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RE: Logically Consistent Principles for Token Distributions
It's very disappointed that you choose to do this ICO on the Ethereum blockchain. According to what happened with the Status ICO -- the Ethereum network has been clogged easily for quite some time, we can image that nobody but only geeks / mining pools can participate in EOS ICO, normal people will have no chance. Image that you only receive 1 ETH in the first 5 days and even less in the following 350 days..
By the way, is it clear that how many ETH's that you got from the ICO will be recycled into the ICO again? No matter as salaries to employees or anything else.
The last point in the FAQ seems to say no, they will not be put into the ICO:
That said, what the individual employees do with their own money or the money they get paid? That's a different story. I assume the 10% they are keeping for themselves is the incentive to keep the team motivated.
As to it being on ETH, that's also covered in the FAQ a bit. I think if there was a better, decentralized, transparent, provably secure way to do it, they would. ETH seems to be the best approach available right now and Dan generally seems to go with the best approach available on stuff like this.
Nice post! What will happening, if someone resteem your post?
I thought about it also. Why not using bitshares and make the best demonstration that everything works like it should be?
One thought I had @abit @lujestokes and @liondani Keeping it in ETH allows them to exchange large chunks of the ETH on the open market when they need it for development purposes... Without hurting the price of @bitshares.
Maybe I'm being a bit naive.
You should know in BitShares there are smart coins (fiat-pegged value-stable tokens), although the supply could be insufficient for the ICO, but, using the smart coins won't hurt the price of BitShares. ETH price is far from stable especially when they have to dump a lot.
Thank you for advice
The reason for not using Bitshares is lack of liquidity. There is a huge supply of capital in Ethereum tokens that wants to diversify. So block.one is doing the distro on the platform where the money is.
+1
I feel the same way. I want in on EOS but not via an ETH ICO.
Patience is a bitch :)
Just follow the money.. a lot of people already invested in Ethereum (and anything that uses Ethereum) and it's a smart idea to relocate value held in Ethereum to an independent EOS shares/Tokens Blockchain after one year.
I get that ETH makes it easier to successfully ICO, it's been used and it's where the money is but I agree it's disappointing. ETH ICOs are harder for normal investors to get in on, they've been proven to have issues(Status ICO) and for a coin that's supposed to be the next amazing coin to use broken tech to ico is worrying. I'm left questioning how EOS will do after the initial pop. Are they just focusing on market cap and not tech? I'll probably try to invest but I'm definitely going to be more cautious now.
Being an investor just the way you are and wait for the time what you feel and realise what is the right time for investing and got some profit.
what do you think about the 21 million ico?
I share your disappointment. The reason for not doing it on bitshares or others was that that would have required them to setup a server or bot on bitshares to handle the distribution. Pretty weak excuse if you ask me, since all the proceeds of the auction will go to a single party. The trick they seem to use is that block.one will have nothing to do with the launch of an eos blockchain, anybody will be able to launch the official eos chain.
Maybe they just want to flash crash the eth-price to help launch eos.
Another thing that comes across as a little icky, is that not only does block one get 90% of the auction proceeds, but they get 10% of the network as well. If block.one employees are able to use the proceeds to get a bigger stake in eos, that does sound kinda bad.
see above. block.one says it will not use the funds from selling tokens to buy tokens. its employees are paid in fiat currency. If the employees choose to buy into the token they are doing it with their own money, just like everybody else.