[ANN][Blocknet] truly decentralized exchange | token ecosystem infrastructure - page 385.

synechist

legendary

Activity: 1190

Merit: 1000

To commodify ethicality is to ethicise the market

Quote from: Mountaingoat on October 29, 2014, 12:33:59 PM

Please answer my question.

Is it not possible to buy with 10% off anymore?

It is not possible, because CoinGateway has sold out of BLOCK, and no altcoin:BLOCK pairings are available.

It is now only possible to buy BLOCK using BTC, at Bittrex, Polo, or Bter.

G-Bert

sr. member

Activity: 364

Merit: 250

Quote from: Mountaingoat on October 29, 2014, 12:33:59 PM

Please answer my question.

Is it not possible to buy with 10% off anymore?

Im afraid you have missed the 10% discount mate. Was available on coingateway but sold out hours ago.

Bobsurplus

legendary

Activity: 1008

Merit: 1000

Making money since I was in the womb! @emc2whale

Quote from: Revelation on October 29, 2014, 12:29:01 PM

Quote from: Bobsurplus on October 29, 2014, 12:21:33 PM

Can someone clear some things up for me.. I just woke up and was taking a look at blocknet and I see that poloniex has opened trading and blocknet is now selling there for less then the ito price and less then it is on bittrex.

Is that just a fuckup on Vern's part or was that how this is supposed to work?

There are 2mln BLOCKs (worth 500 BTC at ICO price) from coingateway that were converted from alts. People are free trade these on Polo and Bter but not Bittrex.

Well you guys are doing this ass backwards. You cant have an open live market selling the ITO for 3K less satoshi and expect Bittrex to sell out at 3K more satoshi..

Someone made a fatal error.

synechist

legendary

Activity: 1190

Merit: 1000

To commodify ethicality is to ethicise the market

Quote from: tx42 on October 29, 2014, 12:32:33 PM

Quote from: synechist on October 29, 2014, 12:28:31 PM

Quote from: tx42 on October 29, 2014, 12:26:56 PM

Quote from: synechist on October 29, 2014, 12:22:05 PM

Quote from: tx42 on October 29, 2014, 12:20:17 PM

Then why did you let a third party determine the exchange rate?

Because it's their responsibility to exchange the coins for BLOCK.

We'd have a conflict of interest if we determined the price.

This is pretty glaringly obvious IMO.

How would there be a conflict of interest? Coingateway takes a percentage of the value of the transaction. They could value this transaction in terms of the tokens and have no uncertainty. Then you could set the exchange rate. And if you had done that, you could share the valuation function with us.

There'd be a conflict of interest for us because we could set an algorithm that guaranteed we'd rake in the maximum amount of altcoin per BLOCK.

What? If you shared the algorithm later, people could verify it with their own transactions and see if they got shafted later.

The incentive would be for you to be fair because any unfair algorithm would hurt the value of the coin later when the algorithm was revealed.

Maybe.

Then again, avoiding conflicts of interest completely is an obvious choice.

What's done is done, and it was a responsibly chosen path. Do you have any further questions?

Mountaingoat

hero member

Activity: 714

Merit: 500

Please answer my question.

Is it not possible to buy with 10% off anymore?

Revelation

sr. member

Activity: 462

Merit: 250

Quote from: Skatebird on October 29, 2014, 12:27:26 PM

Good job polo traders ... Buy high sell low

Nope, sellers are not BTC investors. They are alt holders who converted alt to BLOCK and are now exiting their alt position.

mxxxxxx

legendary

Activity: 2310

Merit: 1000

Quote from: synechist on October 29, 2014, 11:53:57 AM

An update from CoinGateway:

Coingateway has about 40 tickets in-process for payments‏.

Once those are done, they will do the 10% payouts.

This is likely (but not certain) to happen at around 21:00GMT (5pm EST‏).

Quote from: synechist on October 29, 2014, 12:27:39 PM

Update on CoinGateway's pricing algorithm:

Quote

we looked at volume and set a btc amount‏

but [the algorithm] is confidential tho i rather not disclose that‏

let say Bitswift for example‏

we look at what it takes to buy 0.2 btc worth of bitswift and average the price around that‏

differnet alt usually have different btc volume equivalent depending on their volume‏

tx42

hero member

Activity: 742

Merit: 500

Quote from: synechist on October 29, 2014, 12:28:31 PM

Quote from: tx42 on October 29, 2014, 12:26:56 PM

Quote from: synechist on October 29, 2014, 12:22:05 PM

Quote from: tx42 on October 29, 2014, 12:20:17 PM

Then why did you let a third party determine the exchange rate?

Because it's their responsibility to exchange the coins for BLOCK.

We'd have a conflict of interest if we determined the price.

This is pretty glaringly obvious IMO.

How would there be a conflict of interest? Coingateway takes a percentage of the value of the transaction. They could value this transaction in terms of the tokens and have no uncertainty. Then you could set the exchange rate. And if you had done that, you could share the valuation function with us.

There'd be a conflict of interest for us because we could set an algorithm that guaranteed we'd rake in the maximum amount of altcoin per BLOCK.

What? If you shared the algorithm later, people could verify it with their own transactions and see if they got shafted later.

The incentive would be for you to be fair because any unfair algorithm would hurt the value of the coin later when the algorithm was revealed.

[edit]

Hiding the algorithm or claiming that you have no control over it appears as if you have something to hide.

ShillAccount

newbie

Activity: 40

Merit: 0

Unclear distribution really tends to hurt a coin...

I have a feeling this isn't going to end any time soon.

mxxxxxx

legendary

Activity: 2310

Merit: 1000

Quote from: strunzdumm on October 29, 2014, 12:29:37 PM

Quote from: synechist on October 29, 2014, 12:19:22 PM

Of course we take Blocknet coins! That's why the ITO included them.

We'll use the coins to fund development.

You said at the beginning, that you fund the development with the BTC you earn from the ITO?! No you tell us that this isnt enough and that you want to hold a bunch of BLOCK token??

We will use Blocknet participating coins to fund the development! not BLOCK tokens...

synechist

legendary

Activity: 1190

Merit: 1000

To commodify ethicality is to ethicise the market

Quote from: strunzdumm on October 29, 2014, 12:29:37 PM

Quote from: synechist on October 29, 2014, 12:19:22 PM

Of course we take Blocknet coins! That's why the ITO included them.

We'll use the coins to fund development.

You said at the beginning, that you fund the development with the BTC you earn from the ITO?! No you tell us that this isnt enough and that you want to hold a bunch of BLOCK token??

No. Argh.

The commenter referred to altcoins that people used to buy BLOCK as "blocknet coins".

We SOLD Blocknet tokens for alts.

We're KEEPING the alts and using them for development.

strunzdumm

newbie

Activity: 28

Merit: 0

Quote from: synechist on October 29, 2014, 12:19:22 PM

Of course we take Blocknet coins! That's why the ITO included them.

We'll use the coins to fund development.

You said at the beginning, that you fund the development with the BTC you earn from the ITO?! No you tell us that this isnt enough and that you want to hold a bunch of BLOCK token??

synechist

legendary

Activity: 1190

Merit: 1000

To commodify ethicality is to ethicise the market

Quote from: Jbanna on October 29, 2014, 12:27:46 PM

Quote from: Jbanna on October 29, 2014, 12:02:32 PM

can some coins be moved around if they aren't all sold? It's unfair how the coingateway ITO was held... there were problems, people weren't sure if they were receiving discounts. I think another 10% of blocknet coins should be moved into the coingateway for users who missed out due to the unfair circumstances.

All discounts will be paid.

Check out my post history for details.

I gave details on this very recently.

Revelation

sr. member

Activity: 462

Merit: 250

Quote from: Bobsurplus on October 29, 2014, 12:21:33 PM

Can someone clear some things up for me.. I just woke up and was taking a look at blocknet and I see that poloniex has opened trading and blocknet is now selling there for less then the ito price and less then it is on bittrex.

Is that just a fuckup on Vern's part or was that how this is supposed to work?

There are 2mln BLOCKs (worth 500 BTC at ICO price) from coingateway that were converted from alts. People are free to trade these on Polo and Bter but not Bittrex.

Kuriso

hero member

Activity: 532

Merit: 500

Quote from: synechist on October 29, 2014, 11:53:57 AM

An update from CoinGateway:

Coingateway has about 40 tickets in-process for payments‏.

Once those are done, they will do the 10% payouts.

This is likely (but not certain) to happen at around 21:00GMT (5pm EST‏).

The 10% discount is separate than the initial amount we were exchanged? Little strange i guess but I'm glad to hear it. I was about 85 blocks short when I did my XC trade in.

Everyone should calm down until all the coins have been distributed and then you can start FUD'ing up a storm. Just chill out for a little bit

Quote from: Kuriso on October 29, 2014, 11:38:43 AM

I traded in 458 XC i bought on these latest dips. At current rate (0.00068735 sats) those 458 are worth about 0.3148063 btc. I got 1309.19364842 BLOCKS from those 458 XC.

If I sold my XC and bought BLOCKS at 25,000 sats with my 0.3148063 btc, I would only get 1256.07713700 BLOCKS so I did a little better buying with XC.

BUT

10% discount on 25,000 sats is 22,500 sats per BLOCK. That means I should of earned 1395 +/- blocks. So I was about 85 blocks short on my XC trade in.

I had bought extra Fibre and Apex to trade in as well and missed those trades. Now I need to hold or sell them to get more Blocks.

synechist

legendary

Activity: 1190

Merit: 1000

To commodify ethicality is to ethicise the market

Quote from: tx42 on October 29, 2014, 12:26:56 PM

Quote from: synechist on October 29, 2014, 12:22:05 PM

Quote from: tx42 on October 29, 2014, 12:20:17 PM

Then why did you let a third party determine the exchange rate?

Because it's their responsibility to exchange the coins for BLOCK.

We'd have a conflict of interest if we determined the price.

This is pretty glaringly obvious IMO.

How would there be a conflict of interest? Coingateway takes a percentage of the value of the transaction. They could value this transaction in terms of the tokens and have no uncertainty. Then you could set the exchange rate. And if you had done that, you could share the valuation function with us.

There'd be a conflict of interest for us because we could set an algorithm that guaranteed we'd rake in the maximum amount of altcoin per BLOCK.

Jbanna

full member

Activity: 151

Merit: 100

Quote from: Jbanna on October 29, 2014, 12:02:32 PM

can some coins be moved around if they aren't all sold? It's unfair how the coingateway ITO was held... there were problems, people weren't sure if they were receiving discounts. I think another 10% of blocknet coins should be moved into the coingateway for users who missed out due to the unfair circumstances.

synechist

legendary

Activity: 1190

Merit: 1000

To commodify ethicality is to ethicise the market

Update on CoinGateway's pricing algorithm:

Quote

we looked at volume and set a btc amount‏

but [the algorithm] is confidential tho i rather not disclose that‏

let say Bitswift for example‏

we look at what it takes to buy 0.2 btc worth of bitswift and average the price around that‏

differnet alt usually have different btc volume equivalent depending on their volume‏

Skatebird

legendary

Activity: 882

Merit: 1000

Good job polo traders ... Buy high sell low

tx42

hero member

Activity: 742

Merit: 500

Quote from: synechist on October 29, 2014, 12:22:05 PM

Quote from: tx42 on October 29, 2014, 12:20:17 PM

Then why did you let a third party determine the exchange rate?

Because it's their responsibility to exchange the coins for BLOCK.

We'd have a conflict of interest if we determined the price.

This is pretty glaringly obvious IMO.

How would there be a conflict of interest? Coingateway takes a percentage of the value of the transaction. They could value this transaction in terms of the tokens and have no uncertainty. Then you could set the exchange rate. And if you had done that, you could share the valuation function with us.

Topic: [ANN][Blocknet] truly decentralized exchange | token ecosystem infrastructure - page 385. (Read 1103311 times)