Radix ICO

Discussion in 'General' started by olliejjc16, May 11, 2017.

  1. olliejjc16

    olliejjc16 Beta Testers

    Hi everyone this is a place where we can talk about the upcoming ICO and any questions you might have.
  2. Fuserleer

    Fuserleer Radix Founder Staff Member

    Yeah this will serve nicely until there is a real announcement with nailed down dates and terms.

    Note: an ICO and any terms & execution are NOT final at this time. Therefore anything posted in this thread by the team should be taken as subject to potential change!
    Last edited: Aug 21, 2017
    CryptoMomma and Lloyd like this.
  3. jameshenry15

    jameshenry15 Beta Testers

    Are there any plans to hold the ICO partially on the WAVES platform? Projects crowdfunding on there seem to be doing pretty well.
  4. wingspan

    wingspan Freedom Flyer

    hi Dan,

    I have 4 thoughts on the ICO topic if you might find them at all useful in your planning:

    "Sell the crypto early": I can imagine a lot of fiat (government money) moving into this ICO via BTC. This will tend to raise the price of BTC and make people think BTC is doing well. How quickly do you think any funds sent to the ICO using BTC might be sold for fiat? I recommend sooner than later all other things being the same, since then the price of BTC might drop and that itself could create free advertising if the Radix ICO is the obvious reason for it. Also, those holding BTC would be less likely to keep holding it if they saw the price dropping due to the ICO - and would buy ICO tokens sooner than later. I'd think other crypto prices would drop, too, as people start to rush for this ICO. These could serve as positive feedback loops if the avalanche happens initially.

    "Have a gradual decrease of tokens/USD during ICO period": Also, would there be a plan to keep lowering the amount of tokens given per USD as the ICO runs similar to other ICOs to encourage/reward investors that take a risk sooner than others and to prevent people from thinking they can just wait until the last week of the ICO and not be worse off? I think that would also add to the positive feedback loops.

    "Wrap up private transaction work": Will you have time to manually confirm all the outstanding private fundraising from the first rounds before this ICO?

    "Show how the ICO isn't just for insiders": Another thought, is there a plan for showing how many purchases are/were made as the ICO is happening? That might help show how well the tokens are being distributed so the whole "pre-mine" accusations have less perceived merit. It could be a bar-graph showing how many purchases (y-axis) occurred at a given amount (x-axis).

    - W
    Collett, fthomas, Rickard and 2 others like this.
  5. Peachy

    Peachy Founders Staff Member

    Yeah, the "pre-mine" is going to have to be one of those educational-moments where we explain (again) that 1. there is no premine whatsoever and 2) the reason there is no premine is because it's an elastic supply.
    Melody and Lloyd like this.
  6. Lloyd

    Lloyd Founders Staff Member

    I suspect that most of the initial investments will be from the top 3-5 crypto coins. Such as BTC, ETH, XRP, LTC, and NEM. The only other one I would even consider would be DASH, but have my doubts about this one. The only crypto that I would hold some of after the ICO as part of the Radix exchange would be BTC and maybe ETH possibly. Then again this is still to be determined.
  7. Mario

    Mario Beta Testers

  8. Gedke

    Gedke Beta Testers

    Some investors avoid ICOs that are uncapped, won't be this a problem? Isn't better to have a resonable market cap to start with?
    Second, Radix ICO will be available for US citizens? recently some ICOs restricted the participation of the US citizens to avoid any legal issues with SEC or something like that. Are there any country restrictions?
    A new and increasing concern are the communication channels that will be used when collecting funds, must be strictly moderated. Some time ago, Token Card ICO was a attacked by scammers, trolls, they posted fake addresses on the official Slack, they impersonated even one of the moderators with picture, nickname and many other attempts so people sent money to these scammers. The ICO was compromised but not only because of this problem.

    BTC, ETH and fiat should work fine, too many cryptos are hard to manage. ETH it is faster than BTC, that's why many prefer it when moving funds
    Last edited: May 11, 2017
  9. Sharky

    Sharky Founders Staff Member

    There will be no cap. Radix will change the world. Why would you want to cap the world economy?
    CryptoMomma, Dont and Petro like this.
  10. salfuk

    salfuk Beta Testers

    Exciting times.....
  11. Brian

    Brian Beta Testers

    What does this mean for people who invested back in March 2014?

    Are we considered Seeders? do we get any incentives for seeding Emunie, now known as Radix at the early stage?

    I messaged Fuserleer but I never got a respond back, I know he is busy. But what does this mean for us early ICO participants?

  12. Anima

    Anima Founders Staff Member

    Brian, seeders are a term used with Radix/emunie for a specific function you can set your node up to do.

    Early investors got some updated bonuses back in march, https://forum.radix.global/threads/plan-for-2017-another-ico.4466/page-6

    The quote you have at the top is just information to be taken literally. Terms of the coming ICO are yet to be announced.

    Same with the quote below. There will be an "infinite" supply of currency according to supply and demand. No 21 million cap here as with btc
    Lloyd likes this.
  13. olliejjc16

    olliejjc16 Beta Testers

    I'm not massively sure of the economics but what are the benefits of investing in the upcoming ICO over let's say buying a large amount in the future.

    Let's say I bought 5k worth of Radix in the ICO at 1 dollar each. The idea is to keep the value at 1 dollar per coin right and the supply increases with the demand? So what happens after the ICO when someone comes in and buys let's say a Million worth of Radix at 1 dollar each. Does that dilute my initial investment and anyone elses who was in the ICO?

    I know there is the interest to take account of aswell, so is that how the ICO investors benefit over the people who arrive later? That when the supply grows to account for this extra 1 mill radix purchase what do we gain that makes our ICO investment more valuable then people who invest later on.

    Hopefully an answer to this can clarify for people new here exactly why Radix is worth investing in and why the elastic supply is a good thing for potential ICO investors.
    Madison, Dont and Cyg like this.
  14. Lloyd

    Lloyd Founders Staff Member

    Okay, gonna try and explain the early investor/ICO side of this and this is just my understanding of the scenario.
    So here is the scenario, the beta investor and ICO investing is completed and Radix is launched and the currency RDX is live and in the Wild. The combined beta + ICO raised 30,000 BTC @ $2000 equivilant or $60,000,000 (million).

    So now someone wants to buy 1 million RDX. So Demand is now triggered for 1 million and the Radix system has to generate a million RDX to cover it, so 1 million Supply is generated and split 50%-50% to those supporting the services and balance holders.

    However, if not enough RDX becomes available to meet the 1 million RDX Demand, after a couple of periods expire, then we go through the same scenario, and meet the remaining Demand with increased Supply as above multiple times as necessary.

    Do you see the importance here in being an early investor now?
  15. Cyg

    Cyg Beta Testers

    And the RDX that is paid to balance holders is proportionate to the amount of RDX held?

    What about services do we have an idea on the split of earnings? It is my understanding that the services that will be securing the radix ledger have changed also?
  16. Brian

    Brian Beta Testers

    Thank you, I see the updates, but I sent Dan my funds back in March 2014, which doesn't fall into the dates he mentioned it was between Round 1 and 2. When I said seeders I meant early investor :) Thanks for explaining that.
  17. Peachy

    Peachy Founders Staff Member

    "Interest" payments are for the new supply proportional to your balance of existing RDX. This is how inflation "should" be in the real world so that the net effect to everyone is null. These come from (currently) the 50% of new supply.

    "Earnings" are the rewards you receive for Services you run to support the network. These come from (currently) the other 50% of new supply.
    Melody likes this.
  18. Fuserleer

    Fuserleer Radix Founder Staff Member

    No we are going to host it ourselves using the beta Radix network as I don't like the idea of dependencies on a 3rd party (other platforms, exchanges and all that jazz).

    We can also set up the ICO to give ourselves additional protection against any future legislation that may hurt us otherwise.

    For example participation will be within the OB itself. You have to download the OB client, run it, and use that to take part.

    This adds a bit of friction yes, but if downloading a client and running it is too much trouble...well...frankly we don't want you to buy as you'll likely just be in it for a strict ROI pump and make lots of noise and drama. It also prevents any "Oh I didn't know what I was buying!" complaints / law suits later on.

    Consider the ICO really as just an initial distribution to bootstrap the economics and to give us some initial marketing funds. If it's a huge success, great, but to really push out into mass market no ICO will generate enough funds for that.

    That is fine though, as acquiring funds to support the project really isn't an issue over the medium / long term. This became apparent over the past few months when surveying the landscape. The additional funding rounds that we will require later on, and the necessary vehicles to do that are already highlighted and will be in place for when the time comes (and no it won't be a token dilution).
    bitman, wezelvis, Lloyd and 3 others like this.
  19. Fuserleer

    Fuserleer Radix Founder Staff Member

    Those that complain about no cap when buying tokens are clearly just in it for a large ROI. Do we really want those guys on board in the early days? I don't think we do!

    This is impossible to regulate. Sure we can state those restrictions and disable purchasing in client for US IPs, but that can easily be circumvented by using a VPN or a proxy.

    I'm aware of these problems and this is also one of the reasons that purchasing will be done in the OB itself. Scamming people that want to buy then becomes VERY difficult if not impossible.

    The more we secure ourselves against noise, scammers and the like, the better placed we are to be able to display that we did everything we could to protect those that purchased tokens and ensure those that purchased knew what it was they were purchasing. That should mitigate a lot of issues if regulation or legal should come knocking later.
    CryptoMomma, Dont, wezelvis and 6 others like this.
  20. Fuserleer

    Fuserleer Radix Founder Staff Member

    This is close enough for now, I don't want to turn this thread into an Economics discussion...plus I can't state too much publicly at the moment about how that works anyway thanks to patents again!

    Simply though if you had 1% of the supply and the supply had to double, you would increase your holding by 50% (the other 50% going to node operators) and you would now have 0.75% of the supply.

    If it then had to double again, you would increase your holding by another 50%...now you have increased your initial starting quantity by 2.25x and have 0.5625% of the supply.

    The % of total supply you hold dilutes upon each supply increase due to the split between balance holders and node operators, but for every doubling of the supply it will always give you a 50% ROI on the supply percentage you hold.

    This diluting effect also helps to prevent us ending up in a 1% of the accounts hold 90% of the wealth over the longer term.

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