Topic: Relaunched Completely - page 5. (Read 11514 times)

following! 

Thanks we are ElasticMiner

Either I misunderstood your reply (or you misunderstood my question) when I asked earlier about how the ICO pricing works. I assumed by the time the product was ready the coin would be double-ish the cost. If not, then yeah, it could work out.

As for dumping coins, right now, nope, nobody has really invested, so it doesn't matter. A lot of time left and it's probably safe to assume there will be a lot more than 11 btc invested before the reward lowers.

And I don't see evil, just seeing things through jaded, crypto eyes. Again, will drop it, and just watch how things go.

Waiting is the safest way to go without some form of escrow. The issue then is that investors are paying around double the rate for the coin compared to earlier investors. I do agree that early investors should get greater rewards, but double is a bit much, at least compared to most other ICOs. So it's safe in regard to scam potential (well, safer, anyway), but not exactly the best way to invest in an ICO. One almost might as well just wait until the coin hits the exchange at that point.

I recall ICO coins on Polo that did the two tiered ICO thing (early investors got coin for half the cost of 2nd tier level)... and then when the coin was active for trading, pretty much everyone who bought early dumped  for around double the profit.  And I don't mean 2x the profit of 2nd tier guys, I mean 2x what they invested... they eventually sold below 2nd tier ICO levels and still made a nice profit. That is the issue with double the rate for early investors, they can sell when the coin hits the exchange way below testnet ICO levels, driving the price down. And why waiting, although safest, may not make sense investment-wise.

Anyway, I will drop the issue and just keep an eye out on the coin. Apologies if it seemed like I was harping on things; only reason I did so was because I was considering investing in the coin.

The idea is to use a trusted escrow... not some dubious form of escrow. I trust exchange escrows more than most devs (and that is saying something after the Cryptsy debacle). But yeah, if escrow runs away, coin is totaled. And if dev runs away, coin is totaled. Guess it depends who you trust more, a form of trusted escrow or a dev with a newbie account.

I may be in the minority here, but if the dev is willing to not touch the funds until a certain date, I see no logical reason not to use a trusted escrow instead.

Initially, is it possible to put those funds to a trusted escrow in order to build more trust?

Yep, although if going that route, it'd make more sense to use proper escrow.

As for early investors gaining greater rewards, I am fine with it. Usually it's not like double the rate, however, and it does add an extra red flag when not using escrow.

Actually no.

The issue is that early investors get up to twice the value of the coin than later investors. So by waiting until the product is out and working they are already at a major disadvantage. Then add in the fact that if you were scamming people (not by not releasing the coin, but buying in on your own coin using donated btc instead of hiring devs), you would have done so early most likely.

So if going into evil dev mode, you take early donations, and since there is no escrow you buy-in on your own coin using that btc, and by the time the product is released you have both the original btc plus the elc worth double (ish) the initial rate.

1: Why no escrow
2: Spend my money and have to wait almost 1/2 yr is "frightening"

I'm not against crowdfunding per se, but crowdfunding without escrow with an (for the moment at least) unknown dev who's possibly using a pseudonym gives me pretty serious pause for thought. So if you could put up those CVs and pics I'd personally be very grateful. If you could do it before the IPO reward drops that would be good too, as it doesn't seem fair that there should be greater rewards for the people reckless enough to invest in this at the very start when that information isn't publicly available.

^^ this
and i got scared when they said "prime number" thing, made me think is this the next cube? i smell a spot somewhere haha.
anyways watching, won't be investing in a newbie account with no escrow but hey good luck! i may get in once hit exchange!

I think the concerns that poornamelessme has brought up are of the utmost importance. With access to the BTC before the IPO is over you are able not only to buy a portion of the IPO funds for free (as with an escrowed IPO), but can use the same funds to do this several times, for instance under the pretense of "hiring devs". You say that not everyone around here is a bad person, but the fact remains that about 98% of IPOs conducted here have been outright scams. In an ideal world the concerns raised would be sticked in big bold writing at the top of every IPO thread.

The concept does sound interesting, but at the moment the nature of the crowd-funding is putting me off. Could you tell me if you would be willing to reveal more about yourself personally, perhaps by linking to a public profile in order to assuage the fears of potential investors and show that Lionel Keys is in fact your real name. To be frank, the project reminds me very much of the work of a prolific scam dev who was very active here in the past. I'd feel a lot more comfortable investing knowing this is your true identity and so that you are not him. Thanks.

@ElasticCoin

Do you need german translation  (payment in ElasticCoins) ?

best regards

Just right in the moment before I posted this number you got it yourself

I guess it's a wise decision and will attract more potential investors.


Whish you all the best!

This depends on 2 factors: technical innovation and brand awareness. The first one doesn't  weight much for the initial value as we have seen over and over again. The brand awareness, however, makes up nearly everything for the initial valuation.
Since Elastic Coin hasn't got much/any public awareness, I'd see an initial market cap of max 250k$ as a fair entry point.

Disclaimer: this is only my personal general view about investments in new coins. Hope you feel not offended about the high difference.

If I expect 5 million coins, I'd see it will be initially valued with at least 2.5m$ (even more if some buys are made after btc block 400k). That's absolutely insane for a new unknown coin.
To make money as initial investor the intial mc must be far below. As I don't know how it will end, I have to gamble about the final numbers.

Hope you get the idea...

Nobody cares about how much ELC one gets as long  as it is not clear how much ELC will be on the market. The only number that counts is your percentual share of the total. So, to use your words, ELC pre-sale is still gambling.

Okay, thanks. That is the main part that concerns me. Although I do agree those who enter earliest deserve the higher reward (most escrowed ICOs just do a little bonus at that stage), I expect others can see how this potentially could be a red flag when a coin doesn't use escrow. Although I won't harp on ICO details as the dev asked us not to (although since this is an ICO thread, I personally see no issues with discussing ICO terms) -- it is an incentive for a dev to do the 'buy his own coins using donated btc' game before the coin hits viable product stage.

Is it possible to rent the ElastiCoin network to do advanced 3D-rendering tasks?