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

socal

Heres an idea, for the Fee, instead of taking 15% of payout how about something else like 10% of shares withheld to accrue dividends for upkeep and growth? Anyone have any suggestions on how the fee structure should work?

haitch

@all Socal has sent me his real name, address, and cell phone number - they'll be used for the ID Verification.

He's also committed to putting 50% of the IPO into my escrow - thats the first new asset willing to do that.

With the escrow, what I'm proposing is this: Socal creates the asset, then transfers 100% of it to the Escrow account - the escrow account will then put up the asset for sale on Socal's schedule - the escrow account will then send Socal 50% of the funds when the asset sells. This way, Socal can't back out of his commitment.

Thoughts ?

socal

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

@all Socal has sent me his real name, address, and cell phone number - they'll be used for the ID Verification.

He's also committed to putting 50% of the IPO into my escrow - thats the first new asset willing to do that.

With the escrow, what I'm proposing is this: Socal creates the asset, then transfers 100% of it to the Escrow account - the escrow account will then put up the asset for sale on Socal's schedule - the escrow account will then send Socal 50% of the funds when the asset sells. This way, Socal can't back out of his commitment.

Thoughts ?

Sounds 100% agreeable to me that way nobody can claim scam or any other such nonsense

haitch

@socal well technically you could still scam and take off with the 50% you receive, but with doing the ID Verification AND the escrow - I'll put my coin into your asset.

socal

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

@socal well technically you could still scam and take off with the 50% you receive, but with doing the ID Verification AND the escrow - I'll put my coin into your asset.

lol true, but thats a whole lot of info for me to put out and trouble to go through for only like $300 worth of Burst,

tl;dr I like my reputation far more than I like $300 and the possibility of Criminal charges or somebody showing up on my doorstep lol

Focus

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...

socal

@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...

no problem your feedback is important, thak you for sharing your concerns

Gibsalot

how ever you get to the point of issuing an asset @Focus and @AdamGuerbuez are correct in that you are selling mining power and need to have that power befor you can sell it. that said no mining asset can stay viable without constantly growing mining power #1 you will need to offset the monthly 5% reduction in amount per block mined. #2 harder to calculate but you will need to out grow the network difficulty increase for any added mining power anyone else add's to the network. otherwise your div's will progressively be less and less each payout.

socal

@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

socal

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

how ever you get to the point of issuing an asset @Focus and @AdamGuerbuez are correct in that you are selling mining power and need to have that power befor you can sell it. that said no mining asset can stay viable without constantly growing mining power #1 you will need to offset the monthly 5% reduction in amount per block mined. #2 harder to calculate but you will need to out grow the network difficulty increase for any added mining power anyone else add's to the network. otherwise your div's will progressively be less and less each payout.

Once again you guys are going by the strictest definition of Asset, which is fine I'm new here so maybe thats the rules of this community but as stated in my experience Issuing Assets as an IPO vehicle is viable.

Now to address your return concerns yes you are correct which is why there are funds built into both the IPO to jumpstart future growth but also in the fee structure, now will it be enough to contend with reward reduction and difficulty increase? don't know probably not BUT that can be easily fixed by simply increasing the number of shares and creating a larger initial rig which will have a much better chance of higher payouts short term and staying profitable longer than a smaller rig over the long term

Focus

@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?

haitch

@Focus and yet, this is exactly the same model the ccminer100 asset used, and it's the second most active asset currently.

Focus

@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.

socal

@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

haitch

@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.

Focus

@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?

AdamGuerbuez

This post is deleted!

socal

@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

Focus

@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

socal

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