Quote from: LiskQH on December 10, 2016, 11:14:15 AM

Quote from: trader19 on December 10, 2016, 11:04:58 AM

Q:Perhaps we not misunderstand each other. But it is not my fault. You have chapters in Russia but it does not do anything (however as well as all your chapters). He did not answer one of my questions. Everything that it does, it sells the coins at the exchange.
A:I think so also, for you to understand what role i play in all this. I Joined in early Oktober this year when all this Chapter Concept started, was the first and built Swiss Chapter together with Amadeo, testing and was the one that set the standards for other Chapters to follow (social media, POA, involvement). Chapter governance system is something never done before, you cant expect Chapter network model to be running perfectly this early. i can tell you didn't do any research and i don't have time to take you by your hand and guide you. i recommend you start reading here.

Q:Probably, they should leave a weak point, and will go to a forum to give answers to people.
A:?

Answer to these questions step by step:

1. Q:The limited number of people is engaged in production now. About 40 people. Correctly?
A:I guess by production you mean mining? i think more than 40 ppl are mining, since some chapters have more than one member. How many exactly, go check spreadsheet and count them yourself i will not do it for you. In github there are in total 76 contributors to the code since beginning..

2. Q:Now, it is available 2112258 IOP as you told. From where this quantity of coins undertook?
A:10% premine=2,100,000 IoP, rest is/has being mined by Chapters

3. Q:Who possesses these coins?
A:Who possesses premine IoP you mean? it's all documented, if you want to review it ask Luis for access to spreadsheet. The rest is being fairly distributed in form of Mining and POA (Proof of Action). read Chapters

4. Q:You want to tell that investors bought 2112258 IOP?
A:Premine was 10% means 2,100,000 IoP, how many was bought and at what rate and what was distributed is something you can see on that document. ask Luis for access.

5. Q:You say that they bought them on 12 dollars? It means that you have 24 million dollars now?
A:contributors, developers, bug bounties were paid out in form of IoP at $12 convert value. means they received IoP tokens in converted value of 1IoP=12$ for various tasks. What investors paid, ask Luis.

6. Q:If it not so, then tell what exact quantity of coins was bought by investors? And how many at you is dollars?
A:ask Luis or marmai per PM. i don't have this information.

Facit: i can understand your concerns, still you need to understand that Fermat project is not dependent on your investment and nobody asked you to invest or buy. only thing you all are kindly asked is to join and create decentralized Chapter network of trusted full nodes necessary for further evaluation and success of this project. you are even being incentivized by joining this early.. Cool

Thanks for your answers, is a pity that the Russian Chapter, not also well works as you.

There are some guarantees that 10% of premine (this 2100000 IoP) cannot be brought to market any minute?

You have to understand my concern, and looking at your rank you have to remember 1001 cases when it happened to different coins. Not all people are honest, unfortunately.

Therefore, the community has to know this information to be sure.

Hi, sorry for seeing this a little bit late. Anyway my two cents:

I started Fermat more than 2 years ago. By that time there was already a lot of noise in this industry and scams everywhere. I decided first to build something and later raise funds, in contrast with so many other projects doing just the opposite. During the first 6 months I worked full time on this, with the help of some friends from the time I was doing banking systems. During this first phase I counted the hours spent by these people in order to compensate them in the future. These were the very early investors. During the next months I searched for an angel investor willing to finance a year of development. By that time only the vision and the architecture and design of the solution was there, nothing else. The investor bought a first set of "imaginary" tokens at 0.29 cents each. She invested $200,000.

We didn't have a blockchain by that time and we didn't have plans to implemented in the short term neither. The money was better invested on building the components of future person to person apps and learning if such apps were feasible.

I organized then a programming competition and during 2 months I selected the best Java programmers in Argentina, my home country. The prize was to come to Budapest where I live, to build the core of the system during the summer, plus accommodation, flight tickets, a laptop and a monthly payment. Although the competition targeted Argentinian devs, the word spread throughout Latin Amarica and people from different countries participated. In the final selection there were 4devs from Argentina and 2 from Venezuela.

All of them arrived to Budapest on time and we starting developing with this initial team in Jun 2015. We had a great time there and a lot of fun anecdotes beyond the coding. (Maybe someday I will write about them). When I was about to pay these guys, I offered them to reinvest their "salaries" into the project tokens, and to my surprise each and everyone of them wanted to reinvest. Perhaps because they already had accommodation or maybe they truly liked the project. After some months I saw that the budget was not being spent as expected since they were choosing the tokens and not the dollars. As the tokens were not in the market, since they didn't even existed, we had to figure out which would be a fair price for them.

We expected to have in 6 months a prototype, so if we were a startup that would mean being ready for a seed round. At that time there was a site tracking all investment in crypto currency startups, and from there, after some analysis you could estimate that the valuation range at which a seed round was raised in this industry. The range was between 6M and 12M. So we imagined that by the time we had that prototype ready our valuation should be at least 6M, the lower part of the range. So we arbitrarily increased the price of the imaginary token month over month until reaching the price equivalent to a 6M valuation by the end of 1015.

At the same time, since the budget was largely unspent and the project quite complex,we thought that there might be more devs, designers and testers that would like to join with a similar deal, meaning reinvesting a large amount of their compensation. People in Venezuela motivated by these 2 first members where in a special good condition to do that, because of the situation in their county they could live with extremely little cash (in dollars terms) and reinvest all the rest. So the project quickly grew in numbers of contributors by word of mouth throughout Latin America, specially inside Venezuela. At a peak time there were more that 100 people contributing, a third of them devs, another thirds designers, and the rest testers, entrepreneurs and others.

With those numbers the $200,000 were being used fast and a lot of tokens were being distributed among all this people. The angel investor at the end of 2015 with a friend of her decided to take another round, this time of $450,000 at a price between 2 and 3 USD per token. (still imaginary).

During 2016 we all agree to continue increasing the token price to reflect the work added to the project by all these people, and everyone was happy to reinvest their compensation at each months price. During summer 2016, the proof of concept was finished and we were ready to start production quality code, no more prototyping. By that time we also stopped issuing more imaginary tokens, since we needed to stop to close the accounting and prepare the distribution of the real tokens, now at the blockchain.

A professional senior team of devs were hired for that by the end of the summer and we started working on the components of the Internet of People. This is a smaller team, with one dev in UK, 2 in Hungary, 2 in Argentina and 1 in Estonia. We finally implemented our token blockchain at the end of 2016 summer, and on top of it our first version of the mining by licenses and mining cap. Also the governance functionality for voting for projects to be paid by the blockchain is in testing by now. The IoP Profile Server (the main component of the internet of people) will enter alpha before the end of the year, together with the geolocated p2p network and the content address network.

Once the blockchain was ready, all the imaginary tokens were distributed. Before that we realized that we issued to many tokens, like 17% of the total supply, so we decided to scale it back to 10% multiplying all tokens held by anyone with a factor of 0.5 something, just to make them all fit within 10% that is something currently accepted by the industry.

On top of that we didn't want dumpers on the market so we figure it out how to use the quite new bitcoin functionality of time-locking some percentage of the tokens. We decided that 25% of everyones tokens would be frozen in 6 months, 1,2,3,4 and 5 years in some cases. That would make dumping and crashing the market stupid since everyone has tokens time-locked.

10 days ago we entered the first exchange, and of the 2.1 M premined tokens only a few thousands are being sold. That is because most of the token holders don't want to sell and wont do it because they are here for the long run. Specially big token holders. The only tokens around available are the ones of some of these Venezuelan people that unfortunately they fight everyday to put food on the table. We have great plans to grow, plenty of good and original ideas.

This month our voting system, similar to the one of Dash will be ready and that will enable us to do many things, like for example start a PR campaign. To be honest we are not focus right now on the token price or market, we are mainly building our components and also building our community.

If you are a dev, you might enjoy visiting our github repos and see what we are doing there. If you are not, talk to Markus to see how you can join the community.

https://github.com/fermat-org

I have written several posts in medium explaining in plain English what we are doing and why. Here is a link you can follow to find my posts there:

https://medium.com/search?q=luis%20fernando%20molina

also, here is a link to the spreadsheet we used to track the imaginary tokens while the blockchain was not ready:

https://docs.google.com/spreadsheets/d/1Fx29tzswHQN7YPjsFwlTnOyGZzY-sWUTA71URzmueug/edit?usp=sharing

A few weeks ago we were all happy to be listed by coinmarket cap, just to quickly learn that the value at Available Supply was wrong. We tweeted them, filled their change form several times, communicate with them over email, and still we can not get that figure corrected. We understand that our available supply are the pre-mined tokens minus 25% of the pre-mined time locked plus the 13,000 tokens mined so far. They refused so far to change that figure stating that only 13,000 are available. That impacts in our market cap calculation effectively discriminating us, since with such a number our market cap is ridiculously low. We hope to make them understand their mistake. Their argument is that tokens held by devs and investors are not part of the available supply. This is ridiculous since any of these can trade them anytime, except the ones time locked. They didn't subtracted all the tokens held by Satoshi on the case of bitcoins.

The previous is an extremely condensed history of the project so far. Unless you go to github, you would not be able to see the hundred of thousands of hours invested by people in this project.

It is easy to come and dismiss our work as a scam after spending 5 minutes on it. I understand it only in the context of so many scam in this industry. We had our fair share of scammers inside the project doing quite a lot of harm. But reality is that we are doing a good job based on what we believe in. Fermat doesn't need to do ICO or sell more tokens, or convince anyone to go and buy them. We are fine building our system, people is already coming to us and joining. We just listed our token in the market and people that can understand what we are doing are going to by them. That is good enough for us at this stage.

You can ask me any further question, I am checking this thread from time to time. And if you finally like our vision, consider joining us, after all this story is just begining.

Luis

Luis-Fernando-Molina

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