Why are people saying there will be a hard cap

So the context here is that all projects will have to submit a cap when they register the crowdloan - it’s mandatory. However the foundation will just set an arbitrarily high number as the cap which will be practically unreachable in order to comply with this rule. The same was done for the Moonriver crowdloan. The risk with setting a low general cap for the crowdloan is that a whale could swoop in and take up the majority of the allocation. There also will not be a cap for individual contributions. If the foundation were to impose that, they would have to KYC everyone participating, otherwise people can just create 100 accounts and bypass the individual cap.

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26.10.2021

Bruno Penandes Автор вопроса

One question I have is whether or not people who contribute after the candle auction ends will still be honoured? I think they did the same for Moonriver and even people who contributed after it closed, still got honoured. Will that be the case for Moonbeam? Or will the candle close be the cut off

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26.10.2021

Francisco Javier Agosti

Bruno Penandes
One question I have is whether or not people who c...

it will be the same as on moonriver

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26.10.2021

Bruno Penandes Автор вопроса

Francisco Javier Agosti
it will be the same as on moonriver

Thanks

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26.10.2021

Combot

Bruno Penandes
Thanks

Bruno Penandes (0) has increased reputation of Francisco Javier Agosti (65)

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26.10.2021

Cyborg

Francisco Javier Agosti
So the context here is that all projects will have...

Yes you are right but other projects have cap so at least people know what they are getting into and how much glmr they can get per dot.But now is crazy very little % dedicated to crowdloan participants plus super hight cap as you said unreachable so what the point.This crowdloan should have been your priority not take flight event which was in pennies.This crowdloan is like HIT OR MISS game.

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26.10.2021

Francisco Javier Agosti

Cyborg
Yes you are right but other projects have cap so a...

if other projects do place caps, they risk having a highly centralized distribution for the crowdloan (e.g. a few whales taking it all).

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26.10.2021

🎙🎥 KryptosChain

Cyborg
Yes you are right but other projects have cap so a...

I agree with you. This is what I was let down by as well. I think the team saw many of us made a lot of money with Moonriver thus they found a way to limit it with Moonbeam, maybe to avoid those silly "100x GLMR, MUST WATCH NOW!!" videos 😂

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26.10.2021

The John (@sctrackboy)

This makes sense, but is there a specific number laid out by DOT that says you need to have at least this much dot to be awarded the parachain for the time you are bidding for?

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26.10.2021

Francisco Javier Agosti

The John (@sctrackboy)
This makes sense, but is there a specific number l...

that is difficult to say - nobody knows how the bidding will unfold

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26.10.2021

The John (@sctrackboy)

I know. It’s just crazy to think that if DOT front loads the auctions with the best projects (acala, moonbeam, EFFINITY, etc…) then everyone is going to put their dot in these leaving hardly any for the next auctions. I can see it now, your first 5 auctions getting 5-10 mil dot deposited each and then the next few struggling to get a few hundred thousand dots. That would look silly. As mentioned in the article, the auction can close at anytime once it has been won. That tells me there is a hard cap that we are not being told about.

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26.10.2021

Frederik

The John (@sctrackboy)
I know. It’s just crazy to think that if DOT front...

Efinity will also go for a parachain?

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26.10.2021

The John (@sctrackboy)

Oh hey! And no i haven’t played that game in over a year. The community got too toxic. I still have some of the items. They are going fast on the marketplace. The game apparently is getting bigger. Still playing?

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26.10.2021

Frederik

The John (@sctrackboy)
Oh hey! And no i haven’t played that game in over ...

I also stopped playing about a year ago and have over 1.5m gold - I hope there will be a mythical item in the shop again so I can cash out the gold 😂😂

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27.10.2021

4̶𝒙4̶ | Moonbeam · Accepted Answer

4̶𝒙4̶ | Moonbeam

No hard cap has been announced, but it’s required to have one, so we will set it. Wait for the official announcement please

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26.10.2021

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Why are people saying there will be a hard cap

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