Bancor Protocol - Some Facts and Useful Information (Crossed 3000 Followers - Thank You Guys!)

in #ethereum7 years ago

Bancor Was another crowdfuding that made Ethereum chain work bad (first one was BAT) but luckily due to longer time (around 3 hours) most people got on the train.
This post may be little longer than usual due to a lot of info so read paragraph titles and if they dont interest you - skip to bottom ie for tutorial or so.

The full sum of money was 396,720 ETH, equivalent to $153,003,311.63 by then. Amazing results.

Their plans to use the funds:

Wings Platform Predictions

Wings was another great ICO and what they have is a prediction market, where people were guessing how many ETH Bancor team will get.

You can buy Wings here - STEEM is there also.

Here is some stats.

  1. Over 22 Million WINGS (22% of total supply) participated
  2. There were 518 valid forecasts submitted
  3. The median forecast is 220,000 ETH (approximately $88 Million); weighted median is 315,394 ETH
  4. Whale (100k+ WINGS) median forecast is 346400 ETH; average is 333,783; weighted average is 317,387; and the whale weighted median is 384,250 (actual was 396,720).
  5. 44 Whale accounts participated
  6. Largest forecaster: 3.77 Million WINGS
  7. Number of forecasts at exactly 1 Million ETH: 8

Bancor Concept was invented in 1940..

Surprised? Read more!
Going by my own blog (yes im quoting myself).
The bancor was a supranational currency that John Maynard Keynes and E. F. Schumacher conceptualised in the years 1940–1942 and which the United Kingdom proposed to introduce after World War II. The name was inspired by the French banque or (‘bank gold’). This newly created supranational currency would then be used in international trade as a unit of account within a multilateral clearing system—the International Clearing Union—which would also have to be founded.
Keynes advocated this proposal advocated at the Bretton Woods Conference in 1944.
It stood in contrast to the adopted proposal, which instituted the gold-backed US dollar as the single global reserve currency. When the dollar’s link to gold was severed, the international monetary system became based solely on fiat currency; subject to speculation and alarming instability. Between 1970 and 2010, there have been 425 systemic monetary crises involving countries struggling through a variety of banking, monetary, and sovereign debt crises; an average of over 10 per year.

How to get Your BNT

While participating in the presale smart contract was auto-sending people their tokens after confirmation on ETH network.
Many people used MyEtherWallet and were surprised they dont see tokens.
This is because (as of yesterday) you had to manually add BNT to see them.

The guide is simple.
Login to MEW
Click Add Custom token, paste as contract address: 0x1F573D6Fb3F13d689FF844B4cE37794d79a7FF1C and fill rest.

If you use other wallet that doesnt show balances, use the same info to add this one.

Trade BNT

So far HitBTC exchange added trading of BNT but as IOU so - you can buy it there and wait till they really open the market for withdrawals. Currently they just allow users of exchange trade stash that they bought.

So if you didnt make it on presale - this is the time to get some if you believe it will raise more in price.

Thank you followers!

As i said i will never write posts with milestones but a milestone mention at the end of a post is allright!
Thank you people for voting on me, setting me as your proxy for witness voting and most importantly.. Reading my stuff daily!

1k votes vs 3k views on 20 hours old post and 258 comments.
Glad for all your comments and engagement with my content! Hopefully my posts will keep making you money :)

Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips!

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Very good post with tons of useful information. I still think that Bancor ICO is as it was supposed to be capped.

I got a small amount of Bancor (lack of time to research didn't give me too much confidence), hoping for the best. seems like an interesting idea although i do not understand the mechanics of it.

Missed the BAT sale :( and IOTA :(

congratulation on your fulfillment @kingscrown , you deserve it. Your post is inspirational. I will follow you, to learn much more from you

Inspirational, but..
ETH is getting worse with every ICO. And here's why.

I don't think it's getting worse. It's double it's price.

Cheers,
@Yehey
https://QUE.com - I follow all who followed me. I think that's fair :)

Will proof of stake help? It should speed up transaction from what I've gathered. But yeah, ICO's in current form are problematic.

ETH is due for a tumble, if youre able to analyze charts.

Thats for all haters :D

Every time his crown blinks I feel like little Mac fighting the great tiger in Punch-out

damn this post is so good :)
btw Congrats on followers.

You had some very surprising information in there: "Bancor Concept was invented in 1940." Thanks for sharing and namaste :)

Great post but honestly I noticed that title and your massive amount of followers and came to say congrats.

You have been on a tear since Christmas man, you deserve a congratulations!

congrats @kingscrown on 3k ... I picked up some BNT also, it looks good! 🙌🏼🙌🏼🙌🏼

Should go amazing if nothing fails

🙌🏼🙌🏼🙌🏼🙌🏼

It looks like it's being traded at about 5-6x what we paid for it.

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BNT LOOKS good!! Looking at it now!!

Buying time lol