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Offline luckybit

API Network crowd sale today
« on: June 18, 2014, 03:14:03 PM »

http://www.apinetwork.co/

Opinions? I think this could be worth buying into but I'd like the community consensus.
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Offline tonyk

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Re: API Network crowd sale today
« Reply #1 on: June 18, 2014, 04:02:33 PM »
from https://github.com/APINetwork/ProtocolSpec
'Today, websites that provide a single interface for accessing multiple API's, there isn't any price competition for the API calls developers want to make and the central service takes a margin on top of its costs, so the price the developer (and his or her users) pay for convenience is a higher price per API call'.

I did not get how the price will be cheaper when they add their margin on top of the existing price. (Wholesale discounts?) So if you get their business model and how they will make money for you, go and invest.  I personally did not understood that most important part – why is this profitable.
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline CLains

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Re: API Network crowd sale today
« Reply #2 on: June 18, 2014, 07:06:56 PM »
Hmm.. anyone actually buying? price is fixed, and the lowest price lasts until 500 BTC, 500 BTC seems like an aweful lot, they expect to get almost 5000 BTC and that would represent just 30% of the shares.. the premise seems to be a total valuation around 15000 BTC =~ 1 million dollars,
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Offline luckybit

Re: API Network crowd sale today
« Reply #3 on: June 18, 2014, 07:22:02 PM »
Hmm.. anyone actually buying? price is fixed, and the lowest price lasts until 500 BTC, 500 BTC seems like an aweful lot, they expect to get almost 5000 BTC and that would represent just 30% of the shares.. the premise seems to be a total valuation around 15000 BTC =~ 1 million dollars,

I don't see why they wouldn't get to 500 but it depends. The real question is what you mentioned before, how profitable will it be? To know that I would have to know the rate they'll release the other 70% of coins.

My guess is they want to do another Mastercoin but they messed up because Mastercoin didn't predetermine the number of coins before they sale but only after.

So I don't really know. I do think the concept has value because the technology could have incredibly high utility. The real question is whether it costs a lot of money and time to make or is it mostly done?

It's a gamble. I suspect it would be mostly done but I don't know entirely if this would be worth it.
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Offline gamey

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Re: API Network crowd sale today
« Reply #4 on: June 18, 2014, 07:46:04 PM »


Yea, sounds pretty silly to me,  APIs are JSON-RPC or just JSON.  They are not hard to connect to.


 There is no value added by this company except if they restructure the APIs and insure that the originator doesn't muck them up. 

Example - I had this happen recently when using a paid API service.  It was a new service.  I think it was a college student's side project. He would randomly change the names of the fields. <facepalm> I suppose apinetwork could have been on top of it and fixed it for me by keeping it the same ?? 

Outside of that (rare) problem all they are doing is adding another layer to the whole thing to break. Being a middleman/scalper is a great business spot, but they have to add value or trick people into thinking they add value.  I don't see how this business can do either.

Why do all these crowdsourcing things look like the same company?  Vague descriptions, weak usecases, pictures of the crew, white background...
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Offline bitmeat

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Re: API Network crowd sale today
« Reply #5 on: June 18, 2014, 07:49:39 PM »
They are going the wrong way about this. Also it seems that they are just using this as a way to fund their company. The 900BTC will go directly into their company as an assurance contract. Not that there is anything wrong with that but it seems backwards. They couldn't sell the tech elsewhere  so they are making a DAC funding to pay their bills.

Also this won't solve micropayment problems. I was considering getting in but then I was like nah 0.1BTC is the most I would put here personally, even though I could afford much much more.

 

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