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Not a FUD post, just genuinely curious.
As I understand it cryptotokens derive their long-term value from the promise that the developers will create a technology that will make use of the tokens. Therefore if the technology takes off, the token appreciates in value.
I read Bancor's whitepaper and I am still confused about how the developers can guarantee the future use of Bancor. As far as I can tell, you can still use the Bancor protocol and use ETH as the reserve currency. The only reason I can think of in using Bancor tokens instead is if you believe that Bancor tokens are less volatile but aren't they basically pseudo pegged to ETH? For Bancor to be more stable,
there would have to be a built in incentive for people to sell BNT when ETH goes up and buy BNT when ETH goes down. I do not see why people would do this systematically.
Can someone enlighten me?
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>>2572268
Most ICO's are a scam. Welcome to the wild west.
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>>2572268
you can do all the same stuff bancor does in eth smart contracts.
literally bancor is just a way for the creators of the coin to make quick bucks from the idea of reserve currency system, and making an "ICO" for some redundant coin all in efforts to cash out
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>>2572268
just going to leave that here:
https://medium.com/unchained-reports/bancor-unchained-all-your-token-are-belong-to-us-d6bb00871e86
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>>2572363
https://blog.bancor.network/response-to-bancor-unchained-cdb3bd2ba505
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Just buy wojak
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>>2572268
Bancor won the decentralized exchange ratrace
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>>2572268
Addressing "why use bancor at all when you could just write smart contracts for eth" The point of bancor is not to do something that was previously impossible with eth, of course you could just write the contracts yourself and all that. Bancor is integrating it into a service, the end goal is to be user friendly to normie businessmen. It's a difference in barrier to entry. Bancor will succeed for the same reason everyone doesn't just learn to program and write their own web browsers
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Tfw I want to throw in on bancor but I'm trapped ina shitcoin and don't want to sell at a loss
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>>2572434
Ok, but you haven't answered my question. Even if Bancor Protocol streamlines a useful service, it does not mean that the Bancor token has value because I can use their protocol and use ETH as a reserve currency
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>>2572447
Stop being irrational. Sell losses.
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>>2572434
no. business men would not use a service like bancor. "normie businessmen" fully understand normal fiat, but yet still every business has accounting and procurement departments.
If a business were going to invest any amount of money in to cryptocurrency, they would hire a specialist, probably someone who has experience writing code for contracts in these domains. Now thats not to say they would not hire a bancor specialist, but the point still stand that bancor is redundant and not necessary.
In my opinion, the creators saw an easy way to make money from the ICO scam bubbles everyone else is making millions on. They could have set up the same system without that much money or even a separate token.
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>>2572464
In order to use the Bancor protocol, you have to hold BNT as at least one of the reserves for your token.
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>>2572501
You are correct that successful businesses can simply hire specialists, and could indeed create their own token. First, consider the liquidity benefits of using the bancor network, and that there is no disadvantage to using the bancor network. I can see that they could manage without it, but why choose to spend more money on something that will be less useful?
Another thing that I didn't mention in my first post is that not only large businesses will use bancor (if everything goes as planned). Consider that the some members of the bancor team previously had success with a local currency called "hearts" used between families in Israel. It grew to 1,000 transactions per day. These people certainly could not hire a specialist, they would use bancor.
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>>2572553
So if I am forced to use the Bancor token as reserve, doesn't that make my currency inextricably linked to Bancor. I trade my BTC or USD for Bancor to back my currency. What happens if Bancor crashes?
How is this a decentralized model?
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>>2572475
this
holding onto a sinking ship is a nigger-tier mistake. If there's somewhere else that money could be invested with a higher chance of profit, sell it immediately.
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>>2572734
yeah part of the thing is that it is dependent on BNT. But, the more people making currencies under BNT, the higher and more stable its value will become.
It is decentralized in the sense that you don't need to come to an exchange or depend on certain groups of people to buy or sell a coin in the bancor network, you just use the contract.
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>>2572734
I think your questions would be more eloquently answered by reading the FAQ, I do not want to misrepresent bancor with poor word choice.
https://www.bancor.network/faq/
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