Alt-Coin BAT

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SilverDoge
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Re: Alt-Coin BAT

Postby SilverDoge » Sat May 27, 2017

Crowdsale coming soon. It is best to have your Ether purchased and ready to go at least a day or two prior to the sale.

How to participate: https://basicattentiontoken.org/bat-cro ... rticipate/

Instructions for using MyEtherWallet (recommended for this ICO): https://basicattentiontoken.org/wp-cont ... llet-1.pdf

Key steps from the above link:
Fill out the “send transaction” form.
In the “To address” field fill in the BAT crowdsale smart contract address​ (to be shared on BAT site)​. Make sure the address is correct.
In the “Amount to send” field add the amount of ETH you wish to use buying tokens.
In the “Gas” field change the amount to a minimum of ​200,000​. This is to ensure the transaction is processed.
Below the “Gas” field there is a hotlink titled “+Advanced And Data.” Click on it. In the field that appears add this: ​(This value will be shared shortly before the crowdsale atwww.basicattentiontoken.org)
Click on “Generate Transaction.On the page that appears, click on “Send transaction.”Myetherwallet will generate a check, asking if you can confirm the transaction. Confirm all the data is accurate. If this is all correct and you want to proceed, then click “Yes, I am sure! Make transaction.”
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Long John
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Re: Alt-Coin BAT

Postby Long John » Mon May 29, 2017

BAT crowdsale starts 8 a.m. Wednesday per the announcement below. 1 Ethereum will get you 6,400 BAT. At tonight's ETH price, that would work out to about 3 cents per token. ETH probably won't be this high Wed. a.m., though. I'm sure Travis will have more to say about this.

https://basicattentiontoken.org/bat-sma ... -deployed/

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SilverDoge
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Re: Alt-Coin BAT

Postby SilverDoge » Tue May 30, 2017

The last 12 hours in the BAT space have been a bit crazy [pun intended].

Risks:
1) BAT will issue 1 billion tokens in the crowdsale. They will generate 1.5 billion tokens total. 300 million will be available for user adoption (to be kept inside the Brave architecture; someone would have to clear KYC to remove them apparently). The remaining will be the dev budget (and locked for the first 6 months). This was known ahead of time.

2) BAT raised their desired fund price from $15 million to $24 million about 9 days ago. This isn't a huge red flag, and I actually like that number better, but they should have planned it sooner. Not a huge risk, but does lift an eyebrow.

3) More recently, the BAT team came up with a 6,400 BAT / 1 ETH exchange rate. Based on the amount they are raising, this implies an ETH price of about $155. The problem being it now costs $210 to acquire 1 ETH. This means that if the price of ETH does not change between now and the crowdsale, BAT will essentially raise over $32 million instead of the $24 million they've stated. The reasoning behind this was that they "locked in" their price several days ago with their "legal team" and they also are concerned about ETH swinging back down. This is an unfortunate situation.

When this announcement happened on the slack, gnashing of teeth came out full force. I've never seen so much hate. Some justified of course. BAT should have locked in the price 1-2 hours before the launch, but they've chosen to hide behind the excuse of their "legal team". After about 6 hours of wailing, the founder came on the slack (apparently he was in the middle of a flight when this went down) and said he might re-evaluate. It would be a big mistake for BAT to not change the exchange rate to at least 8,000 BAT / ETH. Unfortunately the bad press is already out there no matter what they do, but they could still do the right thing.

I am still going to invest in BAT no matter what happens. The question will be the amount I choose to invest. If they properly raise the BAT/ETH value I will go back to my original amount. If they keep it at 6,400 then I may decrease my investment by about half. ETH itself is doing great, so the opportunity cost of getting into BAT has to be considered.

The key on these types of things is to think long term. In a year, will BAT have outperformed ETH? Maybe, and maybe not. In a year, will people still attach this poor BAT/ETH ratio problem to the extent that it is hurting their image and performance? I would suspect the answer is only if they are unsuccessful. If they have wild success, then it will be forgotten (by most). If they fail, it will be one of the main taglines for future ICO investors.... don't lock in an exchange price days before your crowdsale and screw your investors. If BAT does have wild success, the most bitter will be the ones who chose to not participate on principle of this BAT/ETH ratio, and who then missed out on those gains. They will have won the battle but lost the war.
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SilverDoge
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Re: Alt-Coin BAT

Postby SilverDoge » Tue May 30, 2017

For those wanting to participate in the ICO:

This is the link where you will find the needed data: https://basicattentiontoken.org/token-address-mainnet/

ETH token address to send to: 0x0D8775F648430679A709E98d2b0Cb6250d2887EF

ETH starting block: 3,798,640 The current block can be found on https://ethstats.net/ in the upper left corner. You can begin sending ETH to the above address once the ETH blockchain reaches that block.

Signature (input into the data field): 0xb4427263

Gas: I recommend at least 250,000 gas. I personally will probably put it around 400,000.

All the terms and conditions: https://basicattentiontoken.org/terms-and-conditions/

Remember they only take Ether. Do NOT send from a Coinbase or exchange wallet - you will lose your ETH.
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Long John
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Re: Alt-Coin BAT

Postby Long John » Tue May 30, 2017

I wanted Travis to be the first to address the ratio of BAT per ETH. I think some of the gnashing of teeth is for good reason. After the dilution of coin and increasing the cash target from $15 to $24 million, and now this, they are getting off on the wrong foot with this kind of press. The motive apparently being to ensure they (the founders and devs) are well taken care of and shifting more of the risk to investors. The "legal team" excuse, I too think is BS.

But the bottom line is, do you believe this pay-for-ad-views enterprise will be a wild success, and do you want to give up 1 ETH worth $200+ per 6400 BAT tokens (sorry, I keep thinking that Batman keeps these in his BatWallet. :lol:) I had originally planned to invest 10 ETH, but that was when ETH was valued much less than it is today. My cost for that ETH is irrelevant, the question is always: If I don't keep it as ETH at this value, what is the best use of it? What will bring the strongest return?

Now I think my original intent is wildly off-base, if the project's biggest fan in these parts is cutting his investment to 4 ETH. I'm not investing more than double what he is comfortable with.

Why would you lose your ETH if you send from an exchange wallet? That will result in VERY bad press if that happens to people who jump in on impulse before reading all the conditions. At worst, sending from that source should merely be unsuccessful. Not a loss of ETH.

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SilverDoge
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Re: Alt-Coin BAT

Postby SilverDoge » Tue May 30, 2017

Long John wrote:I wanted Travis to be the first to address the ratio of BAT per ETH. I think some of the gnashing of teeth is for good reason. After the dilution of coin and increasing the cash target from $15 to $24 million, and now this, they are getting off on the wrong foot with this kind of press. The motive apparently being to ensure they (the founders and devs) are well taken care of and shifting more of the risk to investors. The "legal team" excuse, I too think is BS.

But the bottom line is, do you believe this pay-for-ad-views enterprise will be a wild success, and do you want to give up 1 ETH worth $200+ per 6400 BAT tokens (sorry, I keep thinking that Batman keeps these in his BatWallet. :lol:) I had originally planned to invest 10 ETH, but that was when ETH was valued much less than it is today. My cost for that ETH is irrelevant, the question is always: If I don't keep it as ETH at this value, what is the best use of it? What will bring the strongest return?

Now I think my original intent is wildly off-base, if the project's biggest fan in these parts is cutting his investment to 4 ETH. I'm not investing more than double what he is comfortable with.


I will be in for more than 4 ETH no matter what. I don't recall stating exactly how much I was intending on investing. It was more than 10 ETH though, to be sure.

I think Brendan will probably change the ratio, but that is just a hunch. I love a good wild ride in crypto. My biggest concern is actually getting in during the crowdsale before it gets filled. This negative hype might actually help the situation.
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SilverDoge
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Re: Alt-Coin BAT

Postby SilverDoge » Tue May 30, 2017

This shows that at least 95 people aren't following instructions:

https://etherscan.io/address/0x0D8775F6 ... 250d2887EF

All these users have already sent ETH to the BAT ICO address, but you can't send it in until the proper block, as stated earlier. Don't make that mistake. It will likely be refunded to you, but you will lose your gas costs (transaction cost).
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Long John
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Re: Alt-Coin BAT

Postby Long John » Tue May 30, 2017

SilverDoge wrote:Gas: I recommend at least 250,000 gas. I personally will probably put it around 400,000.


I thought 1 ETH = 100,000 gas. My bad if my understanding of that is wrong. I was wrong about how many satoshi are in a Bitcoin, too.

Edit: It just occurred to me what you meant by that. :lol: .004 per ether for the transaction. I really should not be trying to follow too many things at the same time. A good multi-tasker I am not.

In addition to the people not following instructions, others are using Parity to send to the specified block in advance.

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SilverDoge
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Re: Alt-Coin BAT

Postby SilverDoge » Tue May 30, 2017

Long John wrote:
SilverDoge wrote:Gas: I recommend at least 250,000 gas. I personally will probably put it around 400,000.


I thought 1 ETH = 100,000 gas. My bad if my understanding of that is wrong. I was wrong about how many satoshi are in a Bitcoin, too.

In addition to the people not following instructions, others are using Parity to send to the specified block in advance.


Yeah, and I thought about Parity too, but I've never used it before and I sure don't want my trial run to be during this hectic ICO.

I think that 1 ETH = 1 billion gwei. And the gas is measured in gwei. So 400,000 is not a huge amount.

Somebody correct me if I'm wrong on that.
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Long John
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Re: Alt-Coin BAT

Postby Long John » Tue May 30, 2017

I edited my post above yours, while you were writing.

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Re: Alt-Coin BAT

Postby SilverDoge » Tue May 30, 2017

SilverDoge wrote:
Gas: I recommend at least 250,000 gas. I personally will probably put it around 400,000.


I am not an Ethereum expert here and learning as I go too. So in the MEW (MyEtherWallet), there is a slide in the lower left corner. Apparently this is more important than the gas itself.

BAT recommends at least 200,000 gas limit, but I don't recall them specifying the gas price. I know, it's confusing.

So I will be using between 200,000 - 300,000 gas limit, but more importantly sliding the gas price as far right as possible on the gas price (42 gwei). This isn't an exact science.

If your transaction fails, continue to try to send until it is successful, or the ICO ends. That is the best advice I can give.
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Re: Alt-Coin BAT

Postby Fabio » Tue May 30, 2017

This gas thing is confusing me me as well, let's supposed I want to put in 10 ETH, how much gas do I give it? Would 200,000 be sufficient?
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Re: Alt-Coin BAT

Postby SilverDoge » Tue May 30, 2017

Fabio wrote:This gas thing is confusing me me as well, let's supposed I want to put in 10 ETH, how much gas do I give it? Would 200,000 be sufficient?


My best answer is I think so, but use a high gas price (if possible). I would up it to 250,000 gas limit though.
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Re: Alt-Coin BAT

Postby Fabio » Tue May 30, 2017

Alright, will give it a shot.
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Long John
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Re: Alt-Coin BAT

Postby Long John » Tue May 30, 2017

In MyEtherWallet, BAT doesn't exist in the list of tokens. Will this be created when ETH is used to buy BAT ? If I'm supposed to generate a custom token, it is not clear what is supposed to be entered in the fields.

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SilverDoge
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Re: Alt-Coin BAT

Postby SilverDoge » Tue May 30, 2017

Long John wrote:In MyEtherWallet, BAT doesn't exist in the list of tokens. Will this be created when ETH is used to buy BAT ? If I'm supposed to generate a custom token, it is not clear what is supposed to be entered in the fields.


See this is why these forums are great. It is much better to be able to explore and ask questions here than to try to simply figure everything out all by oneself.

Ok, see this guide: https://basicattentiontoken.org/wp-cont ... llet-1.pdf

Now go to the last step (7). The guide says to do this step after you've purchased the BAT, but I just did it now because the BAT address is public info. In my MEW, BAT is now listed (with a 0 balance) and it should show up automatically, once I refresh my wallet, after I successfully purchase during the crowdsale.

So enter this address into the "address" box according to the steps in the guide: 0x0D8775F648430679A709E98d2b0Cb6250d2887EF
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SilverDoge
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Re: Alt-Coin BAT

Postby SilverDoge » Tue May 30, 2017

Just to throw some additional fun into the crypto mix, apparently Chinese exchanges...

OKCoin and Huobi are adding ETH tomorrow and Thursday.

One would expect an ETH price increase based on this info, maybe?

So add that to your consideration when letting go of ETH soon too.

Decisions, decisions.
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Re: Alt-Coin BAT

Postby Altima » Tue May 30, 2017

SilverDoge wrote:Just to throw some additional fun into the crypto mix, apparently Chinese exchanges...

OKCoin and Huobi are adding ETH tomorrow and Thursday.

One would expect an ETH price increase based on this info, maybe?

So add that to your consideration when letting go of ETH soon too.

Decisions, decisions.


What are the chances that Chinese miners have been waiting to dump their ETH as well?
"Two things define you. Your patience when you have nothing, and your attitude when you have everything."

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Long John
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Re: Alt-Coin BAT

Postby Long John » Tue May 30, 2017

Ethereum at this hour is $235. I don't know if that's in anticipation of an influx of Chinese traders, but at the exchange rate set by the BAT team, my Ether is staying where it is. I suspect I will be far from the only one to reach that decision and there will be opportunities later, perhaps at a more favorable rate.

Altima wrote:What are the chances that Chinese miners have been waiting to dump their ETH as well?

I don't know the answer, but I would observe that the Chinese also mine Bitcoin, and it's over $2,000 despite that.

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Re: Alt-Coin BAT

Postby SilverDoge » Wed May 31, 2017

The ICO sale is less than 7 hours away.

The founder, Brendan Eich, came up on the slack to talk options. It appears that all funds raised above $24 million will be set aside in a designated pool. What has not been determined yet is what will happen with that pool. Options were discussed that included returning funds, investing in marketing, apps, more user growth, etc. A decision won't be made until after the ICO sale is over :shock:

That said, I doubt Brendan is trying to squeeze extra money out of people. This was a miscalculation on their part, and ETH volatility will bite you. They should have set up the ICO differently but that is the thing about an ETH smart contract - once it is deployed you can't just go edit it.... and that's the point! You want it to execute based on data, not emotions of humans. But that also means one needs to think hard about these things and all variables involved before launching your smart contract.

Bottom line, I will be investing in this ICO with less than my original desired amount. However, I will have additional funds deployed to pick up BAT on an exchange assuming it price dips. If it doesn't dip, then I just missed out a bit but I'm still holding ETH so I'm okay with that too. If it dips enough then I get to pick up more BAT at less than the ICO price. This option reduces my own personal risk, but still leaves upside.

Best of luck to all. I still see this selling out in under an hour but who knows now.
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