Thanks for the answers!
I've decided to participate in the ico.
However, every time I try to upload my passport (the image shows up) and press "next step" it says "check your connection and try again". I've tried with different picture sizes and different browsers with the same result. My internet connection is fine.
How do you propose I proceed?
EDIT: I have a few more questions.
1) Let's say I buy 1000 JNT from an exchange at a current price of for example USD 0.5 each. If I then use them immediately to buy jUSD then each JNT will give me 0.5 jUSD, ie 500 jUSD. However, if I wait a few weeks the JNT/USD price might change to $1 due to market demand and I will thus get 1000 jUSD from my 1000 JNT. Is that how it would work?
2) What happends to the JNT token afterwards? ie after I have exchanged it for CryDRs?
If you're still facing KYC verification issues, please
contact support and they'll resolve it quickly.
Questions:1. Once you have jUSD. These tokens will be redeemable for a dollar's worth of JNT. Whatever that may be.
JNT is used by the DAO to balance accounts. So if JNT price stays constant, the DAO only has to hold 1000 JNT to back your 500 jUSD.
If JNT appreciates, the Jibrel DAO can print new CryDRs.
Best to look at it as users converting BTC -> jUSD and back.
The JNT balancing act is done by the Jibrel DAO as a proof of solvency. So anyone holding jUSD can be confident the Jibrel DAO can back this.
When they redeem it, the Jibrel DAO converts JNT back into BTC or ETH, to pay the user out.
JNT appreciates with CryDR demand (jUSD, jKRW, etc.) because the DAO will liquidate whatever BTC / ETH it receives and store some off-chain, and most of it as JNT.
2. JNT is held by Jibrel DAO as proof of solvency.
Thanks, I'm a little bit wiser now but still got questions:
3) Let's say I've bought 4000 JNT @ $0.25 each and then bought 1000 jUSD for them.
Scenario a: The JNT price goes down to $0.1 and I choose to convert my jUSD to JNT. You hold 4000 JNT with a value of $400. How will I be compensated for the remaining $600? You don't hold those tokens right?
Scenario b: The JNT price goes up to $1. I convert my 1000 jUSD back to 1000 JNT. What happends with the remaining 3000 JNT I deposited?
4) Is the guarantor a bank?
5) How does your contract with the guarantor work? Do you pay them regularly and they in turn hold a sum of USD equal to the outstanding number of jUSD?
6) Let's say the JNT price skyrockets and all JNT holders then exchange their JNT for jUSD. At this JNT price alot more jUSD are minted and thus the guarantor will have to hold alot more USD. What if they are unable to aquire it?