[PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details
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@Focus and yet, this is exactly the same model the ccminer100 asset used, and it's the second most active asset currently.
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@haitch said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@Focus and yet, this is exactly the same model the ccminer100 asset used, and it's the second most active asset currently.
Granted, and I never caught that either but would have felt the same way, but since we're doing these kind of things, should I just go over to polo right now and dump my holdings?
What would you guys like to see as a new Burst price, 60 sat, 50 sat, hell let's go right down to 30 sats.
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@Focus said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@socal said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@Focus said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
So let me get this right...
We are going to let a new user who registered on the forums only 3 hours prior, ask our community for them to hand over their burst, so he can in turn take it transfer to an exchange and dump to make money, driving the price of burst down that we are working so hard to pump up and raise the floor, so he can in turn buy hard drives for himself...
Now on the definition of an asset:
What is an 'Asset'
An asset is a resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit.How about starting off by going to gofundme or kickstarter, raising the capital to buy the equipment needed to back the asset, then when that is done, come to the table with your asset offering...
That's all I am going to say about this...
now onto answering your concerns, Issuing assets to raise funds for projects has been proven viable by NXT and the NXT community, But if utilizing built in features of Burst for purposes other than the most strict definition is so damaging to Burst then we can figure out another option, but in my experience issuing and selling assets to fund projects has been an acceptable and viable option.
Now saying im buying harddrives for myself is patently false, the HD will belong to the Asset which in turn is owned by the Community (provided they buy said asset) If at any time the asset shuts down the HDs can either be claimed by someone with 25,000 shares per HD OR will be sold and the cash used to buy Burst to put up a buy wall for asset holders to sell into
Lastly yes I am a new BURST user, but I have been in crypto for years you can check my Twitter at https://twitter.com/Socal_crypto my Vericoin Forum acct at https://www.vericoinforums.com/members/socal.217/ or DM me and you can call/skype/facetime/tango/whatever you want to confirm I am who I say I am and I won't disappear with peoples funds
Listen socal, I don't know who you are but that is not the issue at hand. I am just looking out for what is best for the coin and the community in general, and taking coin out to go and buy hard drives has no immediate benefit to the community.
Let's look at your numbers now, you are telling folks that they can purchase back hard drives for 25K shares. Let's calculate for someone buying in at 10 burst per, that makes 250,000 burst which is almost $150 at current value. Why would someone buy a used hard drive for that amount?
To offer options to asset holders and keep the asset liquidation in case of a shutdown fair. example, lets say WhaleA buys 25,000 Shares and some months later the asset shutsdown well WhaleA also has his own rig or maybe wants to make his own mining asset he can then turn in his original purchase of 25,000 and get back the exact Harddrive that he paid for to begin with. it also provides incentive for asset holders to hold and/or re sell their shares at a higher rate because theres an actual physical device backing the asset
also you might be correct taking burst to setup a mining asset might not have an IMMEDIATE benefit....but no matter what happens it will have the LONG TERM benefit of helping secure the network and help balance the net hash.
Last thing if $300 worth of burst is enough to cause irreparable damage to the market theres other things to worry about then if some new guy is trying to scam or not
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@Focus We've been to those prices, and even lower. But with 12M Burst having been traded in the last 24 hours, even if Socal dumped 500K all at once, it's not even going to fill the first buy order - it's not going to crash the price of the coin. Hell, I have a damn sight more Burst, and at best/worst I could drop the price maybe 5 satoshi if I dumped them all.
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@haitch and @socal, it;s not the dollar amount that matters in this case, it is the precedent that we are setting. How many more people are going to want to do the use the same formula???
You speak of the 12M Burst traded, do you know where that influx comes from?
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This post is deleted!
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@Focus and what is so bad about setting a precedent of TRANSPARENT and TRUSTWORTHY community run assets? I have agreed to all of Haitch's Identity terms plus added in links to my other accts AND cell number AND I am putting 50% of the funds raised into escrow as insurance so I don't know what else more I could do to prove that I will deliver as promised
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@socal said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@Focus and what is so bad about setting a precedent of TRANSPARENT and TRUSTWORTHY community run assets? I have agreed to all of Haitch's Identity terms plus added in links to my other accts AND cell number AND I am putting 50% of the funds raised into escrow as insurance so I don't know what else more I could do to prove that I will deliver as promised
Why do you keep calling this an asset, currently as it stands you have 3 TERRABYTES..... You do not own the equipment you are offering, you are asking the community to buy it for you.
As far as I am concerned, anyone from now on trying to issue or sell an asset for mining power, going with the current network size and difficulty, that does not at least OWN themselves 40-50TB to back it, I will fight tooth and nail for it NOT to be issued.
My 2 cents
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First off how does utilizing crowdfunding for a community project make one a leech?
Secondly, I would not be dumping ANY burst outside of the costs of electricity, after that the remainder of the fee would be held onto for future growth and all remaining burst outside of the fee would go to asset holders so I can't speak for them and what they would do with their burst payouts
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@Focus The community will only support so many mining assets - if the interest is not there, the asset won't sell, and the Burst won't get traded. For all I know, Socal won't sell a single share.
@AdamGuerbuez Yes you could do that - but what's the point of destroying the value of the coin? This is not the first asset to have raised funds to mine Burst or other coins, that then distribute Burst to the community. Socal gets his miner, his investors get the income. You could have presold your asset to fund buying the drives (and based on the current buy bid, your asset is valued at 25M Burst which is more than the cost of your capacity) but chose to invest then sell the asset - Socal, and ccminer and others before, chose to go the other way - sell the asset to build the miner. Your asset isn't hurting the Burst market - neither will Socals.
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@Focus said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@socal said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@Focus and what is so bad about setting a precedent of TRANSPARENT and TRUSTWORTHY community run assets? I have agreed to all of Haitch's Identity terms plus added in links to my other accts AND cell number AND I am putting 50% of the funds raised into escrow as insurance so I don't know what else more I could do to prove that I will deliver as promised
Why do you keep calling this an asset, currently as it stands you have 3 TERRABYTES..... You do not own the equipment you are offering, you are asking the community to buy it for you.
As far as I am concerned, anyone from now on trying to issue or sell an asset for mining power, going with the current network size and difficulty, that does not at least OWN themselves 40-50TB to back it, I will fight tooth and nail for it NOT to be issued.
My 2 cents
once again the community isn't buying me jack diddly, this is for the COMMUNITY is owned by the COMMUNITY and belongs to the COMMUNITY I have Cash on hand now to buy the Harddrives and make an Asset AFTER paying for it all out of pocket but I'm sorry I'm willing to run this thing and manage it but the community has to meet me halfway, if they want it they will buy it if they don't then they won't I'm just trying to help out I am literally doing this for 0 profit. I am even willing to throw my current 3 TB on top as a bonus to show I am not in this for profit
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@socal said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@Focus said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@socal said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@Focus and what is so bad about setting a precedent of TRANSPARENT and TRUSTWORTHY community run assets? I have agreed to all of Haitch's Identity terms plus added in links to my other accts AND cell number AND I am putting 50% of the funds raised into escrow as insurance so I don't know what else more I could do to prove that I will deliver as promised
Why do you keep calling this an asset, currently as it stands you have 3 TERRABYTES..... You do not own the equipment you are offering, you are asking the community to buy it for you.
As far as I am concerned, anyone from now on trying to issue or sell an asset for mining power, going with the current network size and difficulty, that does not at least OWN themselves 40-50TB to back it, I will fight tooth and nail for it NOT to be issued.
My 2 cents
once again the community isn't buying me jack diddly, this is for the COMMUNITY is owned by the COMMUNITY and belongs to the COMMUNITY I have Cash on hand now to buy the Harddrives and make an Asset AFTER paying for it all out of pocket but I'm sorry I'm willing to run this thing and manage it but the community has to meet me halfway, if they want it they will buy it if they don't then they won't I'm just trying to help out I am literally doing this for 0 profit. I am even willing to throw my current 3 TB on top as a bonus to show I am not in this for profit
OK so let's go with your direction of COMMUNITY then, are you willing to have crowetic buy these hard drives with money you send him, not Burst taken from the community and sold, host them at his facility, and control the asset you want to release?
If not, by all means, go out and build the miner ahead of time and then sell your assets? I will even invest if you do it that way.
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@socal said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
once again the community isn't buying me jack diddly, this is for the COMMUNITY is owned by the COMMUNITY and belongs to the COMMUNITY I have Cash on hand now to buy the Harddrives and make an Asset AFTER paying for it all out of pocket but I'm sorry I'm willing to run this thing and manage it but the community has to meet me halfway,
Excuse me, the community has to meet you halfway????? You joined here 4 hours ago, who are you for the community to meet you halfway? You want to be a part of this community start off by contributing to it instead of wanting to take away from it.
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@Focus said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@socal said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@Focus said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@socal said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@Focus and what is so bad about setting a precedent of TRANSPARENT and TRUSTWORTHY community run assets? I have agreed to all of Haitch's Identity terms plus added in links to my other accts AND cell number AND I am putting 50% of the funds raised into escrow as insurance so I don't know what else more I could do to prove that I will deliver as promised
Why do you keep calling this an asset, currently as it stands you have 3 TERRABYTES..... You do not own the equipment you are offering, you are asking the community to buy it for you.
As far as I am concerned, anyone from now on trying to issue or sell an asset for mining power, going with the current network size and difficulty, that does not at least OWN themselves 40-50TB to back it, I will fight tooth and nail for it NOT to be issued.
My 2 cents
once again the community isn't buying me jack diddly, this is for the COMMUNITY is owned by the COMMUNITY and belongs to the COMMUNITY I have Cash on hand now to buy the Harddrives and make an Asset AFTER paying for it all out of pocket but I'm sorry I'm willing to run this thing and manage it but the community has to meet me halfway, if they want it they will buy it if they don't then they won't I'm just trying to help out I am literally doing this for 0 profit. I am even willing to throw my current 3 TB on top as a bonus to show I am not in this for profit
OK so let's go with your direction of COMMUNITY then, are you willing to have crowetic buy these hard drives with money you send him, not Burst taken from the community and sold, host them at his facility, and control the asset you want to release?
If not, by all means, go out and build the miner ahead of time and then sell your assets? I will even invest if you do it that way
If thats what works then sure I'd be more than happy to send Crowetic the funds, but one question, why is he not doing this then? wouldn't it make more sense for him to manage the asset instead of having me as a middle man? just asking, because what you are asking didn't make much sense to me, sorry
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@socal said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@Focus said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@socal said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@Focus said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@socal said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@Focus and what is so bad about setting a precedent of TRANSPARENT and TRUSTWORTHY community run assets? I have agreed to all of Haitch's Identity terms plus added in links to my other accts AND cell number AND I am putting 50% of the funds raised into escrow as insurance so I don't know what else more I could do to prove that I will deliver as promised
Why do you keep calling this an asset, currently as it stands you have 3 TERRABYTES..... You do not own the equipment you are offering, you are asking the community to buy it for you.
As far as I am concerned, anyone from now on trying to issue or sell an asset for mining power, going with the current network size and difficulty, that does not at least OWN themselves 40-50TB to back it, I will fight tooth and nail for it NOT to be issued.
My 2 cents
once again the community isn't buying me jack diddly, this is for the COMMUNITY is owned by the COMMUNITY and belongs to the COMMUNITY I have Cash on hand now to buy the Harddrives and make an Asset AFTER paying for it all out of pocket but I'm sorry I'm willing to run this thing and manage it but the community has to meet me halfway, if they want it they will buy it if they don't then they won't I'm just trying to help out I am literally doing this for 0 profit. I am even willing to throw my current 3 TB on top as a bonus to show I am not in this for profit
OK so let's go with your direction of COMMUNITY then, are you willing to have crowetic buy these hard drives with money you send him, not Burst taken from the community and sold, host them at his facility, and control the asset you want to release?
If not, by all means, go out and build the miner ahead of time and then sell your assets? I will even invest if you do it that way
If thats what works then sure I'd be more than happy to send Crowetic the funds, but one question, why is he not doing this then? wouldn't it make more sense for him to manage the asset instead of having me as a middle man? just asking, because what you are asking didn't make much sense to me, sorry
You obviously have no idea about this community then...
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@Focus said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
@socal said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
once again the community isn't buying me jack diddly, this is for the COMMUNITY is owned by the COMMUNITY and belongs to the COMMUNITY I have Cash on hand now to buy the Harddrives and make an Asset AFTER paying for it all out of pocket but I'm sorry I'm willing to run this thing and manage it but the community has to meet me halfway,
Excuse me, the community has to meet you halfway????? You joined here 4 hours ago, who are you for the community to meet you halfway? You want to be a part of this community start off by contributing to it instead of wanting to take away from it.
Alright obviously you are just going to remain hostile so there isn't much point in continued discourse with you but I never had any intention of taking from the community besides what exactly would I be taking? You act like I'm here asking for handouts with no intention of delivering promised goods/services and I've already laid out a multi layer plan to protect community members in the event of a shutdown
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Well this has been good, found out that some members of the community do NOT like this idea, thats good thats why I made a pre-ann, to figure these things out. Anyone else have anything to contribute?
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@socal Do the ID Verification, do the escrow - I'll buy shares.
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oh I will be doing all verifications and such and using escrow.
I am also thinking about increasing share size by an order of 10 so the new breakdown would be
1st Round - 500,000 Shares @ 10 Burst/Share
2nd Round 250,000 Shares @ 15 Burst/Share
3rd Round 250,000 Shares @ 20 Burst/Share
This gives a total of 13.75 million Burst, 50% of which will go directly to escrow, which will provide ~100TB of dedicated Burst mining that will be personally managed and upkept by myself.
what do you all think?
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@socal said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:
oh I will be doing all verifications and such and using escrow.
I am also thinking about increasing share size by an order of 10 so the new breakdown would be
1st Round - 500,000 Shares @ 10 Burst/Share
2nd Round 250,000 Shares @ 15 Burst/Share
3rd Round 250,000 Shares @ 20 Burst/Share
This gives a total of 13.75 million Burst, 50% of which will go directly to escrow, which will provide ~100TB of dedicated Burst mining that will be personally managed and upkept by myself.
what do you all think?
OK this is a real farce now.


