Gamerbits ICO - Old Thread

As the SAFE-FS price is from June can you please state what this is?

Also, please can you say the date to be used for PDC price from CoinMarketCap?

Are you going to use the same date and CoinMarketCap price for all other coins?

There isn’t much time before the crowdsale starts, so I think it would help if you can be clear about the terms of the sale ASAP.

I’m also not clear when the sale starts - does midnight UTC mean the end of the 26th or the start of the 26th? I tried a time conversion site but it gave an unexpected result - a count down timer would help many I think.

Thanks.

You can trade/exchange SFSC from within Omniwallet, using Omnidex.

Problem is probably not many people know about it :stuck_out_tongue:

AND YOU GOT TO BE CAREFUL THAT YOU EXCHANGE IT FOR THE REAL COINS!!! For example there are 3 Maidsafecoins, but only PropertyID #3 is the real Maidsafecoin. :upside_down_face:

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No…I didn’t. :smile:

Yes, just found out - so if its still being traded, why use June price? Is it because you’ve still got the liquidity problem?
If you have a liquidity problem on a barely traded coin, then it doesn’t make for a good coin to accept for an ICO in my opinion - for multiple reasons. I don’t think using June price is in any way justifiable and even if it is then it should also apply to all other coins accepted.
In regard to Decorum, you will get many raised eyebrows if you use June price, as it doubled - so looks dodgy…and again its a low liquidity coin.

What I mean is what I keep saying really - it is a very low volume coin, you have much LESS chance of ascertaining its “market value” but given that there is little demand to buy/trade it, chances are holders would dump into any ICO they perceived as having more chance of success.
It is not the same as any other coin, only any other low volume coin - which is what causes all the problems.
You do remember the Mastercoin thing don’t you? Wouldn’t you say that effectively the BTC purchases subsidised the MSC purchases in a way? :smile:
The end result could be the project ending up holding loads of low value coins which they can’t sell in volume.

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ICO CROWDSALE POSTPONED TO JULY 30TH – or possibly sooner.

Our ICO was supposed to start in 3 hours from now, as Cloudflare assured us that it would be complete integrating their WAF, certificates and DDoS protections into our pages by today but have failed to finish in time.

We will not begin the sale until the 30th (5 days from now, midnight 0:00 UTC) so that this process may complete, and be tested numerous times for security.

None of us want a repeat of what happened to the team over at CoinDash, and this CDN protection, along with the address cross-referencing on our 2FA Gamerbits.slack.com and 2FA forums are the steps we’re taking against this.

Thank you for understanding. This is for the security of all of us. All channels will receive this update.

Update: Have been in meetings all day with the team, advisors and several Chinese investors, where options have presented to allow this to happen sooner and safer. Will give updates after steps have been taken.

Cloudflare has completed it’s integration and we have run two preliminary tests. Positive results thus far.

Also, today’s consultation has led us to decided to pre-release all of our addresses on our accounts that have 2FA enabled, which includes our Slack channel, admin account on our Gamerbits forums, and finally our CDN enabled crowdsale website.

This will happen tomorrow, and allow further security and validation. This is becoming standard security procedure for ICOs.

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Any update on the Decorum/Safe FS issue or details on the date/time you are using for the various coin valuations? I expect you have this ready now as ICO was going to start in a couple of hours had it not been for the Cloudfare issue?

By the way, could I just ask what the relationship is between this Blockchain project and the SafeNetwork? I’m just asking because this is the “Related Projects” category - the definition of which is:

I’m asking in what way it is similar or complementary? My concern is the possible future scenario of various unrelated projects pitching to the Safe community who may be under the misguided impression that they are supporting Safenet in some way. This could potentially lead to the diversion of community funds to non SafeNet related projects.
So…how is this project related to SafeNet?

Please correct me on any of the following, it is just my thoughts on the ICO based on my grasp of the whitepaper:

  1. You have identified a rise in popularity of both esports and crytocurrencies.
  2. You have identified that the popularity of esports is largely due to the players’ desire to top the Leaderboards.Topping the LeaderBoard requires acquiring the most “points”
  3. Gaining “points” on the Leaderboard requires skill.
  4. Players want to top Leaderboards because the points represent the Players skilll.
  5. Players want the recognition of their peers for being the most skilled.

By analogy, the points seem to be produced by a sort of proof of resource algorithm… well maybe resourcefulness in the form of skill perhaps? The point being that the perceived value is in the recognition/status the player achieves for his skill.
This to me is not something one can really “buy” as it is personal and non-transferable…and therefore cannot act as a currency – whatever form the “points” may take.
I’d say this all relates to the “keeping score” aspect of esports and does not seem to require the “points” to be currency – in fact it seems counter-productive to me.
What you appear to be trying to do is meld/conflate the points aspect with the rewards aspect by way of creating a “pointscoin” in effect.
This is where it all basically breaks down for me because I’ve already ruled out the points system being a currency.
However, if Tournaments have a financial rewards system, then this obviously needs to be a currency – so not tied to the points system. People want to be paid in actual currency, whether fiat or crypto. If paid in crypto then they would prefer, I think, to be paid in a currency they can cash in easy with high liquidity.

If the currency/points are based on reputation, then you are buying/selling personal reputation which is of value only to the person themselves hence to my mind cannot work like a currency.
This is just my reasoning anyway. It seems you are trying to meld two concepts together that are apparently separate and mutually exclusive.

In essence it would be like trying to buy/sell reputation to me– it just doesn’t work that way.
We are trying to get away from the idea of “keeping score” with money…aren’t we? :smile:

Yes and it requires skill to win the tournaments and receive Gamerbits.

In addition, it requires skill to become well known and establish a following I’m the eSports Industry, which is what many top players have done, and that allows them to enjoy donations from their live streams where they can receive Gamerbits donations.

While it is true that it is a purchasable currency that tournament organizers and regular players may purchase, the constant income to winning players along with the additional listed efforts by the Gamerbits Foundation (listed in the whitepaper and around the website) keep this in balance.

Many answers have been provided in terms of Decorum and SAFE-FS and the final word will be given in the ICO documents.

Thank you for your questions and insight, you’ve been respectful through your due diligence questions and we appreciate you helping us communicate our project more clearly.

In terms of SAFE, we have gone through the other posts in this related projects category and seen that our project along with the connections to the MaidSafe international groups and SAFE-FS / Decorum have made Gamerbits much more relevant than many topics in this category, so it more than fits. The majority of other posts in this category have to do with random blockchain projects with no connection to SAFE whatsoever.

In addition, we are looking into the current SAFE technology available to judge if creating a cold storage wallet app on SAFE for Gamerbits is feasible. Currently looking into the tools of mock-routing and test 17, although it seems the latter is closed to us.

Please can you post here to let us know when these details are available.

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Yes we will surely do that here

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Our forum is now sending secure registration messages through Cloudflare

We encourage everyone to begin to register, as it is a long term forum for updates and project conversations

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They notified me that good news is coming quite soon :slight_smile:

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Yes! Since pre-releasing our ICO addresses on our 2FA-enabled accounts on our forums and Slack channel, and having finished all 7 layers of our Cloudflare tests, we have agreed with our advisors to keep as close to our schedule as possible at this point and open our ICO tonight.

The addresses will be available on the 3 secure sources above, and most notably here on our crowdsale page, for open purchase in less than an hour.

All references on our website have been changed, however our Asian marketing programs are still scheduled to begin on the 30th. This allows a small window of several days for others to purchase, including the parties who have been pushing for ICO release.

In terms of SAFE-FS & Decorum, several limits have been negotiated. SAFE-FS’s 5 million SFSC coins sold for a total of $39,937 as documented here, and we have agreed to offer 150% of that in our ICO, valuing the project at just under $60,000. So all SAFE-FS tokens can be used in our ICO without limit, at a value of 1.5x their initial price.

Decorum has a limit of $150,000 total investment for our ICO, due to their lower liquidity as compared to other popular crypto tokens, but will receive market price, set at a fixed price of $0.053 each. That figure is based on recent price figures.

Please join the conversations on our forums as well! But we will continue updates here as well, as marketing and the sale progresses. All interested parties who reached out to us over PM have been replied to as well.Thank you!

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That now works out at 0.00000461 BTC per SAFE-FS coin (approx 1.2 cents) after the 150%

Shouldn’t you use the current $$$ value of BTC and MAID rather than the then value of those coins. Or at least a much higher value than 0.0000461 BTC ( approx 1.2 cents)

It was 285472 MAID and 29.52BTC

  • 285472 MAID is now worth 36.54 BTC (@ 0.00012800 poloniex price)
  • 29.52 BTC + 36.54 BTC maid equiv == 66.06 BTC equivalent
  • 66 BTC @ $2650.00 (poloniex price) == $174900
  • $174900 / 5000000 safe-fs coins == 3.5 cents
  • 3.5 cents * 150% == 5.25 cents

OR

66 BTC / 5000000 == 0.00001320 BTC / coin == 3.5 cents approx * 150% == 5.25 cents.

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Hi the fiat value represents the value here,

Or are these attempted negotiations?

Just making a point (with reasons) that I feel 1.2 cents (your 150% value) per SAFE-FS coin seems to be undervaluing SAFE-FS coin by upto 4 times.

omniwallet.org has SAFE-FS at 33 cents which I know is wrong, but they base it on the only available actual trading information they have

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As we and our advisors understand it, it was a single trade correct? For a very very limited amount of SAFE-FS coins

Well 3 trades on bitsquare? and I don’t know how many on omnidex. omniwallet looks at both decentralised exchanges to work out he price to use afaik.

In any case I am not suggesting using that value which I think most believe is way over priced. But to use the $$$ value when the coins were created is also not reasonable in my view. Since the BTC value of what was given is some 4 times now. And since good alts rose in $$$ value by at least the rise of BTC $ value.

So I was making the observation that in my view the price you attribute to safe-fs should be more than 150% of the $ value back then. Maybe estimate at 300%, even though safe-fs may actually be worth somewhere between 400% to 3000% of the ICO price. Reasonable to say that 3000% is too much by far since the low volume of trades.

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Assuming that all companies in any way related to any blockchain technology should automatically rise 400% just from being loosely related to that space seems incorrect.

Fiat value is mathematically correct

However we will update and reassess in two weeks, and this current offer may be updated (and any increases would of course be applied towards anyone who has already sent SFSC)