BCHGraz - Meetup #12 - ICO Basics
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The document outlines the topics discussed at the Blockchainhub Graz Meetup #12, which focused on ICO basics, legal perspectives, and community engagement. It highlights the challenges and methodologies of cryptocurrency mining and Initial Coin Offerings, emphasizing issues like centralization, distribution fairness, and energy wastage. The summary also touches on a specific ICO experience, illustrating difficulties with network congestion and communication during chaotic events.
BCHGraz - Meetup #12 - ICO Basics
- 1. BlockchainHub Graz Meetup #12 BlockchainHub Graz ■ Thomas Zeinzinger & Thomas Lechner ■ July 3, 2017
- 2. Meetup #12 – BlockchainHub Graz Warm-up and ICO Basics Thomas & Thomas Talk: ICO aus rechtlicher Perspektive von Oliver Völkel 7:00 to 7:45 pm 7:45 to 8:45 pm
- 3. Thomas Max Sandra Tom Didi Shermin Jean-Luc Hannes # Not-For-Profit # Translate Blockchain to Non Techies # Connect various Networks and Organizations
- 4. Get to know each other Find yourself a buddy! My name is “_____”, and I am interested in “_____”. I am a Blockchain: 1. newbie 2. intermediary 3. expert I am here to: 1. Get explanations 2. Socialize 3. Talk about a project 4. Search for investments 5. …
- 6. Education Shared Economy Purpose Driven & Profit Oriented Purpose Projects lab10 collective Collective VerenaThomas Sandra TomDidi Mario David Markus MatthiasBernhard Robert Hagen Andreas Projects: Decentralization & Privacy Software: Open Source We want to support the transition to a free, educated and fair society
- 7. Ways to distribute value! Proof-of-Work (PoW) Proof-of-Work à Proof-of-Stake Minted + Distribution Introduced by Bitcoin modified by others to reduce the centralization risk with ASIC hardware. PoW is for coin generation and distribution and PoS is building upon the established value. Varying mode of distribution. Typically not without criticism. Difficulties: Energy wastage; Centralization; Even distribution Difficulties: Even distribution; Centralization (PoS); Vulnerabilities (Nothing at Stake) Difficulties: Greed of founders, Privacy & Fraud (many identities), Unfairness, ... Bitcoin, Monero, Dash, Ethereum Classic, Zcash Ethereum, Particl (ShadowCash) NEM, Auroracoin, Bytecoin, Ripple When should mining be possible à Always / At the beginning? How should the distribution be à As evenly a possible / Preferring some of the involved parties? How should be able to mine coins à Everyone / Only sophisticated hackers and geeks?
- 8. Cryptocurrency – For FREE or SOLD Airdrop • Tokens are given away for free • Value is free forming • Guaranteed exchange can lead to a fast end (e.g. Aurora) • Conditions are different for every project Initial Coin Offering • Tokens are sold • Value is predefined for the sale • FOMO is driving prices (currently) • Conditions are different for every project • Regulatory difficulties (e.g. with SEC)
- 10. Collective Maybe some of you remember..
- 13. Collective They wanted 300 000 ETH ($100 000 000) for 41% of the company! So a company valuation of $ 250Mio+ That is more than Facebook had in ist initial valuation with 7 Mio+ users. For a company that only has an Alpha version of their app
- 14. Collective Let there be a community!
- 16. Collective NO to whales, please! PSSST!
- 17. Collective Should have been 2pm…
- 19. Collective Made your plays, Nothing goes!
- 20. Collective Network congestion in action!
- 21. Collective Whales, whales everywhere! IT WAS JUST BIGGER BROKERS THAT WHERE WHITELISTED – BUT STATUS ONLY COMMUNICATED THAT INFO IN THE COMMUNITY SLACK – NOT PUBLIC
- 22. Collective Really?No one is in and it ended? FAKE NEWS SPREAD BY MYETHERWALLET ICO WAS STILL OPEN
- 23. Collective Still next to no one was gettin in
- 24. Collective Hacking your way through IT FINALLY WORKED
- 25. Collective Summary? Their summary Community summary (next day) • 80 000 contributed -> only 20 000 where lucky! • Big whales got in (really?) • Network had to work off all the tx for 24h Final verdict? Even the best communication sucks in times of chaos.