Topic: IOTA - page 621. (Read 1473405 times)

This needs to be stated again, and again, and again. I was an early Nxt community member and I still follow the coin from time to time.  The fact above is what needs to be learned about aggressive "HODLing".

Every new coin is a long-shot.  I don't care how amazing the tech is, or even how many big-whale supporters there are in the early stages, if a coin doesn't have community support to create products and services that legitimately use the tech, it will never have long term traction.

IOTA has a lot going for it and I'm a HUGE supporter of it.  However, I know it is doomed to fail (like every single alt-coin that's come before it and has been around longer than a couple years*) unless we start using this cryptocurrency stuff for projects that are legitimately needed by the real world.

•  Yes, there are coins that have maintained high-volume trades and may have market caps over $100m, which is impressive.  However, if the worth of a coin is 90% valued at it's current price due to speculators and market-manipulators (*cough*, LTC) then it has failed.  Cryptocurrency isn't about manipulating gullible investors into pumping the price of your supported coin on CMC.  It's about creating a radical alternative to the less-than-optimal monetary systems that dominate our world.  

Every coin has a long way to go, and I think most will fail.  However, if we work together to support REAL projects that use good cryptocurrencies, there is a chance that something will take off that might actual make an impact in our global society.

confirmed also here!

 

+1440
Great Post my friend, Thanks for Big Donations!!  
Whales, your are welcome!!  

A shout out to all iota whales:

I just pledged a total of 3 million iotas for the foundation and the deal and here is why:
A big mistake of Nxt was the sleeping whales. Many were sitting on their millions, hoping that the price would rise by itself or by people working for free. It did not work out.
If we want iota to succeed being widely used as a standard for IoT, we need to either spend time to develop it, or spend money to help others develop it.

You might say: David, Cfb an mthcl already raised 500k USD from the Crwosdsale, let them do the work, I already paid them for my iotas.
This is true, but then again 500k is just not enough, and the money belongs to them anyway. They are free to keep it and are just as obliged to spend funds on iota as you and me.

We need a group of highly focused people to push things forward, we need a well funded foundation. I don't have enough time and knowledge to develop fancy use cases, and if we lean back and do nothing, we will fail.

If you're just a speculator: You made a tremendous ROI already. Give away 5-10% of your stash, you'll still have 90-95% of your funds, and you will probably be richer than if you keep it all and the price of iota declines because development stagnates. Think about it.

I add 250k to foundation, from the 250k to deal i had already pledged. I previously thought the deal had priority, but its important both are closed before launch so we can start with everything ready to depart with nothing to care about but promote IOTA.
Taking care of these issues on the go would be too messy and not optimal.
The feeling of having all our work done is the best, and we have the power to do it by completing these two funds so we dont have to care of money anymore as a community.

So lets do it!!

When iotatoken prefers iota over btc this is a amazing good sign!!

What does that tell you?

My thoughts are in line with his except maybe I do agree with most of the community that says that we should get the big deal funded and get big players locked in, and move on and focus exclusively on the foundation from there on out.

It would also help the market if those who were planning on sending the foundation btc from the big deal sale then purchased iota on open market to send for foundation.

I have faith that when we get the big deal out of the way that a successful fundraiser for foundation will follow.

Thank you iotatoken for your unwavering focus and dedication.

I hope to be at a event in person one day to be a part of the standing ovation you respectively well deserve!

The updated genesis is https://bitcointalksearch.org/topic/m.14116556

Exactly, and I suspect a lot of the big holders (10M+) have not committed 10%. The top 23 account sum to 482,794,553, almost half of the total supply, 10% of which is almost the total foundation call amount. It's clear what the impact from the whales could achieve. I hope they come around.

At the current market sales of 2500 sats, the 10M IOTA accounts are conservatively valued at over $100,000 USD. To fork over $10,000 - $50,000 for the foundation and big deal, may never happen. (But is relatively the same as our 100K IOTA accounts contributing over 10K or $100 USD). If the big guns do not commit, however, the likelihood of increasing valuation and adoption may be minimal. At the same time, at 25M for the big deal, I hope these guys are all that you say they are.  


- edited -

“Do you want to sell sugar water for the rest of your life, or do you want to come with me and change the world?”

What Steve Jobs said to Pepsi executive John Sculley to lure him to Apple.

Ive been thinking a lot about this big deal. I was gonna articulate something now but Ill think about it more. I do have two questions though: These two connected figures in the crypto space (on in US, one in Asia) would sit on the Foundation board, yes? Who else would sit on the board?

While of course fiat is what is needed for a lot of the real world transactions, I am 100% certain that the foundation members want their salaries in IOTA, not in fiat. Plus I am a big believer in having a direct relationship between the work <> funding. The better the job = the more funds the foundation has. Of course the foundation will be ran in such a fashion that we always have the first portion of the roadmap secured in fiat.

But it's also completely unrealistic to assume that because the big deal come through suddenly the foundation will receive a load of donations. The foundation has to be established prior to any big news, otherwise 'loss aversion' will kick in. Hell, we see this already with those who say: "I won't sell below 25x, even though the person who secured the 25x tells me it's a good idea!".

So in short: foundation wants iotas, and big news won't be announced until we make a decision on whether to have a foundation or not to prevent irrational decision making that is inevitable and already taking place.

The good news is that we already got a big portion of IOTA holders seeing the need for the foundation, in fact I believe most of IOTA holders are just idle atm. and not even aware of the foundation and big deal call.

add!!
Thanks

add!!
Thanks 

I made another small buy from cryptoknightt and once I receive those iotas I'll put another 2500 towards the big deal. 50% of the sale of that 2500 can go back into the foundation.
for those that bought from others, escrow and otherwise - waiting for iotas, what would be the procedure to for them to give to the 'big deal' and collect funds from it? Will the deal happen before the wallet is launched? If so, how will that affect pledges like me who bought after crowdsale and waiting on iotas?
 

I'll commit 40k to the 'deal'

*likely.

My thoughts on foundation and "big deal" funding:

To be able to pay salaries and bills in the real world the foundation will need fiat. The price of IOTA will be very volatile and can be low just at the wrong time, when fiat is needed badly. Therefore it is too much risk for the foundation to only hold IOTA, even if 50 million sounds a lot right now. We need an estimate on how much fiat the foundation needs per year. Say it needs x million USD and we give it 2 years time until the next community funding, if needed. Now how do we reach that goal of 2 x million USD best?

Let's tell the donators to prioritize the big deal over the foundation for now. The deal happens and gets announced in the media. The rest of the donators' IOTA goes to the foundation. The successful deal pumps the fiat price of IOTA and the foundation cashes out in fiat to reach a big part of its fiat funding goal. The price pump will motivate whales even more to donate (fiat value, not necesseraly more IOTA!) to the foundation, especially when the reasonable fiat goal is not yet reached. The IOTA donations should be exchanged in fiat until a big part of the necessary amount for salaries and bills is reached. Result: Long-term success much more probable, because foundation is funded with enough value stable tokens (fiat).

tl;dr: The funding goal of the foundation should be based on real fiat costs and not on a sum of IOTA which has volatile and perhaps not enough value over time. But the fiat funding goal can be reached in the best way by using the big deal to pump the price of IOTA. Wasn't the NXT foundation once rich in fiat terms but didn't cash out when price was high? Now as price is low they have a small and badly payed team that doesn't know how to finance itself next year. Let's learn from that mistake.

In the improbable case that 1 IOTA reaches 1 USD and the foundation sold all of its IOTA at 10 cents, because the price of 10 cents was enough to cover the costs, the whales will surely be grateful to the people involved in the foundation

P.S.: Yeah, I called fiat value stable and spoke positively about a price pump. I'm sorry.

Hi yassin54,
I would like to pledge 50.000 to Big deal and 10.000 to foundation
Cheers

done!!

see you!! 

Good Night!! 

Since the big deal is a buy (at a lower rate-whatever it is) then it means we'll be getting BTC for it? If that's the case, then you can move my 2500 IOTA from foundation to the deal as well -- so it will be 5000 IOTA for the big deal from me and 100% of the proceeds from that will go back towards the foundation.
As much as the Foundation is important, the big deal being time sensitive should take higher precedence just to close it off quickly and move on..then some of us can pool our proceeds from the deal sale and drop it back into foundation.