Topic: [ANN] Metronome, an autonomous cryptocurrency with predictable supply - page 19. (Read 30103 times)

Consensus 2018 Wrap Up

Hello Metronome Community,
It was great to meet so many of you at Consensus last week in NYC. The conference was a flurry of interviews, conversations, and announcements that made three days fly by.
In case you missed it, the Metronome launch date is set for June 18, 2018!
News spread fast and kept Metronome’s Chief Designer and Co-Founder Jeff Garzik, and Metronome’s Co-Founder Matthew Roszak, busy with CNBC, Cheddar, NASDAQ and Reuters.
All the while, Metronome’s Telegram broke through the 20,000-member threshold — we are super proud and thankful for this milestone! Additionally, our email list’s growth has exploded with over 54,000 subscribers, and our Twitter surpassed 8,400 followers.

This project looks promising,  I am looking forward to the auction and I will gladly start studying the project

You've got our attention with the idea of an un-ICO, but does it really pass the Howey test?

Let' see.. for the SEC to class what you're doing as a security you need to fail the Howey test.  In order to fail, the SEC uses the 4 questions below.  If the answer to all 4 is "Yes", then you're issuing a security.

So let's give it a try..

1. It is an investment of money

Yes

2. There is an expectation of profits from the investment

Yes

3. The investment of money is in a common enterprise

Case law has seen this mean effectively anything, so Yes.

4. Any profit comes from the efforts of a promoter or third party

Though the money goes into a smart contract, that smart contract was written, supported and promoted by you and/or the Metronome team.  This whole "un-ICO" is promoted by you guys, not the investor, so this seems to be clear and resounding Yes.

Therefore it seems that Metronome fails the Howey test and will be classed as a security.  Sucks how regulation stomps out innovation...

We're big supported of the Metronome idea and we admire your bravery in the face of unclear regulation, but we're very concerned the SEC will class Metronome as a security and it will be sidelined, languished by regulation, with exchanges unable to list it.

Could you please share with us how you think this will be OK regulation-wise?  If we understand your analysis of the regulation situation, then we could get more comfortable with investing.

Incorrect.

The money goes -- guess where -- to a smart contract that is not accessible by the Metronome team.

That is why we call it an "un-ICO."   No private sale + 100% of the money raised goes back to the Metronome community over time.

Actually, Metronome authors receive none of the proceeds from any of the auctions. Those stay in the ecosystem to provide long term support for the community. This has been in the owner's manual, the FAQ, and other supporting documentation since we announced Metronome in late October. You can read more about that here: https://medium.com/@MetronomeToken/on-metronome-author-retention-and-contract-behavior-73dad8f16494

And here: https://medium.com/@MetronomeToken/proceeds-for-the-community-not-the-authors-d41874d4d41f

and here: https://bitcointalksearch.org/topic/m.37106891


And as has been communicated multiple times, the previous postponements have been solely about quality of code and ecosystem. The team was auditing and ensuring that the ecosystem is as clean and secure as possible. So again, as Jeff explained (linked in my response) launch timing was based on getting everything right, since there is only one chance to do so.

See his responses here: https://t.me/metronometoken/68364

and here: https://t.me/metronometoken/76180

The attention to detail and commitment to delivering the best possible cryptocurrency protocol and ecosystem for Metronome is more important than an arbitrary date. There's only one chance to get it right with an autonomous, self-governing cryptocurrency like Metronome.

Also, as the code is updated following audits, it is important to ensure that those changes do not effect other parts of the code in unexpected ways.

However, we were pleased to announce the _set date_ of June 18. https://twitter.com/MTNToken/status/996486420356362241?s=09

Tl;Dr: like the medium page explains, Metronome authors receive none of the proceeds from any of the auctions. Previous postponements were due to intensively auditing the code and the ecosystem entirely to make sure everything behaves as expected at launch. There's only one chance to get it right since Metronome will be self-governing (by design) once launched and out of the control of its creators. I suggest reading the resources available on metronome.io.
edit: greater clarity

reverse auctions are a type of scam anyway, they're not fair at all. buyers invariably buy earlier and at a higher price than they otherwise would due to the psychology of how crowds work.

also, look at the pricing, and how many coins there are. also, although these 2,880 every day is one thing - the money for these goes guess where...yep, the metronome team. talk about a license to print money and devalue the existing one at the same time.

don't get me wrong, this will no doubt make a fortune for the team, but will fail hard as a cryptocurrency. everyone knows the real reason they delayed this ico/auction/whatever you want to call it was to watch the price of ether and try and time it for the most profit. nice scheme though. clever.

Correct, participating in the auction or selling to the Autonomous Converter Contract is just direct interaction with the autonomous contracts themselves.

Hello,

So there are a few things here, 1) Metronome is not an ICO. Its Initial Supply Auction is an auctioning off of a working cryptocurrency via autonomous smart contracts and 2) it is solely a cryptocurrency no a security token, utility token, or token representative of anything else.

Thanks!

Edit: spelling

Well, there will be a smart contract for tokens conversion in metronome ecosystem. EOS auction didn't require any verification for example.

Just curious, how have the legals of this auction have been structured?

We read in the media all this fuss about ICO's being illegal security offerings and exchanges not listing coins that are considered securities.  My question seems a particularly relevant question for any would-be investor.

Metronome initial supply auction date set!

Save the date:  June 18, 2018 at midnight UTC

The smart contract will issue 2880 tokens every day, not the founders.  No one - including founders - have control over issuing new tokens after Metronome is launched.

This is important - once Metronome starts, no one controls Metronome.  The economics are autonomous.

It is called Metronome because "click click click" like a https://en.wikipedia.org/wiki/Metronome, a small amount of tokens are minted every day forever, and no one can change that.

Very strange project... Founders wrote in WP that they will issue 2880 units every day, as I understood - but what if founders decide to issue at one day 2 million units? How this can be forbidden?

the world's first cross-block crypto-currency, which makes decentralization possible and provides an institutional-grade exposure

Read about the talented members of the Metronome team in the Metronome Minute series. This week, one of Metronome's Advisors, Vinny Lingham of Civic. Read more about him here: bit.ly/2I3XVhf

Where Metronome Fit in the Cryptocurrency Space? Matthew Roszak discusses why users will own and transact with Metronome, as a true currency. https://www.youtube.com/watch?v=F5qcRN-vds0

We'll be at Consensus 2018 next week, where Metronome Co-Founder, Matthew Roszak, will be speaking on a Monday panel. Come meet the team and learn more about the built-to-last cryptocurrency! bit.ly/2EHCYXH

https://twitter.com/MTNToken/status/993928528084140033

Thanks for the kind words! Let us know if you have any other questions!

Thank you for the information, I will read your white paper so that I better understand your project again. I think this project has a bright future.

Hello!

We believe Metronome represents a high quality, new foundational cryptocurrency. Third party exchanges are outside the control of the creators of Metronome and will make their own decisions as to how they wish to treat Metronome after it is launched.

It is up to exchanges to choose what they list, not Metronome authors.

There will be the autonomous converter contract which is part of the Metronome ecosystem which allows Metronome or ETH to be sold to it for the other. You can read more about that starting on page 22 of the owner's manual.

Thanks!