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Bancor has lost more than half its value since June ICO

bloomberg.com

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

#101

Post by decentralised »

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?

That's just an opinion masked as an argument.

The brave new world of crowdfunding is not that new, but the allergic reactions to it seem odd.

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

#102

Post by decentralised »

Bancor's been plagued with some technical problems that have been exploited by miners and hackers to front-run their algorithm.

The explanation for the losses are related to the price stabilisation / automated market making algorithm being exploited while in its early infancy.

I'm really sad at the reactions people on HN have to Blockchain businesses and topics, but I am confident this is a case of horse-traders dissing on Ford Model T. It's like the SV crowd is finding it hard to believe no one wants another social media uber for X whatever now that the money and the spotlight are shining on communities very far from your own.

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

#103

Post by weej »

ojr wrote: post #53
weej wrote: post #34

Earlier quoted context omitted.

Not sure I'd equate online gambling with legitimate (legal) use case. Even still if legal for use in given location (territory) why not leverage credit card or paypal? Unless you're doing some illegal (e.g. money laundering), there's no need and zero add for cryptocurrency for gambling. I don't need a distributed ledger with block consensus and wasting power computation to carry out a merchangt transaction.

think about poker use a centralized server with closed source code shuffle the deck or use code open for all to see on the ethereum blockchain. Also more fair and transparent for auctions.

ICO or block chain != open source.

Think about a smart contract that has immutable code in it that has a bug regarding shuffling of the deck or misuse/error on financial transfer. There's nothing to think about or do...it's immutable. Once released on ethereum you're out of luck.

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

#104

Post by weej »

mhluongo wrote: post #42
weej wrote: post #24

Earlier quoted context omitted.

That's the problem. The investors for ICOs are backing on blockchain as if it's some amazing new innovation that's "going to change the world".

It's just an incentive and control plane for other stuff. You still need the other stuff.

Yes, and I'm asking for legitimate "other stuff" that applicable for an ICO and/or blockchain. Been waiting for a while on this one.

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

#105

Post by ojr »

weej wrote: post #103
ojr wrote: post #53

Earlier quoted context omitted.

think about poker use a centralized server with closed source code shuffle the deck or use code open for all to see on the ethereum blockchain. Also more fair and transparent for auctions.

ICO or block chain != open source. Think about a smart contract that has immutable code in it that has a bug regarding shuffling of the deck or misuse/error on financial transfer. There's nothing to think about or do...it's immutable. Once released on ethereum you're out of luck.

it is common practice now to place a function that can self-destruct the contract and start a new one, selfdestruct() is a reserved global function in Solidity, instead of criticizing blindly maybe learn more about writing smart contracts, there are unforeseen flaws in a new open source development platform no surprise there...

Think about running an auction and placing bids, I can place a bid and not have the money which can only be resolved in an alley way or a court with us dollars or we can conduct a more open auction and even a blind auction with cryptography on the blockchain, it is also easier for everyone to participant globally without sacrificing the privacy of giving your card information, I don't have anything to hide but would you consider giving a financial company like Equifax your personal information a safe thing?

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

#106

Post by s17n »

s17n wrote: post #86
random_rr wrote: post #60

Earlier quoted context omitted.

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.

Also, gift cards are almost always denominated in terms of an actual currency.

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

#107

Post by user5994461 »

weej wrote: post #34
ojr wrote: post #29

Earlier quoted context omitted.

the online gambling market is adopting bitcoin, or do you prefer cashing checks from Taiwan?

Not sure I'd equate online gambling with legitimate (legal) use case. Even still if legal for use in given location (territory) why not leverage credit card or paypal? Unless you're doing some illegal (e.g. money laundering), there's no need and zero add for cryptocurrency for gambling. I don't need a distributed ledger with block consensus and wasting power computation to carry out a merchangt transaction.

Gambling is legal in most countries. Though it's usually only allowed through a dedicated state controlled monopoly.

Online gambling sites can take card just fine using the same card processors as other companies.

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