Gamerbits ICO - Old Thread

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Hello again, SAFE Network Community!

I am back to announce the project I described in my “Introduce Yourself” post, which is Gamerbits (gbits.io), a currency built to help cut the middlemen out of the eSports payout industry.

I do not wish to distract too much, but we have had an interesting story behind the scenes for quite some time, and like I said we found MaidSafe through our initial trials with the Omni Protocol, which led us to some of the partners nearby such as MaidSafe Korea and by extension, @whiteoutmashups, who has provided very helpful advising on many parts of our project. @aydenlee is also providing part of our escrows for MAID.

We wish to extend our gratitude to your community, your powerful vision with SAFE, and as such we are allowing MAID, Project Decorums PDC, and SAFE-FS in our ($900k USD capped) Gamerbits ICO crowdsale, which begins in 2 days (midnight 0:00 UTC 7/26/17).

In an effort to keep things short, we will just provide links for you to dive deeper into our project, our team, our history, current software, and overall vision, and our many efforts breaking into China, which it sounds like you are attempting as well.

Website, Whitepaper, Facebook, Twitter, Slack, Telegram, Subreddit, & Forums

We have very much enjoyed everyone from your community that we have met thus far, and look forward to staying in touch!

  • Gamerbits Intl Marketing Team
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This is a bizarre comparison. Probably hinders rather than helps. I haven’t delved deeper yet, hopefully I’ll find something credible. Best of luck

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Our artists didn’t mean to be off-putting with those comparisons, but felt that the numbers could provide a better view of our vision.

The thread with the rest of our images is here: [ANN][ICO] Gamerbits Gbits.io Asian eSports Currency LTD SALE (ENDS 9/10/17!!)

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Hey Pedro glad to see you’ve posted this!

It’s been a pleasure working with you guys, and it’s a very cool project.

Thanks for allowing me to add my SAFE-FS coins as an accepted payment gateway, along with other currencies here in the MAID community. Going to tag some of our SAFE-FS guys so they know about the added liquidity (this helps, but still trying to get it on an exchange) @MyLegacyKit etc

Glad to see you got the Nintendo Wallet up and running, thanks for finally coming around on that one!

Excited to stay involved with this!

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How will you arrive at the bit price for the various coins, particularly PDC and SAFE-FS?

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How is the exchange rate determined, or to ask it differently, how many Gamerbits tokens would I get for say 5,000 PDC?

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I worked it out at $0.65 for each Gamerbit…so this amounts worth of whatever coin. I can foresee various problems accepting low liquidity coins. It could essentially just be the MasterCoin scenario all over again…far too much room for manipulation etc… :smile:

Edit:
Sorry, scratch that, they are 1 cent each – they are selling 90,000,000 of 1,4Bn for $900,000.
This gives a market cap of $14m…I think…lol

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Hi the numbers are 90,000,000 GBTS for 900,000 USD so yes your price of $0.01 is correct it’s at the bottom of the gbits.io pages

Thank you everyone for your comments so far, which coins in particular may I ask, from our list are you worried are low-liquidity?

Also for what it is worth we are crypto believers so we plan to sell as little as possible, only what we need, as we have more faith in the growth of crypto overall rather than fiat growth

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For sure I will participate, super that you can participate with SAFE project tokens. :kissing_heart:

Distribution will be a tough task, good luck with that.

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@gamerbits not sure if you missed this… How will you arrive at the gamebits price for the various coins, particularly PDC and SAFE-FS?

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I see a number of issues here myself. Aside from the project not seeming to have anything to do with SafeNetwork and my initial coin distribution concerns, .I also don’t really follow the reasoning of the whole value proposition. The main problem as I see it is identified in your whitepaper:

“Tournament organisers constantly rely on centralized services such as PayPal [19] , venmo, credit / debit card, and even Fiat currency, for payouts to players and teams for their tournament placings. these tournament prizes, which can range from thousands to $20+ million dollars [20] , are subject to problems such as payment processing delays, reversals, processing fees, and a multitude of other setbacks that are a result of relying on centralised services. a widespread, decentralised cryptocurrency can cut down many if not all of these problems, and allow more value to be sent directly to the players, while providing much lower fees for the organisers and sponsors. “
As I see it, the problem is that there are loads of blockchain based cryptocurrencies and pretty much any would seem to be able to do the job – why would organisers etc choose to use your coin over others? I suppose it’s similar to the “Why use Potcoin?” question. The USP just isn’t clear to me from the whitepaper…

The whole success of the project also appears to be hinged on 2 things:

  1. “integration and licensing with the top 6-10 grossing eSports video games and their logos / characters,”

How far has this progressed? If not at all, then we’re back to the “Why would they?” - given the vast choice and unclear (to me) USP.

  1. “ the players holding the most will be able to enjoy more global recognition.”

For what? I mean this is where the question of the value proposition comes in – It would only appear to be attractive to gamers (and the Leaderboard can only mean something), if everybody had to win them, rather than had the opportunity to buy them or be given them free. I mean if I get to the top of the Leaderboard because I bought loads – what exactly am I globally recognised for? Are you giving all the majority of the coins away then as well or something else?
The coins Decorum and Safe FS are the coins I have the liquidity concerns about. I could double the price of Decorum myself and I’m only a minnow. :smile:

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Hi it’s a good thing we have a veteran advisor with us in @WhiteOutMashups, who has been through this multi coin sale process already.

As well as some more minor advisors from the various coin communities

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Thank you for asking,

And we have seen that while that might be true in theory, that in practice, they don’t look to new technologies such as bitcoin ethereum or safe unless the software and wallets are being designed for them, with their use cases and games in mind.

Hmm, I’m seeing from this thread that more SAFE Network integration is desired… I’ll look into how far your wallet technology has come and if we can do anything there, I’ll suggest it to the rest of the team.

Safe Network Gamerbits wallet would be a nice addition, even if it’s only for cold storage initially. This feedback is helpful, and that’s a use case I don’t think we have imagined as of yet

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Yes section 7 of the whitepaper describes the Gamerbits foundation, and one of the sections goes over the vanity address wallet program for top players, where yes, Gamerbits are given out to them in accordance with their tournament placings / history

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Sorry for the pause there were a few questions first,

The price is taken from the June listing price on bitsquare, for SAFEFScoins

And decorum is on CoinMarketCap so that will provide the dollar value for it

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The last trade on Bitsquare was in March and no market trades since, so how do you get a Market value for a no longer traded coin?

Do you mean June’s price or the price it will inevitably be pumped to?

Do you not see any potential problems ahead with these choices of coins to accept?

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Yes when we said June we mean June,

So that pumpers don’t inflate prices to unrealistic figures

Also we have our main thread here with more info

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Any particular date in June? This would be the month that the price of Decorum spiked to double right? You seem to keep overlooking my questions, the first, I handily numbered 1 and 2:

also:

Also, are you taking June’s price for all other cryptocurrencies and if so what date/time so I can work out best option. If not, why not - why the discrepancy?
As I say, I’ve read info but don’t see as an investment. Basically it seems the investors are getting a bad deal. They pay $900,000 for 90m, they subsidise Safe FS holders, then get their investment devalued by 1500% by giving away the rest in the hope people will see value in it - which can only come with integration with leading tournaments - that’s what seems to be important, so how far has this progressed and what have responses so far been?

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There aren’t only 1 & 2 for use cases in our currency, please make sure you read our website, whitepaper ands Bitcointalk post because we have laid out many avenues the Gamerbits Foundation is taking to integrate the currency for many use cases.

The entire market capitalization of SAFE-FS was under $50k USD and wouldn’t affect our sale in any meaningful way.

The crowd sale documents will explain the finalized numbers and accounting methods, and will be available before the sale to help answer your questions. Please continue to read and ask, it helps our project move forward to get this community’s feedback.

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I have and you appear to have suggested some possible use cases and avenues - however you have not answered my question. You suggest possible use cases for your Blockchain/coin but these use cases could apply to almost any other Blockchain too.
One of the primary “use cases” and “avenues” you mention is Tournaments, which would seem to rely heavily on these Tournaments wanting to integrate your coin and seeing a use case. My question was what feedback have you had in this regard as it will help investors decide,given that so much would seem to hinge on it. :smile:

So if I’ve got loads of SafeFS that I can’t even trade anywhere, I can offload it here, the other investors can basically stump up the potential $50,000? This equates to a 5.5% subsidy.
Will you accept Kafir coin - it only has a Marketcap of $40,000, so will affect your sale in an even less meaningful way?..lol :smile: