BTC Cloud Mining/BTC Long
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@Dillion how do you earn from this asset?
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Will earn Burstcoin payouts in the form of dividends. Also NAV of each share should rise over time but that is in no way guaranteed. Nav should rise because 10% of Bitcoin the asset is paid from cloud mining contracts will be held in a long term position.
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I won't invest untill verified, you joined 2 days ago, which means a high risk!
https://forums.burst-team.us/topic/2363/asset-issuers-start-here/
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@Dillion Well if ever there was an Asset to avoid this is it, even putting to one side that Dillion only joined 2 Days ago, it is well know that you cannot make money Cloud Mining BTC.
Please read this thread, amongst others on Bitcointalk for more information on Genesis Mining.
https://bitcointalk.org/index.php?topic=1185909.msg12482453#msg12482453
Either Dillion knows that you cannot make money from this and has no intention of buying contracts with GM or should have done his research before creating the Asset.
Either way one to avoid,
Rich
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@Dillion sorry let me re-phrase,
10% of BTC earned will be held long. Depending on market conditions this should raise the value of each share.
10% of BTC earned will be used to upgrade contracts to add hash power.
80% of BTC earned will be converted to Burstcoin and paid out to asset holders.10+10+80=100% and nothing left for you???
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@iKnow0
No I'm going to buy majority of the shares most likely. Right now this is pretty much a test run as I just bought 5 shares but cannot figure out how to get it to pay a dividend. It keeps telling me worng password. So I got some bugs to work out first. Its just 1Burst per share. If this is a complete failure on my behalf I can make all investors whole.I'm not trying to scam anyone. I'm long on the price of BTC therefore I think cloud mining today will of proven to be very profitable down the road.
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@RichBC Your right I jumped the gun. Was playing with the issue asset and setting it up but it says on there once you issue you cannot change anything. Honestly I didn't even want to post this yet however I needed to get a link in the description. I did make the mistake of putting 100k shares up for sale as I see now I should've done just a few for the test run. Learning as I go with this system not really finding the hardcore details I'm looking for so best way to learn is to just do it.
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@Dillion Then please make a change to the OP to stop people from buying into this.
But also I am concerned by this statement.
@Dillion said in BTC Cloud Mining/BTC Long:
I think cloud mining today will of proven to be very profitable down the road.
Please do some research and Maths on BTC Cloud Mining.
Rich
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This worries me, when you have a new member join up and immediately throw up an asset with no real feasibility plan in place it's just bad business.
Let's face it here people we are a business of sorts, and assets are not a toy.!
You are dealing with a real live economy and business, and should be treated as such
You want to be serious I'd suggest looking into escrow and maybe a verification, it shows good faith. Deff escrow
As it stands I would not recommend this asset to anyone, building off of speculation is dangerous, cloud mining as it stands is not feasible
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@dagentlemang Please do not let me worry you as I mean no harm. I understand this is not a toy. Not everyone agrees that cloud mining is a waste. You'll see once I get this going I will not disappoint.
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@dagentlemang said in BTC Cloud Mining/BTC Long:
Let's face it here people we are a business of sorts, and assets are not a toy.!
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@Dillion Are you sure https://www.cryptocompare.com/mining/#/contracts
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@iKnow0 Did they take in calculations that difficulty of network is increasing monthly? I mean 726 days for roi in lifetime contract (Hashflare) is not that bad (Probably worse then any other asset out there but you might get your money back^^).
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@Hyzi0 Plus the fact that genesis mining can terminate the contract whenever they feel like it isn't profitable at all for them anymore because of this increased difficulty. that's in a smaller letters of the contract, and I quote:
'Lifetime contracts do not have a maturity date. As long as the contract is profitable (i.e. the payout covers the maintenance fee) you will continue to mine and be able to receive payouts. Theoretically, this could be 100 years (“lifetime”), however practically it will depend on difficulty and market prices for the crypto currencies.'
now it says it could be a 100 years, but seeing the technological development of the recent years, and the increase in difficulty overall, I reckon this to be a hell of a lot shorter. they already have terminated lifetime contracts before. therefor this whole asset's investment can go up in smoke on any given day.
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By the way it's good to offer something when you are starting new asset. For example @Luke1219 Offered few TBs first and will invest another 100Tbs when half of his assets is sold. Same goes to @mathew who invested 200USD up front. You should do the same and maybe add few % maintance fee as you have to pay fee when sending dividends.
Above all else, get verified. No one will invest in your asset as long as you have no sticker from haitch^^
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Yeah. There's no wrong in taking a fee for yourself. You are the person investing time and effort into an asset, and deserve a compensation for that, in my eyes that's fair and square
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@keyd0s right. I wasn't going to implement a management fee for quite a while. Wanted to make sure everything was going to work out first. Maybe a year or so down the road I will. Success of the asset is more important to me starting out.
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Thanks every one for the advice and criticism. I see some very big mistakes that I had made. However I have never launched anything like this and this is all a learning experience. I really hope I didn't wreck your community.... I'm still going to go through with my asset however I will only be selling shares to friends and will not have a large sell number on the exchange. I'll start with no open sale orders and learn how everything works and hopefully grow from there.
Also got 1k Burst up for whoever can help me figure out why the dividend payment keeps telling me "password doesn't match" but the password works all day for everything else. I must be doing something wrong somewhere. I'll be home at 2am ET Friday. May increase the bounty to 2k Burst if it takes a little one on one tutorial.
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@Dillion the password must be exact, watch out for leading and trailing spaces
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@iKnow0 Right the password works every time for sending burst,, transferring assets of CCM etc,, to a different wallet singing in and out of wallet hundred times with same copy and paste and still won't work in the send dividends. I even tried typing it out a bunch of times and didn't work.
