Alt-Coin Bancor

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SilverDoge
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Alt-Coin Bancor

Postby SilverDoge » Wed Jun 07, 2017

This alt-coin is admittedly complex. All of these smart contract type platforms take some real in-depth understanding if you really want to understand the code, structure, use cases, etc. My opinion though is that one or several of these smart contract throughput coins will be the "amazon" or "google" of the blockchain tech. I just don't know which one it will be, so I am trying to be in as many as possible, as early as possible. This ICO will be uncapped for the first hour only, then it will either stop (if the cap is already reached) or continue until the cap is reached. The caveat is that the cap is unknown to investors, but you can track how much ETH is coming in via the Etherscan.io website once they publish the ETH send address two days before the ICO. I will update the thread with that data.

Bancor ICO release date is 12JUN17. Purchase with Ether.

Website: https://bancor.network/

Whitepaper: https://bancor.network/static/Bancor_Pr ... per_en.pdf

FAQ page: https://bancor.network/faq/

ICO details: https://blog.bancor.network/bancor-netw ... cc85a63812

Quicker summary of Bancor: https://www.investitin.com/bancor-cryptofund/

Let the fun begin.
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SilverDoge
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Re: Alt-Coin Bancor

Postby SilverDoge » Wed Jun 07, 2017

If you want to skip to just the Bancor section, skip to 12:50 on the first video. He starts it talking about Bitcoin, ETH and the crypto evolution in general.



The second video says we don't know the conversion rate. My understanding is that it is now official at 1 ETH = 100 Bancor tokens, but I will let you know if that changes.

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Bucketeer
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Re: Alt-Coin Bancor

Postby Bucketeer » Wed Jun 07, 2017

Bancor is just another sh*tcoin. If you buy it, trade it , and buy Bitcoin with your profits. (Hopefully).

Seriously?
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SilverDoge
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Re: Alt-Coin Bancor

Postby SilverDoge » Wed Jun 07, 2017

Bucketeer wrote:Bancor is just another sh*tcoin. If you buy it, trade it , and buy Bitcoin with your profits. (Hopefully).

Seriously?


I think we know your position already. You don't need to explicitly state it on every thread ;)
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Re: Alt-Coin Bancor

Postby Altima » Wed Jun 07, 2017

Not sure if it's coincidental or not, but both ARK and WINGS literally mooned the last few days.

And yes,both have something to do with BANCOR. :pop:
"Two things define you. Your patience when you have nothing, and your attitude when you have everything."

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Re: Alt-Coin Bancor

Postby SilverDoge » Thu Jun 08, 2017

Individual State laws are coming around in crypto. Some like Nevada have outlawed crypto taxes, others like New Hampshire are passing laws where the new rules exempt "persons conducting business using transactions conducted in whole or in part in virtual currency" from the state's money transmitter regulations. Well done. Live free or die NH!

And then there are the other kind of States, like New York and Washington.

http://www.coindesk.com/virtual-currenc ... itter-law/

And they put up obstacles for businesses to come in and thrive, under the guise of protecting the consumer, when they just want more money from any business for any reason, because they are in debt up to their eyeballs.

Well Bancor will save them the hassle. If I am understanding this decentralized smart token concept correctly, as it is admittedly complex, one may not even need a typical exchange anymore. So these regulations could be outdated even before they go into effect.

Less than 4 days away.
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Re: Alt-Coin Bancor

Postby SilverDoge » Sat Jun 10, 2017

How to contribute to the fundraiser:

https://blog.bancor.network/how-to-cont ... 06654a1a08

The sending ETH address should be revealed on their website soon: https://bancor.network/fundraiser

I am going back and forth on the "right" way to contribute to this one. If they raise $500 million in the first hour that is going to make me leery, and they will almost surely have reached their cap and end it at an hour. That leaves room for upside, but not nearly as much. And this ICO is no secret.

Now another technique would be to track the funds during that first hour and choose to contribute only if they are under a certain starting amount like $100 million, or $250 million or something. The problem is we don't know their hidden cap. What I do know is that I will at least wait until the second half hour, during that opening hour, to make a decision to fund or not.

Less than 2 days away now.
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Re: Alt-Coin Bancor

Postby Altima » Sat Jun 10, 2017

I can't help but this this project is akin to creating a reserve currency, aka the one coin to rule them all. Sounds rather ambitious, but it seems they're serious about working with the other teams on this. I'm going long for this one (better than that BATshit coin) :lol:
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Re: Alt-Coin Bancor

Postby SilverDoge » Sat Jun 10, 2017

Altima wrote:I can't help but this this project is akin to creating a reserve currency, aka the one coin to rule them all. Sounds rather ambitious, but it seems they're serious about working with the other teams on this. I'm going long for this one (better than that BATshit coin) :lol:


I still have not hit my BAT buy in price between $0.15 and $0.20 so I'm still on the sidelines there.

Bancor announced a partnership with Aragon here: https://blog.aragon.one/announcing-our- ... 1b43e125dc

They also just announced a 4 hour delay in the ICO release time, to better accommodate a larger percentage of users. So 2 days from right about now. June 12, 2pm GMT.

They have also put caps on gas and gwei so one can't "cheat" the system and overpay to get in first with a huge transaction like with the BAT ICO. At least these companies are learning. So gas price max of 50 gwei and gas limit 200,000. Don't go over those.

Further dev announcement: We have decided to allocate any proceeds collected in the minimum hour which exceed the hidden cap as follows:
20% will be allocated to the BNT Ether Reserve, to further improve the liquidity of BNT, which increases stability while reducing conversion costs (price slippage) for all.
80% will be locked for two years in a smart contract that will buy back BNT for 0.01 ETH (the initial price) whenever it is available, according to its calculated price. The purchased BNT will be added to the Foundation’s long-term budget, and after a 2-year period, any remaining ETH will be allocated pro-rata according to the “Use of Proceeds” chart in our Token Creation Terms.

This is actually a very smart long-term move for Bancor. Well done.

This coin is a buy and long-hold. If you buy it, I recommend sitting for awhile and watching the amazing tech and DAPPS that will go into this network.

Now I have to decide on my level of entry. Decisions, decisions.
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Re: Alt-Coin Bancor

Postby SilverDoge » Sun Jun 11, 2017

BANCOR's ETH receiving address is: 0xBbc79794599b19274850492394004087cBf89710

From the website here: https://bancor.network/fundraiser

Don't send it before the fundraiser starts though. You will get BNT coin sent back to your wallet immediately (which is another reason you do NOT want to send from an exchange address as they will not support that action).
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Re: Alt-Coin Bancor

Postby Long John » Sun Jun 11, 2017

I'm not sure I'm getting in on this, after the BAT experience (but that one is also a long hold). There is a school of thought: "Steer clear of ICOs!" that has some merit, but then you forego any ground-floor participation. It is a good question: If I do five ICOs in hopes of being in the one that Hits It Big, is that better than waiting, watching, and striking when one of them shows signs of real movement? I guess it depends on one's taste for risk, and one's craving to be in at the absolute beginning of something special. What if I were one of the original investors of Amazon or Google?

The entry point of $3.30+ per coin (at current ETH price) will give some people pause, at least should keep the ICO from being swarmed by people who think to immediately sell for 10X.

Is there any reason why you could not send from a wallet other than MEW? I went to the trouble of (vainly) creating a MEW for the BAT so-called ICO. I'm not sure Exodus allows you to set a gas amount, which would probably result in the transaction not being accepted?

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Re: Alt-Coin Bancor

Postby Altima » Sun Jun 11, 2017

Long John wrote:I'm not sure I'm getting in on this, after the BAT experience (but that one is also a long hold). There is a school of thought: "Steer clear of ICOs!" that has some merit, but then you forego any ground-floor participation. It is a good question: If I do five ICOs in hopes of being in the one that Hits It Big, is that better than waiting, watching, and striking when one of them shows signs of real movement? I guess it depends on one's taste for risk, and one's craving to be in at the absolute beginning of something special. What if I were one of the original investors of Amazon or Google?

The entry point of $3.30+ per coin (at current ETH price) will give some people pause, at least should keep the ICO from being swarmed by people who think to immediately sell for 10X.

Is there any reason why you could not send from a wallet other than MEW? I went to the trouble of (vainly) creating a MEW for the BAT so-called ICO. I'm not sure Exodus allows you to set a gas amount, which would probably result in the transaction not being accepted?


Main reason why you need to send from MEW or supported wallets is because most of the time, you will get your tokens immediately. Wallets like Exodus don't support ERC20 tokens unless they specifically say so. This is why it's better to check beforehand which wallets are best in sending your tokens from (and receiving them after). As someone else pointed out, it's best to use MEW or Parity (you can set the gas and gas price there). Both have worked seamlessly for me in the past, except the BAT crowdsale :lol:
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Re: Alt-Coin Bancor

Postby Marchas45 » Sun Jun 11, 2017

Ok! you guys are losing me. What is MEW? I read the BANCOR Protocol and it says, " •BNT Token will be sent immediately to the wallet from which the ETH arrived. So do I need a wallet that accepts BANCOR? If so who handles it?
Also checked out Aragon but that is a pay site which I'm not into. Any suggestions?
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Re: Alt-Coin Bancor

Postby silverbender » Sun Jun 11, 2017

Marchas45 wrote:Ok! you guys are losing me. What is MEW? I read the BANCOR Protocol and it says, " •BNT Token will be sent immediately to the wallet from which the ETH arrived. So do I need a wallet that accepts BANCOR? If so who handles it?
Also checked out Aragon but that is a pay site which I'm not into. Any suggestions?
MEW is My Ethereum Wallet.
I've always had one but did not put together the acronym till a day ago lol

https://www.myetherwallet.com/
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Re: Alt-Coin Bancor

Postby SilverDoge » Sun Jun 11, 2017

Marchas45 wrote:Ok! you guys are losing me. What is MEW? I read the BANCOR Protocol and it says, " •BNT Token will be sent immediately to the wallet from which the ETH arrived. So do I need a wallet that accepts BANCOR? If so who handles it?
Also checked out Aragon but that is a pay site which I'm not into. Any suggestions?


If you use the MyEtherWallet (MEW), the BANCOR (BNT) token will be sent back to your MEW automatically. You don't have to do anything. It is a smart contract that sends the BNT to the appropriate address.
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Re: Alt-Coin Bancor

Postby silverbender » Sun Jun 11, 2017

I think the ETH run up was driven by people getting set up for the Bancor ICO.The ETH/Token pairs I have been trading have become stagnant today.
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Re: Alt-Coin Bancor

Postby Marchas45 » Sun Jun 11, 2017

:lol: Got it all figured out, now to send all my BAT to my ETH wallet, still waiting for the HYP to show up on the Ethplorer so that I can put that in my wallet. Learning, Learning, Learning. :thumbup: :thumbup:
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Re: Alt-Coin Bancor

Postby Silversaving » Sun Jun 11, 2017

Going to test my "blind man throwing darts" theory with this one. Don't care what it does or who's running it, I'll buy 1k of the tokens tomorrow and see where it goes.

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Re: Alt-Coin Bancor

Postby Long John » Mon Jun 12, 2017

As was the case with the BAT crowdsale, there is no BNT on the token list and it must be created manually. What goes in the "address" field? I could not find that on the Bancor site.

If you don't create a token manually, what happens when it arrives? What would you see?

I plan to make only a "token" (ha ha) investment of 1 Ether. Hey, at $350, that's nothing to sneeze at for the ground floor. That would have bought 1,000 Ether when it was first issued. In any event, is it overkill to add 200,000 gas for a single Ether?

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Re: Alt-Coin Bancor

Postby SilverDoge » Mon Jun 12, 2017

Long John wrote:As was the case with the BAT crowdsale, there is no BNT on the token list and it must be created manually. What goes in the "address" field? I could not find that on the Bancor site.

If you don't create a token manually, what happens when it arrives? What would you see?

I plan to make only a "token" (ha ha) investment of 1 Ether. Hey, at $350, that's nothing to sneeze at for the ground floor. That would have bought 1,000 Ether when it was first issued. In any event, is it overkill to add 200,000 gas for a single Ether?


I will be in this for 5 ETH or less. I originally had a bit bigger budget for it, but I think that is plenty for me, for now.

If you don't add BNT as a custom token prior, I'm sure it will be added automatically. I don't know the specs for adding it myself, and I don't plan on adding it prior.

200,000 gas isn't overkill, it is the required amount for ICO participation. Bullet point #4 here: https://bancor.network/fundraiser

We are less than 8 hours away.
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