The Nimiq Heist - Founders cashing out BIG TIME
NOTE - please take this as satire with a view on the broad ICO hype raging lately
I have been blogging about Nimiq lately, a browser-based blockchain that can be run in a browser. Any browser (that supports Java). Just point your browser to the right webpage and you are already have a wallet and are mining for Nimiq tokens.
Ease of use
Because it is all so easy - your mom could understand this - this might be a blockchain variant that could go far. Want to receive a payment? Just open a browser, get a wallet and receive a payment. So expectations are high and the crowd is enthusiastic.
Or.... was enthusiastic. Because the Nimiq team just announced the details of their ICO.
Details ICO (or how to become greedy)
The ICO is structured as follows:
"The amount of Nimiq Exchange Tokens (NET) for sale is equivalent to 5% of the total future Nimiq (NIM) supply (equal to ~24.5% of the circulating NIM supply after one year).
- NET are standard tradable ERC20 tokens.
- Exchange rate: 1 NIM = 10 NET.
- Tokens available for sale: 10,500,000 NET.
- The sale is capped at 60’000 ETH.
- Two stages:
- First two weeks: 1 ETH = 175 NET
- Last two weeks: 1 ETH = 125 NET
- Sale starts on June 28 (Time TBA).
- The sale will run for up to 28 days, or terminates if a cap is reached earlier.
DISCLAIMER: Due to the volatility of the Ethereum Market we may make final adjustments to the terms no later than June 24.
Capped for Transparency
The Sale is capped at 60'000 ETH for simplicity and security.
Simple Pricing
The pricing structure is modeled after Ethereum’s initial coin offering. There are two stages, early contributors of the first stage receive a 28.6% discount:
- The first two weeks, 1 ETH buys 175 NET
- The last two weeks, 1 ETH buys 125 NET"
So to recap:
- there will be no more that 21 million Nimiq.... ever (similar to Bitcoin)
- 5% (1.05 million Nimiq) will be presold in the ICO
- the sale will be structured in the form of NET tokens, paid in Ether
- with a current price of about $340 for one ETH, total proceeds for the founders will be some $20 million to $28 million.
See details of this calculation here.
Hold it, Sherlock. Not so fast...
So we have a project that:
- currently runs in BETA
- supposedly consists of about 100,000 lines of code (which is not that much, I understand)
- has an ETA for the official release of end of this year
- does not have basic wallet functions like back up, QR code and multi-device support yet
- has a team of 4 guys working from the jungle
- has no proven user network at all
but somehow its founders want to cash a cool $20-28 million next month!
I mean, why not just value the thing at $100 million or 1 billion then (I suppose ETH advisors are telling otherwise)?
Bottom line
Look, I do not mind that 4 guys want to cash out big time, and everyone who is willing to support this has every right to part from his money, but $20 million for an untested product with no user base based on open source software. that's not my cup of tea.
I wish them good luck with their ICO and sincerely hope they do catch some money. Despite this blatant cash out before fully delivering, it would be great to see a final release version of this software. Given its perks, it may succeed after all. But instead of making founders rich upfront, I will just mine the hell out of this coin from a browser, cheapskate as I am.
For updates on this project, please make sure to follow their Telegram. The team is very responsive.
I havent heard about this yet. Interesting stuff. GNOsis ICO was the worst! It pays to read the whitepaper haha
The idea behind this coin is ok but the pricing is sky high. Have you heard of anything similar reaching these amounts in an ICO?
Not with the bizzare scaling Gnosis had, where the more people invested the more the Gnosis founders got to keep.
wow! nice information.keep it up.upvoted.follow back
You make some valid arguments, but there's at least 13 team members and growing. At worst, that means that 13 people will get slightly rich, and not 4 filthy rich. Here's their team page, available on their website, https://nimiq.com/team/ Nimiq is probably going to be huge, because the main developer "get's it". Blockchain is a complete unknown to most people on the street, and the nimiq team are going to bring it directly into people's faces via a browser. No normal human wants to download a blockchain in order to use a new technology that tv says is used for terrorism and drug deals. It's too much hassle to start with. Nimiq will destroy the barriers to use. I think by late 2018, nimq will be a global household name. I could be wrong, but I'll know next year at any rate. Thanks for the post.
Quite right drumcrazy ... the NIMIQ team seem to be 100% genuine and will offering something uniquely accessible so will surely be hugely successful!
Actually i have been steeming some of their blogs filmed by the brilliant Atau Mo'e... here's a link to one for you all: https://www.google.com/url?q=https://steemit.com/steemit/%40icedrum/days-before-an-ico-an-inside-look-nimiq&sa=U&ved=0ahUKEwiFxca2loTVAhXHVT4KHT6ZDhgQFggFMAA&client=internal-uds-cse&usg=AFQjCNFnZpNvzZIkNIHt3IOEB3VXaVJ9ug
Cheers, thanks for the link icedrum :)
Here's a step by step guide to buying and storing Nimiq tokens: https://buyingnimiq.com/
Good points in this blog. I was about to start a similair discussion. There's a lot of exchanges out there. I found that coinmarketcap.com gives quite a decent overview. I was wondering if anyone of you uses: https://www.coincheckup.com For a complete crypto analysis on every single tradable crypto out there.