IOTA - page 752. | Bitcointalksearch.org

chocobo

hero member

Activity: 540

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Quote from: iotatoken on October 26, 2015, 06:57:39 PM

Quote from: chocobo on October 26, 2015, 06:52:23 PM

Quote from: iotatoken on October 26, 2015, 05:33:28 PM

Quote from: illodin on October 26, 2015, 05:25:28 PM

Hi, a couple of quick questions since the ICO seems to be the topic now:

How many % of the coins will the team keep?

Are you planning to prove somehow you're not "buying your own coins" from the ICO?

Is the ICO the only distribution method?

0% of the coins go to the team. The team will be compensated via funds raised in the ICO, no pre-mine. We'll have to buy our tokens just like everyone else.

Yes

ICO is indeed the only distributon method for this project for a couple of reasons:

1) It's the only way we'll get compensated for our work and development, since we have zero premine
2) It's the only way to ensure that the tokens are actually valued, which is needed to kickstart the ecosystem that will form around them and be part of their function

Won't you be compensated by your start-up? ICO's are NOT a good way to establish value, much less the only way.

Start-ups in the hardware industry does not pay dividends for quite some time, especially when it's not just a shiny toy for Kickstarter.

But ICOs are indeed a good way to establish value, it automatically spawns a sizable community that has a direct incentive to keep a platform alive. This is the problem with all these 1000 plus random PoW coins, they have absolutely no incentive. ICOs are not perfect, but they are better than the alternatives for a project such as this.

All I have found so far is the tangle whitepaper. Do you have an outline of the goal of the start-up and how exactly the coin ties into it?

50cent_rapper

legendary

Activity: 1344

Merit: 1000

I'm supporting this IPO.

There are a number of silent readers, who, as I think, supporting this too.

iotatoken

hero member

Activity: 714

Merit: 500

Quote from: chocobo on October 26, 2015, 06:52:23 PM

Quote from: iotatoken on October 26, 2015, 05:33:28 PM

Quote from: illodin on October 26, 2015, 05:25:28 PM

Hi, a couple of quick questions since the ICO seems to be the topic now:

How many % of the coins will the team keep?

Are you planning to prove somehow you're not "buying your own coins" from the ICO?

Is the ICO the only distribution method?

0% of the coins go to the team. The team will be compensated via funds raised in the ICO, no pre-mine. We'll have to buy our tokens just like everyone else.

Yes

ICO is indeed the only distributon method for this project for a couple of reasons:

1) It's the only way we'll get compensated for our work and development, since we have zero premine
2) It's the only way to ensure that the tokens are actually valued, which is needed to kickstart the ecosystem that will form around them and be part of their function

Won't you be compensated by your start-up? ICO's are NOT a good way to establish value, much less the only way.

Start-ups in the hardware industry does not pay dividends for quite some time, especially when it's not just a shiny toy for Kickstarter.

But ICOs are indeed a good way to establish value, it automatically spawns a sizable community that has a direct incentive to keep a platform alive. This is the problem with all these 1000 plus random PoW coins, they have absolutely no incentive. ICOs are not perfect, but they are better than the alternatives for a project such as this.

chocobo

hero member

Activity: 540

Merit: 500

Quote from: iotatoken on October 26, 2015, 05:33:28 PM

Quote from: illodin on October 26, 2015, 05:25:28 PM

Hi, a couple of quick questions since the ICO seems to be the topic now:

How many % of the coins will the team keep?

Are you planning to prove somehow you're not "buying your own coins" from the ICO?

Is the ICO the only distribution method?

0% of the coins go to the team. The team will be compensated via funds raised in the ICO, no pre-mine. We'll have to buy our tokens just like everyone else.

Yes

ICO is indeed the only distributon method for this project for a couple of reasons:

1) It's the only way we'll get compensated for our work and development, since we have zero premine
2) It's the only way to ensure that the tokens are actually valued, which is needed to kickstart the ecosystem that will form around them and be part of their function

Won't you be compensated by your start-up? ICO's are NOT a good way to establish value, much less the only way.

msin

legendary

Activity: 1470

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Quote from: Come-from-Beyond on October 26, 2015, 06:03:35 PM

Guys, if you don't stop trolling I'll start abusing moderating power without paying much attention who is right and who is wrong. It's my thread and I set the rule "no trolling allowed".

He's right, my cool watch"ing" picture post was deleted.

Come-from-Beyond

legendary

Activity: 2142

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Newbie

@NextGenCrypto

You are wrong, posts were deleted for violation of my rules. You are welcome back if you don't violate the rules. BitcoinTalk mirror still contains your posts with personal insults.

Come-from-Beyond

legendary

Activity: 2142

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Newbie

Guys, if you don't stop trolling I'll start abusing moderating power without paying much attention who is right and who is wrong. It's my thread and I set the rule "no trolling allowed".

Come-from-Beyond

legendary

Activity: 2142

Merit: 1009

Newbie

Quote from: lajz99 on October 26, 2015, 05:51:33 PM

how is a 0% premine any more fair than you raising BTC and repaying yourself for the coins you "purchased"?
either way you are receiving BTC and you are using BTC to buy said coins. they're free coins for you and less BTC for development.

if you were investing personal funds, why not put that into the development and just take a premine?

What is the difference?

iotatoken

hero member

Activity: 714

Merit: 500

Quote from: lajz99 on October 26, 2015, 05:51:33 PM

Quote from: iotatoken on October 26, 2015, 05:47:17 PM

Quote from: lajz99 on October 26, 2015, 05:36:03 PM

Quote from: iotatoken on October 26, 2015, 05:33:28 PM

0% of the coins go to the team. The team will be compensated via funds raised in the ICO, no pre-mine. We'll have to buy our tokens just like everyone else.

ie. we will have no reason to continue working on the coin as we will not be vested in it and have already received another currency we could cash out into FIAT

I have no problem understanding this concern, given the space that we're in (crypto is the wild wild wild west after all), but your assumption here is blatantly wrong. We chose 0% premine because that is what is the absolute most fair to every party involved. We are basing our entire start-up around IoT, which we've been working on in stealth for a year, as explained in OP this is what prompted us to develop IOTA. It is a necessary ingredient for the vision of IoT that our start-up is focused on. On top of this all of us will invest our personal funds into IOTA, so no we have a ton of incentive to make IOTA a success.

how is a 0% premine any more fair than you raising BTC and repaying yourself for the coins you "purchased"?
either way you are receiving BTC and you are using BTC to buy said coins. they're free coins for you and less BTC for development.

if you were investing personal funds, why not put that into the development and just take a premine?

It is more fair because it means it's entirely up for grabs to anyone. There is no coins arbitrarily set aside for the developers. If the community insist, please feel free to donate free iotas to us after the ico Wink

lajz99

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Activity: 756

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Quote from: iotatoken on October 26, 2015, 05:47:17 PM

Quote from: lajz99 on October 26, 2015, 05:36:03 PM

Quote from: iotatoken on October 26, 2015, 05:33:28 PM

0% of the coins go to the team. The team will be compensated via funds raised in the ICO, no pre-mine. We'll have to buy our tokens just like everyone else.

ie. we will have no reason to continue working on the coin as we will not be vested in it and have already received another currency we could cash out into FIAT

I have no problem understanding this concern, given the space that we're in (crypto is the wild wild wild west after all), but your assumption here is blatantly wrong. We chose 0% premine because that is what is the absolute most fair to every party involved. We are basing our entire start-up around IoT, which we've been working on in stealth for a year, as explained in OP this is what prompted us to develop IOTA. It is a necessary ingredient for the vision of IoT that our start-up is focused on. On top of this all of us will invest our personal funds into IOTA, so no we have a ton of incentive to make IOTA a success.

how is a 0% premine any more fair than you raising BTC and repaying yourself for the coins you "purchased"?
either way you are receiving BTC and you are using BTC to buy said coins. they're free coins for you and less BTC for development.

if you were investing personal funds, why not put that into the development and just take a premine?

iotatoken

hero member

Activity: 714

Merit: 500

Quote from: lajz99 on October 26, 2015, 05:36:03 PM

Quote from: iotatoken on October 26, 2015, 05:33:28 PM

0% of the coins go to the team. The team will be compensated via funds raised in the ICO, no pre-mine. We'll have to buy our tokens just like everyone else.

ie. we will have no reason to continue working on the coin as we will not be vested in it and have already received another currency we could cash out into FIAT

I have no problem understanding this concern, given the space that we're in (crypto is the wild wild wild west after all), but your assumption here is blatantly wrong. We chose 0% premine because that is what is the absolute most fair to every party involved. We are basing our entire start-up around IoT, which we've been working on in stealth for a year, as explained in OP this is what prompted us to develop IOTA. It is a necessary ingredient for the vision of IoT that our start-up is focused on. On top of this all of us will invest our personal funds into IOTA, so no we have a ton of incentive to make IOTA a success.

gaba

sr. member

Activity: 249

Merit: 250

Quote from: lajz99 on October 26, 2015, 05:36:03 PM

ie. we will have no reason to continue working on the coin as we will not be vested in it and have already received another currency we could cash out into FIAT

They will still have 90% of JINN.

lajz99

hero member

Activity: 756

Merit: 500

Quote from: iotatoken on October 26, 2015, 05:33:28 PM

0% of the coins go to the team. The team will be compensated via funds raised in the ICO, no pre-mine. We'll have to buy our tokens just like everyone else.

ie. we will have no reason to continue working on the coin as we will not be vested in it and have already received another currency we could cash out into FIAT

Come-from-Beyond

legendary

Activity: 2142

Merit: 1009

Newbie

Quote from: iotatoken on October 26, 2015, 05:33:28 PM

ICO is indeed the only distributon method for this project for a couple of reasons:

1) It's the only way we'll get compensated for our work and development, since we have zero premine
2) It's the only way to ensure that the tokens are actually valued, which is needed to kickstart the ecosystem that will form around them and be part of their function

You forgot about technical impossibility to issue coins over time.

iotatoken

hero member

Activity: 714

Merit: 500

Quote from: illodin on October 26, 2015, 05:25:28 PM

Hi, a couple of quick questions since the ICO seems to be the topic now:

How many % of the coins will the team keep?

Are you planning to prove somehow you're not "buying your own coins" from the ICO?

Is the ICO the only distribution method?

0% of the coins go to the team. The team will be compensated via funds raised in the ICO, no pre-mine. We'll have to buy our tokens just like everyone else.

Yes

ICO is indeed the only distributon method for this project for a couple of reasons:

1) It's the only way we'll get compensated for our work and development, since we have zero premine
2) It's the only way to ensure that the tokens are actually valued, which is needed to kickstart the ecosystem that will form around them and be part of their function

illodin

hero member

Activity: 966

Merit: 1003

Quote from: NextGenCrypto on October 26, 2015, 05:26:52 PM

Quote from: illodin on October 26, 2015, 05:25:28 PM

Are you planning to prove somehow you're not "buying your own coins" from the ICO?

Not possible regardless of what they tell you. This is cryptocurrency, there is 0 validation of who is buying anything. You know better than that.

I don't know. A lot of things have been considered impossible before, like scalable trustless electronic cash. Tongue

NextGenCrypto

sr. member

Activity: 462

Merit: 250

Quote from: illodin on October 26, 2015, 05:25:28 PM

Are you planning to prove somehow you're not "buying your own coins" from the ICO?

Not possible regardless of what they tell you. This is cryptocurrency, there is 0 validation of who is buying anything. You know better than that.

illodin

hero member

Activity: 966

Merit: 1003

Hi, a couple of quick questions since the ICO seems to be the topic now:

How many % of the coins will the team keep?

Are you planning to prove somehow you're not "buying your own coins" from the ICO?

Is the ICO the only distribution method?

iotatoken

hero member

Activity: 714

Merit: 500

Quote from: -Greed- on October 26, 2015, 04:57:55 PM

I know this might have been asked but...

1) Devs/owners are you going to have a token sale (pre-sale, ICO or something)?
2) Did anyone verify the whitepaper? Can the system work as it's supposed to? (I'm not qualified enough for this...)

1) Yes

2) We've had some reviews and have sent it out to numerous prominent experts in the space awaiting further review. So far no one has found any flaws, which is why we felt ready to go public and let everyone review it openly.

-Greed-

hero member

Activity: 910

Merit: 1000

Decentralized Jihad

I know this might have been asked but...

1) Devs/owners are you going to have a token sale (pre-sale, ICO or something)?
2) Did anyone verify the whitepaper? Can the system work as it's supposed to? (I'm not qualified enough for this...)

Topic: IOTA - page 752. (Read 1471689 times)