Okay so I've red the White Paper and I have seen no vital answers yet to critical questions that are able to convince me that Waves ultimately is not just a nice scam story for some quick bucks and here is why;
1. Am I correct that colored coins are tokens that represent an underlying value like an assett? Waves also includes fiat currencies as colored coins, how are they planning on doing this exactly? doesn't this require cooperation from the established banks? How do you know banks will go cooperate with you guys? Also, in this regard how can you offer anonimity while banking requires AML/KYC?
2. What is the process through which colored coins get to represent a value? Who can create colored coins? Only established institutions or also individuals? In the case of both, how do you prevent scamming from individuals? I can create a token and claim it represents 1000kg of gold and I just made 1000kg gold appear out of thin air? In the case of institutions how do you get them on board?
3. Can I use the tokens that represent fiat money outside of the platform? Can I exchange those tokens for real fiat money easily? Like can I send fiat tokens on the Waves platform to send real money to my bank?
4. There is absolutely no functionality yet for Waves tokens on the Waves platform is that right? So Waves tokens will not fulfill a functionality on the platform? Then why should I want to buy Waves tokens in the ICO?I need as much details concerning as possible to be able to convince myself that Waves is not just a scam. Talk is cheap, please explain to me according to these four questions how you guys are planning to implement the project. Much appreciated!
1. yes, exactly, fiat tokens will be backed by payment systems, we're in talks with several and there's a strong interest. I've been involved in internet payments in one way or another since years, so I know how to approach banks, and have some partners already.
2. Everyone can issue colored coins. /to mitigate abuse we'll be building a decentralized reputation system. Aslo KYC/AML procedures from payment partners will provide another level of protection for fiat transfers.
3. yes, exactly, our fiat gateways will provide this opportunity.
4. EVERYTHING on the platform is done using WAVES tokens, all the fees are paid in them. There will be functionality which will allow to pay transaction fees in assets, but it will still go through decentralized exchange, so under the hood you always use WAVES tokens for everything.