[ANN] SocalsFarm (Mining Asset) 50% Investor Insurance

socal

Hey all quick update:

Due to the massive price gains Burst has made and due to the convenient few individuals that have been placing large chunks of asset shares for below market value (effectively stopping growth of the asset for now) I have asked @haitch if he will release the funds from the half block of shares that have already been sold so that we can capitalize on this bull market and purchase more HDDs for the asset.

Since he is the Escrow he has final say, I just figured it would be irresponsible for me to not ask this question on behalf of all investors that stand to benefit from the asset increasing mining capacity.

socal

NOTE:

I know some of you are selling shares to either diversify or take advantage of the Burst increase and please by all means, take your profits. There are a select one or two individuals that I was referring to in the above post that have had large standing sells for below market price for quite some time, even long before the bull run on Burst began.

Dillion

This escrow is not part of the 50% insurance?

Is their a wallet address available for the insurance money? I just want to see it with my own eyes.

socal

@Dillion unless @haitch setup a seperate escrow I'm under the impression the Account for the Insurance and the Share sales are the same (i.e one escrow) but Whenever funds are released to me for upgrades only half are sent to me (this I can prove with account transactions)

socal

I'm on my phone right now when I get to my comp in a bit I'll post the escrows address so you can see it

socal

To all those wishing to check in on the escrow the following address is the escrow.

BURST-SYKS-5FKR-FXFM-HNKFC

To all those wishing to check on the Insurance the following address is the Insurance.

BURST-LCBK-YQEW-DBHW-5NJXH

The two things are two seperate addresses since one is Asset sale escrow and the other is Insurance escrow (or "retention")

Dillion

Great!

Not to come off as a complete dick or anything but the insurance has been the only thing keeping my faith in this asset. I'm sure you've seen the Shenanigans we investors have been dealing with. I can rest easier now seeing the insurance money for myself. As got about 200k coins in this one which today would be almost 3grand u.s. with this bull market.

I say yes release the funds from the not completely sold out block and get more hard drives asap.

socal

Lol my asset has about 9BTC worth of Burst tied up in Escrow (both sale escrow and Insurance) if that's not a commitment to investor safety and fraud prevention than I don't know what is considering initial investment from all investors totaled only about 0.3BTC at current prices.

So Fiat-wise, The asset has $500 (0.3BTC) of liabilities versus $15,399 (9BTC) of available funds. But this is a misleading figure since all transactions have been done in and based on Burst so a payout from the Insurance would still be 10 Burst/share while both the BTC and Fiat figures for those 10Burst/share has continually moved up.

socal

@Dillion no problem at all my man in fact I apologize for not making those addresses publicly available beforehand, that was an oversight on my part. But as you can see both @haitch and myself have kept our words and all funds that are supposed to be escrowed are escrowed.

Please note that the insurance may seem a bit short for the amount of shares outstanding but that is because my 10% of the shares DOES NOT get covered by the insurance so any shares I get as my fee are ineligible for an insurance claim from myself to further protect my investors (this Insurance exemption doesn't apply to shares I purchase only the 10% I receive from each share block sold as my fee)

socal

Now nothing is set in stone until I get the Fiat in hand but my plan for this disbursement of the asset sale escrow is to use the funds to not only expand the mining capacity by a minimum of 20TB but to also go ahead and invest in a high HDD capacity tower to provide more HDD space but to also get the asset in a more professional and efficient configuration. As of right now I am utilizing External drives connected to my personal laptop, not only is this inefficient in both mining and max capacity but it is extremely taxing on my laptop and ties up my personal computer while mining is ongoing. The new tower will not be a top dollar gaming or mining rig just a bare bones of what is needed to mine and plot the HDDs and more importantly a place to mount multiple HDDs by SATA and to allow even greater expansion in the future.

I will also be able to purchase more TB per unit since Desktop HDDs are invariably cheaper than External HDDs (I know I know an External is a Desktop HDD with a fancy little interface that makes it independent of a tower and turns SATA into USB, but the lack of that interface is what makes the pure Desktop drives cheaper)

haitch

@socal Given the significant increase in Burst price, and how much releasing the escrow would allow you to expand, I'm willing to do so unless there is a large investor push back. Rather than release all at once, I'll release 25% now - about $1,500 worth, and then again each time those additional drives are plotted and earning for the asset.

haitch

@haitch Given there were no objections, and at Socals request to get additional equipment, I've released 50% of the escrow. I believe @socal has proven his intent with the asset, and look forward to the expansion these funds will provide.

socal

I acknowledge receipt of funds and I have converted them for Equipment upgrades and purchasing.

Stay tuned because this asset will be getting a massive mining capacity boost soon.

socal

Now here's a concern. Should I go with SMR drives that will provide much higher density HDDs at the cost of plotting taking up to 10 times as long OR Smaller drives with MUCH faster plotting rates.

Real Life Example:

It took me only 8 hours to plot my 2TB regular Toshiba drive but took me about 150 hours to plot one 5TB Seagate SMR Drive

RichBC

@socal I would go with the lowest $ / TB

Rich

socal

@RichBC that is normally the SMR drives unfortunately. They are a holy terror to plot but are fine once plotted

Hyzi0

@socal I agree with Rich. No point buying fancy hdds while cheaper ones do the same job. Just keep them cool and avoid seagate and everything should be fine.

RichBC

@socal Are SMR Drives actually cheaper than a conventional Drive, what drives / TB / costs are you considering?

Rich

socal

@RichBC well since last time I bought drives the 5TB Seagate SMR drives were $120 or $24/TB

RichBC

@socal Price sounds quite good to me, but I am in the UK so difficult to compare. My farm is mostly Toshiba Canvio 5TB USB, which when I last bought several Months ago were the best TB / £ in the UK.

Rich