Pages:
Author

Topic: [ANN] Lykke - Trade Bitcoin, Ethereum, FX and Digital Assets - page 46. (Read 144639 times)

full member
Activity: 143
Merit: 100
Investor
FFS kadscuk, it says right here on coinmarketcap why they calculate the way they do: http://coinmarketcap.com/faq/

This has nothing to do with Lykke. It's coinmarketcap that's the problem. Complain to them if you have an issue with how they present their information.

The problem is that coinmarketcap uses free-float methodology for calculating markey cap. This is confusing. http://www.investopedia.com/terms/f/freefloatmethodology.asp


The money line is this:

"We've found that Circulating Supply is a much better metric for determining the market capitalization. Coins that are locked, reserved, or not able to be sold on the public market are coins that can't affect the price and thus should not be allowed to affect the market capitalization as well. The method of using the Circulating Supply is analogous to the method of using public float for determining the market capitalization of companies in traditional investing."

Lykke is making up its own rules about market capitalisation and trying to apply them to the market. That's because Lykke isn't operating under the free market and so its valuation is bogus.

A true valuation and free market is where buyers meet sellers. Buyers set a price, and sellers set their price, and where the meeting happens between them is what sets the actual price of the token. This isn't happening with Lykke at all. People can't even set limit orders!

You can see very clearly on reddit and even on here that many people are saying the valuation is bogus - you should take that on board. Olsen has taken that on board and what's why he's moving the 90% pre-investor coins into the trading wallet.

Lykke attempting to dictate its valuation to the market has had the market pushing back. Therefore Olsen is moving towards greater transparency to try and solve the valuation issues.

Last point is..Olsen made an AGREEMENT with coinmarketcap that this is how the valuation would be done for Lykke. There is a meeting of the minds there so Olsen is complicit in this. If Olsen thought the valuation was completely wrong, he doesn't have to agree with coinmarketcap at all. He has agreed, but now he's attempting to change the valuation by moving the pre-investor coins into the trading wallet lol

Anyone who has been in crypto long enough knows this is called flooding the market. Its an attempt to game the market capitalisation by increasing the circulating supply of coins.

Its why XRP and ripple had to make an announcement that their internal XRP funds would be locked away, giving investors assurance.


legendary
Activity: 1960
Merit: 1128
The discussion becomes a little bit hard to read, therefore...

Something like an overview about the Coinmarketcap-controversy to put things into perspective:


When Lykke was started and LKK was distributed to founders and Seed-Investors and Lykke as a company, the App was yet to release. And when it was released it didn't include the trading-section. This was about one year ago in June 2016:

"Lykke, a Swiss fintech startup building a blockchain marketplace, has released a beta version of its cryptocurrency wallet app for iOS mobile devices. Some features included in the wallet are: tracking asset prices in real time for FX, BTC and colored coins; checking balances, transaction history and blockchain details at a glance; depositing and withdrawing bitcoins via QR code with no fees; and remotely disabling access if the phone is lost or stolen."
http://www.financemagnates.com/cryptocurrency/exchange/oandas-richard-olsen-launches-lykke-wallet-for-ios-devices/


During September/October 2016 there was the ICO which ended with these numbers:

"Lykke, a Swiss Fintech company building a global blockchain-powered marketplace, concluded its initial coin offering (ICO) at midnight, October 11th, with the sale of 23,226,753 coins, raising 1,161,338 CHF."
https://www.lykke.com/company/news/blockchain_powered_exchange


When Lykke was added to Coinmarketcap some time after the ICO, the number of 30 million LKK was displayed as "marketcap". If Lykke would have said: Total supply = marketcap it would have been incorrect and misleading, because while the supply in hands of seed-Investors, founders and Lykke as a company is technically not locked up, it's also not on the market like the supply of public Investors.
 
Coinmarketcap later changed it's procedure and displays "circulating supply" since. And that is connected to the trading-section. The advantage is that it's very flexible and can be an interesting indicator. If LKK is moved from private or coinprism-wallets into the trading-section the number goes up and the other way around.

But one disadvantage is of course that it doesn't necessarily correlate with the price. It is possible that a lot of LKK's are bought and the price goes up, and if the supply then is moved into private the number of "circulating supply" goes down. Since many read "circulating supply" as "marketcap" it also can lead to a distorted impression about the total value of Lykke.

What is important to understand: Coinmarketcap lists hundreds of different projects that are very different by design. The site once was designed to display Cryptocurrencies with a fixed "payout" per day (mining or staking) like Bitcoin. But others have sold a fix number in an ICO that raises over time because of the protocol. Others have put a percentage of Coins on the market while a majority of supply is held by the teams and they use it to pay for development and so on. Under the line it differs a lot what is displayed on that site and there is no way for them to find the one perfect procedure to be totally correct for all of those projects. Factom for example sold 50% of the total supply to the public while 100% is displayed as circulating supply. That is also not really correct because the supply held by Factom-Foundation is not on the market. Sometimes that is used to attack Factom as well. And in Factom's case that number even goes down because the more it is used the more Factoids are burned while there is no inflation yet (also not fully developed) - very confusing for those who don't know the project but look at the numbers.


And Lykke moves supply into the trading wallets so it will be displayed as "circulating supply". At the same time that will also not be totally correct because founders and company and also those who invested very early won't simply sell. But it will give a more precise picture of the total value of Lykke.

And just btw, one advantage will also be that Lykke will go up in that list and become more visible.


My favorite site is https://bravenewcoin.com/lykke#Trading-Pairs, because it's much more precise regarding the chart. One can move over it and it shows different pairs and the volume per Currency etc. Regarding supply they keep it simple and display Total supply * price = marketcap.


Important is also: Moving supply does not mean that it will simply be sold. Founders and company, team-members and seed-Investors have zero interest to damage the price and the valuation of Lykke. And they've always been transparent!

This document of February gives a lot of details about the company, supply and distribution:

INFORMATION BROCHURE FOR COINHOLDERS FEBRUARY 2017
https://forward.lykke.com/files/Memorandum.pdf


This blog-post of april gives a lot of informations and useful tips how to get informations and how to read the Blockchain-Explorer:

Why does Lykke Coin price go up?
https://www.lykke.com/city/blog/why_does_lykke_coin_price_go_up


This is the Asset ID:
https://blockchainexplorer.lykke.com/asset/AXkedGbAH1XGDpAypVzA5eyjegX4FaCnvM

It shows a list of Shareholders, distribution and even makes it possible to get informations about the past. One can click on the date and type in a past date and it will show how it was at that time. The number of Coinholders is 3992 right now. 30 days back it was 1834.

That's an increase of 117% in just 30 days and it's accelerating what is also an aspect why the price went up like it did.


That said: Lykke will keep on being transparent. A new financial report will be published soon. I haven't seen it yet but I have no doubt that it also will include all necessary details.
full member
Activity: 217
Merit: 100
kadscuk: It's interesting how everyone else's input and analysis is incorrect while yours is right. Your passive aggressive nature ("I'll be brief because I'm too busy") and comment on my lack of deeper analysis isn't really healthy for discussion either.

Anyway, it seems to me you actually don't hang out on Reddit or Slack enough. Olsen does take the time to reply to our questions, and he also shares general finance stuff from time to time. Of course, to you all of this is calculated and not random.

Lykke has been mentioned a few times now that it's a high-risk investment. This is a common sentiment shared by most of the investors (at least on Slack anyway). Why will Richard Olsen mention it again? To me it's just a reminder. However, with your underlying beliefs it again is a calculated move.

Quote
the breach of trust thing is because the initial idea was for the coins bought on the exchange to be the circulating supply, and this was the basis for the market cap figure in coinmarketcap. The pre-investor coins weren't supposed to be on the circulating supply at all. I honestly dont think Olsen is stupid enough to make a schoolboy error in not including the pre-investor coins in the circulating supply. It was INTENTIONAL to not include the pre-investor coins in the circulating supply initially because those are private coins linked to an internal valuation of the company.

If that isn't implying that Richard Olsenand team is dishonest I don't know what you're trying to say here. That they honestly and intentionally did what they did?

Either way, you have also admitted that you're reading between the lines. So what makes you right and everyone else wrong? For one, we can all agree to disagree but you have to result to insults and telling people who take their time t respond to you that they're taking up space. Or that they are not in the same league as you.

Actually what are you trying to achieve here? What is it that you're trying to tell us? Your solution is not feasible because that would mean Lykke's own coins will either always be in private or always be in trading. Any change that Lykke makes will piss you off it seems, cause it doesn't align with your deep calculations.

A little humility will do you good. Smiley Also it's somewhat troll behaviour for you to raise your concerns but simply disregard everyone else's when they share their point of view.
member
Activity: 73
Merit: 13
FFS kadscuk, it says right here on coinmarketcap why they calculate the way they do: http://coinmarketcap.com/faq/

This has nothing to do with Lykke. It's coinmarketcap that's the problem. Complain to them if you have an issue with how they present their information.

The problem is that coinmarketcap uses free-float methodology for calculating markey cap. This is confusing. http://www.investopedia.com/terms/f/freefloatmethodology.asp

Quote
What is "Market Capitalization" and how is it calculated?

Market Capitalization is one way to rank the relative size of a cryptocurrency. It's calculated by multiplying the Price by the Circulating Supply.

Market Cap = Price X Circulating Supply.

How are the prices calculated for various the cryptocurrencies?

Price is calculated by taking the volume weighted average of all prices reported at each market. Sources for the prices can be found on the markets section on each cryptocurrency page. For example, Bitcoin's markets.

What is the difference between "Circulating Supply", "Total Supply", and "Max Supply"?

Circulating Supply is the best approximation of the number of coins that are circulating in the market and in the general public's hands.
Total Supply is the total amount of coins in existence right now (minus any coins that have been verifiably burned).
Max Supply the best approximation of the maximum amount of coins that will ever exist in the lifetime of the cryptocurrency.

Why is the Circulating Supply used in determining the market capitalization instead of Total Supply?

We've found that Circulating Supply is a much better metric for determining the market capitalization. Coins that are locked, reserved, or not able to be sold on the public market are coins that can't affect the price and thus should not be allowed to affect the market capitalization as well. The method of using the Circulating Supply is analogous to the method of using public float for determining the market capitalization of companies in traditional investing.
full member
Activity: 143
Merit: 100
Investor
Quote
I simply replied on the points you have put on the table. And I've done this here and on reddit. And if you read my previous explanations here and on reddit and this post of you: You can only continue this way by ignoring pretty much everything what I've explained and that is what you do. You want to place your message with a megaphone and you don't want to get answers on questions. You want to state your personal assumptions as facts and it's not that much of a secret that you want to convince others to share your very personal view.

In the beginning I didn't agree with you but I understand that you, and maybe also others, might have questions, maybe even be concerned. But you are the only one who makes such a drama out of the website coinmarketcap.com, that you call "industry standard" (what is kind of funny, isn't it?) and you are the only one who tries to attack that hard with a focus on integrity and credibility and the paradox is: You make moves here that are very dishonest, manipulative attempts and you can keep on with that, but pretty much everything also tells a story about yourself.

Pure conjecture. You could have just deleted this from your reply as its just taking up space

Quote
1) That can be your personal conclusions, but it wouldn't be bad to word it that way
2) Arguments are missing
3) If you claim that Richard Olsen "says so" you should be able to quote where he exactly says that. Is that possible?

Your trying to defend something when theres nothing to defend....

See here from Olsen in reference to the reddit post:

"Thank you for all the comments about the valuation of Lykke.

Coinmarketcap computes the market capitalization of Lykke based on the coins that are held in the trading wallets and does not include the coins held in other wallets. When Lykke was founded and started the first rounds of fund raising, the coins were issued to other wallets, because the trading wallet was not yet developed. In June we will move all the Lykke coins to the trading wallet. If the price of LKK does not change and remains at 0.374716 USD the total market capitalisation will jump to 481,772,471 USD.

Every buyer of LKK needs to be aware that the Lykke project is high risk – we are reinventing finance and build an emergent organization that is inspired by the principles employed by nature and where all the software and knowledge is open source. We will make mistakes and these mistakes can be costly, so there is risk and any investor should only buy LKK, if he can afford to lose his money."

Of course Olsen isnt going to directly say he's correcting a mistake - that would be stupid of him to do. If you're expecting that from him then I would be asking serious questions about you and what you actually know about the basics of positioning

He is alluding to the mistake by talking about it...its called positioning to put a positioned spin on the situation whilst maintaining a professional attitude.

Quote
Last question again: Does he say that he is doing that to correct a mistake?

Interesting is that you ask questions and then you give the answers yourself - what does that tell me about you? ;-)

Yes, he is alluding to saying he's correcting a mistake...its called positioning - something that you aren't understanding because sorry, I can see you lack the ability to "read between the lines". No offence intended. Nobody is going to go out and say he made a mistake..that would be suicide for him to do.

Quote
He refers only to coinmarketcap.com and that also was the context of the discussion. And I've explained over and over again that also coinmarketcap.com changed over time. Maybe you don't know that, since your account is pretty "fresh". But what always was displayed as well is the total supply. That was never hidden, Lykke has never made a secret out of anything but it was explained before how it is calculated and one consequence is: If LKK are moved out of the trading-section, the number goes down and the other way around. Actually that's not that bad, it can be an interesting indicator. But if people don't know that they wonder why both charts (price and circulating supply) may not correlate in certain situations. Or to be more precise: It needs the information how it is done to recognize that it's not that bad. But because not everybody is good enough informed (not meant critical) it can lead to questions of course.

But most important to know are some infos and explanations, I've already given you here and on reddit - but you didn't pay any attention!

This is confusing the issue. Lykke coins being or not being in the trading wallet shouldn't affect the market cap. This is called playing games with the system and making a mockery out of it, thinking Lykke can just make up the rules for itself as it goes along

Yes, the market cap counting all the coins wasnt hidden...so why is Olsen only wanting the circulating supply to display a lower market cap on coinmarketcap?? You have literally no answer to that whatsoever.


I am just putting that in red to emphasis it. The full total supply market cap is well known, so why does Olsen put only the circulating supply and agree with the industry-leading coinmarketcap to show a lower valuation?

You are digging a bigger hole for yourself with this...those are the FACTS of the situation..total facts.

Quote
He said several times that Lykke is a high risk investment, independently of this super important coinmarketcap-site. What you try here is to turn his openness and honesty against him.

You're missing the point completely. He is talking about a chain of thought of related themes...all which are relevant to each other within the context of the post.

He's saying its high risk because he's just made a high risk move. If you aren't intelligent enough to notice this then that's something you'll need to deal with yourself, its nothing to do with me.

Quote
Same here - again you try to use something against him that is in fact a quality: Honesty! He does not try to hype Lykke. He does not try to paint a perfect picture of Lykke. He simply reminds about a fact: Nothing and nobody is perfect.

You are getting massively confused here. Nobody is saying Olsen is dishonest or that honesty is in question here.

He is saying those things to maintain a professional attitude to the mistake that has been made. Otherwise why is there such a big question about the valuation of lykke?? Why do other coins not have this issue? (and please dont point out specific cases of coins where there are issues..im talking about the overall general market. Most coins and techs dont have these glaring massive issues with their valuations due to technicalities)

Olsen is making the mistake that XRP and ripple have managed to avoid. By ripple and XRP declaring that their held-XRP won't be added to the free market, they have given investors assurance. On the flip side, Olsen is flooding his coins onto the market in an attempt to resolve valuation issues, whilst the technology is still at an early stage. Though better for the lykke project long term, this isnt an investor assuring move.

Quote
Please don't forget that the first part is only about coinmarketcap.com. Please don't forget that he said that an investment in Lykke is high risk before. It's a startup in a high risk sector. Please don't forget that Lykke is built by humans and if you know any human without making mistakes, let me know. If you know any company that didn't do mistakes let me know. But you also said that he said it was a mistake how it was done on coinmarketcap before - and that is not true.

Sorry, but it appears you dont understand why he's talking about mistakes in that context. You are lacking perspicacity and an ability to read what is really meant by statements. You are lacking the ability to understand positioning.

Quote
But what is the circulating supply? Lykke is transparent about last crowdfundings and about the distribution and about all important numbers. Pretty soon they will publish an actualized financial report. But also this one from February gives a lot of infos:

INFORMATION BROCHURE FOR COINHOLDERS FEBRUARY 2017
https://forward.lykke.com/files/Memorandum.pdf

What is important to understand: Lykke has sold LKK to Investors. Instead of doing one hyped up monster-crowdfunding like some other projects, Lykke has done smaller sales without much advertising and PR. And those LKK's are obviously circulating supply. But there are also founders and team-members and the company itself. Nothing of that is locked up. Lykke is meant to be flexible and maybe you and maybe also some others would prefer some kind of "lock-up" of supply - but those who would need something like that to have enough trust will stay away anyway.

Well...you tell me what the circulating supply is...its what Lykke is playing about with to show a lower valuation in coinmarketcap!!

By playing games with the circulating supply and saying one coin counts and another doesn't...its causing clear issues with understanding and calculating the valuation.

Quote
Somebody like you could attack both whenever he wants. You can be critical about how it was done in the past. You can be critical about how it will be done in the future. And in fact you are.

I tell you what you could have done: Due diligence and getting your informations directly from Lykke. It's all there. And it's possible to ask questions. It's possible right here, on reddit, on two chats and even directly per mail. But you don't ask and if you ask you give the answers yourself.

And really, it's kind of interesting that you come up with that again and again but you ignore all explanations I've given before.

Im not here to attack - im here to make money and maximise my ROI - Olsen has made a move that will reduce my ROI and so I've sold my LKK...simple as that.

Quote
What you try is called spreading FUD. "Oh no! Nobody knows what will happen! It's a high risk move!"

But no, he is not saying that Lykke is high risk because of that. Lykke is high risk anyway. Find a project that is not high risk. Find any investment that is not high risk. Oil maybe.

As I've said you aren't able to read what's really written there and why things are being said in that particular context. Its clearer than daylight, which tells me you aren't in the same league as me, sorry to say.

Quote
You criticise that it would have been misleading in the past but now you are critical that it might not be misleading enough in future and your ROI would be less because of that. That's the whole point, isn't it? You haven't done due diligence but believed that only a fraction of LKK is free and the rest can't be moved and is locked up. And thing is: Technically that is not the case. Practically you can think about how likely it is that founders and company will act less carefully with the market than they've done it in the past.

You're getting confused here. In simple terms, the transparency could be better and Olsen realises this. By putting all the coins into the circulating supply, he is making an attempt to end the debate on the valuation

Quote
Thing is: I know how you really think - you only think about what other Investors might think and if an obvious high valuation might deter Investors who also don't do due diligence. Right or right?

I take into account a lot of things when investing, and how the market perceives a technology is obviously something I consider as well. That's not the only thing I consider though...

Quote
Please decide what you want to be critical about. I've already explained that it's not that simple to find the best solution that makes everybody happy, is precise and fits to how coinmarketcap.com handles such things.

Its simple. A) Put all your coins into the circulating supply at the very start and declare that as the contributor to your market cap or B) Say the 90% coins won't be put into the circulating supply and will be managed separately. All issues are solved there and then.

There is literally no complex issue or "we can't make everyone happy" problem here at all.

All of these issues are lykke's own making because its playing technical games with its valuation. Its simply made up its own rules as its gone along and now has changed it again.

Quote
But actually it is simple: If somebody believes in the potential of this project he might consider it as a buy. And the question if this has potential is the question if the people behind are able to build this and also will act carefully on the market. Those who believe that founders and team are dishonest and only want to make a quick buck: Don't buy.

You've made your decision and I respect that. What I don't respect are your megaphon-attempts to spread your manipulative attempts.

I believe lykke ultimately will be very successful. However what Im interested in is my ROI. My ROI has been decreased because of this move and so it's been time for me to sell. Simple as that. If you didnt understand it, you need more investing experience, end of story.

Quote
My suggestion would be always to do due diligence. If you feel misleaded about how it was done in the past I can tell you: Read this thread and you'll find out that it was explained and I've replied on all questions about it and others as well. Same on reddit. Sergey and others did that on telegram and slack. There is also a blog-post in which it is explained that also gives a lot of additional informations and tips how to get interesting informations. Nothing was ever hidden.

Thanks for the suggestion.

My suggestion to you is you need more investing experience with higher ROIs and an ability to understand positioning.  

I've done a lot of due diligence on lykke and have been following this whole thread for a very long time. Olsen has made a move which reduces my ROI and so I've sold. End of story.

As for nothing being hidden, answer to me again why a smaller and wrong market cap is showing in coinmarketcap? That is hiding the true valuation right there. Why show a lower market cap there if its not the rightful market cap?



sr. member
Activity: 266
Merit: 251
kadscuk almost everything you're saying is just wild speculation and what you imagine other people are thinking. It's ridiculous.

Perhaps the simple reason is that coinmarketcap have a set way of doing things, they assess all coins with circulating supply (for whatever reason, that's their standard practice), perhaps Olsen simply agreed because it was their SOP and he didn't think it would matter because as everyone has said, you can just look up all the info on the Lykke website.

Your accusations that X is misleading, or X has backtracked is ridiculous because it was all transparent on the Lykke website from the get go. Anyone who read the info on the Lykke website, or read the whitepaper, or any of their documentation would understand that.
legendary
Activity: 1960
Merit: 1128
It would take me an hour to address all these points Tempus but in summary I will say this:  

I simply replied on the points you have put on the table. And I've done this here and on reddit. And if you read my previous explanations here and on reddit and this post of you: You can only continue this way by ignoring pretty much everything what I've explained and that is what you do. You want to place your message with a megaphone and you don't want to get answers on questions. You want to state your personal assumptions as facts and it's not that much of a secret that you want to convince others to share your very personal view.

In the beginning I didn't agree with you but I understand that you, and maybe also others, might have questions, maybe even be concerned. But you are the only one who makes such a drama out of the website coinmarketcap.com, that you call "industry standard" (what is kind of funny, isn't it?) and you are the only one who tries to attack that hard with a focus on integrity and credibility and the paradox is: You make moves here that are very dishonest, manipulative attempts and you can keep on with that, but pretty much everything also tells a story about yourself.


Quote
 
Olsen has made a bold move and its a high risk move. He is doing it to correct a mistake because he even says so...    

1) That can be your personal conclusions, but it wouldn't be bad to word it that way
2) Arguments are missing
3) If you claim that Richard Olsen "says so" you should be able to quote where he exactly says that. Is that possible?



Quote
 
Here is the statement from Olsen:

Quote
Thank you for all the comments about the valuation of Lykke.

Coinmarketcap computes the market capitalization of Lykke based on the coins that are held in the trading wallets and does not include the coins held in other wallets. When Lykke was founded and started the first rounds of fund raising, the coins were issued to other wallets, because the trading wallet was not yet developed. In June we will move all the Lykke coins to the trading wallet. If the price of LKK does not change and remains at 0.374716 USD the total market capitalisation will jump to 481,772,471 USD.

Every buyer of LKK needs to be aware that the Lykke project is high risk – we are reinventing finance and build an emergent organization that is inspired by the principles employed by nature and where all the software and knowledge is open source. We will make mistakes and these mistakes can be costly, so there is risk and any investor should only buy LKK, if he can afford to lose his money.

Last question again: Does he say that he is doing that to correct a mistake?


Interesting is that you ask questions and then you give the answers yourself - what does that tell me about you? ;-)



I'll quote them together - your questions, your answers:

Quote
1. Why is he talking about a jump if the market cap is already $481mn?

1. Its because the market cap isnt $481mn..its $50-60mn, according to the calculations agreed between Olsen and coinmarketcap.


He refers only to coinmarketcap.com and that also was the context of the discussion. And I've explained over and over again that also coinmarketcap.com changed over time. Maybe you don't know that, since your account is pretty "fresh". But what always was displayed as well is the total supply. That was never hidden, Lykke has never made a secret out of anything but it was explained before how it is calculated and one consequence is: If LKK are moved out of the trading-section, the number goes down and the other way around. Actually that's not that bad, it can be an interesting indicator. But if people don't know that they wonder why both charts (price and circulating supply) may not correlate in certain situations. Or to be more precise: It needs the information how it is done to recognize that it's not that bad. But because not everybody is good enough informed (not meant critical) it can lead to questions of course.

But most important to know are some infos and explanations, I've already given you here and on reddit - but you didn't pay any attention!





Quote
2. Why is he saying lykke is a high risk investment?

2. Its because he's making a high risk move

He said several times that Lykke is a high risk investment, independently of this super important coinmarketcap-site. What you try here is to turn his openness and honesty against him.



Quote
3. Why is he saying they will make mistakes along the way?

3. Its because he's correcting a mistake

Same here - again you try to use something against him that is in fact a quality: Honesty! He does not try to hype Lykke. He does not try to paint a perfect picture of Lykke. He simply reminds about a fact: Nothing and nobody is perfect.



Quote
This is from his own words....he has said the valuation would be jumping, that there is high risk, and they will make mistakes.

Please don't forget that the first part is only about coinmarketcap.com. Please don't forget that he said that an investment in Lykke is high risk before. It's a startup in a high risk sector. Please don't forget that Lykke is built by humans and if you know any human without making mistakes, let me know. If you know any company that didn't do mistakes let me know. But you also said that he said it was a mistake how it was done on coinmarketcap before - and that is not true.




Quote
It is circulating supply which matters and this is what was agreed between Olsen and coinmarketcap to agree the valuation..

But what is the circulating supply? Lykke is transparent about last crowdfundings and about the distribution and about all important numbers. Pretty soon they will publish an actualized financial report. But also this one from February gives a lot of infos:

INFORMATION BROCHURE FOR COINHOLDERS FEBRUARY 2017
https://forward.lykke.com/files/Memorandum.pdf

What is important to understand: Lykke has sold LKK to Investors. Instead of doing one hyped up monster-crowdfunding like some other projects, Lykke has done smaller sales without much advertising and PR. And those LKK's are obviously circulating supply. But there are also founders and team-members and the company itself. Nothing of that is locked up. Lykke is meant to be flexible and maybe you and maybe also some others would prefer some kind of "lock-up" of supply - but those who would need something like that to have enough trust will stay away anyway.



Quote
The way to resolve the issue with the market cap would be one of 2 ways:

a) Declare that pre-investors would have their coins in a separate wallet from the circulating supply system, to avoid confusing the figures. This is taking the XRP and Ripple route by keeping pre-investor coins separately to avoid flooding the system, and would protect the current price and market cap (the $50-60mn one). Flooding the system doesnt mean there would be big sell orders. Flooding the system means changing the circulating supply unnecessarily to inflate the agreed market cap valuation.

This was the initial route which Olsen took. The circulating supply of coins bought on the exchange is what counted towards the market cap - which is why the agreement was made between Olsen and coinmarketcap. Otherwise why not just make all the coins - the full 100% count to the market cap from the start?

Why did Olsen not add all the coins into the market cap at the start then? Why was the agreement not made for this? Its a mute point to say just because the coins weren't on the trading wallet, that they shouldn't contribute if that's the argument someone wants to make.  

Somebody like you could attack both whenever he wants. You can be critical about how it was done in the past. You can be critical about how it will be done in the future. And in fact you are.

I tell you what you could have done: Due diligence and getting your informations directly from Lykke. It's all there. And it's possible to ask questions. It's possible right here, on reddit, on two chats and even directly per mail. But you don't ask and if you ask you give the answers yourself.

And really, it's kind of interesting that you come up with that again and again but you ignore all explanations I've given before.


Quote
The answer is it was an intentional decision to not add all the coins into the market cap. The private pre-investor coins weren't supposed to be part of the circulating supply to influence the public market cap.

b) The 2nd route is putting all the coins into the trading wallet so that all the coins are counted in the valuation figure. This is the route that Olsen has taken, which means its a U-turn. He made a mistake to say only the coins bought on the exchange should count to the market cap. To correct this mistake and to end any debate about the valuation, this move is being taken. It creates transparency and stability for the long term.

And again: It is up to anybody personally what one prefers. And also again: Coinmarketcap also changed how they display such things. For them it's not easy to find the best way that fits for all projects. But the total supply was always displayed there. And Lykke has shown transparency about numbers all the time.


Quote
He is saying lykke is high risk because he's making a high risk move. Nobody knows what will happen when the valuation jumps to $481mn in his own words and because of this u-turn...It could fall, it could rise etc.

What you try is called spreading FUD. "Oh no! Nobody knows what will happen! It's a high risk move!"

But no, he is not saying that Lykke is high risk because of that. Lykke is high risk anyway. Find a project that is not high risk. Find any investment that is not high risk. Oil maybe.


Quote
A change in valuation also means my ROI will be less. There is less growth % when the market cap is 500mn than if its 50-69mn , making it unattractive to many investors.

You criticise that it would have been misleading in the past but now you are critical that it might not be misleading enough in future and your ROI would be less because of that. That's the whole point, isn't it? You haven't done due diligence but believed that only a fraction of LKK is free and the rest can't be moved and is locked up. And thing is: Technically that is not the case. Practically you can think about how likely it is that founders and company will act less carefully with the market than they've done it in the past.

Thing is: I know how you really think - you only think about what other Investors might think and if an obvious high valuation might deter Investors who also don't do due diligence. Right or right?





Quote
-----

The breach of trust thing is because the initial idea was for the coins bought on the exchange to be the circulating supply, and this was the basis for the market cap figure in coinmarketcap. The pre-investor coins weren't supposed to be on the circulating supply at all. I honestly dont think Olsen is stupid enough to make a schoolboy error in not including the pre-investor coins in the circulating supply. It was INTENTIONAL to not include the pre-investor coins in the circulating supply initially because those are private coins linked to an internal valuation of the company.

Olsen is smart...the pre-investor coins weren't supposed to be in the circulating supply, which is why he didnt include them at the start.
The reason they're doing it now is because Olsen believes the market cap figure is misleading (hence the debate on reddit and previously in this thread). He has done a U-turn to create transparency for the market cap figures and to end the market cap debate once and for all.

Please decide what you want to be critical about. I've already explained that it's not that simple to find the best solution that makes everybody happy, is precise and fits to how coinmarketcap.com handles such things.

But actually it is simple: If somebody believes in the potential of this project he might consider it as a buy. And the question if this has potential is the question if the people behind are able to build this and also will act carefully on the market. Those who believe that founders and team are dishonest and only want to make a quick buck: Don't buy.

You've made your decision and I respect that. What I don't respect are your megaphon-attempts to spread your manipulative attempts.



Quote
My investment in Lykke was based on the understanding of circulating supply and visible market cap being just the LKK bought on the exchange, and that the pre-investor coins bought wouldn't contribute to the public market cap (not the internal valuation which is different). We saw that Olsen made the agreement with coinmarketcap to include just the exchange bought LKK...so my understanding was correct. Now though hes adding the pre-investor coins into the circulating supply, which is doing a U-turn. That to me makes this investment a lot less attractive.

It doesnt matter if the market hasn't reacted...it just means to me Ive sold my LKK and there's much better investments out there. The higher valuation (if it holds) is very off putting. I can make a higher ROI on smaller techs with a lower valuation.


My suggestion would be always to do due diligence. If you feel misleaded about how it was done in the past I can tell you: Read this thread and you'll find out that it was explained and I've replied on all questions about it and others as well. Same on reddit. Sergey and others did that on telegram and slack. There is also a blog-post in which it is explained that also gives a lot of additional informations and tips how to get interesting informations. Nothing was ever hidden.
sr. member
Activity: 448
Merit: 251
Thanks, now please move on.
full member
Activity: 143
Merit: 100
Investor
kadscuk: I think beliefs are one of the hardest things to change, and if you believe that Olsen is dishonest, there's very little that can be done to change your mind.

Here's my take on your questions:

1. Why is he talking about a jump if the market cap is already $481mn?
I think there's insufficient info given in Olsen's reply in that reddit thread, and will personally wait for more details (an official announcement on their blog, hopefully). It seems like what wasn't tradable in the past is now tradable, so logically speaking it should contribute to the market cap. Why now though, that's a valid question but I'd rather wait for the answers than to jump to conclusions.

2. Why is he saying lykke is a high risk investment?
Because it is? Would you have preferred him to not say it, or to say that Lykke is a low-risk investment? In either case, given your underlying belief that Olsen and the Lykke team are dishonest, there would have been an argument from you anyway, right?

3. Why is he saying they will make mistakes along the way?
I think it's actually very respectable for Olsen to say something like that. It shows transparency. Of course, you can also view it as him given himself an escape route.

It's all about perspective, and we all make decisions based on part facts and part beliefs.

Ultimately, I believe you must have made a nice profit selling LKK Smiley. So lighten up a little and enjoy the profits!

I think your misunderstanding what Olsen meant in that post or what Im actually saying here, or what my actual questions were.

Let me clarify:

The chief guy who is extremely busy doesnt go on reddit to write about stuff that isn't relevant to the discussion.

He is mentioning certain things because they are relevant to the points discussed.

The points discussed are market valuation and its calculation, high risk and mistakes, which is exactly what he's mentioned and is talking about in that post. Add those all together because they are relevant to each other, and you'll understand better what he's saying...they are related within that context and are relevant to each other.  What you're doing instead is taking each of these in isolation and seeing them as separate, resulting in you ending up missing the actual meaning.

In simple terms you're showing inexperience and lack of insight to interpret things correctly. Olsen is an entrepreneur and entrepreneurs will understand him better than the average layman.

Re: Why is he talking about a jump if the market cap is already $481mn?

What this question means is: you wouldnt be talking about any "jump" if your valuation was already $481mn. He is talking about a jump because the valuation is NOT $481mn at the moment.

This infers that the actual market cap he is talking about is not the total coin supply market cap (ie 90% coins + exchange traded coins) which would give the $481 mn, but the circulating supply market cap.

The market cap reference he is referring to is the public market cap. You don't talk about a jump unless your talking about the public market cap in this context...not the private valuation (the $481mn one).

The calculations given by Olsen to coinmarketcap are the valuations of the public market cap and is how it was supposed to go. Now he's changed this...can't get any simpler than that.

Re: Why is he saying lykke is a high risk investment?

Look at the context of his post. He isn't talking about high risk for the sake of it...there's a time and place to talk about certain things and a busy CEO doesnt just come out with random statements for the sake of it. He is talking about high risk because he just made a high risk announcement.

Re: Why is he saying they will make mistakes along the way?

Again, look at the context of his post and the thread he posted it on. He is talking about mistakes because it was a mistake to only include the exchange traded coins in the total market cap calculation. This is really simple for anyone who has been following LKK closely to understand...

Olsen doesnt just add this in randomly you know. There is a time and a place to talk about mistakes, and he is talking about mistakes specifically in this context because he realises he made one. He is positioning it well and moving on.

------

I dont think Olsen is dishonest at all..he's made a legitimate mistake and he'll learn from it and move on. He's creating transparency through this move and that's totally fine for the long term viability of the project, which ultimately I believe will be very successful. However, as I've said its going to cause some investors to sell....because now the ROI is much less than it would have been, had Olsen stuck to his initial strategy.

Quote
1) I've replied on all of your points to be precise. If I am I would appreciate that you do that as well instead of simply writing down another long text.

2) What I really don't like is how you combine your concerns and opinions with given informations to come to conclusions that are often also only opinions, even hard accusations, that you state as facts.

With such a "communication-strategy" you could attack everything and always imply that Lykke and Richard Olsen would mislead and lie and whatever you come up with now.

That is especially a problem, whenever you imply that Lykke changes a strategy and that is totally wrong but you don't get or just hide, that coinmarketcap also changed the way how they display the supply.

What I would like to know is:

Why are you so critical now while I'm not aware that you have said anything all the time before if that is your point? It was wrong in the past. What have you missed in the past that you didn't say that?

Edit: not saying I won't reply on your previous post. There is enough I should reply on, because I wouldn't like to see all the accusations without putting things into perspective (again).

Sorry, i'd love to reply in detail but im far too busy, so i'll be brief:

Everything I've said is based on what Olsen himself has said.....I havent just come up with something random out of the blue.

Olsen himself posted on the reddit post and you can see clearly what he wrote. There is no mistaking that whatsoever. That is the basis for this whole discussion and everything else is just assumption.

Within the context of that thread and discussion, he is very clearly talking about the valuation of lykke, the high risk nature of lykke and mistakes that will be made. The CEO doesnt just say that out of the blue and in a random way. All of these points are related - he made a mistake with the way the valuation was calculated (the public valuation) and now he has done a u-turn (a high risk move) to give a more transparent valuation. In the long term it will be better for lykke of course that the mistake is corrected now. And yes, I do believe the lykke project will make a lot of money and will ultimately become highly successful.

That is total common sense to me....if you can't see that, then that show's you lack a deeper insight...no offense

I've sold my LKK and am moving on...if your just looking for an average profit then LKK might be a good investment for you...but that's not for me. (and Im talking long term investment for the average profit, who knows what will happen when the market cap updates...also it depends on the timescale that existing investors are looking at for their ROI).

legendary
Activity: 1568
Merit: 1000
kadscuk: I think beliefs are one of the hardest things to change, and if you believe that Olsen is dishonest, there's very little that can be done to change your mind.

Here's my take on your questions:

1. Why is he talking about a jump if the market cap is already $481mn?
I think there's insufficient info given in Olsen's reply in that reddit thread, and will personally wait for more details (an official announcement on their blog, hopefully). It seems like what wasn't tradable in the past is now tradable, so logically speaking it should contribute to the market cap. Why now though, that's a valid question but I'd rather wait for the answers than to jump to conclusions.

2. Why is he saying lykke is a high risk investment?
Because it is? Would you have preferred him to not say it, or to say that Lykke is a low-risk investment? In either case, given your underlying belief that Olsen and the Lykke team are dishonest, there would have been an argument from you anyway, right?

3. Why is he saying they will make mistakes along the way?
I think it's actually very respectable for Olsen to say something like that. It shows transparency. Of course, you can also view it as him given himself an escape route.

It's all about perspective, and we all make decisions based on part facts and part beliefs.

Ultimately, I believe you must have made a nice profit selling LKK Smiley. So lighten up a little and enjoy the profits!

I'm not gonna comment on that whole coinmarketcap debate since I think it's more of a problem about how the site is sorting and displaying multiple different projects and there's not a single "fair" one for them all, each of them have very unique rules, lock ups periods, inflation, unlimited caps, etc.

Now about Richard Olsen mention it's a high risk investment, of course it is. The whole cryptocurrency market is unproved and unregulated. Even stocks and startups are high risk investments. We don't know what can go wrong, not only particularly with Lykke but in blockchain tech as a whole. Now of course we are just not betting horses here, there are fundamentals and safer bets among the many different options.
full member
Activity: 217
Merit: 100
kadscuk: I think beliefs are one of the hardest things to change, and if you believe that Olsen is dishonest, there's very little that can be done to change your mind.

Here's my take on your questions:

1. Why is he talking about a jump if the market cap is already $481mn?
I think there's insufficient info given in Olsen's reply in that reddit thread, and will personally wait for more details (an official announcement on their blog, hopefully). It seems like what wasn't tradable in the past is now tradable, so logically speaking it should contribute to the market cap. Why now though, that's a valid question but I'd rather wait for the answers than to jump to conclusions.

2. Why is he saying lykke is a high risk investment?
Because it is? Would you have preferred him to not say it, or to say that Lykke is a low-risk investment? In either case, given your underlying belief that Olsen and the Lykke team are dishonest, there would have been an argument from you anyway, right?

3. Why is he saying they will make mistakes along the way?
I think it's actually very respectable for Olsen to say something like that. It shows transparency. Of course, you can also view it as him given himself an escape route.

It's all about perspective, and we all make decisions based on part facts and part beliefs.

Ultimately, I believe you must have made a nice profit selling LKK Smiley. So lighten up a little and enjoy the profits!
legendary
Activity: 1960
Merit: 1128
kadscuk, for now only two things because for now I have other things to do than discussing this on two platforms all day long.

1) I've replied on all of your points to be precise. If I do that, I would appreciate that you do that as well instead of simply writing down another long text.

2) What I really don't like is how you combine your concerns and opinions with given informations to come to conclusions that are often also only opinions, even hard accusations, that you state as facts.


With such a "communication-strategy" you could attack everything and always imply that Lykke and Richard Olsen would mislead and lie and whatever you come up with now.

That is especially a problem, whenever you imply that Lykke changes a strategy and that is totally wrong but you don't get or just hide, that coinmarketcap also changed the way how they display the supply.

What I would like to know is:

Why are you so critical now while I'm not aware that you have said anything all the time before if that is your point? It was wrong in the past. What have you missed in the past that you didn't say that?



Edit: not saying I won't reply on your previous post. There is enough I should reply on, because I wouldn't like to see all the accusations without putting things into perspective (again).
full member
Activity: 143
Merit: 100
Investor
It would take me an hour to address all these points Tempus but in summary I will say this:

Olsen has made a bold move and its a high risk move. He is doing it to correct a mistake because he even says so...

Here is the statement from Olsen:

Quote
Thank you for all the comments about the valuation of Lykke.

Coinmarketcap computes the market capitalization of Lykke based on the coins that are held in the trading wallets and does not include the coins held in other wallets. When Lykke was founded and started the first rounds of fund raising, the coins were issued to other wallets, because the trading wallet was not yet developed. In June we will move all the Lykke coins to the trading wallet. If the price of LKK does not change and remains at 0.374716 USD the total market capitalisation will jump to 481,772,471 USD.

Every buyer of LKK needs to be aware that the Lykke project is high risk – we are reinventing finance and build an emergent organization that is inspired by the principles employed by nature and where all the software and knowledge is open source. We will make mistakes and these mistakes can be costly, so there is risk and any investor should only buy LKK, if he can afford to lose his money.

Few things you need to be aware of:

1. Why is he talking about a jump if the market cap is already $481mn?

2. Why is he saying lykke is a high risk investment?

3. Why is he saying they will make mistakes along the way?

The answers are:

1. Its because the market cap isnt $481mn..its $50-60mn, according to the calculations agreed between Olsen and coinmarketcap.

2. Its because he's making a high risk move

3. Its because he's correcting a mistake

This is from his own words....he has said the valuation would be jumping, that there is high risk, and they will make mistakes.

It is circulating supply which matters and this is what was agreed between Olsen and coinmarketcap to agree the valuation..

The way to resolve the issue with the market cap would be one of 2 ways:

a) Declare that pre-investors would have their coins in a separate wallet from the circulating supply system, to avoid confusing the figures. This is taking the XRP and Ripple route by keeping pre-investor coins separately to avoid flooding the system, and would protect the current price and market cap (the $50-60mn one). Flooding the system doesnt mean there would be big sell orders. Flooding the system means changing the circulating supply unnecessarily to inflate the agreed market cap valuation.

This was the initial route which Olsen took. The circulating supply of coins bought on the exchange is what counted towards the market cap - which is why the agreement was made between Olsen and coinmarketcap. Otherwise why not just make all the coins - the full 100% count to the market cap from the start?

Why did Olsen not add all the coins into the market cap at the start then? Why was the agreement not made for this? Its a mute point to say just because the coins weren't on the trading wallet, that they shouldn't contribute if that's the argument someone wants to make.

The answer is it was an intentional decision to not add all the coins into the market cap. The private pre-investor coins weren't supposed to be part of the circulating supply to influence the public market cap.

b) The 2nd route is putting all the coins into the trading wallet so that all the coins are counted in the valuation figure. This is the route that Olsen has taken, which means its a U-turn. He made a mistake to say only the coins bought on the exchange should count to the market cap. To correct this mistake and to end any debate about the valuation, this move is being taken. It creates transparency and stability for the long term.

He is saying lykke is high risk because he's making a high risk move. Nobody knows what will happen when the valuation jumps to $481mn in his own words and because of this u-turn...It could fall, it could rise etc.

A change in valuation also means my ROI will be less. There is less growth % when the market cap is 500mn than if its 50-69mn , making it unattractive to many investors.

-----

The breach of trust thing is because the initial idea was for the coins bought on the exchange to be the circulating supply, and this was the basis for the market cap figure in coinmarketcap. The pre-investor coins weren't supposed to be on the circulating supply at all. I honestly dont think Olsen is stupid enough to make a schoolboy error in not including the pre-investor coins in the circulating supply. It was INTENTIONAL to not include the pre-investor coins in the circulating supply initially because those are private coins linked to an internal valuation of the company.

Olsen is smart...the pre-investor coins weren't supposed to be in the circulating supply, which is why he didnt include them at the start.
The reason they're doing it now is because Olsen believes the market cap figure is misleading (hence the debate on reddit and previously in this thread). He has done a U-turn to create transparency for the market cap figures and to end the market cap debate once and for all.

My investment in Lykke was based on the understanding of circulating supply and visible market cap being just the LKK bought on the exchange, and that the pre-investor coins bought wouldn't contribute to the public market cap (not the internal valuation which is different). We saw that Olsen made the agreement with coinmarketcap to include just the exchange bought LKK...so my understanding was correct. Now though hes adding the pre-investor coins into the circulating supply, which is doing a U-turn. That to me makes this investment a lot less attractive.

It doesnt matter if the market hasn't reacted...it just means to me Ive sold my LKK and there's much better investments out there. The higher valuation (if it holds) is very off putting. I can make a higher ROI on smaller techs with a lower valuation.
legendary
Activity: 1960
Merit: 1128
Tempus I was very keen on Lykke up until the announcement by Olsen a few days ago...I had a lot of money in there but Ive been forced to sell it all  

See, nobody criticises you that you sell. Decisions about buying, selling, staying away completely or whatever are up to everybody individually. But what I don't understand is why you are critical now if you believe that it was done wrong in the past on coinmarketcap. Or maybe more the other way around: As far as I know you didn't say in the past that coinmarketcap is misleading in your opinion.

And just btw: Coinmarketcap can often be misleading because it's not that easy to find the one rule that fits perfectly for all.  


Quote
I dont think you understand the nature of the problem...its an attempt to mislead investors on the true valuation by using a technical issue. There has been a breach of trust as Olsen has backtracked. Maybe he realised he did, maybe not..in my eyes a breach of trust has happened.
No. You understand it as that and you are free to express that of course, but you shouldn't state as fact what is in fact your personal opinion or a conclusion that is based on wrong assumptions.



Quote
There was no reason that Olsen had to keep the 90% tokens and not declare it to coinmarketcap due to an internal Lykke issue

Kawacaski....statement from Olsen:

"On April 12 we have agreed with Coinmarketcap.com on the rule of calculating the circulating supply based on the Lykke coins that are available in the trading multisig wallets. Previously the supply was fixed to 30m LKK that were distributed during the ICO in October 2016. However this hasn’t truly reflected the supply available on the market as a free float. Now all the coins in the trading wallets on Lykke Exchange are counted dynamically as a circulating supply."

I think Tempus posted about that in a shorter form above

Its complete and total nonsense to only use trading wallet coins in the valuation - makes no sense whatsoever.

There is something you don't get right here and I don't yet understand what it is. Please think about it out of Lykke-perspective. We can put it this way:

- They've sold LKK to the public. They know how much and they are transparent about it. And what is safe to say: That is free floating and therefore it is part of the marketcap of course.

- They own the majority of shares themselves and that was never a secret. It's also logical because Richard Olsen put the most money into Lykke, is it's biggest Investor but before all: They do all the work. LKK represents ownership and I would be concerned if they would make an attempt to sell that out at discount prices. That would also be bad for future funding and Lykke is not cheap to build, especially regulations but also all the salaries are some money.


So let's say they would have said: 100% of the supply is free floating. Would that be true? No, of course not. It's not locked up but it's also not really on the market. If they would have said that 100% is marketcap people would also be critical and assume that Lykke only gives a percentage on the market while holding the rest back to get a higher cap. And as long as coinmarketcap displayed the supply as marketcap (while the total supply always was displayed as well) the number was what was sold to the public in the ICO.

The decision to display "circulating supply" and to connect that with the trading wallets is more precise but it goes up and down, dependent on individual Investors. Let's say some whales move their money out of the trading and into private section - the cap would go down, or the other way around. The information given on coinmarketcap would never be really precise.

And now there is the decision to simplify that and founders and company move their LKK into the trading-section that also will prevent an up and down of the marketcap-line that might be not necessarily connected to the price.


Under the line it's simply about finding the best way under given circumstances.



Quote
Olsen again lied in reddit saying they didnt have the necessary infrastructure to make the 90% coins available so thats why it previously didnt count. The issue though is that if any transaction takes place, a trade has taken place. Doesnt matter if infrastructure is there or not.
 

Let's take a look at what he says:

"When Lykke was founded and started the first rounds of fund raising, the coins were issued to other wallets, because the trading wallet was not yet developed."

I didn't know Lykke when it was started. I found it in august 2016 or so. But there was a time that Lykke already was there but without any App. I believe LKK's were managed about coinprism. That is not a lie.

And no, not all transactions are trades. A lot of transactions doesn't change the ownership-status - if I transact Bitcoin from Polo to Lykke it's also not a trade.



Quote
Coins have been bought and the coins have been traded no matter what "status" they're in.
But not all coins have been sold and they will never sell out and simply give up their ownership. It's really important to understand that LKK represents that: Shares of the company.


Quote
Just because the coins are in or not in a "trading wallet" doesn't mean trades for all the coins haven't taken place
Again - only a percentage was sold.



Quote
The bottom line is: Olsen has been misleading people and it's clear here...he's trying to fix this issue and that's a good thing. I dont believe its intentional, but it is predatory for sure and has led to an unnecessary breach of trust to correct the problem.

Again: I would suggest that you state as opinion what is in fact opinion and not as fact what is only opinion. You come up here with pretty hard accusations and it's some work to reply on your rants and put things into perspective. You are free to believe whatever you believe. If you've lost trust in Lykke now I won't even try to convince you otherwise. But don't state things as fact that are no facts.




Quote
No other coins have this issue with their market cap (except the dodgy coins like XRP lol), so go figure

That's not true. Two projects I'm also invested are Factom and Antshares. In Factom the total supply is counted as circulating while also a huge amount is held by the foundation and team and is in fact not really circulating. There has been critique in the past that the lower supply that is practically on the market is misleading while about 50% or something like that is not on the market. I don't know the actual numbers but their ICO was a decision about the total supply and if I recall it correctly only 50% was put on the market.

Antshares: Total supply is 100,000,000 ANS while circulating supply is stated as 50,000,000 ANS. That is precise because the team has given itself a sell-restriction until later this year. But what it needs: trust. If they would be scammers (I'm sure they are legit) there wouldn't be a way to prevent them breaking the rules.


And there are other projects as well that are not displayed precisely. There is no way to find a way that is perfect for all.

  



Quote
----------

Here's what Ive just posted on the reddit:

The real question is: Why would Olsen agree with coinmarketcap to only show trading wallet coins in the market cap then? There is no reason for this decision, unless the initial plan was for the 90% not to be added to the trading wallet at all. Read that again as its very significant. The initial plan was to not make the 90% get added to the trading wallet, which is why the agreement was made by coinmarketcap not to add them
However because so many people are questioning the valuation and the figures showing, Olsen is more or less changing his track and his mind.

I've tried to explain the procedure above - not only Lykke has changed over time but also coinmarketcap. And yes, it is about finding the best way. But not to mislead Investors. The question is what is best to give precise informations. And again: People also would be critical if Lykke would state that the total supply = marketcap as if it would be on the market (and coinmarketcap displayed it that way in the past) it would be said: Lykke acts misleading because the marketcap gives the impression as if the whole supply would be in Investor-hands.

Since some time Coinmarketcap displays circulating supply instead of marketcap and the decision was made to connect that to the trading wallets. And that is more precise but since that can change in a short time, people are totally free to send Coins from trading to private and forth and back the circulating supply chart wouldn't be necessarily connected to the price. And now the majority of the total supply will be transferred into the trading-section and both charts will correlate in future.



Quote
Whereas before the 90% coins weren't to be in the trading wallet, due to investor disgruntles he is now putting them in the trading wallet for transparency.

And that would be bad? I know that they've thought about how to do it some time ago. It's not a decision that comes up without thinking about it. Richard Olsen even talked to me on phone about it and that was in april. But let's say it only would be a reaction on feedback: Why would that be bad?

Quote
He has decided one thing, and then backtracking to change his mind.
Oh boy... First of all: Richard Olsen is not the "dictator-decision-maker" you obviously seem to see in him. Actually he is more a man who asks a lot of questions, who involves the team and even small guys like me to find the best way. And sure, it's not possible to do things perfect and make decisions that everybody will like for all times. But why are you so critical if you can see that a team tries to find the best option under changing circumstances that are not under own control and that are communicated openly and honest?



Quote
The issue with that is its a breach of trust. Its like ripple and XRP making an announcement that they wont flood the market with their XRP, and then going ahead and doing it.
If you believe that Lykke has the plan to sell out - sure, in that case it's understandable that you move your money out. But there is no plan to do so and it's also not announced that way and Richard Olsen didn't say that.

And just btw: There might be others who are not happy about this move while there also might be others who were not happy how it was handled before. Maybe there are more who are concerned. But until now I don't see that it's a big drama. If that would be the case the price would have been crashed because a majority of Investors would have reacted with selling. The info is out since days and you make some noise on two platforms: here and on reddit. It's not meant critical btw, I just want to say: The topic got some attention now but the price doesn't reflect the trust-issue you imply.


Quote
It seems to be Olsen thinks he can do whatever he likes and people wont notice it.
If he would think that he would do it without saying it, right? He does the opposite. He is totally open about it and again: He is not the only decision-maker at Lykke. That you constantly pointing fingers on him, in combination with some hard accusations, makes things already kind of wrong.


Quote
Last thing: If your arguing that the 90% coins dont need to be sold, then that again means they dont need to be on the trading wallet.

But that is not what I said. Lykke sells LKK whenever people buy because until now there are only Lykke-Orders on Lykke. Limit orders are likely to come soon but are not there yet. But how much Lykke sells is not only a question of demand but also a question of funding. They have to find a most possible best way to be well funded, not sell out ownership at an early stage of the company, to meet demand that is there and increased significant over the last two months, also to serve Investors and to give informations what includes other sites of course, like coinmarketcap.  


---------

Quote
Again, Ive sold all my LKK as there's been a breach of trust...everyone else make up their own minds.

If you say that you've lost trust you can say that is a fact because nobody else could know that better than you. But you say that "there has been a breach of trust" and that implies that it's true for others as well. And while that might be true for some others, maybe even many - we both can know that until others say it. What we both can see as fact: The price doesn't reflect a collective breach of trust.

Right now it's up 5.07%
https://bravenewcoin.com/lykke#Trading-Pairs
 
legendary
Activity: 1568
Merit: 1000
Big fan of this project, but looks like US citizens (me) cannot currently purchase LKK. Is this true?

I can't seem to even transfer BTC into the app. Any exchange or anywhere else I can buy LKK?

Not at the moment, here's a fresh update from Michael Klena who along with others is handling all Lykke licenses in the US:

"US has fragmented regulations, so approvals take time.  Each product has a different regulator and different requirements, so we are going step by step, just like climbing a mountain. Our first approvals will come in the Fall, where only certain products will be offered. As we continue the cycle of applications & approvals, we expect by mid-2018 we'll be able to offer everything that LykkeX trades."
full member
Activity: 143
Merit: 100
Investor
Tempus I was very keen on Lykke up until the announcement by Olsen a few days ago...I had a lot of money in there but Ive been forced to sell it all

I dont think you understand the nature of the problem...its an attempt to mislead investors on the true valuation by using a technical issue. There has been a breach of trust as Olsen has backtracked. Maybe he realised he did, maybe not..in my eyes a breach of trust has happened.

There was no reason that Olsen had to keep the 90% tokens and not declare it to coinmarketcap due to an internal Lykke issue

Kawacaski....statement from Olsen:

"On April 12 we have agreed with Coinmarketcap.com on the rule of calculating the circulating supply based on the Lykke coins that are available in the trading multisig wallets. Previously the supply was fixed to 30m LKK that were distributed during the ICO in October 2016. However this hasn’t truly reflected the supply available on the market as a free float. Now all the coins in the trading wallets on Lykke Exchange are counted dynamically as a circulating supply."

I think Tempus posted about that in a shorter form above

Its complete and total nonsense to only use trading wallet coins in the valuation - makes no sense whatsoever.

Olsen again lied in reddit saying they didnt have the necessary infrastructure to make the 90% coins available so thats why it previously didnt count. The issue though is that if any transaction takes place, a trade has taken place. Doesnt matter if infrastructure is there or not.  

Coins have been bought and the coins have been traded no matter what "status" they're in.

Just because the coins are in or not in a "trading wallet" doesn't mean trades for all the coins haven't taken place

The bottom line is: Olsen has been misleading people and it's clear here...he's trying to fix this issue and that's a good thing. I dont believe its intentional, but it is predatory for sure and has led to an unnecessary breach of trust to correct the problem.

No other coins have this issue with their market cap (except the dodgy coins like XRP lol), so go figure

----------

Here's what Ive just posted on the reddit:

The real question is: Why would Olsen agree with coinmarketcap to only show trading wallet coins in the market cap then? There is no reason for this decision, unless the initial plan was for the 90% not to be added to the trading wallet at all. Read that again as its very significant. The initial plan was to not make the 90% get added to the trading wallet, which is why the agreement was made by coinmarketcap not to add them
However because so many people are questioning the valuation and the figures showing, Olsen is more or less changing his track and his mind.

Whereas before the 90% coins weren't to be in the trading wallet, due to investor disgruntles he is now putting them in the trading wallet for transparency.

He has decided one thing, and then backtracking to change his mind.

The issue with that is its a breach of trust. Its like ripple and XRP making an announcement that they wont flood the market with their XRP, and then going ahead and doing it.

It seems to be Olsen thinks he can do whatever he likes and people wont notice it.

Last thing: If your arguing that the 90% coins dont need to be sold, then that again means they dont need to be on the trading wallet.

---------

Again, Ive sold all my LKK as there's been a breach of trust...everyone else make up their own minds.



legendary
Activity: 1960
Merit: 1128
LOL Cheesy kawacaki still very supportive of LYKKE!!


Yes man! I know now, checked the profiles and thought: Gooood! That are two different users - It's not kawacaki! Sorry again that I even considered it could be you! ;-)
sr. member
Activity: 448
Merit: 251
LOL Cheesy kawacaki still very supportive of LYKKE!!
sr. member
Activity: 266
Merit: 251
You haven't done your research - it was Olsen who said that only trading wallet coins should contribute to the total market cap. Otherwise why is he saying the valuation will move to $450mn+ if the price holds when the coins are moved?

Tell you what, you link me to where Olsen instructed coinmarketcap on how to calculate and represent Lykke, and I'll give you a point for that. Everything else you say is bullshit though. I never was fooled by coinmarketcap because I did my damn due diligence before purchasing anything.
legendary
Activity: 1960
Merit: 1128
Official announcement plus more infos about Offchain-Settlement:


Lykke Adds Scale to the Bitcoin Blockchain with Offchain Settlement
https://www.lykke.com/company/news/lykke_adds_scale_to_the_bitcoin_blockchain



FAQ - Lykke Offchain Settlement
https://www.lykke.com/city/blog/lykke_offchain_settlement
Pages:
Jump to: