Topic: [ANN] ION [ION] | POS 3.0 | Mobile Gaming | Join the ionomy today! - page 468. (Read 473126 times)

Someone - how about yourself? - should do an FAQ then. Because as far as I remember very few questions have actually been answered. Am I missing something? Has the business registration been revealed? ICO wallets? Anything else of substance?

I do recall Richard Nelson admitting to being the one behind the "ionomy" account. Most of the other questions were ignored or punted down the road.

I believe you have mistaken my statement as an excuse of some sort, which it was not. Im not really sure why you are telling me to remain civil as I have been? If you were that offended by my simple statement maybe this forum is not the place for you?
About the questions, well a quick look back seems your legit questions (ones without simply taking pop shots and scam accusations) were answered?
I too would not mind seeing the answers of a few of the questions. If the team chooses to not answer them ill be left to either invest with the information I can gather or leave it. That information btw would be much easier to find without pages of scam accusations and assumptions.

(P.S) Im not invested or defending MY coin. Just because I dont join in on the bashing of character of this team (ion) and their community I must be a GAWtard or bagholder?

Speaking of resurrections - they should do "ionstand". The good news is that 500 invites would cover all bagholders ten times over.

https://archive.is/mfdJb

cryptopia actually has requirements for coin submission. If there is ico or high premine it gets rejected.. see their submission page. It has xpy on it with rejected near it... the reason is in their words - clearly a scam. I assume they know they won't get anywhere so will likely try to run their own exchange and mark it as exclusive to help price floor or some shit. The reality will be very different i.e. polo etc won't want to touch them.

They can resurrect Coinswap, Garza owns it and from that slack posting it seems that Matlack has been in touch with him recently... (Pure satire)

I can't think of a better post in the thread than this. Kudos to you!

Bittrex might list it if ionomists pay the 3 BTC fee. Even the ridiculous BitStone was listed there almost immediately after launch.

https://bittrex.zendesk.com/hc/en-us/articles/202583854-Submitting-a-Coin-to-Bittrex-Updated-02-29-16

Poloniex - not sure what their policies are but I would imagine perhaps a bit stricter than 'trex.

There is always Yobit and Cryptopia if all else fails

Honestly too after cryptsy and xpy fiasco i don't think bittrex or poloniex would risk ion. They have other cash cows like ltc, btc and eth all giving them enough capital anyway. I would hope they don't step into dodgy territory like this.

In short these guys are going to get screwed.... adam matlack and his fellow untransparent team will claw back some of their xpy losses and be happy but many others will lose to make them whole. They know this. The intention isn't for the coin to become something great but to mitigate "their losses".

If it was based on the coin there would be
- no ico
- no premine
- mining phase that allowed all to compete fairly and equally i.e. no ninja launch

Adam Matlack and the others would buy their coins like everyone else and this would give them incentive to do something as their risked money would be inspiration to make something great.

At present those that bought ico bought a cloned mix of dash and blackcoin. This isn't something like ethereum that in itself was an extensive addition to what bitcoins base was. You are buying an ico into 2 open source mixed products. There is nothing new here.

The only reason to have a premine that big and allow them to start way ahead is to profit themselves. I don't understand why you people give them power and money then worship them after you've put them on that pedestal. Its moronic.

Ionomy is just some silly web game hub many of which already exist that don't use bitcoin or any crypto.

Start thinking for yourselves and do some numbers through the investment emotion aside and question it highly.. its your money in it not theirs... they OWE you answers not silence. If you get free advice here for questions to ask and don't pursue them you are being dense... what have you got to lose to ask these questions of the devs? If they are good like you say then they can answer them easily.... if they dodge them isn't that something to be concerned about? They need to give hard answers to those questions not round about answers that say we'll do this at date x.... they know EVERYTHING about the project as they masterminded it... if they don't know then they are unprepared and not worth continuing with.

That's right, now that you mentioned it I think I recall someone posting about the exchange a while ago. Has it been converted to handle ION?

How about XPY (ION?) Store? Any sign of that?

suchmoon link=topic=1443633.msg14705889#msg14705889 date=1461954552]
The only thing from that list that I know exists would be the online wallet. But it existed before xpybits crowdfunding so not quite sure if that really counts. Is there a mobile wallet? XPY Store? Exchange and debit cards are almost definitely a "no".

I would like someone with real facts (sorry MrCoins) to comment on this and explain how that fits with the whole narrative of the team that did everything right but had to create their own coin because XPY was not viable.

If someone can ask on slack and post the answer here - please do.

Don't forget everyone when ion launches with that block explorer start at the genesis block and see whats actually premined... track it to masternodes.. For those that missed it check over what the lack of answers to basic transparency questions can and likely will lead to

Lets play stats since i like to number crunch a little to help me decide things.

Lets start with some knowns that were stated in announcement and whitepaper

BTC price @ $450
$1.00 in satoshi is 0.00222222
0.20c in satoshi is 0.00044444
0.10c in satoshi is 0.00022222

Ion

Blocks (1440 per day)
- 1 min blocks (60 blocks an hour)
- 1440 blocks per day (24 x 60)

Masternodes
- 50% of block reward
- 1st year is 11.5 per block
- a masternode costs 20,000 ion which is locked whilst in masternode.

Rewards per block
- year 1 --> 23 per block (really 11.5 as 11.5 goes to masternode owner)
- year 2 --> 17 per block (really 8.5 as 8.5 goes to masternode owner)

Premine (10.9 million all up)
- 3.4 million to incentives and give aways
- 2.5 million to bounties and coin development
- 5.0 million to ico customers

Prices
- ico price starting 20c going to 25c
- xpy swap equiv 8:1 around 8c

NOW for the unknown questions
--------------------
- since they are their escrow and haven't detailed how funds are released who is paid and paid what and how often. For all we know the could be their own devs paying themselves "until a decent one is found or whatever". They could pay themselves x to do the clone and change or pay a coin server to make it for a low price x and pay themselves a management fee or whatever.

- Funds haven't been deemed to be in a locked state not used for any other purpose in the meantime so we have to assume that they "can" be.

Ok lets get cracking.....

total premine - estimated deducted
10.9m - 1.25m (xpy swap) - 1.5m (potential sold due to $300,000 figure mentioned @ 20c)
= 8,150,000 ion coins sitting around

lets turn this all into masternodes (to secure the network of course)
8,150,000 / 20,000
= 407.5 masternodes... so lets round this down to 400 masternodes for a nice round calculation remember we are dealing with unknown potentials so lets keep it rough.

OK now lets see what the masternodes make per day. If 1 masternode secured all the transactions then
day value = 1440 blocks * 50% block reward
= 1440 * 11.5
= 16,560 ion generated.

Now the only competing masternodes ARE those that ico bought not xpy swapped (these are locked in 6,9,12 stakers and i'm sure they aren't removable as why would you let customers compete with your sales?).

So customer masternodes assuming 1 person purchased ALL ico (remember being rough so we can get max masternodes customers could have)
1,500,000 / 20,000
= 75

So all up we have 400 company nodes and 75 customer nodes..
company percent = 400 / 475 * 100 = 84.21% approx.. lets round this down to 84%
customer percent = 75 / 475 * 100 = 15.78% approx... lets round this up to 16% so we get a nice 100% combined.

so... 16,500 ion a day in masternodes
company = 16500 * 0.84 = 13,860 (or another masternode every 2 days to increase their percent)
customer = 16500 * 0.16 = 2640 (or a masternode every 8 days to increase their percent comapny is faster)

OK apologies for the length but we are getting there...
- Nobody sells for less than they buy unless its out of fear which is usually after time to transfer assets if unhappy or drops in price in panic
- stakers are all locked in so they have to wait
- most want to stake to return price and make profit
- only those that don't pay for their coins will sell at any price (company)
- company could masternode profit with the capital before use.

So in 9 months there is restricted market competition as long as someone with free coins sold less than those with paid.
Ignore the 8c xpy conversion ones as those are locked... therefore the minimum fear sell value is 20c (or less again if you have free)

Lets assume 20c a coin it stays at max and 5c at min.
If all masternode coins were sold at a point or over time you'd make (ignoring coins made from daily node rewards)
@ 20c --> 8,150,000 * 0.20 = $1,630,000
@ 5c --> 8,150,000 * 0.05 = $407,500

Node profits "per day" if they don't sell any masternodes ... from before
company - 13,860 * 0.20 = $2772 max and 13,860 * 0.05 = $693 min
customer - 2,640 * 0.20 = $528 max and 2640 * 0.05 = $132 min

therefore you can make in 9 months (270 days)
$2772 * 270 = $748,440 with no real competition then sell masternodes back OR you can make some more nodes sell some as cash.

to buy a masternode is 20,000 x $0.20 or $4000 ... days to break even on it are crazy if you are competing with the above and have 1.. your percent decreases each day as the highers earn more and more to create more masternodes.

Closing remarks
-------------------
Does everyone now see how important transparency is? Simple things like tracking addresses and keeping people honest and doing calcs for some due dilligence show you how potentially bad your investment could be. Don't take this as investment advice do the figures yourself and make your mind up but personally with comments like
- we can't trust third parties to hold coins they could run
- refusing to provide info and respond to questions

Can lead to the above scenario of pain. The only people with nothing to lose are those with free premines. Those who spend have to at least make what they buy for with price.

You might say BUT BUT BUT the coin will go up. Well thats great but remember
- preminers have more coins than you to exhaust so can reduce that price.
- pumps can happen by others but again they can sell.

There so data... take it to bits look at it contest it etc.

@MrCoins i assume you did the above and can explain why in your opinion and case it seemed to you to be worth risking with little to no info other than whitepaper.
Be aware this is public info on their site and this topic 1st post so anything others know that isn't available to all buyers i guess is inside information and maybe insider trading?

Comments thoughts etc? Sorry for the long ass post but had to put it all together... this gives people a point to look at AND DEMAND addresses premine burn etc are all public. Garza's stand was we aren't giving it to people just because they don't believe us... those that agreed were fooled once.. time to not be fooled again.

Maybe some of the questions are up to the team to answer. But I will try to answer a few.
The xpy.io platform was in beta, until recently, but there was already a working XPY/BTC exchange integrated for some months, in fact the day it went live, Bittrex volume of traded XPY dropped significantly. There was a revenue share, the XPY BiTS Fund, and there have been some nice payouts to the BiTS holders. I have not seen any beta mobile wallet or debit card.

You're welcome! Everybody should know that ION is Paycoin 2.0 and a massively premined scam!

15692 page views already since the first post on the 19th of April and you are definitely one of the biggest contributors, always taking care of putting this iON thread on top of the list of altcoin announcements. Thank you Franzl

I'm sure CPIG knows all about it!  
https://www.reddit.com/r/IONcoin/comments/4gw3r9/help_us_take_ion_to_the_moon_by_supporting_the/

So when is Mineral™ re-opening for Ionomy? 

The only thing from that list that I know exists would be the online wallet. But it existed before xpybits crowdfunding so not quite sure if that really counts. Is there a mobile wallet? XPY Store? Exchange and debit cards are almost definitely a "no".

I would like someone with real facts (sorry MrCoins) to comment on this and explain how that fits with the whole narrative of the team that did everything right but had to create their own coin because XPY was not viable.

If someone can ask on slack and post the answer here - please do.

You just presented him/her with entirely too much valid information and reasoning. Not a chance they will respond to this. I hope they do as the response will be quite comical!

Are you saying that

1) the platform has been completed with all the features like debit cards, revenue share, etc?

or

2) the focus changed since the first round of crowdfunding and the funds are now being used for something else (ION)?

or

3) they burned through the funds of the first round and now are asking for more money to do the same thing?

or

4) something else.

I understand that you're perfectly happy with the change and perhaps that is the unique feature of this ex-GAW community that they can tolerate the moving goalposts but from the outside it looks ridiculous.

https://archive.is/rqf7t