Topic: Beware of BANCOR ICO(One of the biggest shills ever) - page 2. (Read 8268 times)

My perspective has changed on BANCOR, I may support this project(probably not). My issue is the amount of money going to the dev team vs the project. ~50% of funds(ETH) from ICO is going to the dev team while 10% coin to founders, team members, advisors and early contributors, is an issue for me. It shows BANCOR does not have a big economic stake in the coin, they have barely any coin when it is split amongst all those people. You would want the project you support to have the devs have a bigger stake in the coin and less in the ICO funding. They should take less money from the funding and have a bigger coin stake, due to this I will most likely not support this project. However I feel their ICO set up is not too bad though the 1 hour hype and all that marketing hype is still shill. Due to the issues I'd still put it in the "Dev Shill Category"


In my opinion the best way to set up a project in todays' age so Whales don't buy it out and letting all participate is to set an unlimited cap over a month with proceeding less coin per round


EXAMPLE 1 ETH = 1000 BNT First Week, 1 ETH= 750 BNT Second Week, 1 ETH = 650 BNT Third Week, 1 BTH = 500 BNT Fourth Week

They are Jewish.....

Honestly, having gone through both the Bancor and openANX whitepapers, the latter seems to be created in a way that they actually want people to understand the product.

Bancor is simpler, yet they use convoluted language to appear smarter. Most people in tech know that people who deliberately confuse others are hiding something.

Honestly, I like the idea, and I also think devs deserve the profits more than people who invest in ICO-s and get a quick 1000% profit. I'll put some ETH in, but not as many as I initially expected since I'm just getting this scammy vibe...

I think people are being a bit close-minded about the token price. Eventually you'll be able to trade BNC for nearly ANY other token (from BTC to random altcoins) on their platform. IF (big IF) everything works they way they describe it, there won't be a reason to use exchanges anymore (unless you're really into Trend Analysis). If BNC was only being traded against a few pairs on a few exchanges, yeah I could see very little ROI from it. But since it'll be traded against almost every other coin out there, I think there's still a chance for massive returns.

Just invest what you can afford to lose and see where it goes. It's risk vs reward, as always.

This is just a fud thread. The whitepaper already been up since februsry. Only last minute now before ico start this kind of things pop up.
Either op mad because he cant flip because the ico uncapped for 1hour or he just trying to spread fud.

- It's an amazing idea and well done, a lot of attention to details
- I believe that if this was a scam they wouldn't put their names and faces out there (competitions, interviews, linkedin, fb, telegram)
- The goal it's too high but will reach it
- It's a massive project they are building an exchange (think about a bank) and to build that you need a lot of money as  reserve (collateral) and liquidity to convert people's currencies

Using technical jargon and way more words than necessary... Not surprised.

Chill no need to complicate it with the words you use just say what it is, you want people who create coins to use your coin in the backing vs more established coins. "Some might prefer" is false, actually all would prefer to use ETH/BTC over your coin.

"Double coincidence of wants" is just fancy words this guy used to say for finding buyer and seller, so backing the coin lets a person liquidate whenever they want.



The price discovery is cool I'll give you that. 260m(or whatever it is) is the max in the hour is that right? Then there is a hidden cap that is "hopefully" much much lower that will show when 80% is reached. 260m cap is just for the hour, if an hour is exceeded and the "hidden cap" is reached it'll be over.


I looked at the teams' resume it's really not impressive what start-ups has this team ran that have been successful? Please Stop It.......

I don't think Bancor is a scam and I will buy some tokens. However, I will keep an eye on the ICO progress and see if big whales are involved.

https://bitcointalksearch.org/topic/ann-bancor-protocol-for-smart-tokens-solving-the-liquidity-problem-1789222
https://bancor.network/

i never saw this project before. is there any ann topic of them presented offically?

i m sure this project is a scam.

The fucking 250m is a security cap which already in the contract and they already mention in their blog.
A hidden cap is a totally different thing that by the name you can tell. Its hidden. But totally not 250m

Do you even think they can raise 1 m eth in 1 hour. At least read the the blog and whitepaper by yourself and dont listen to the fud/slendering from others

Eyal has a great response to this Medium post in the comments.

https://medium.com/@LedByReason/what-could-the-bat-token-sale-have-raised-and-what-can-we-infer-about-the-upcoming-bancor-token-eed6f593d86c

^ great read

I swear it wasn't me who wrote it lol

Guys we cannot support a project like this... They don't even have a legit resume BAT guy as least was the creator of javascript which is no small task also even they only took 30m or as you can see they could have shilled 100s of millions. Bancor ICO makes no sense, there are better ways to set up an ICO vs Whales than this.

The crazy part is they had this "hidden cap" scheme set up where after 80% it would show, I believe the 250m cap got leaked in their slack and it's too late now they've revealed themselves even if they try and change it. You imagine if this figure didn't get out how much money they could have picked up as people would think it hasn't gotten much funding yet? I think you can track the address they use though so people would've started making noise like wtf is going on that's probably why they released it. Unbelievable.

Why is the cap so high? Regarding the liquidity issue, all backing the coin does is set a floor for the coin, like insurance if it fails. That's not too difficult to do for a dev. That is the main focus... it being backed by the reserve token. Also Bancor charges fees if the coins don't use BNT for backing(this was hidden from people), honestly most coins would much rather use ETH or BTC. So how about instead of your guys 250m project, a dev just forks Minereum and adds the ability to back it with ETH/BTC to solve the liquidity issue? I like BANCOR don't get me wrong, however the sum of money they're asking for is extremely unreasonable for the work they're doing.

USE OF PROCEEDS

40% to Software Development aka your pockets
5% Misc and Unexpected aka your pockets
5% Legal expenses aka your pockets
8% Operation Expenses aka your pockets

20% BANCOR ETH RESERVE LOL! wow........

Are you fucking kidding me? Massive cap and 40% goes straight to your pockets for developing! The rest to the other people who work with you guys, that's 58%. Don't try to bullshit me and the people.

You guys are trying to become millionaires right off the bat taking 50% of the ICO money, setting an unlimited cap, doing massive marketing and hoping people blindly pour money into it. What a marketing scheme clap clap clap clap clap. The Scooby Doo part does fit for you guys.

There are solutions for Whales buying out ICOs if you really want to implement it, honestly your ICO setup is 100x worse than one that ends in 10 seconds due to Whales. This is a pure dev shill scheme.

The point of crowdfunding is to get how much you need for the project, that happens with a set amount, then the devs keep coins for themselves as well and depending on how successful the project is both the investors and devs are successful. It's not abusing the system by putting a ridiculous cap to become millionaires overnight and if your project works out or not who cares you're set. Devs should not be shilling crowdfunding like this.

Truth is, the cap on bancor is way too high to possibly have decent ROI.
So, I doubt i will put any real money in it.
A high cap means less returns, even if it is legit.

In the same time btc or ether can double in price. So why take the risk with ico?

AmarO, thanks for your insightful post about your perspective on the Bancor Protocol. I would like to address a few of your points in bit more detail:


There are a lot of people marketing and working on this project who truly believe in the Bancor vision. Aragon and Bancor partnered to so Bancor can utilize Aragon governance, and vice versa - which is a great partnership. Bancor did not "Copy Minereum" in any sense. If you read through the whitepaper, you can see that solving the liquidity challenge and removing the double coincidence of wants is a huge part of this project. There will be lots of projects that create ETH tokens, but look at HOW Bancor is doing it, and you'll find where it's unique.


This is a silly comparison regarding Eyal's comment. Regarding 50% of the coins, the team is only taking 10%. The rest is to improve upon the Protocol in various ways. You can read more here: https://blog.bancor.network/bancor-network-token-bnt-contribution-token-creation-terms-48cc85a63812


the "blah blah" part is pretty essential


I would love to hear your perspective on what you think Bancor is doing! I think solving the challenge of liquidity by utilizing reserves and removing the need for exchanges is actually a pretty technical and complex challenge to tackle. If it is "really simple" in your mind, I can't wait to see the projects you come out with!


There is actually a lot more going on with Bancor! It's not about it being backed by the reserve token. It's about removing the need for exchanges and algorithmically pricing all smart tokens. There is also simple ability to create community currencies through chatbots, instant liquidity, simple application, guardian mechanisms, etc...


Minereum (which I had never heard of either) is obviously welcome to add Bancor functionality to their tokens! Instant liquidity and removing the need for exchanges is a great addition to any coin creation platform. I like how close the last part is to Scooby Doo where the bad guy is like "and I would've gotten away with it if it wasn't for you meddling kids!"

Anyways, in all seriousness I think Bancor is a pretty fundamental paradigm shift. The creator of the Euro, Bernard Lietaer, agrees with that sentiment too. If you have any other questions or comments, the team is available on Slack or Telegram to answer them!

Cheers

Ride the waves.

Learn from dotcom. Scam or not.

It does not matter. All that matters is you jump ship before everybody else.

This is very big money, i'm not sure for what is needed but already looks suspicious to me.
Maybe it is not a scam but it will be very hard for investors to get profit from this in this conditions. I'm pretty sure they won't succeed in their plans for collecting such amount.