@nameless Best ponzi I ever got scammed in!
Husband, father, trader for the 402 asset.
Posts made by whateverUsayman
RE: 7 days
@OWTBlockchain Given the number of high profile members of the Burst community that have come here to chime in, I would see this as a good sign. There are many who want to see the coin succeed, and I think they will be able to do so.
I, for one, am encouraged to hear that there is a plan being put into action. Scammers run when exposed, and that is clearly not what happened. Those who were accused of being scammers are still very active in the community, and are still honoring asset payouts.
RE: Need help setting up my asset.
"Question: once the initial escrow is setup, should there be another that a small percentage of the dividends is put into to pay for equipment replacement, upgrades?"
I would say this could be a good 'optional feature', but a few things need to be considered.
- this would slow down asset issuers needing to upgrade... motherboard fries a week before xmas, and all of a sudden the asset produces nothing until the person(s) controlling the escrow gets back from grandma's house two weeks later...for example.
- we are still dealing with trusting a third party with funds... so the investor needs to count on both the issuer and the escrow operator being honest and reliable, for the long term.
- the cost of escrow is not nothing. Transaction fees aside, pretty much any escrow service in existence charges a fee, and for good reason. They provide a valuable service.
"Question: ( try to keep the laughing to a low roar ) How much burst to I need in my personal account to start an asset I ask this because I see assets that start at 10000 burst to millions to sell?"
This one is simple and complicated at the same time, as it would be entirely dependent on what the asset claims to offer. The more the asset is worth, the more you are likely to sell it for, so you should be able to back up a decent percentage of the what is made from the sale in the case that the asset has some kind of catastrophic failure.
"Question: what is the best way to determine the starting value of the the Burst to sell?"
With the mining asset example, consider total mined per 'x' number of days. Divide by total shares that are to be sold. The result would be payout per share, per whatever the number of days is. Now ask yourself, how long should the purchaser expect to wait until they have made their money back. Let's do some math... all of this is just for the example, numbers from thin air...
10000 burst mined per month
100000 shares sold in first round of asset release
say you sell at 10 burst per share
that makes 0.1 burst per month, per share. At 10 burst per share, it will take 100 months to make ROI, except the mining diff goes up all the time. Expected return on mining decreases by about 5% per month, so this math is a bad deal for the investor, even though at first glance, it can look good to someone inexperienced or uneducated in how burst mining works. This scenario would make more sense if the issuer sold either 100000 at 1 burst, or 10000 at 10 burst.
This is a very simplified version of what needs to be considered to make a mining asset work for both the issuer and the investor.
"Question: should there be three or four wallets setup. One for total amount of burst earned, Second for the percentage that was set to be paid to the asset holders. A third for the percentage set to pay yourself. A forth if a second escrow is not needed for replacement of parts, upgrades etc."
Proper reporting and documentation of transactions made and the reasons should negate the need for something like this. There is no reasonable way to remove the risk, but if the issuer is thorough and vigilant, the info they provide should be sufficient here.
"Question: should there be a two party system be set in place one for the escrow. I see this as two highly trusted and high reputation persons that will make sure that the dissemination of those funds will be handled properly and a proof of the total amount of funds along with proof that each asset holder was paid their appropriate amount."
I refer to my first answer, as I feel that it answers this question as well.
Of course, this is all just the opinion of a guy who has never issued an asset.. at least not an asset that was ever sold/released... yet.
**For the sake of clarity, I agree 100% with everything in your post. This should serve as a great 'how-to' for any prospective issuer. Thank you for taking the time to put it all out clearly like this, @croydan1
RE: I almost went full retard
very interesting indeed. Why the build up tho?
"...Considering I receive enough interest, I may release it...."
He's waiting for offers. How many btc is it worth?
If it's even legit, the bidders would have to out-bid the big guy himself. Assuming that the OP's intent is actually to sell it, not just give it away.
Also, probably a scam. Just saying, it's more likely to be bullshit than not.