So what does Bancor do exactly? Convince me to put 100k usd into it

>Galia

why is the lower box's front the same size, but its side is a bit longer? it's triggering my fucking ocd like no tomorrow. i will NOT be buying this.

It's a type of reserve token used by a blockchain network (that plays the role of a bank) to exchange between other tokens without the need of buyers and sellers. In exchanges today prices are determined by the sellers willingness to pay for a token. Bancor instead determines prices by using a price discovery algorithm (which apparently is only 40 lines of code), which creates liquidity. As someone said earlier, little guy will be able to exchange between shitcoins without the need to sell or buy to or from someone else in an exchange.

Frankly, it's not exactly revolutionary. Banks have been doing this for centuries, except that there's a a difference: banks don't use price discovery algorithms. To exchange money, banks look at exchange rates posted by central banks or offer whichever rate they want to use to attract buyers and sellers of currency and make a profit during the process.

Bancor didn't need 150 million USD to develop this algorithm, obviously. The cost to do this was probably less than 100k. Anyway, idiots were willing to give them money in the ICO, which they happily accepted (who wouldn't?). The ICO is a legal way to raise money, so I don't think this qualifies as a scam.

Is the service useful? Yes. We know how scammy exchanges are (think Yobit), and bancor adds transparency to the exchange process. Their algorithm is open source and you can be part of the network that keeps the blockchain running.

Will it work? Probably. They have 150 million to spend on it now. The cost of running blockchains is very low, as we all know since Bitcoin. They'll likely give each other nice paychecks and use the money for PR.

Will it increase in value? I don't know. Apparently Bancor can create tokens as they wish, which could cause inflation. But I suspect they won't do this since they're interest in raising the profile of their token by attracting buyers. What they could potentially do is dump their own token in exchanges to pay themselves, keeping the price stable or controlling the rate of increase (ie making it raise slowly). Bancor is definitely not like Bitcoin, it won't be a 'digital gold' since it isn't deflationary by nature. Like ethereum, there's no cap on the number of future tokens.

Remember, the current bearish market began right after Bancor's ICO. It was probably triggered by Bancor's massive sale of ether collected during the ICO for fiat. Still I don't think you can blame Bancor for raising money legally. Blame the idiots who were willing to give them money.

>Bancor didn't need 150 million USD to develop this algorithm, obviously
stopped reading there. You're a retard, because the mechanism needs a lot of liquidity to work.

>implying any of this happened
holy shit I hate retards who try to sound smart by coming up with bullshit like this. Kys nigger.

This is all 100% correct.

But I still don't see why it's necessarily a good thing for crypto. Despite running on the Ethereum network I think it might hold ETH back. But Vitalik and Bancor probably think that's okay.

I was talking about how much money they needed to develop the algorithm.

They can create liquidity by printing Bancor and convincing people to buy it. That's the point of having a token instead of using USD to create liquidity.

It kills crypto.

What exactly is incorrect about what I said? Can you develop your thoughts further?

The only real advice you'll get on this board today.

Also, the algorithm was ready to run two weeks after the ICO, when bancor potbelly hadn't even finished dumping their ether. They didn't even need 150m to develop it

To develop an algorithm like they you need to hire two or three programmers for a month. That's much less than 150 million.

the algorithm isn't obvious at all, especially the implementation. It is not 40 fucking lines of code, it's 60k. You need little code in the contract otherwise it become buggy you ignorant subhuman

literally everything, starting from the conspiracy that Bancor made the whole crypto market bearish you fucking moron

>when bancor potbelly hadn't even finished dumping their ether
they didn't dump shit you fucking nigger, if they did it would be visible on the blockchain. You low-intelligence newfags need to be hung.
> They didn't even need 150m to develop it
As I have said, the whole project needs that money because of how the exchange mechanism works
>To develop an algorithm like they you need to hire two or three programmers for a month. That's much less than 150 million.
Fuck off with your algorithm gaslighting talk you fucking subhuman, holy shit I know you are baiting but it's pissing me off

The price discovery algorithm is 40 lines of code... You're welcome to look at it. I'm not taking about the entire code that runs the blockchain, I'm just referring to that specific section of the code that determines exchange rates.

Can you explain why they would need 150m to create liquidity?

>The price discovery algorithm is 40 lines of code
the google homepage is a shitty blank page with a text field and a small .jpg. Does that make it any less worth it?
Again, as I have said, it is a good thing that the smart contract is small, that is proof of good coding. If it were longer, it would be buggy and exploitable.
>I'm not taking about the entire code that runs the blockchain, I'm just referring to that specific section of the code that determines exchange rates.
The way to implement the algorithm, let alone the idea, are worth a lot more than 150m dollars, as people like Tim Draper, Brock Pierce and the architect of the Euro have understood very well. Of course retarded subhumans like you cannot grasp this, and that is why you'll always stay poor.

>Can you explain why they would need 150m to create liquidity?
For the same reason a normal exchange needs it. Are you literally retarded?

It let's the Bancor team delete your tokens if you haven't been a good little cuck.

>old debunked FUD
pathetic 2bh

I'm not saying that 40 lines of code is a bad thing. My argument is that you don't need 150m to write those 40 lines. There are similar algorithms available for free if you look at the literature.

No, Bancor doesn't need 150m I'm ether to create liquidity since they can 'print' their own token, as long its value keeps rising.

Lol as if that's the entire aspect of their operation.
Say "40 lines of code" one more fucking time buddy.

>My argument is that you don't need 150m to write those 40 lines
The code was already written before the crowdfund you fucking moron. The money is needed to kickstart the platform and work on the implementation of the token changers, ETFs, etc. etc. All things never done before btw, and that certainly need a lot of funding.
>There are similar algorithms available for free if you look at the literature.
There is literally nothing like that. It's like saying "I built I search engine algorithm, therefore I am as good and as useful as google". Your damage control is laughable.
>No, Bancor doesn't need 150m I'm ether to create liquidity since they can 'print' their own token, as long its value keeps rising.
Confirmed for having absolutely no idea how Bancor works. Why don't low-intelligence people just genocide themselves so we can stop listening to their retarded rants?

Those 40 lines of code are their selling point, what distinguishes then from already existing exchanges and banks.

Are you seriously composing Bancor to Google? That was hilarious.

Look it up: price discovery algorithm. Bancor isn't the first and it won't be the last.

Forgot to mention: the costs of running are blockchain are near $0, as we've learned since Bitcoin. All it takes it to give miners some incentive to keep their computers on. So I don't see why Bancor would need 150 million to run 'their operation'.

Did you notice that you contradicted yourself? First you said Bancor didn't cash out their ether. Then you said the ether was supposed to provide liquidity. Then you said they are using their ether to run ' their operation'.

>Are you seriously composing Bancor to Google? That was hilarious.
Yes, I am. Both, with something that to retards like you seems simple and worthless, are building something incredibly valuable and innovative
>Look it up: price discovery algorithm. Bancor isn't the first and it won't be the last.
Not all price discover altorigthms are created equal. I guess that because I can look up "car" then Lambos should cost as much as a Fiat 500. Fucking moron.
> the costs of running are blockchain are near $0, as we've learned since Bitcoin.
So you don't even know the 101 about blockchains. Unbelievable. Mining ain't free you fucking nigger.
>All it takes it to give miners some incentive to keep their computers on. So I don't see why Bancor would need 150 million to run 'their operation'.
Because Bancor is a decentralized exchange that takes on the role of price discovery and liquidity provider for the long-tail of cryptocurrencies that lack both those things. Mining has nothing to do with it.

>Did you notice that you contradicted yourself? First you said Bancor didn't cash out their ether. Then you said the ether was supposed to provide liquidity.
I can't understand how you can function irl being so fucking retarded. I never mentioned ether t all. ETH is only used to pay for transaction fees currently because BNT is still a token on the ETH blockchain, but that ETH comes from people who send their coins to the smart contrat, not from the Bancor developers. So as you can see I didn't contradict myself at all.
>Then you said they are using their ether to run ' their operation'.
They are using the funds received to serve as reserve for smart tokens, they have not sold anything they received to develop the project, that Ethere is locked. The only ETher that has been sold is the one that noobs like you bought back as "refund" for being shit hodlers.
Now go and kys fucking subhumn

...

>the costs of running are blockchain are near $0, as we've learned since Bitcoin
u wot m8

Yeah Bancor is good now go to/pol/ people are hating Jews worse there jidf

>DA JOOS
I am not jewish you fucking moron

Nobancs hate her!

It's undervalued, that's all you need to know. Good time to buy after ETH dip is finally over.

Since a bunch of faggot on here are scared of the Jewish boogeyman and the faggots in other coin communities blame it for crashing crypto, the price has been lockstep with ETH

You should buy because it will easily go to $20 this time next year.

The fucking SECOND they release their mobile app this thing will moon 5x over that to $100

I unironically bought $100k

Hahaha we have some salty bagholders in this thread

How much ether did you waste on the ico? 10? 20? Please dont tell me it was anymore than 20

Once they release changers for top erc20s expect a moon

Oy vey goyim! Stop spewing such nonsense. Buy bancor(rupt)

Yeah. Just tell people to install their wallets and pay them with tokens that the blockchain creates. Done. You have a blockchain running without spending any money.

So Bancor doesn't have to spend massively on web servers like banks do.

Satoshi Nakamoto didn't have to raise 150 million to run Bitcoin servers.

So when you buy tokens it mints bancor, when you sell tokens, it burns it? Then the more bancor is used, the scarcer the supply gets?

It's to create a liquid reserve fund and a .01 ETH price floor

Are people really so retarded they don't understand how liquidity or a price floor works?

Everly time a Token is sold or transformed into another token on the platform, that token is destroyed.

You can generate a new token by buying it.

So it's a double win, every new token is accompanied by an infusion of cash and every time someone transforms or sells a bancor it gets destroyed

/thread

Any money you were going to hold in ETH should be held in BNT when BNT is as close as possible to 0.01 ETH, which is now.

That's it really. Cause it's only going to follow ETH but might ultimately overperform ETH and leave you with a nice 10-20% on top of ETH.

Bancor is actually great because morons don't know about the price floor, it's trading beneat that on bittrex ATM so if it dips anymore it'll probably be profitable to sell it back to the Jews

>morons don't know about the price floor
>trading beneat that on bittrex
How is it trading beneath the price floor? Does that mean the price floor isn't really a floor?

It means the price floor is a smart contract you can send bancor to for 0.01 each. They don't implement the floor on exchanges so if you want you can buy it for less and sell it to the contract for more.

Well, that's interesting. Can you sell already to the contracts? Has this functionality been implemented? If so that's a 100% certain profit right there. Why aren't people buying massive amounts of Bancor then?

Pic related

yeah you can sell to the floor contract or the bancor smart token contract. both here bancor.network/bnt

You guys realize that in the past 24 hours, the price floor dipped from 157k to 96k ETH right?

And it can never go back up again? Ever?

>Why aren't people buying massive amounts of Bancor then?
Because people in this market are literally too dumb to arbitrage. Seriously.

it dipped from 107k. maybe the floor gets destroyed. who knows

Shooting missiles, you sold it already
Gona go balls deep on it

the floor is 0.1 ETH, not btc. it is hardly trading below the floor on exchanges.

you forgot

> killing Palestinian babies
> stealing land
> manipulating the US government to give them billions every year and their latest military tech for free

btw, the Bancor team is basically made up of scam artists and former mossad agents

This user is right, although some people managed to buy it for less than 0.01 ETH on Bittrex (pic related).

You don't understand.

In the past 24 hours, the price floor has dropped from 150k ETH to 91 ETH.

In the last 10 minutes alone, it went from 96k ETH to 91k ETH.

The price floor is literally fucking disappearing.

Whales are willing to sell at a loss, a very small one, into the price floor, to drive it down so that panic ensues and the price of Bancor falls extremely low after the price floor is gone.

Then they can buy it back for extremely cheap and make next to nothing in the process.

THAT's what's going on with Bancor.

it was never at 150k eth you retard. It was at 107k

it steals your money, just like any central bank
it takes your hard earned real money and prints a coupon that says "this coupon is valid for 1"

it's called a rectangle, user