scale the final supply down. Users will be able to convert ELIX at any time. We will put the new token on exchanges as well, and have a plan for how to finance this (more on this below).
A lot of contracts have “sinks” implemented to burn tokens. We’ve though of a few ways to create sinks:

Construct an in-app exchange. Then, using in app fiat and virtual currency purchasing/trading fees, use a portion to buy back and burn tokens.
Allow users to break holding periods, but burn a certain percentage of tokens based on when they break the holding period. Holding periods are good, however, because they reduce the circulating supply.
We would like to start with a deflationary reward model, and then build in ways to burn tokens like hosting an exchange and buying back tokens. Then, we can flatten the slope of the reward function over time so an equal number of tokens are consistently created as burned.
We’re also considering modifying our business model to create a vested premine of the new token to fund development, new employees, and exchange listings. This could replace the business model we previously proposed. We’ll be taking a closer look at this in the upcoming month.
Clever mining reduces the circulating supply due to holding periods. We anticipate people using the platform for both lending and mining. We won’t facilitate it through a mining “interface” but you can mine tokens in that way. One of the chief complaints we had about the genesis mining system is that people who bought ELIX couldn’t mine. This is a way anyone can mine.


30. Is there anything to protect the lending and loaning party from inflation and rapid price changes? If there is a one month loan and Elixir price is up 500%. How is one expected to pay 5X their loan amount?
 
Yes, in order to protect lenders/borrowers and ensure that they don't lose/make extra money from market volatility, we're looking into storing the token's current aggregate value from trading exchanges into the loan's variable values. This ensures that if a spike or dip in the market were to happen, a lender and borrower's loan will be unaffected, and the amount that they'll be paying back or receiving will take the adjusted market price into account.


31. Are there any plans to partner with OMG and/or Coinbase in the near future?
Any update on the Binance listing you talked about in the Telegram channel weeks ago?

There are no plans at this time to partner with OMG and/or Coinbase. It may be considered in the future. In regards to the Binance listing, we are unable to provide further information about that at this time.


32. Wowowow, whats all this about a new token? What will be the max supply? Ratio of conversion? Will Elix even be used or needed later or we will move slowly towards the other token? Please explain the new token as clear as possible because this is confusing for Elixir holders. And frankly it shouldnt.

The new token will be used to interface with the actual lending contracts, and will be optimized for this process as well as having the capability of being updated. Its max supply will be dictated by Elixir. A conversion ratio will be determined to scale down the total supply of the currency, but no user will be losing any of their Elixir or its value. Simply put, if you have 1000 Elixir and convert it into the new token, you would receive 500 of the new token in return (with an example conversion ratio of 0.5). This is just scaling the total max supply down from Elixir's potential 60 million, into 30 million (again, with a ratio of 0.5 as an example). There will be a no time limit to convert from Elixir to this new token. When transferring Elixir into the mobile application, the conversion will be handled automatically for you.


33. Will the original Elixir token still exist or be of any use? And can we convert to and from the new token back to Elixir, if it'll still exist? Thanks

It will still exist and be continuously traded, but its best use will be to convert into the new token, which will also be publicly traded.


34. What motivated you to go for an airdrop instead of an "traditional" ICO?

We wanted to have a free and equal distribution method. ICOs tend to come with a lot strings.


35. To tie into this: The "proof-of-time" mining model is meant to incentivize long term interest in the token according to the whitepaper. Do you feel that a traditional capital investment (maybe combined with a proof-of-stake model) wouldn't achieve the same goal?

Traditional capital investment also comes with a lot of strings, if you’re talking about VC or Angel funding. If you’re referring to something else, let us know.


36. What is the underlying motivation wrt. the token mining function (linear function)?

The mining model has low inflation in the long term. It also gets tokens out of the hands of users who aren’t invested in the idea, and rewards those who are. Also, the mining model can’t really be shut down, or doing so would be next to impossible. It also doesn’t reward people with massive amounts of hardware and saves energy.


37. In retrospect: Would you change the mining function or, are you happy with it?

I thought about using a sigmoid function early on, but decided to go with a linear function. I didn’t feel there was a good reason to change the slope to influence the mining rate any further than a linear one. So many people created batches early on that I’m not worried about the long term.


38. Would a more complex mining model, that keeps the time based factor but slightly decreases / caps the reward, e.g. based on the number of batches opened in the last N weeks, make sense? This could have the effect of discouraging big sell offs while guaranteeing a steady supply of tokens.

Selloffs are good for the long term. I think implementing something like what you’re suggesting makes mining less “natural” by forcing miners to hold on to tokens or influencing them to do so. You’re right that the mining system creates volatility in the short term. However, we’ve already seen almost 45% of batches mined. As the 10 year limit approaches one can imagine going as long as a week (or even much longer) without 10 batches being mined.
Asked by /u/fisf on the AMA announcement thread


39. Question regarding the App you showcased a few weeks ago. In the app, you basically show a person's profile linked to what seems like their "wallet". Where is this data stored? Do you guys intend on running your own services (database, applications, etc..) to affiliate these two entities?

In the demo of the app we showcased, the information put in was stored locally on the device. We chose to store locally to ensure the greatest amount of trust between our users and their information.


40a. I still have a lot of TME on NovaExchange that I bought a while ago and their wallets have been in maintenance mode for months. They posted something on their news feed saying that they are awaiting your input. Could you help me convert this or respond to NovaExchange?

The issue with Novaexchange resulted in developing Elixir as its replacement. We attempted to coordinate a fix with Novaexchange, but they were unresponsive and provided no support to any of the TME investors on their exchange. After NovaExchange announced they were planning to delist TME and prevent withdrawls, we notified TME investors to withdraw their holdings to MyEtherWallet, while we worked on a solution for the situation. To circumvent NovaExchange's lack of support, we asked users to prove the amount of TME they held on NovaExchange by giving us API access to read their account's TME balance, or their login info to check the account's TME holdings. This option was available for 3 weeks, before we had to finally lock the new Elixir contract.


40b. Yeah there are a bunch of us that never got the notification. It was buried deep in the forum. Even after going back and reading it, it still sounds like it was only a "potential" plan if novaexchange didn't unlock the wallets.
"Note: If NovaExchange opens withdrawals or deposits, the developers will not be able to move forward with this plan but will consider alternative possibilities."
I was checking novaexchange a few times a week thinking it was going to come out of maintenance mode eventually:( Is there anything that can be done? It's a few hundred dollars. Also NovaExchange posted on their news feed making it sound like the ball is still in your court. I noticed this notice right away:
2017-10-22 17:58 - Still no reply from ELIX (former TME) dev team TME will continue being in maintenance until the dev team behind TME and ELIX have replied to our emails about the conversion/swap.

We have already emailed NovaExchange back several days ago explaining our rationale behind the situation, and asked that they compensate their customers.




-----------------------------------

Source: Official Elixir AMA

@Community:

Share the link of this post on your social media for a better exposure!

https://bitcointalksearch.org/topic/m.23531291

I'm sure a lot of you guys and girls would do the very best you could to recoup your funds if you were in the same position. I'm semi-retired now and it's a significant loss for me.  I've taken the forum's advice and PM'd the dev, I've also emailed Nova.

I hope you can understand my plight, I'm also not here to cause trouble, just doing my best to try and find a solution. If any of you have any ideas or advice, I'd really appreciate it.  

Thanks again.

P.S. Feel free to message me, so I can keep my posting to minimum.

Not trying to start an argument, just trying to make things right. Yes part of the blame can be put on me for not checking this forum in about 28 day sand missing a 21 day window. Part of the blame could also be put on Dev and Nova. I'm just here trying to make things right. There are still other people who don't even have accounts here that are also getting screwed over. You are right, they will probably make their way here over the next few months to voice their concerns as well. I don't understand why anyone would want other people to lose their investments. If you were in our shoes you would feel differently.

Man, why do you complain about the same issue again and again? You've missed the train and it's only your own fault.

Even if they leave the door open for 6 months, I'm pretty sure there would be another Mr. Y then saying something was unfair with that. But it wasn't.

Take your lesson and do a better follow up for your future investments.

Accept it, move on and simply shut the fuck up now.

THANKS!  



BTT:

Thanks for your answers in the AMA, made many things more clearly.

Now it's a matter of time that we see new money flooding in into ELIX.

I was trying to follow TME. I had posted in the original thread in July/August and was told to be patient and that Nova would eventually unlock it. I remember seeing the first thread close in early September. I missed the Sept 11th post (which I would had questions about if I had seen it). I checked back and posted on Oct 5th and concluded that we were still waiting based on other comments in thread thread when in fact it was past the deadline. No one blew up about it then. I only became aware of it after I posted what I saw on Nova (which I noticed immediately). It's just a crappy situation and I'm trying to better understand my options.

It seems like Elix dev is suggesting Nova will have to take care of their customers. I'm not sure how that could happen exactly. Meaning Nova would give us equivalent value in something else? Hopefully equivalent value in Elix as I've watched my TME portfolio drop down to just a few dollars now. Still I doubt Nova would want to do that.

I'm fairly new to crypto and contracts so I'm still trying to make sense of it. So TME was what we originally had. Then Exor. It wasn't a fork, it was a new coin. Dev gave people a 1:1 swap. Then the same thing happened with Elix. Now Elix is locked up in a contract where they can't help us anymore? On the AMA page they talked about a potential 4th coin that will be half the quantity (so twice the value) of elix. Couldn't they still help TME people go to that new coin in a 2:1 swap? Or instead of making it a chopping block each time, carry the unconverted coins forward in a special dev account so they can continue forward with their development but give people a longer than 3 week window to realize they are about to lose their coins.

On this thread there are tons of messages around the whole Nova issue and many TME investors from Nova got their coins back and are still actively supporting this community on either Telegram and Discord so apparently something worked out fine for them. Feel free to contact Dev personally to get your specific case discussed and hopefully it will work out for you as well.

TME had to be converted in Elix for a specific reason since smart contracts are immutable. Nothing has been decided on future swaps or anything but the Dev team elaborated more about the potential challenges in developing Elix into the final product. Down this path and incorporating all the potential enhancements to bring a robust social lending platform to the market it could be necessary to install an updated version of the smart contract to make it future proof. Developing this is like an R&D department and by learning you improve. Without improvement their is no future and without a future there is no value. I hope ppl first try to understand how something goes through the development phase to allow the best possible implementation. Development requires a progressive mindset and challenges need to be overcome. Those who understand that proces and who have the patience to sit it out until the final delivery are the ones who will benefit from it. If you don't feel comfortable with it you can just leave it like it is and invest in something less progressive (like putting it on your bankaccount).

Everybody is always welcome to address his concerns out of sincere intentions.

There was a TME - EXOR swap and there are no other swaps planned. Where did you get this info? If you have EXOR, you can convert it into ELIX, if you have ELIX - this is your final point. But do not hold the coins on the exchange, use a wallet

Theoretically what would happen if Nova opened back of the wallet? Would I still be able to send it to MyEtherWallet and do anything with it? Also something doesn't seem right with the last Elixer Dev comment about contacting Nova exchange several days ago asking them to take care of their customers. Nova's news feed suggests as of 3 days ago they haven't heard anything from Elixer Dev. I've been involved with other coins where Nova stepped in and helped, so I kind of have to give them the benefit of the doubt.

Also I can understand Mr Y's frustration, but I'm not going to post too much into that. I do find it funny that people gave him a hard time for not being involved enough in the forum discussion to see an open ended Sept 11th post, but now they are complaining that he's being involved too much

I'm going to stick around enough to do everything that I can to get my coins converted. I don't plan on investing anymore into it though. This coin gets converted around so much I'd be worried that I step away for a few weeks and lose everything again.

What is the price of the distinctive currency?

I am confused, so there was a swap from TME to EXOR which where converted to ELIX? Or is there another swap incoming? Couldnt find anything on the official website. I bought in after all the TME and EXOR stuff, so i have my ELIX still on coinexchange. Do i have to move them for an incoming swap? Thx!

I don't like the idea of a new coin. So I will have to convert my ELIX and it may be at a loss ratio, i.e. every ELIX I have equals 0.5 of the new coin? I don't like this. What about the genesis addresses as well?

I bought into ELIX, invested into it, and I hold it as I would the shares of a company since I have long term confidence in the project. Now I'm being told my shares will be replaced with something different and I will have fewer of them, and I don't know what will become of my genesis addresses.

This is going to create an ongoing problem for us creating trust for new investors in ELIX. They are going to be more reluctant to buy when they see that their tokens are going to be made redundant and replaced later on.

I really appreciate the AMA, mostly good and clear answers (BTW, thanks to the guy from the top comment in the AMA Thread aswell, good questions!) 
Devs, just do your thing and this will be successful!
Greetings!

You've been crying for approximately 7-8 forum pages at this point. Can't you see you're being a nuisance? I have no intention of being polite to you unlike some others here.

Use your pea-size brain and enter into an email discussion with the devs. They answered one of my emails within a couple hours, albeit it was a good question and not akin to the ridiculous wailing you've been doing for the last few days. Otherwise, accept the fact that your $100-$1000 worth of TME is gone and it's your fault and your life isn't ruined. Go spend time annoying people on other forums; you're really good at that.

My one complaint I have with the devs at this point is that you haven't been kicked from this forum... but I guess they have more important things to do.