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Bancor has lost more than half its value since June ICO

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Re: Bancor has lost more than half its value since June ICO

#81

Post by josephagoss »

Most people in the scene were warning people away from Bancor due to the large amount of money being raised. Generally large raises will result in a massive fall regardless of the teams performance short term.

Also it was never clear how their token fit into the future of the CryptoCurrency ecosystem.

It always seemed like an ICO-token without a purpose, looking to invent one.

Thing is most of these dapp ideas would gain a larger network effect and be more efficient just by using ETH.

Re: Bancor has lost more than half its value since June ICO

#82

Post by tibbon »

tradersam wrote: post #71
sebleon wrote: post #45

Earlier quoted context omitted.

In most of the developing world, hyperinflation is rare too.

Not really. Zimbabwe, Yugoslavia, Hungary, China (1945). It's not rampant, but it's not rare.

Venezuela has been pretty bad off recently too.

Re: Bancor has lost more than half its value since June ICO

#83

Post by scottlocklin »

curiousgal wrote: post #21
emmab wrote: post #15

Why do so many cryptocurrency projects seem so meta? Platforms for creating platforms, coins for creating coins.

I just googled it and the description says The Bancor protocol enables built-in price discovery and a liquidity mechanism for tokens on smart contract blockchains Talk about buzzwords and mumbo jumbo.

It's pretty standard finance bilge that means "auction."

Re: Bancor has lost more than half its value since June ICO

#84

Post by vosper »

velcro wrote: post #49

ICOs are more akin to angel/VC rounds than IPOs - you often invest in a idea thats still not fully developed and might need 1-2 years to come out on the market. The huge difference to traditional investing is that shares/tokens are immediately tradable and small(ish) crypto investors have 0 patience to wait those 1-2 years so they often sell early and crash the price to go looking for another get-rich scheme. Thats a…

They're angel "investing" in the sense that none will be around in 2 years. That's about the only connection to angel investing these scams have.

Re: Bancor has lost more than half its value since June ICO

#85

Post by s17n »

tedeh wrote: post #72
rublev wrote: post #19

Earlier quoted context omitted.

That's exactly the level of plausible deniability they need, so people like you come to the comments defending them. I promise you 0% of these coins will be a thing 10 years out. I'll put money on that.

Could we express this wager as a smart contract perhaps?

Is there a market for shorting tokens because if so I want some of that action.

Re: Bancor has lost more than half its value since June ICO

#86

Post by s17n »

random_rr wrote: post #60
s17n wrote: post #58

Earlier quoted context omitted.

There are reasons to write off the entire concept, though. Tokens are a stupid idea - universality is the whole point of currency. And it's pretty obvious that everybody who is promoting an ICO is doing it cause it's easy money (compared to more traditional means of raising capital), even if they are actually planning to build the product that they say they are. As a general rule of thumb, any Ethereum contract that…

Yeah, universality is the whole point of currency. That's definitely why every holiday season, millions of people buy gift cards to people's favorite stores. Please.

1. Gift cards are dumb

2. If "the gift cards of the future" was the pitch for tokens, nobody would pay them any attention.

Re: Bancor has lost more than half its value since June ICO

#87

Post by Hermel »

everdev wrote: post #14
joosters wrote: post #5

I'm sure Bancor couldn't care less about their token price collapsing. They've already got all of the "investors'" money. In fact, they could just walk away right now instead of carrying on developing the system. The brave new world of ICOs offers no protection against companies failing to follow through on their ICO roadmap. Maybe Bancor could use the token collapse as an excuse to quit now?

The SEC might say otherwise. There are plenty of civil and criminal options for recourse if they simply "walk away".

Ironically, it is the SEC and it's regulation that made Bancor structure their ICO the way they did. To escape being classified as a security, you have two options: either give the tokens away for free, or promise nothing. Most crypto startups do the latter.

Re: Bancor has lost more than half its value since June ICO

#88

Post by sebleon »

tradersam wrote: post #71
sebleon wrote: post #45

Earlier quoted context omitted.

In most of the developing world, hyperinflation is rare too.

Not really. Zimbabwe, Yugoslavia, Hungary, China (1945). It's not rampant, but it's not rare.

3% of countries is a small minority. (6/195 countries, you missed Venezuela-now and Ecuador-1999)

Besides, these tend to happen infrequently (like once in a century per country), people underestimate risk, and blame politicians instead of the system. It would be beautiful if a critical mass of people would come to the conclusion that monetary system needs to change...

Re: Bancor has lost more than half its value since June ICO

#89

Post by the_stc »

emmab wrote: post #67
the_stc wrote: post #50

Earlier quoted context omitted.

This is accurate. My startup is blockchain funded, but we have a serious money-making business model. But some people still want the sexy smart contract tech decentralized sound clips to get really hyped. People give us a hard time because our core team is anonymous (key part of being an extrajurisdictional company). It's a fair criticism! And the most obvious. Bancor had a bunch of smiling faces making up their top…

> This is accurate. My startup is blockchain funded, but we have a serious money-making business model. But some people still want the sexy smart contract tech decentralized sound clips to get really hyped. Attracting people to invest in your venture who don't actually have a reasonable capability to determine whether it's a good idea is unethical. If the "sexy smart contract tech" is a compromise to convince your in…

Exactly! We do not play that game. We're clear that our app uses traditional tech and isn't some magic dApp fairy dust.

Re: Bancor has lost more than half its value since June ICO

#90

Post by decentralised »

everdev wrote: post #14
joosters wrote: post #5

I'm sure Bancor couldn't care less about their token price collapsing. They've already got all of the "investors'" money. In fact, they could just walk away right now instead of carrying on developing the system. The brave new world of ICOs offers no protection against companies failing to follow through on their ICO roadmap. Maybe Bancor could use the token collapse as an excuse to quit now?

The SEC might say otherwise. There are plenty of civil and criminal options for recourse if they simply "walk away".

Bancor's ICO is not covered by SEC.
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