404 closing down and buying back



  • Doomsday is upon us and unfortunately i’m left with no choice but to do this.

    Now, before you run in and yell scam, shut up and read for a second:

    I will not set a buy back price ! The community will.

    402/404 has been trading in a free market price for the past 8 months and it is that exact same free market that will dictate the closing down prices. If you’d like another example on how a free market operates on an asset buyback, have a look at OBITS ( https://obits.io/ )

    So, to put this simply, this is how the buyback will work:

    Every day/few days i will buy back as much as possible from the lowest sell orders i see on the market with the amount of capital i have. This will go on until all shares are bought back over time.

    Just like in the OBITS example, those who hold on and wait for their target price to be met, will eventually get the price they desire.

    404 will of course no longer pay dividends because of the buyback model switch. That money will be used to buy back instead.

    Those who will panic dump will do nothing but hurt themselves. If one wants a fair buyback price, one will get it under one simple condition : patience.

    If you have half a brain and want to use it, you will get out of this asset with a massive profit. If not...well…

    Simple as that. The venture comes to an end and the end depends on you. If you want to make it a tragic one, please dump like there’s no tomorrow. If not, set your price and you will be bought out over time.

    I wish i could say that i’m sad and whatnot, but i’m actually thrilled as fuck because this will be an epic ending to my baby. For the first time ever in BURST, people can actually choose how much profit they want to make on an asset.

    It’s been a fucked up ride with ups and downs but honestly i enjoyed every minute of it.

    I’m going to drop by every now and then and give updates on the buyback, but that’s about all that i’ll be doing. All my efforts have been in vain, so why the fuck bother any more?

    Buybacks start 48 hours from now



  • Well now I would like to see the bullshittirs call this asset an scam.



  • @vExact said in 404 closing down and buying back:

    Well now I would like to see the bullshittirs call this asset an scam.

    give it a few hours lol :)



  • @nameless right. No matter what it always rains :(



  • AND WE ALREADY HAVE THE FIRST SHARE SALE AT 1 MIL A PIECE !!!

    congrats to BURST-VAX9-BFZ6-XSX5-CW2EN

    way to be realistic! :)



  • @nameless i think just in case put some hard max number xD otherwise there will be some jackass crying how you scammed him xD



  • @LithStud , the jackass is meant to cry. The realist will smile



  • Weird. If you don't want to move the asset on BTS, but simply close it, then the problem is not in Burst...
    The "buyback" model assumes that investors will suddenly become traders, and their income will only depend on their trading skills. This, of course, it is sad that such issues are resolved without a vote of investors.
    But now it doesn't matter.
    Unfortunately, people remain the weakest link in crypto. Alas!



  • @nameless So what are the reasons of closing 404 down? This supossed to be retirement fund and it is quite far to retirement yet?



  • @nameless said in 404 closing down and buying back:

    AND WE ALREADY HAVE THE FIRST SHARE SALE AT 1 MIL A PIECE !!!

    congrats to BURST-VAX9-BFZ6-XSX5-CW2EN

    way to be realistic! :)

    Thank You. I thought 10 MIL would be greedy :-)

    Rich



  • @nameless

    Ok...so basically it will work like this -

    You will be using funds normally intended for dividends to start buybacks. This will go on until the 404 fund itself is able to be liquidated and completely buy out the remaining shares on the market.

    Yes?



  • @ryanw said in 404 closing down and buying back:

    @nameless

    Ok...so basically it will work like this -

    You will be using funds normally intended for dividends to start buybacks. This will go on until the 404 fund itself is able to be liquidated and completely buy out the remaining shares on the market.

    Yes?

    in part yes. but i will also try and accelerate the buyback as much as i can with any extra spare burst i can get.



  • @nameless what do you think people will sell your asset at? I'm thinking 10-15



  • @emcb , you understood wrong man. nobody has to trade anything. Let me give you an example :

    Let's say that you want to sell your shares back to me for 10 burst a piece. All you have to do is put them up for sale and i will eventually buy them from you. Simple.

    @Ip85 , intentions were many. reality is harsh. i want to leave this community and just build up my own personal retirement fund. i don't need all the drama and whatnot, so i'll just fuck off in style.

    @HiDevin , the market sets its own price. no clue what the shares will sell for.



  • I like Your asset, I like Your style and I like Your ideas. It is sad, that my favorite asset is closing. Good luck! In all the dramas it was difficult to understand who is the good, who is the bad and who is the ugly. For me You was always the good. Sorry, that I did not voted for BTS, I liked Burst too and I thought, that the problem is not in the Burst. Good luck!



  • thanks for the kind words @CrazyExpert , but i think this ending would have happened regardless of burst or BTS. I can't deal with the pointing fingers bit any more and the fact that every time i'm even 1 hour late on the dividend someone yells scam. As much as i wish i could continue this, i simply hon't have it in me any more.

    It's going to take a bit of time to rebuy all of 404, but what the heck else do we have BUT TIME.

    Just make sure not to fall into the traps of Fat Jesus and BURST will be just fine.



  • @nameless you should be me mate. i went on holiday for a week. made an announcement prior and after that dividends were going to be late. and i had the same said about me :')



  • @Lexicon said in 404 closing down and buying back:

    @nameless you should be me mate. i went on holiday for a week. made an announcement prior and after that dividends were going to be late. and i had the same said about me :')

    scammers for life !



  • @nameless said in 404 closing down and buying back:

    @emcb , you understood wrong man. nobody has to trade anything. Let me give you an example :
    Let's say that you want to sell your shares back to me for 10 burst a piece. All you have to do is put them up for sale and i will eventually buy them from you. Simple.

    Maybe I expressed not exactly.
    I say that in the scheme of "buyback", the investor loses the opportunity of weekly dividends, weekly profit.

    Now, to make a profit (i am talking about net profit or at least return of investment), investors will need to become a traders to catch the best price, bearish. Otherwise many will sell at a loss (what we now see).
    The investor may, of course, to put order at a good price and wait until you buy it. But thus, the profit for the investor is postponed indefinitely, instead of steady weekly payout.

    As well you left out the fact that if someone puts too high an order to sell, then you will never be able to buy all the shares from the market (even if only because the number of Burstcoins is limited).

    Therefore, you will hardly manage to implement the exit from this community:

    i want to leave this community and just build up my own personal retirement fund.

    if you using the model of "buyback".



  • @nameless I dont see any buys for the buyback yet, any updates?


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