These are chat archives for ethereum/tutorials

18th
Feb 2018
dileepkumaryendluri
@dileepkumaryendluri
Feb 18 2018 07:39
how to get ether on mist
Loretta1982
@Loretta1982
Feb 18 2018 09:39
@
@
@anujgupta8704 http://rushico.com
most sites will charge yo
this is the worst chat app ever lolz
contact me at Loretta1982@gmail.com or http://linkedin.com/in/lorettarules if you need a reference or more info :)
Jonas De
@JonasDe
Feb 18 2018 10:51

Hi all!
I apologize if this is a noob question, but I am thinking about how the price of a token is determined.
I know I could set it manually in the contract, but I'd like the market to determine the price.
On the Ethereum page they suggest using

function setPrices(uint256 newSellPrice, uint256 newBuyPrice) onlyOwner {}

but that requires a manual call to change prices by the owner, which goes against letting the market handle it.

Would setting such a constant buy and sell price on the contract be enough if I also add a

transfer(_to address, _from address, uint amount)

method?
I'm guessing once all tokens have been purchased from the contract at the pre-determined price the market will take decide the value since none can be bought from the contract anymore?

If you have any resources / guides I can dig into that'd be greatly appreciated!

jalundan
@jalundan
Feb 18 2018 11:52
Do you mean the price when people send eth to the contract? Or price when they buy it from exchange?
webshopcz
@webshopcz
Feb 18 2018 11:56
Backup of Tokens Admin Account. Hi folks, because Ethereum blockchain eat whole SSD every few days, I must doing frequent cancel of GETH and backup of account. There is one flaw: At every backup event. all ETH are saved and all tokens (yes, I administered tokens) vanished completely. Is there someone who knows how way backup also Admin account for tokens ? Thanks Ivan
Jonas De
@JonasDe
Feb 18 2018 13:42

@jalundan

Well, both I guess. My goal is to have the tokens value be determined by market demand in the end, just like most coins.
I guess in the beginning, it would be easiest to have the contract sell the tokens, but this would be at a fixed price and thus the token wouldn't increase in value. Right? (Unless I specifically code it so that the price rises with how much has been bought or something similar, but that would be deterministic).

Once tokens has been bought off the contract I'd like the market to decide the value.
There would never be a reason to buy off of another person if the contract sells tokens cheaper, so who in their right mind would buy from other people while the contract still has tokens available?

How do people approach it in general if they want it to be sold and bought on exchanges and increase in value with interest there?

Do they give all tokens to one address in the start and have that account sell it on exchanges?

jalundan
@jalundan
Feb 18 2018 16:40
Well if I have understood correctly, you cannot affect the price of the token after the initial price in exchanges. It is after all market which is decided by people and how much they want to pay for it. As for ICO, you can code the token to be priced eg. how many tokens are sold or how much time has passed. Usually this is done in a way that eg. the first x amount gets it cheaper or they get extra coins.
jalundan
@jalundan
Feb 18 2018 16:50
And usually the tokens are burnt after the ICO so there are no tokens available except from exchanges.
gasperko
@gasperko
Feb 18 2018 20:56
hi
any1 here ?