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      "author": "steemitboard",
      "permlink": "steemitboard-notify-insidetech-20200305t065633000z",
      "title": "",
      "body": "Congratulations @insidetech! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@insidetech/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@insidetech) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=insidetech)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/steemitboard/@steemitboard/use-your-witness-votes-and-get-the-community-badge\"><img src=\"https://steemitimages.com/64x128/https://cdn.steemitimages.com/DQmTugCUsoXX762vg1CuHRrpnPbfnjPogp8iCGv7F2kSVuj/image.png\"></a></td><td><a href=\"https://steemit.com/steemitboard/@steemitboard/use-your-witness-votes-and-get-the-community-badge\">Use your witness votes and get the Community Badge</a></td></tr></table>\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "permlink": "steemitboard-notify-insidetech-20190302t222853000z",
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      "body": "Congratulations @insidetech! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@insidetech/birthday1.png</td><td>Happy Birthday! - You are on the Steem blockchain for 1 year!</td></tr></table>\n\n<sub>_[Click here to view your Board](https://steemitboard.com/@insidetech)_</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n<table><tr><td><a href=\"https://steemit.com/carnival/@steemitboard/carnival-2019\"><img src=\"https://steemitimages.com/64x128/http://i.cubeupload.com/rltzHT.png\"></a></td><td><a href=\"https://steemit.com/carnival/@steemitboard/carnival-2019\">Carnival Challenge - Collect badge and win 5 STEEM</a></td></tr></table>\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) and get one more award and increased upvotes!",
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      "permlink": "re-belugishark-eosvibes-ripping-trusting-folks-of-20180801t081918816z",
      "title": "",
      "body": "Certainly untrue, EOSVibes is one of the most trustful EOS BP's out there. As you can see from other comments on this post they provide support even after the post like this one.",
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      "body": "Hi,\nThank you for the answer, but I'm not entirely satisfied with it, so please lets continue discussing in a hope that this text will help others as well.\n\nIt is not the price that triggered this text of mine, but the threads on this subreddit where the team addresses their transparency problem and gives very few info about token distribution. You would expect a lot more info about tokens when they are talking about transparency, so this sounded fishy to me. Then, when I saw them selling from \"founders\" and \"community\" wallets in this early stage of the project and knowing they already have 50 000 Ethereum on their hands for the expenses of a small team made of 15 people this info triggered another concern in my head and this is when I started writing the article.\n\nFirst of all you're talking about 50 000 ETH being worth 16 million $ in the time of sale, but nowdays, that's more than 35 million $ which is not a small amount of money for the company made out of 15 employees, just to get things straight.\n\n \n\n**The \"community\" wallet is not just for the community in the context most of us think. An \"ecosystem\" wallet is probably a better way to describe it, and this may have been a language barrier from the original translation. While some of those tokens have/will be used for the community specifically (e.g. bounties), payments for things like exchange listings and third party advertising also come from this wallet.**\n\n \n\nWell, to be honest, language barrier should not exist with company worth more than 50 million $, do you agree? So, the community fund is no longer a \"Community fund\" but a \"Ccosystem fund\", at least we got that straight.\n\n \n\n**The founding team wallet does enter circulation slowly over time, but the team has confirmed that they have not actually sold off any of these tokens.**\n\n \n\nIf the tokens didn't enter the circulating supply by sale, how exactly did they enter the market? Are there any reports to back this claims up? We're talking about little less than 7 million ITC tokens which were worth almost 60 million dollars at one point, and I don't even know if any Ethereum tokens were sold as well?\n\n \n\n**The private sale was executed with large and reputable venture capital groups like FBG and #Hashed. If the author does not believe the private sale even happened, then they are also accusing these big VCs for being in on a scam as well. #Hashed has IoT Chain listed directly on their website. This is public information that anyone can look up.**\n\n \n\nThanks for clarifying this topic, I'm happy with this answer.\n\n \n\n**The author is quick to make a statement here that event cryptocurrency startups need to be \"decentralized\" themselves which I totally disagree with. The author needs to wrap their head around that while blockchain technology can help decentralize control of data, blockchain companies themselves can still exist in the traditional sense. As I mentioned earlier, community is probably the wrong word to describe that wallet. Those funds belong in control of the founding team where they can decide how to best spend them to support the ITC project and ecosystem. I would much prefer the remain in control of those funds rather than give control to a community who's motives are largely focused on how to inflate the price of the token as quickly as possible.**\n\n \n\nWell, maybe language barrier is a problem in this case since \"Community fund\" should be a Community fund, and the text provided by ITC team on all media so far was misleading and nontransparent from the beginning of ITC project which is not good.\n\nI strongly disagree that it's better that the funds are held by one or few persons other than the ITC community, this sounds bad and unpromising to me since the community would only be able to handle those tokens by the set of rules set for DAO, while if the individual holds the funds his child can get sick tomorrow (God forbid) and then the whole project is in custody of this individual emotions.\n\n \n\n**Some of the results of that 3.1M spent are the exchange listings and bounty campaigns which are measurable outcomes.**\n\n \n\nYou do realize that at some point those 3.1 million tokens spent from \"Community/Ecosystem fund\" and 3.75 million tokens from the \"Founders\" wallet where worth more than 55 million USD right? Now show me bounties and exchange listings that are worth that much money?! This answer of yours is again nontransparent and concerning.\n\n \n\n**As a community, we're entitled to ask that question but the team is also not obligated to tell us exactly how they spend what is essentially their own personal funds. The word \"dump\" is a little dramatic. Those tokens entered circulation but as mentioned earlier, the team has not sold them off. They anticipate a significant rise in value at which point in the future, they are perfectly allowed to sell some of these to profit from their efforts in starting this business. This is their full time job, their passion. Shouldn't they be allowed to reap the benefits from this at some point in the future?**\n\n \n\nTeam is not obligated to answer anything this is correct, but this will also reflect on the price of ITC tokens, I can assure you that.\n\n \n\n**No. The company itself is a private entity but they are working to build a decentralized network for IoT. The ITC is and always will be the owner of the project.**\n\n \n\nWhat do you mean by \"ITC is and always will be the owner of the project\"? We, token buyers gave them our trust to build an OPEN SOURCE, DECENTRALIZED project. By open source it means they don't own it, any ANYONE can use the code at their will. Seems to me like you lack basic knowledge about decentralization and open source.\n\n**If you cannot do that, then I suggest exiting your position until such a time that you can.**\n\n \n\nYou're advising me to sell now after you guys dumped almost 7 million tokens and the price collapsed 9 times in value?!\n\n \n\nIn the end, you just confirmed that **1 OR FEW INDIVIDUALS ARE HOLDING MORE THAN 50% OF THE TOKENS WITHOUT ANY SMART CONTRACTS or MULTI SIGNATURES TO MAKE SURE THAT THIS MONEY IS NOT DUMPED AT WILL**. Who doesn't find this FISHY is not the brightest person in my opinion.\n\nOther than that you haven't provided any sources or transparency reports. I hope you will in the next post.\n\n \n\nRegards",
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      "body": "@@ -37,71 +37,8 @@\n his.\n- I am not sure if you are the originally author but either way,\n  I a\n@@ -91,20 +91,19 @@\n g this. \n-They\n+You\n  mention\n@@ -110,20 +110,19 @@\n ed that \n-they\n+you\n  would l\n@@ -168,18 +168,18 @@\n d to the\n-ir\n+se\n  questio\n",
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      "body": "@@ -1,8 +1,10 @@\n+**\n Hey ther\n@@ -365,16 +365,18 @@\n esponse.\n+**\n %0A%0A %0A%0AFir\n",
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      "body": "Hey there. Thank you for sharing this. I am not sure if you are the originally author but either way, I appreciate that some effort was put into writing this. They mentioned that they would love for someone from the team to respond to their questions in detail and correct them where they are wrong, so here I am. I will refer to \"the author\" generically in my response.\n\n \n\nFirst, the author did a great job of acknowledging that they may have not done their diligence before initially investing. This is nice to see as many act like something has fundamentally changed between when they \"researched\" initially and now (because the price has dropped) when this is simply not the case.\n\n \n\nThe author describes the token distribution as presented recently by the team. This is mostly correct but I have a few comments:\n\n* The \"community\" wallet is not just for the community in the context most of us think. An \"ecosystem\" wallet is probably a better way to describe it, and this may have been a language barrier from the original translation. While some of those tokens have/will be used for the community specifically (e.g. bounties), payments for things like exchange listings and third party advertising also come from this wallet. It is essentially a second funding pool to develop and promote the project, alongside the original ETH raised during the private sale, which really is not a lot when you look at it. At a rate of 1000:1 ITC to ETH, 50k ETH would have been raised in November back when ETH was around $330 USD. A rough calculation shows that a floor for their initial funding is around $16M USD which really is not a ton considering the size of the team (15 full-time members) plus other associated start up costs. This initial seed funding needs to keep the lights on and the team employed to work on the project for quite some time. It makes perfect sense that they have a second pool of funding available for things like exchange listings, community building, marketing, etc. Having that second pool in ITC rather than sold into ETH also gives further incentive to be careful with how it is spent. The team obviously anticipates the value of ITC rising dramatically over time. Spending 100 ITC now might seem like nothing but in the future, that could be a lot. These tokens are not just going to be \"dumped\" rapidly on to the market but spent carefully over time as they really do have a limit on funds available to sustain the project long term.\n\n* The founding team wallet does enter circulation slowly over time, but the team has confirmed that they have not actually sold off any of these tokens. We have to take this at face value as it would be very difficult to prove otherwise but given this project is their pride and joy and they anticipate success in the future, I have no reason to not believe them. Investing in any project requires a certain degree of faith.\n\n* The token distribution graphic the author provides was created by a community member, not the official team. That said, it does summarize the release over time very well.\n\n \n\nUp to this point, the article does a great job of giving some background. The questions and concerns area is where things start to fall apart for me and I feel the author's emotions are getting the best of him/her.\n\n* **Why should we trust ITC team that the private sale even happened?** The private sale was executed with large and reputable venture capital groups like FBG and #Hashed. If the author does not believe the private sale even happened, then they are also accusing these big VCs for being in on a scam as well. #Hashed has IoT Chain listed directly on their website. This is public information that anyone can look up.\n\n* **Why is the portion of tokens from the private sale locked?** This is a popular method used to help control the rate that tokens enter circulation and provide incentive for VCs to hold their tokens long-term. Keeping the circulating supply low initially helps drive interest and price appreciation as demand catches up with supply. I am not sure why the author thinks releasing tokens over time indicates the private sale never happened.\n\n* **30 million tokens are reserved for the \"Community fund\", Shouldn't they be controlled by the community? If not, How will ITC team control those funds in the future?** The author is quick to make a statement here that cryptocurrency startups need to be \"decentralized\" themselves which I totally disagree with. The author needs to wrap their head around that while blockchain technology can help decentralize control of data, blockchain companies themselves can still exist in the traditional sense. As I mentioned earlier, community is probably the wrong word to describe that wallet. Those funds belong in control of the founding team where they can decide how to best spend them to support the ITC project and ecosystem. I would much prefer they remain in control of those funds rather than give control to a community who's motives are largely focused on how to inflate the price of the token as quickly as possible.\n\n* **ITC team says that 3.1 million out of 30 million of \"Community fund\" tokens already entered the circulation, which sounds to me like they sold 3.1 million of those community fund tokens without any consultation with the community.** Once again, community is the wrong word for this wallet. And it is also wrong to assume that tokens entering circulation means they were automatically sold. Some of the results of that 3.1M spent are the exchange listings and bounty campaigns which are measurable outcomes. My previous bullet sums up my argument against this point as well. As a community we have the right to ask how funds are spent, but as a private company they also have the right to keep some of that information to themselves. Transparency is important but just because this is a DLT project doesn't mean we automatically get full access to all of their inner workings and financial decisions. You will find few projects in this space that explain in detail how every token is spent.\n\n* **Who will be entitled to get tokens from the \"Early supporters fund\"? How can we, early supporters apply to get those tokens? Again, do we need to trust the team to handle this fund properly?** The author is missing the meaning of early supporters. Us community members are not early supporters in the sense of this wallet. This is for consultants and advisors (as listed on the website). It is perfectly reasonable for them to have a locked fund for people who helped them get the project off the ground. Of course we need to place some trust in them to handle this properly, and so far, those tokens in that wallet have remained untouched as promised. This is the same level of trust required for any crypto project where the team has control of large wallets.\n\n* **ITC team should have got 50 000 ETH from the private sale, Why the hell did they need to sell 3.1 million tokens from the community fund and 3.75 million tokens from the founders fund and therefore crash the price of ITC tokens when they have 50 000 ETH to use for the development?** Again, these tokens were not \"sold\" but entered circulation for various initiatives including exchange listings and bounties. This is where the author really lost me, as I can tell the motive of this article was purely based on recent price action. Ask yourself, would this article have been published at all if the price had not dropped recently? Or are these concerns really founded on the basis of genuine curiosity?\n\n* **Can we please get transparency report on how are the funds from dumping 3.75 million tokens from the founders funds used?** As a community, we're entitled to ask that question but the team is also not obligated to tell us exactly how they spend what is essentially their own personal funds. The word \"dump\" is a little dramatic. Those tokens entered circulation but as mentioned earlier, the team has not sold them off. They anticipate a significant rise in value at which point in the future, they are perfectly allowed to sell some of these to profit from their efforts in starting this business. This is their full time job, their passion. Shouldn't they be allowed to reap the benefits from this at some point in the future?\n\n* **Can we please get transparency report on how are the 50 thousand Ethereum tokens used so far and how will they be used in the future?** The author goes on to say that we are entitled to this because it is a decentralized project. No. The company itself is a private entity but they are working to build a decentralized network for IoT. The ITC is and always will be the owner of the project. Yes, they are using the funds of others to build it, as with most start-ups in this space. We can ask for more transparency but they are under no obligation to provide us all of their financial data. We are not shareholders, we are speculators of a utility token for a potentially revolutionary ecosystem. This is a very important distinction. I will certainly reach out to the founding team to see if we can get some financial reports, but do not assume we are entitled to this information as speculators.\n\n \n\nThe last bit again calls the project itself centralized (which it is of course, it is a private company). Further claims are made about tokens being sold by the team (which I mentioned earlier, is not the case). The biggest takeaways from the article are: A) can we have some more transparency into the use of the \"community\" wallet and B) can they explain how the 50,000 ETH raised is being spent? I will talk to Xinhao (the co-founder) about these points and see if we can get some additional details to please the author. For the time being, my suggestion to the author is this: we all need to be willing to place a minimum level of faith in the team to deliver on their promises. If you cannot do that, then I suggest exiting your position until such a time that you can.",
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      "title": "IoT Chain (ITC) token distribution model and funds management questions and concerns",
      "body": "DISCLAIMER: I hold 16 000 ITC tokens - https://coinmarketcap.com/currencies/iot-chain/\n\nHi,\nThis is my first \"research\" post which will be posted outside of the portal that I've started recently https://insidetech.io (still doesn't have social network links and has very few articles).\nThis way I'll try to combine publishing unique content here on Steemit (since I like Steemit and the idea behind it) and other (unique and rewritten) content on my portal, so that there is no copyscape issue and that I bring value to both Steemit and InsideTech.\n\nI liked the idea behind the ITC chain project, which is similar to IOTA but sounds even better in many aspects/promises made by ITC team. But, seems like I got into this project too early, without doing proper due diligence and questions addressed in this post came to me after seeing some of ITC team \"transparency claims\" and after I already bought the ITC tokens.\n\nAbout the project generally you can find by watching an Youtube video, for example from well known Youtuber Crypto Lark: https://www.youtube.com/watch?v=BE8Gf-6sfJ4 , but this post will be about **ITC token distribution model and funds management** which I found really important for the future investors.\n\nAs you can see from the disclaimer from the beginning of this post, I hold ITC tokens and this post can only harm my investment, but can benefit others who are considering buying ITC tokens.\n\nBellow you will find info that I've gathered so far, but also questions and concerns that came to my mind after analyzing the info. I hope someone from the ITC team will answer my questions in details. Please correct me if I wrote something wrong. \n\n&nbsp;\n\n<center>**INFO THAT I'VE GATHERED SO FAR:**</center>\n\n- There will be maximum supply of 100 million ITC tokens and there will be no additional inflation added to that number.\n\n- **50 million tokens were sold in a private sale at a rate of 1,000 ITC per 1 ETH.** 31.5 million tokens were released on December 1, 2017. 9.6 million tokens entered the market on March 1st, 2018. The remaining 8.9 million tokens are locked until June 1, 2018 and will enter circulation then.\n\n- **30 million tokens are reserved for building community.** 3.1 million already entered the market/circulation, the rest will slowly be released to the market.\n\n- **15 million tokens are reserved for the founders.** 3.75 million already entered the market/circulation, the rest enter the market in batches every 6 months 25% will be dumped to the marked.\n\n- **5 million tokens are reserved for early adopters.** 2.5M will enter circulation on December 1, 2018 and the remaining 2.5M will enter circulation on December 1, 2019.\n\nInfo graphic from the team: https://i.imgur.com/UF5tqKr.png\n\n&nbsp;\n\n<center>**QUESTIONS & CONCERNS:**</center>\n\n1. As the price from the \"private sale\" (1,000 ITC per 1 ETH) really defines the price of ITC tokens today, **Why should we trust ITC team that the private sale even happened?**\n\n2. **Why is the portion of tokens from the private sale locked?** This makes no sense to me and just makes me suspicious that the sale happened at the first place?!\n\n3. 30 million tokens are reserved for the \"Community fund\", **Shouldn't they be controlled by the community?** If not, **How will ITC team control those funds in the future?** You see the problem here is that **WE NEED TO TRUST THE ITC TEAM** and **THAT IS NOT WHAT CRYPTOCURRENCIES ARE ALL ABOUT since the main purpose of cryptocurrencies is too exclude trust out of the equation**. IMO, ITC team should really put those community fund tokens into a smart contract and give the permission to the community, like some kind of DAO system.\n\n4. ITC team says that 3.1 million out of 30 million of \"Community fund\" tokens already entered the circulation, which sounds to me like they sold 3.1 million of those community fund tokens without any consultation with the community. **How was this money spent? Where is the transparency report? What are the results of spending that much money?**\n\n5. **Who will be entitled to get tokens from the \"Early supporters fund\"? How can we, early supporters apply to get those tokens? Again, do we need to trust the team to handle this fund properly?**\n\n6. ITC team should have got 50 000 ETH from the private sale, **Why the hell did they need to sell 3.1 million tokens from the community fund and 3.75 million tokens from the founders fund and therefore crash the price of ITC tokens when they have 50 000 ETH to use for the development?**\n\n7. **Can we please get transparency report on how are the funds from dumping 3.75 million tokens from the founders funds used?**\n\n8. **Can we please get transparency report on how are the 50 thousand Ethereum tokens used so far and how will they be used in the future?** Sorry for asking for the transparency report, but this is what you get when you want to build a decentralized project. It means that ITC team is not the owner of the project but it's using OUR FUNDS to build it. \n\nI would love to get some great answers to keep confidence in this project, but from all said above you can see that I clearly doubt in good intentions of the team. Seems to me like they are thirsty for money and the way they handle tokens is completely **CENTRALIZED**.\n\nBy dumping ITC coins in this early stage of development while they have so few employees and while holding so many ETH, it clearly says to me that the founder himself doesn't believe in the project, or even worse that he's not the brightest when it comes to basic economics.\n\nPlease prove me wrong and give me proofs that the money from dumped ITC tokens was really needed/essential and used to bring value into ITC project.\n\nCheers!",
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      "body": "Hi Steemit,\n\nI'm the founder of InsideTech.io, new portal which will be covering news from Technology, Crypto, Science and Privacy categories!\nSince we're part of Steemit now, we will be publishing unique articles here which will not be published on the portal itself.\n\nI hope we'll contribute to this great platform with great content!\n\nWe're still not entirely sure how to use Steemit, but we will learn! If any of you could give us few advices where to start, we would appreciate it.\n\nWould it be worth for us to buy some Steem power with Bitcoin for the start?\n\nCheers!",
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