Breaking Beyond Bitoin: EOSIO/EOS Token Sale Github Repo is Available!

bigmo (44) · 7 years ago

The AGS style pre-sale (proportional splitting) has its drawbacks. BitShares Music (Peertracks/Muse) did this type of daily distribution of a set number of tokens. A few whales acquired quite large amounts everyday for several consecutive weeks, thus diluting everyone else's acquisitions. I had to upload the angelshare website data daily and write a program just to determine how much to trickle in just to get a decent bang for my buck.

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officialfuzzy (75) · 7 years ago

wellll wellll well.....
perhaps you should give that to the community to use in return for some whaleshares from me?? ;)

it would help everyone...

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tomm (47) · 7 years ago

In layman's terms, to us dummies who don't quite understand..please..

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8 votes

knircky (73) · 7 years ago (edited)

They are planning to release funds in two steps:

200M in the first 5 days. Then 800m daily over 1 year.

Each time the funds will be auctioned off. That means you sent money to a contract and you receive a %age of the funds released in this cycle relative to how much you spend vs everyone else in that cycle.

But keep in mind that this is subject to change.

Overall I think this is fabulous ICO model. It is fair and a crazy price cannot be established. You have one year to get your coins too.

Dan's solutions just always work.

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4 votes

officialfuzzy (75) · 7 years ago (edited)

Thought it is not true that dans solutions just always work...it IS true that he seems to learn more and become more accurate and polished every single time he launches something.

And yes. It is SUBJECT TO CHANGE. Which also means this is perfect time to give your opinions and thoughts directly to him in OES telegram. Your thoughts might actually effect how the token sale goes!

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dean18 (48) · 7 years ago

lol i second that...

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wolfofcrypto (41) · 7 years ago

I tried to break it down as simple as possible here: https://steemit.com/eos/@wolfofcrypto/eos-initial-thoughts-on-how-to-play-the-eos-ico

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stackin (78) · 7 years ago

I got confused haha... I will do more research. Thanks :)

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officialfuzzy (75) · 7 years ago

That is how u learn! :)

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stackin (78) · 7 years ago

That's the truth! Appreciate you boss 💪🏼🙌🏼💯

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ladygray (48) · 7 years ago

@tomm @ogoowinner
ICO = Initial Coin Offering. If you don’t know crypto lingo think of it this way. You get the opportunity to invest into a new company. It’s like buying stocks in a company when the stocks are at their lowest(when they are very new). Nearly all the whales in this community were part of Steem’s ICO. It is a risk reward assessment.

Now Dan has a track record for creating crypto companies that end up successful. So he’s going to attract attention from big investors. I’m talking about people who are going to invest in the hundreds of thousands to the millions of $’s.

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ladygray (48) · 7 years ago

If you're still following here is the second part to this.

This ICO that is being proposed is a very different from today's standard ICO’s. Normally what happens in an ICO is there is a time frame opened ( about a few weeks to a month) and you get a handful of investors (maybe a few thousand) that come in and gobble up all the stocks/coins.

As a result what happen is low liquidity. When we say liquidy in cyropt talk it’s about the markets ability to handle when people cash out their coins/stock for cash. Imagine if the facebook own Mark Zuckerberg left he cashed out of Facebook, (He own like 25% of the 100billion company). Every other investor has lost 25% of their stocks value. The stock crashes. But lucky for stock investors there are rules that prevent such things in the stock exchange, but in the cryptocurrency market you can buy 25% of a stock then cash out. This happens all the time in the crypto market. These investors are no joke making millions of dollars by doing this. (This topic can go on forever about the market manipulation that happens in the crypto market)

Which get’s to this ICO’s unique selling idea. By locking in investors and spreading the ICO out over the course of a year. He is building high liquidity. So instead of having a handful of investors you have a pool full.

I like his idea but my biggest worry is this.
One year token lock is a fairly long time in an industry that is changing in leaps and bounds by the month. I feel like the same effect can be accomplished in 6 months. I will also second what @hatchi said it will make investors hesitant. I want to believe it will stop the crypto wolves from appearing but it probably won't.

If too many people invest into the 200 million eos sell then what if the token becomes worth too much, like 30 cent a pop… that would discourage the rest of the investors for the rest of the 360 day ico sale. And at 30 cent a token he may not be able to sell that many a day, so what happens to the people who paid 30 cent a token, does it depreciate rapidly?...

Or maybe he can do what ripple does, unsold tokens at the end of the day get tossed into the bucket rather than released into the network. This way the token does not devalue and everyone is locked in at the same purchasing price.

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6 votes

rok-sivante (75) · 7 years ago

"If too many people invest into the 200 million eos sell then what if the token becomes worth too much, like 30 cent a pop… that would discourage the rest of the investors for the rest of the 360 day ico sale. And at 30 cent a token he may not be able to sell that many a day, so what happens to the people who paid 30 cent a token, does it depreciate rapidly?..."

isn't this backwards?

I mean - essential price established in first 5 days is (USD value of contributions)/(200,000,000)

so the MORE invested, the CHEAPER the price...

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officialfuzzy (75) · 7 years ago (edited)

yes and no...damn. it is true if the amount of money going in on first day reaches a kind of network effect

But there is the opposing force of fewer tokens per $1.

Dan however is likely just saying free market will establish the price and he expects this day to have the most volume and therefore made it so a large amount could be purchased to establish that price on the first day. And sadly there is very little historical data on this one because ags was only tried once...though it is a very fair distribution scheme imo.

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officialfuzzy (75) · 7 years ago (edited)

Yup. This is very well stated. :)

However it is important also to note they call it a token sale. I suspect this is for legal reasons.

I like the idea of locking them away though to help...and sadlu woth ripple it has worked. However woth ripple it has also lost a GREAT DEAL of respect

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ogoowinner (70) · 7 years ago

@officialfuzzy, please pardon my ignorance and lack of Tech understanding.

In layman's terms can you please tell me how this works? And how I can invest in it?

I've been seeing posts about it, and I really want to participate, but I don't understand a thing about it.

Thanks.

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4 votes

alexpmorris (65) · 7 years ago

good summary of the token drop here @ogoowinner:

Link: First thoughts about the proposed EOS token sale

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Link: The "SECRET" to properly summoning randowhale and Whaleshares to MAXIMIZE your ROI!

alexpmorris (65) · 7 years ago

and for a better understanding of Whaleshares and randowhale: (given all the Whaleshares logos at the bottom of the post lol)

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ogoowinner (70) · 7 years ago

Thanks so much for this @alexpmorris

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officialfuzzy (75) · 7 years ago

Imagine a certain amount of tokens available every day. People choose to invest in it but can see how much others have too. But the more you invest each day the more you have to shares with others from the same pool. This will likely last for a period of time (if its anything like protoshares/angelshares days.

In angelshares days it was i believe over the course of 180 or 200 days. If memory serves correctly it aas 200 days. So each day you get a new chance to be first in. But if you invest everything in one day you will likely lose out more than if you "trickle" investment.

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ogoowinner (70) · 7 years ago

Oh! Thanks so much for this @officialfuzzy. I appreciate the effort to make me understand it.!

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nicnas (66) · 7 years ago

I am very excited about this. I got goose bumps right now. This may be the bigest project release to date. It is a little overwhelming and am unsure of what the full potential is but i am sure of a couple things. There are a lot of possibilities, great people behind it, great tech (same amazing blockchain), and a community that is unheard of.

I am excited... as you can probably tell.

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ogoowinner (70) · 7 years ago

@nicnas, Please make me be a part of this excitement.

In layman's terms, explain to me what this is all about. Thanks.

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nicnas (66) · 7 years ago (edited)

The creator Dan (dan the man) is behind BitShares, Graphene and Steem technologies.
Scalability of Graphene and the power of Ethereum’s smart contracts combined
"EOS is structured like a group of people and/or scripts (bots) that are exchanging messages between them. It could be thought of as an email system where every user or bot has an account"

So if you listened to any of Dans talks he describes how it will be faster than any known current system of transactions. Faster than the Visa credit card system. Allows hundreds of thousands of transactions a second.

So in reality there so many useless alt coins out there. This may just be the ultimate unbeatable one. A very good investment in my opinion.

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ogoowinner (70) · 7 years ago

@nicnas, thanks so much for this. But how do I invest in it now?

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nicnas (66) · 7 years ago (edited)

you cannot yet. They are running tests and asking for suggestions. I am a little worried about breaking up the tokens into different windows. I think this is too much of a gamble and may make people hesitate. I do though understand not wanting to sell out in the first few minutes like some of the others, thus creating monopolies within the market.

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deanpress (43) · 7 years ago

These are my thoughts as well. Although I understand where the EOS team is coming from, the current ico model does not yet seem like an ideal solution. I do have faith in Daniel and the project and fully expect that things will work out!

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nicnas (66) · 7 years ago

yeah exactly. I wont stress about what they do. Ill let them do the research and find out what makes the most sense.

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ogoowinner (70) · 7 years ago

@nicnas, thanks so much for your response. Followed you.

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johnsmith (64) · 7 years ago

They better run the ICO through BTS and/or STEEM. To use ETH would be a crime. The liquidity and visibility this ICO could bring to Bitshares would be incredible.

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rok-sivante (75) · 7 years ago

though it could also potentially bring a shitload of visibility to the Ethereum community, using ETH...

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officialfuzzy (75) · 7 years ago

me thinks you have a double meaning here :)

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officialfuzzy (75) · 7 years ago

its already bringing it if u are noticing cause dan promotes bitshares and steem everywhere he goes. :)

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akrid (62) · 7 years ago

Awesome! Thanks for keeping me up to date! EOS looks more promising than anything I've witnessed. I consider myself lucky to witness the early stages.

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jeezzle (70) · 7 years ago (edited)

It's very cool. I got an email from EOS today and I was looking through this.

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jubedube (46) · 7 years ago

I get nervous just thinking about how insane this is going to be. There is a lot of attention on this. I dearly hope I am not busy when this thing launches!!!

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tosomethingnew (40) · 7 years ago

Distribution model is terrible. Will create a rush for the first 20%. I predict you will overpay on most blocks in comparison with the exchange prices. An nice to see that Dan uses his own creation Ethereum -- ey, wait, it was not him, he created bitshares and is using Ethereum... wow!

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officialfuzzy (75) · 7 years ago

Interesting input. Consider joining eos to talk about it.

Ags crowdfunding was amazing but admittedly it did not have the 20% for sale first day . However i WILL say during ags people paid alot extra in first few days until it later evened out....but it screwed lots of people. Perhaps this is an attempt to mitigate this damage to unsophisticated buyers.

Now as for bts and eth...i wont even answer u because of the trollish tone. But ill say if you think dan chose eth because of a lack of respect for bitshares and that it somehow implies anything of value, you are too ignorant to want factual analysis.

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johnsmith (64) · 7 years ago

I'm still not sure why Dan didn't share drop STEEM on BTS (AGS), and as much as I love the guy I'm still choked. To snub BTS/STEEM in the EOS ICO would be terrible. I'm not sure why Dan has cut ties so completely with BTS but it is tough to watch for those of us that supported him through the early days.

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officialfuzzy (75) · 7 years ago (edited)

I have verrrry good reason to believe dan still cares about both chains.

EOS is not the steem/bts killer though. it is designed to make eth look like what it is: Vaporware

Hm...i wonder why i might want to get EVERY ETH holder to try it? hehe..

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johnsmith (64) · 7 years ago (edited)

EOS / STEEM / BTS are like the holy trinity of crypto, and I agree they will coexist rather nicely. I also believe Dan cares about his first two crypto-children.

My concern is that Dan might not have choice and the EOS shareholders are deciding to run the ICO on ETH to enrich themselves and divest at the expense of the BTS and STEEM communities who should benefit from the next Graphene platform.

I agree there is value in having the ETH crowd tempted to try EOS by proximity, as there is a huge amount of value floating around in ETH and this is a good way to get the flood flowing to EOS.

But the better way would be to force ETH to sell and buy BTS/STEEM. Market cap and liquidity increases and a bunch of supply is taken off the market and tied up with the EOS team. Absolutely a huge win for BTS/STEEM.

Instead all the benefits go to ETH. It does not make sense. Unless you are an EOS shareholder with huge ETH holdings and you know EOS is going eat ETH for breakfast. Then it makes perfect sense.

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officialfuzzy (75) · 7 years ago

Yeh but you wont force them to unfortunately. You have to incentivize them. And yes you could...and you would give a bigger cut to the bts and steem people but that isnt the only reason to do things. I do understand what you are saying amd im glad you think about it :)

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johnsmith (64) · 7 years ago (edited)

Yes carrot and stick... you are correct that the carrot will win more ETH devs initially so perhaps it is for the best. On the flip side ETH is very much vaporware that doesn't do anything really useful on a large scale. If Dan can deliver, and he has a hell of a track record, EOS is very, very big stick that all rational ETH devs and investors will not be able to ignore. EOS does what ETH has spent years talking about doing, and does it better. :D

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officialfuzzy (75) · 7 years ago

He doesn't need their devs...EOS uses Wren Scripting language. Hehe... ;)

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tosomethingnew (40) · 7 years ago

The difference is that in AGS you could not trade the token. As far as I undestand it you can claim them and TRADE them. This will create artificial shortage like GNOSIS and Dan is well aware of it. In Steem some documention was wrong and the offical ANN was done on April 1, in EOS he creates again something to milk the masses. I like the project and the tech, but I will stay away from this ICO. I do not want to get burnt again.

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officialfuzzy (75) · 7 years ago (edited)

burnt again? I have stuck it out since very early on and in the longterm view dan has not in any way burned those who stuck with him.

The difference is that in AGS you could not trade the token. As far as I undestand it you can claim them and TRADE them. This will create artificial shortage like GNOSIS and Dan is well aware of it.

This will definitely be interesting but at the same time i'm not worried about it....because the team should get some benefit just like satoshi did with his(?) genesis block giving 10% of all bitcoin to him. It is kind of odd to me how in this space people have an expectation for devs to not engineer in a way to get a strong cut. I want my dev to be so stacked with my token that I know buying his loyalty is gonna be mighty expensive. I guess it is just two different persectives though :)

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rok-sivante (75) · 7 years ago

"Now as for bts and eth...i wont even answer u because of the trollish tone. But ill say if you think dan chose eth because of a lack of respect for bitshares and that it somehow implies anything of value, you are too ignorant to want factual analysis."

love this response. :-)

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officialfuzzy (75) · 7 years ago

srry man i am a sap but sometimes a love tap is necessary :P

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cryptofunk (64) · 7 years ago

Do you know if the Ethereum is held in escrow or if an auditor from the big 4 is handling?

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officialfuzzy (75) · 7 years ago

srry man i am a sap but sometimes a love tap is necessary :P

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cryptofunk (64) · 7 years ago

I'm your 2000th follower muhuhhahahah

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officialfuzzy (75) · 7 years ago

Lulz.

You guys really should all join whaleshares discord.

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officialfuzzy (75) · 7 years ago

I do not know. But honestly this post is more meant to be a funnel to bring people TO DAN HIMSELF to ask questions. Im in a dang good position to answer many of them but alllllways best to take that next step and talk to master yoda.
I'm a proud Ben Keyhotee Jedi, but not a Master Yoda. So open that door and go say hey! :)

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cryptofunk (64) · 7 years ago

Just dropped into the telegram, mostly fud and the same questions over and over lol. Details will be released in due course so that was a nice hour I wasted :) The ICO seems fair as it's going to be actively traded on exchanges and a daily ICO over the year. Just the pricing over the year is going to be very interesting!

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officialfuzzy (75) · 7 years ago

naw. this is a gooood place man. I have read dan answering thousands of questions.. often times from many angles.

fud will largely be ignored. no reason to let the fud ruin it. Like i said this is how you can reach dan if you want to add suggestions and give your thoughts. It truly is the best place...other than maybe his home phone. But you wont get that from me :P

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hatchi (43) · 7 years ago (edited)

Tokens not transferable after 369 days?
At the start of the sale, 20% of the total minted tokens (200,000,000 EOS)
will become available during a 5 day window.

The remaining 800,000,000 EOS will then be split evenly into 360
one-day windows of 2,222,222.222222 EOS tokens each.
369 days after the creation of this contract the EOS ERC-20 token
will be frozen and non transferrable.

To participate in the EOS token sale, simply send ETH to the contract address during a window of your choice.

The EOS tokens will be reserved for you to claim when the window completes. To claim the tokens, visit the Ethereum Foundation Wallet using an Ethereum-enabled browser (e.g. Metamask, Mist, Parity) or the MyEtherWallet Contract Viewer and load in your keyfile. If the user has never used Ethereum before, the Metamask Extension in the Google Chrome browser is the recommended Ethereum wallet.
source

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4 votes

arcange (73) · 7 years ago

Congratulations @officialfuzzy!
Your post was mentioned in my hit parade in the following categories:

Upvotes - Ranked 10 with 597 upvotes
Pending payout - Ranked 5 with $ 1599,75

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life-dailydose (41) · 7 years ago

well explained but still need to scratch my mind a bit more! Thanks

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rymlen (68) · 7 years ago

Great piece @officialfuzzy. Got some new insight into EOS. How long until it goes live do you reckon?

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officialfuzzy (75) · 7 years ago

Summer is all dan will tell us :( lol...

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ifzgotdatpiff (39) · 7 years ago

This is great, cant wait for EOS and QTUM to lead the way.

Follow @ifzgotdatpiff

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officialfuzzy (75) · 7 years ago

what is QTUM built on? any successful projects like BitShares and Steem built with it? Seems to me atm to be just a big promise :/

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ifzgotdatpiff (39) · 7 years ago

and promises can be fulfilled

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doseofentity (5) · 7 years ago

This is an intense amount of information thanks for this expereince !

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belidged (43) · 7 years ago

Thanks for the video. I didn't realize you had a show and I'm glad it's on SoundCloud not Upube

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jatinarora (54) · 7 years ago

Its a little confusing.i m working on it

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veerall (50) · 7 years ago

please explain in simple words.. lol.. too confusing for non techies...;)

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yakuhi (56) · 7 years ago

Whale rush!!!

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beasoft (38) · 7 years ago

it looks interesting, i'm new in this, so i apreciate your post

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jraysteem (60) · 7 years ago

I resteeming your post. It gives more idea to me

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steemitboard (66) · 7 years ago

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ura-soul (75) · 7 years ago

when i added the discord link into the discord app's JOIN A SERVER field, I see an error that the invite is invalid or has expired

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heartandlegacy (40) · 7 years ago

So many ICOs popping up. I will keep an eye on EOS.

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yusaymon (65) · 7 years ago

AMAZING

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jiajun123 (43) · 7 years ago

Thanks for sharing this information. What is your take on the future of steem dollars? I am interested in hearing from your perspective.
Thanks!

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steemitanalysis (25) · 7 years ago

EOS token sale analysis
https://steemit.com/eos/@steemitanalysis/eos-token-sale-analysis

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