[PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details


  • admin

    @Focus I'll support anyone and everyone in this community (I'm providing free hosting servers to a number of projects, and am invested in pretty much all assets), until they give me a reason not to. Socal may be new, you may not like his idea, but he's willing to go further than anyone else has done to protect people investing in his asset. I'll support and advise him in those efforts, and if he turns on the community, I'll be the first to start the hunt to track him down and make things right.

    It's up to the community to decide if they want to invest in his idea, but I'll support those efforts even if he does rub you up the wrong way.



  • @Castiel said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:

    @haitch @Focus Hmm... Well I can't deny the Fact that there have been lot of scams in Burst commmunity in the past. But let me bring it to your notice that not only Newbies but some Great people with lots of posts & reputation have ended up scamming the Community. But since this thread is just about the discussion & not Actual release, everyone has got right to put forward their views, whether it be positive or negative :)

    But In any case, @socal I would suggest you to start a poll & ask people if they will be interested in Investing in your Asset YES/NO
    So you get to know if you should go ahead & launch this Asset or not... ;)

    You guys don't understand. It's an asset if he has something to offer, he does not. He wants the community to fund the purchasing of hard drives by taking their money and dumping it on exchanges therefore lowering the price. THIS IS NOT AN ASSET, and these typed of threads have to stop. We are trying to build Burst not take away from it to further people's mining rigs. Build the rig FIRST, sell the asset after.



  • @haitch said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:

    @Focus I'll support anyone and everyone in this community (I'm providing free hosting servers to a number of projects, and am invested in pretty much all assets), until they give me a reason not to. Socal may be new, you may not like his idea, but he's willing to go further than anyone else has done to protect people investing in his asset. I'll support and advise him in those efforts, and if he turns on the community, I'll be the first to start the hunt to track him down and make things right.

    It's up to the community to decide if they want to invest in his idea, but I'll support those efforts even if he does rub you up the wrong way.

    No he's not, I told him to have crowetic host the mining operation, and he just came back with: I want 13 million burst now for 100TB and I will be controlling and hosting myself



  • anyway so this is how the Asset would break down:

    I create the Asset with 1,000,000 Shares and Transfer all shares to Haitch's Escrow who will handle the IPO and distribution of funds to me.

    Several rounds of Share offerings will occur (exact number and price TBD but between 10 and 25 BURST per share) , with each round funding another expansion, this could easily be done in 50,000 share rounds at 15 Burst/share which = ~10+TB of mining capacity with each round financing a further ~10+TB.

    Fee would be 10%-15% (still TBD) I just need enough to cover electrical costs and the remainder of the fee will be put aside to help finance future expansion, either I can do this or it can be returned to Haitch's Escrow for secure management. the fee would also only be taken out of each Share Round to keep parity with everyone else so instead of getting 10% of 1,000,000 right off the top it would be only 10% of each 50,000 Share Round so that the mining payout distribution remains fair.

    so with all of that worked out this is how all the math would pan out:

    Total Shares: 1,000,000 PPS: 20 Burst Total Shares Available for Sale: 900,000 (100,000 to be held for fees, released in 5,000 share lots with each Share Offering Round)

    Each round will be a total of 50,000 shares 45,000 for sale 5,000 for fees so 45,000 x 20 = 900,000 Burst for each funding round

    900,000/2 = 450,0000 Burst for ~10TB + associated hardware, shipping, tax, etc; the other 450,000 goes straight to Haitch's Escrow as "Investor Insurance" so no matter what happens EVERY SINGLE INVESTOR IS INSURED FOR 50% OF THEIR INITIAL INVESTMENT BY THE ASSET ITSELF, This is the First Burst Asset to offer such a service .

    When all assets have been sold total sales would be 18,000,000 Burst, assuming an exchange rate of 70 sats that equates to 12.6 BTC, 6.3 BTC worth of Burst would be held by the Escrow for Investor Insurance the other 6.3 BTC would buy ~160TB give or take depending on HD prices, and exchange rates.

    IMPORTANT NOTE:

    I would NOT recieve 6.3 BTC up front as stated it will be done in smaller rounds with each round financing another expansion of the Assets mining capacity

    As you all can see this is still a rough draft but the numbers are all there

    Please point out any discrepancies or faulty math, thanks


  • admin

    @Focus How much did the other assets that used the funds from selling the asset to fund the mining hardware affect the market?

    Why were those ones okay, but this ones not ?

    Why should he put the means of producing dividends in the hands of someone who is not responsible for his asset? Do you and Adam want to send me your hardware to mine with on your behalf ?



  • @Castiel said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:

    @haitch @Focus Hmm... Well I can't deny the Fact that there have been lot of scams in Burst commmunity in the past. But let me bring it to your notice that not only Newbies but some Great people with lots of posts & reputation have ended up scamming the Community. But since this thread is just about the discussion & not Actual release, everyone has got right to put forward their views, whether it be positive or negative :)

    But In any case, @socal I would suggest you to start a poll & ask people if they will be interested in Investing in your Asset YES/NO
    So you get to know if you should go ahead & launch this Asset or not... ;)

    Yes that was kind of the point of this thread, to hammer out an agreeable plan with the communities input and to measure interest in such a project



  • @haitch said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:

    @Focus How much did the other assets that used the funds from selling the asset to fund the mining hardware affect the market?

    Why were those ones okay, but this ones not ?

    Why should he put the means of producing dividends in the hands of someone who is not responsible for his asset? Do you and Adam want to send me your hardware to mine with on your behalf ?

    Let me answer your questions one by one, 12M Burst traded is mostly buys for casino, 10 BTC and more has been pumped into the exchange in the past week alone to raise the floor, and guess what, we are right back at the same point we were last week from people dumping.

    Adam and I's hardware has been paid from OUR Pockets, every single penny. Furthermore, Adam is not even selling his asset for Burst to avoid having to dump and lower the price, on the contrary, he has stated that every single penny collected from the asset is going right back into poloniex to BUY straight off the sell book and raise the price.

    My Miners, all 170TB of them have been paid right from my pocket, I did not make the Burst community pay for my operation, And I have been more than kind with everyone in the community, offering pool bonuses, including my personal 20% in the dividend to make my investors happy. As for the assets I have issued, would you like to see proof that every single Burst collected is still accounted for in wallets?

    And lastly, why should he put it in the hands of someone else is simple, he is trying to issue an asset and has fuck all to show for it, 3TB?? So like I said, either he builds a rig and comes back for his asset, or put it in the control of an established member of the Burst Team, not someone who just joined the forum 8 hours ago.

    Come on haitch, you are being totally irrational right now.



  • @Focus I totally understand my friend :)
    But the only thing I am trying to put forward is welcome new people in community with a smile & not with a rage. At the end its community & its contribution which will affect Burst Value :)

    @socal Just for our understanding, why is it that you cant buy the HDD First & later on cover the expenses from the Funds that you receive from Asset Exchange ?? Investment for 10TB HDD is really affordable by anyone :)

    Secondly like Focus mentioned, you can take @crowetic service. He will setup & run miner for you. You manage the Asset :)
    BTW @crowetic is Lead Developer, so you & community can Trust him :)



  • @Castiel said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:

    @Focus I totally understand my friend :)
    But the only thing I am trying to put forward is welcome new people in community with a smile & not with a rage. At the end its community & its contribution which will affect Burst Value :)

    I do welcome everyone and look at all my posts, I try to help anyone and everyone out the best I can.

    On the other hand, I have invested so much time and effort and I will not stand for people trying to take away from Burst instead of contributing to it, especially if the person uses a sarcastic condescending attitude with me.



  • CROWDFUND = I would like to do this project.
    ASSET = I have something to back this project and I'm putting it up for sale



  • @Castiel I CAN afford the first 3 or 4 HDD out of pocket right now and I'd even be willing to buy the first 10 TB of mining what I can't and won't do is drop several thousand dollars on a rig right before christmas just to have nobody end up buying the asset which would put me in a jam with the family lol, so the point of this all as stated before is to brainstorm and come up with a plan of action that is agreeable to the majority of the community and most beneficial to Burst.

    Sure I could put up 13+ TB in a few days out of pocket but thats it and pretty soon 13 TB isn't going to be worth squat, but with the plan so far proposed it allows for the financing of further expansion which secures revenue for investors and helps alleviate issues arising from reduced block rewards and increasing difficulty



  • okay, for one... I don't know what happened to my post here... but if it was deleted, I'm going to be very upset... luckily I still had a copy on my phone, because I had to post it while I was out today... so let me find it...

    I'm in total agreement that newbies coming in should NOT be starting assets without a single CENT of investment on their own... let me find my post...


  • admin

    @Focus

    • 12M Burst/day has pretty much been the standard for quite some time.

    • I bought and paid for all my drives myself as well - and all the funds they earn goes directly into my wallet. What Socal is doing will have most of those funds going into investor wallets. This isn't the first, and won't be the last asset issued on this basis.

    • His ID verification and Escrow make the asset more trustworthy than most - what's to stop Adam taking the 25 BTC he's getting from his asset and walking away - never paying a dividend? As Socal said - he doesn't want a bunch of pissed off investors on his door step. I'm invested in Adam's asset, and I don't even know where his doorstep is.

    And again, this is not the first asset of this type - why is this one suddenly a problem? Because he rubbed you the wrong way in a post ?



  • here is my post that somehow disappeared...

    I'm wondering why it is that people keep coming in without investing anything into what they're planning, but yet asking others to invest...

    Let me ask, does this make sense? If YOU aren't even willing to invest in something, why would you ask the community to do so?

    This was the initial situation with BURSTocean asset as well, until I came in and suggested this same thing...

    You cannot ask others to invest into something you yourself aren't willing to invest into... Also, an asset is something you HAVE, and want to share with others... It's NOT something you WISH you had, and want others to help you pay for... THAT is a CrowdFund... Which lucky for you, BURST also does...

    Now, if you'd like to put up something you've invested into, with a solid plan for growth, and ask others to come along with you, by all means! But starting with nothing, using asset sales to CrowdFund in order to acquire something you don't have any personal investment into, is at the very least really sketchy...

    I'm all for new assets, of any kind, but in order to call it an asset, something has to exist FIRST.

    We've seen many failures of people attempting to do this, and scams as well, so I'm very protective of the community in this matter...

    Please, if you plan on being in the community and offering a long-term, and legit asset, invest something into it yourself FIRST, then issue your asset.

    Feel free to reach out to me and I'll assist just as I did with BURSTocean.

    Thanks!


  • admin

    @crowetic Don't see a post here from you - and I didn't delete it.

    By the time he releases his asset, he'll be ID verified - I'll verifiably know more about him than I do you..... Think about that.



  • @crowetic said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:

    okay, for one... I don't know what happened to my post here... but if it was deleted, I'm going to be very upset... luckily I still had a copy on my phone, because I had to post it while I was out today... so let me find it...

    I'm in total agreement that newbies coming in should NOT be starting assets without a single CENT of investment on their own... let me find my post...

    I didn't catch your post earlier but you make a valid point and it can be easily addressed .

    Again I want to point out that this proposed Asset has not been made as this is a PRE-ANNOUNCEMENT it is meant for brain storming and working out all the details before any crowdfund or asset is made



  • @haitch said in [PRE-ANN] Socal's Burst Mining Asset, 30% bonus! see details:

    @Focus

    • 12M Burst/day has pretty much been the standard for quite some time.

    • I bought and paid for all my drives myself as well - and all the funds they earn goes directly into my wallet. What Socal is doing will have most of those funds going into investor wallets. This isn't the first, and won't be the last asset issued on this basis.

    • His ID verification and Escrow make the asset more trustworthy than most - what's to stop Adam taking the 25 BTC he's getting from his asset and walking away - never paying a dividend? As Socal said - he doesn't want a bunch of pissed off investors on his door step. I'm invested in Adam's asset, and I don't even know where his doorstep is.

    And again, this is not the first asset of this type - why is this one suddenly a problem? Because he rubbed you the wrong way in a post ?

    Not at all, and I said it to socal that this is not personal although he tries to make it personal.

    The direction he is taking is that of a CROWDFUND, and guess what we have that incorporated in the wallet.

    Assets need to be backed before they sell, and this has to be enforced, unfortuantely for socal this just happened on his thread, and I apologize for this happening but it is what it is and we have reached this point.

    Haitch you have too much time and effort invested in this community not to see clearly.



  • post is above... the thing is, we're NOT NXT... and NXT had quite a bit of scamming going on in their team... Just because we are a NXT clone, doesn't mean we should follow NXT's example...

    I am wholeheartedly for the Asset Exchange, I love it in fact... but starting an asset requires an initial investment, that's the whole definition of an asset... Starting something with nothing, is what the CrowdFunding is for.

    If you don't have enough money, wait until you do, start an asset WITH something first, or wait until you can afford to invest into your own idea...

    OR...

    Start a SMALL asset, with something you HAVE, then go ahead and expand it, and I'm not even opposed to using one of the later sales for upping the mining power or whatever, but the first issuance of the asset, should have something SOLID behind it.


  • admin

    @Focus A crowdfund means you give to the person for a project, and get nothing back.

    This asset invests into hardware and pays back to it's investors.

    It's not the first, won't be the last to use this model.

    I'll back people trying to expand the Burst ecosystem, and I'll put my TB where my mouth is. When Socal launches his asset, I'll put 95TB of mining to fund it while he's getting off the ground. It will be mined to a wallet I control, and paid out by me to the shareholders.



  • I really do think there needs to be more of a system in place for asset issuers, not just identity verification. The definition of an asset is something very clear... it implies that you HAVE something before you release it for sale. Releasing something with plan to use the coin to buy hardware, requires even more trust, and with a brand new member, it's a red flag...

    I'd be more than happy to do what I did for BURSTocean, and help you acquire the drives, hell, I'll even plot them for you. Just like I did for BURSTocean...

    All I'm saying here, is that if you're going to release an asset, you should be as invested in it as you are asking the community to be. If you're not, then that's a red flag. Especially with a brand new member coming into the forums.

    I'll be more than happy to help setup a system to verify that an asset is solid, and also help the people acquire the things they are looking for to be at least solidly invested into their own idea...

    This is the part that doesn't make sense to me, coming in with nothing, asking the community to fund YOUR plan, without wanting to put anything into it yourself...

    Then it seems to me that you're just looking to get a quick buck. Not into it long term, and if it is YOUR idea, then you should be the one invested the MOST. IMO.

    Anyone disagree with this?


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