The Gnosis thing
Image: Wtf is Gnosis?
Yesterday, Poloniex announced on their website they will list Gnosis token one week after the end of the auction.
Gnosis GNO tokens will be available for trading on Poloniex one week after the close of the auction. Posted by OldManKidd at 2017-04-24 19:28:26
It came shortly after the controversial delisting of 17 coins. Some traders were even talking about broken trust and moving coins to bittrex. Anyway. Apparently the time has come to have fun on new and totally different altcoin markets!
What is Gnosis for
It’s a prediction multi-market where you can create your own markets for events if you have WIZ tokens.
- You get WIZ tokens in exchange for your Gnosis tokens if you decide to lock them in a smart contract for some period of time.
- You get Gnosis tokens for ETH, Gnosis runs on Ethereum.
- The token model is not implemented yet.
The auction is over by now and people who bought the Gnosis tokens will receive them right before the trading will start at Polo.
Why it would make crypto traders rage
…if they still had emotions?
1) The Gnosis token sale ended at a theoretical 312.5 Million valuation. 2) Only 4.17 % of all tokens have been distributed to you early investors, the other 95.83 % of the tokens is in hands of the Gnosis team. 3) The Gnosis team now owns 299 million USD in artificial token value. They’ve invested 0 USD. 4) In contrast, the investors who paid 100 % of the money, invested and own 13 million USD in tokens. 5) Let me be more clear: You paid 31.25 USD per Gnosis token and as a collective, have only received 4.17 % of all tokens. 6) Now take a seat before you read number 7 7) The actual value of the Gnosis tokens is 13 million USD (this is all of the actual money brought in by the investors) divided by 10 million tokens. That means each individual token now has a factual value of 1.3 USD. 8) As of now, your net result on your investment is -95 % 9) We did warn you: http://i.imgur.com/WAVLXWE.png - You triggered the worst case scenario in this graph 10) And warned by /r/ethtrader 11) But you just didn’t want to listen, did you
Obligatory, what does Forbes say?
Gnosis, a decentralized platform for prediction markets that uses “crowdsourced wisdom” sourced globally and built on Ethereum technology, has set a new record by raising $12.5 million (m) in a token offering via a Dutch auction, the first successful one of its kind in crypto, and the fastest crowdsale to date to sell out more than $10m.
So what do people say?
Starting at over $300mill market cap? Dump city (-90%) RIP ICO investors. - twitter, @3ideRaven
So you are listing a coin where the devs own 95% of the total supply with more ICOS coming? Just wow… - twitter, @GetYourBounty
Remember though, it’s not an obvious short either - it’s the same as DASH where the empire can move the price as needed because they have their precious instamine.
Author | Filed under Opinion