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Author Topic: IGNIS ICO  (Read 18086 times)

Brangdon

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Re: IGNIS ICO
August 07, 2017, 08:04:21 am

A whale got a huge chunk of the ICO? Welcome to cryptoland. Everyone had to expect exactly that, right? And there was no way to prevent it. It's an age old problem that there is no solution for yet - until someone comes up with one, this is just the good old crying about whales again.
A few solutions have been proposed. The main one is to distribute the tokens pro-rata, so everyone who applies for some gets some, in proportion to how much they were willing to spend. No-one has explained why this wouldn't work. Whales would get more, but that's fair because they are spending more. The important thing is that even minnows would get something, and the playing field would be more level.

Another thing that would help is more active PR. And I don't mean chat on Slack that is invitation only and not seen by hardly anyone. There needs to be official comment on Reddit, Bitcoin Talk. Especially now that there is some good news and the last couple of offerings seem to have been spread out more. Find out how many accounts now have the tokens and post that information. Explain how there will be more rounds and more opportunities later.
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Riker

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Re: IGNIS ICO
August 07, 2017, 01:23:16 pm

See https://nxtforum.org/nrs-releases/nrs-v1-11-7 for a release which addresses the transaction priority problem
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forkedchain

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Re: IGNIS ICO
August 08, 2017, 03:29:51 am

jolly good show, old chap
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jimboh

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Re: IGNIS ICO
August 11, 2017, 09:01:42 pm

 :'(Ok i gotta get this off my chest...i am new to the NXT/ARDOR/IGNIS world. On 8-4 decided to jump on board with the JLRDA pre sale. Shiftshaped my 10 ETH (at $221 each) to NXT at a value of .1635 and got up early for the first 2 presales that never accepted my buys. Found this board and lots of crying going on, whale trader, someone using a bot etc buying up all 5M tokens etc etc. Then downloaded the version 1.17 that was to solve everything....well i got nothing, period. Except my NXT tokens now worth .12348? And my ETH i used worth $300 each.....i have lost a lot of money on this crappy ICO presale and still holding tokens dropping like a rock. What now? Dump NXT at a hugh lose, wait for the next pre sale at .55 and hold my breath. If some whale now holds close to 60M tokens can he dump and destroy the price when and if it starts trading? I feel stuck between a rock and a hard place....any suggestions?

timjs1018

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Re: IGNIS ICO
August 11, 2017, 09:19:36 pm

:'(Ok i gotta get this off my chest...i am new to the NXT/ARDOR/IGNIS world. On 8-4 decided to jump on board with the JLRDA pre sale. Shiftshaped my 10 ETH (at $221 each) to NXT at a value of .1635 and got up early for the first 2 presales that never accepted my buys. Found this board and lots of crying going on, whale trader, someone using a bot etc buying up all 5M tokens etc etc. Then downloaded the version 1.17 that was to solve everything....well i got nothing, period. Except my NXT tokens now worth .12348? And my ETH i used worth $300 each.....i have lost a lot of money on this crappy ICO presale and still holding tokens dropping like a rock. What now? Dump NXT at a hugh lose, wait for the next pre sale at .55 and hold my breath. If some whale now holds close to 60M tokens can he dump and destroy the price when and if it starts trading? I feel stuck between a rock and a hard place....any suggestions?
This is how investment works. Crypto, stocks, whatever.
Don't invest more than you can afford to lose.

Brangdon

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Re: IGNIS ICO
August 12, 2017, 10:05:31 am

If some whale now holds close to 60M tokens can he dump and destroy the price when and if it starts trading?
There will be about a thousand million tokens. 60M is much less than 1%. For comparison, there will never be more than 21 million Bitcoin and one person owns about a million of them, which is around 5%. The person who bought the first offerings is someone who had been in Nxt since the beginning. He bought because he believes in the technology, not to make a quick buck.
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Sebastien256

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Re: IGNIS ICO
August 12, 2017, 01:21:41 pm

60M is 6% of the supply.
Please drop your ideas concerning Nxt and/or NRS in this topic -> List of feature request for Nxt and/or NRS (with the full list in OP).

Brangdon

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Re: IGNIS ICO
August 12, 2017, 07:22:16 pm

60M is 6% of the supply.
Ah; sorry. Yes, that is a lot. My point remains, though. It's not unprecedented, either for Nxt or for Bitcoin.
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neofelis

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Re: IGNIS ICO
August 13, 2017, 01:58:32 am

The person who bought the first offerings is someone who had been in Nxt since the beginning. He bought because he believes in the technology, not to make a quick buck.

That remains to be seen...

Amalgamus

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Re: IGNIS ICO
August 17, 2017, 12:14:21 am

The difference in price between the first batch at 0.4 and the last one at 1.45 is too big for the ICO to be successful until the end. Not many people will want to buy a coin that you have to pay 3.5 times the earlier lucky buyers. Especially since by buying the token you lose the NXT coins. It will be better to keep the coins NXT for the snapshot so you won't lose your NXT coins and still get the Ignis coins for free.
Then you can be assured that those who got their tokens earlier will dump them on you to cash in their added value.
100k NXT coins will get you less than 69k Ignis coins on the last week's ICO. It will be better to keep the 100k NXT and still get 50k Ignis, unless you believe the 19k Ignis are worth 100k NXT.
« Last Edit: August 17, 2017, 12:19:54 am by Amalgamus »

Sebastien256

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Re: IGNIS ICO
August 17, 2017, 12:16:50 am

The difference in price between the first batch at 0.4 and the last one at 1.45 is too big for the ICO to be successful until the end. Not many people will want to buy a coin that you have to pay 3.5 times the earlier lucky buyers. Especially since by buying the token you lose the NXT coins. It will be better to keep the coins NXT for the snapshot so you won't lose your NXT coins and still get the Ignis coins for free.
Then you can be assured that those who got their tokens earlier will dump them on you to cash in their added value.
100k NXT coins will get you less than 69k Ignis coins on the last week's ICO. It will be better to keep the 100k NXT and still get 50k Ignis.

I think this all depends on what is plan for IGNIS and Ardor. Most probably, Jelurida will announced many good news for the Ardor platform and you may want to get in, even at that price tag.
Please drop your ideas concerning Nxt and/or NRS in this topic -> List of feature request for Nxt and/or NRS (with the full list in OP).

Amalgamus

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Re: IGNIS ICO
August 17, 2017, 12:29:48 am

Sorry, I edited my post while you were answering :)
So the news needs to be really good for people willing to pay 100k NXT for 19k Ignis.

Sebastien256

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Re: IGNIS ICO
August 17, 2017, 12:33:21 am

In any case, very interesting time ahead...  ;D
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ThomasVeil

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Re: IGNIS ICO
August 18, 2017, 01:03:51 am

I think this all depends on what is plan for IGNIS and Ardor. Most probably, Jelurida will announced many good news for the Ardor platform and you may want to get in, even at that price tag.

Heh, I had similar wishful thoughts: They must be some real good news in the back-pocket. Else the way the ICO is arranged doesn't make much sense. 
But strangely for both Ignis - to make people invest in the later stages - and then for NXT... because else they sit on a ton of NXT they need to sell, and nobody is going to buy anymore.
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Brangdon

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Re: IGNIS ICO
August 18, 2017, 07:35:47 am

The difference in price between the first batch at 0.4 and the last one at 1.45 is too big for the ICO to be successful until the end. Not many people will want to buy a coin that you have to pay 3.5 times the earlier lucky buyers. Especially since by buying the token you lose the NXT coins. It will be better to keep the coins NXT for the snapshot so you won't lose your NXT coins and still get the Ignis coins for free.
Then you can be assured that those who got their tokens earlier will dump them on you to cash in their added value.
100k NXT coins will get you less than 69k Ignis coins on the last week's ICO. It will be better to keep the 100k NXT and still get 50k Ignis.

I think this all depends on what is plan for IGNIS and Ardor. Most probably, Jelurida will announced many good news for the Ardor platform and you may want to get in, even at that price tag.
I would expect everything about Ardor to already be in the white paper prospectus thing. The most likely positive change is marketing. We had around 800 people trying to buy the token. Worldwide, there must be a lot more than that involved with Bitcoin, Etherium etc, and if the Ardor vision could be explained to them I think they would be interested.
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rufeh

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Re: IGNIS ICO
August 18, 2017, 03:35:55 pm

A whale got a huge chunk of the ICO? Welcome to cryptoland. Everyone had to expect exactly that, right? And there was no way to prevent it. It's an age old problem that there is no solution for yet - until someone comes up with one, this is just the good old crying about whales again.
A few solutions have been proposed. The main one is to distribute the tokens pro-rata, so everyone who applies for some gets some, in proportion to how much they were willing to spend. No-one has explained why this wouldn't work. Whales would get more, but that's fair because they are spending more. The important thing is that even minnows would get something, and the playing field would be more level.

Another thing that would help is more active PR. And I don't mean chat on Slack that is invitation only and not seen by hardly anyone. There needs to be official comment on Reddit, Bitcoin Talk. Especially now that there is some good news and the last couple of offerings seem to have been spread out more. Find out how many accounts now have the tokens and post that information. Explain how there will be more rounds and more opportunities later.

How about a smallest order in first order out approach? While imperfect, it allows for the smallest orders placed at the top of the queue of total orders to get processed first. This rather than allowing for multi-million NXT orders to front-run the entire ICO seems like a fairer solution.

neofelis

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Re: IGNIS ICO
August 18, 2017, 03:54:20 pm

How about a smallest order in first order out approach? While imperfect, it allows for the smallest orders placed at the top of the queue of total orders to get processed first. This rather than allowing for multi-million NXT orders to front-run the entire ICO seems like a fairer solution.

Thats a pretty good idea, or some variant thereof.
« Last Edit: August 18, 2017, 03:58:04 pm by neofelis »

Brangdon

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Re: IGNIS ICO
August 18, 2017, 06:13:33 pm

A whale got a huge chunk of the ICO? Welcome to cryptoland. Everyone had to expect exactly that, right? And there was no way to prevent it. It's an age old problem that there is no solution for yet - until someone comes up with one, this is just the good old crying about whales again.
A few solutions have been proposed. The main one is to distribute the tokens pro-rata, so everyone who applies for some gets some, in proportion to how much they were willing to spend. No-one has explained why this wouldn't work. Whales would get more, but that's fair because they are spending more. The important thing is that even minnows would get something, and the playing field would be more level.

Another thing that would help is more active PR. And I don't mean chat on Slack that is invitation only and not seen by hardly anyone. There needs to be official comment on Reddit, Bitcoin Talk. Especially now that there is some good news and the last couple of offerings seem to have been spread out more. Find out how many accounts now have the tokens and post that information. Explain how there will be more rounds and more opportunities later.

How about a smallest order in first order out approach? While imperfect, it allows for the smallest orders placed at the top of the queue of total orders to get processed first. This rather than allowing for multi-million NXT orders to front-run the entire ICO seems like a fairer solution.


Would you be OK with whales creating thousands of small orders?
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neofelis

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Re: IGNIS ICO
August 19, 2017, 02:25:29 pm

Sure, what a pain in the ass it would be.  But a randomization of the process would ensure everybody has the same chance to buy, even if they're buying different a amounts.   

Maybe have a special feature of the NRS strictly for ICOs that allows people to place their orders in advance and then randomly allow them to purchase coins if they get selected. 

Just a thought...

Brangdon

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Re: IGNIS ICO
August 19, 2017, 06:57:58 pm

Sure, what a pain in the ass it would be.  But a randomization of the process would ensure everybody has the same chance to buy, even if they're buying different a amounts.   
A whale with 1000 orders would be more likely to buy than a minnow with 1 order.
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