BTC Cloud Mining/BTC Long
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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.
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@Dillion Logout of wallet and login again but select the remember password for session, it saves a lot of hassle
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@iKnow0 oh my goodness so simple. Thank you sir I had been stuck on that for hours. Wow.......... what the address you want the 2k Burst sent to?
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@Dillion BURST-MKWC-BBMJ-G83Z-7L9YX
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@iKnow0 You get it?
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@Dillion Got it thanks,
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Ok now that I know I can mechanically use the Burst Asset program here is what I've been working on.
Copper Backed Cloud Mining
The goal of this asset is to provide a way for investors to get in and out of the cloud mining industry while providing insurance to long term investors in the form of copper backed assets and the cointinuous adding of long term cypto holdings.
Starting out we will be cloud mining Bitcoin through Geneis Mining. We will be cloud mining Burstcoin through the ownership of Burstcoin mining assets.
Each new asset issued from of this fund must be backed by one gram of copper. This will provide the quickest liquidation possible as copper buying recycling companies are plentiful. Most are open to the public six days a week for quick and easy cash payment which then can be converted to Burstcoin and distributed to the assets holders.
This asset holds 50 pounds of #2 copper along with one pound seven ounces of copper bullion and 565 individual 1909-1982 Lincoln copper pennies. *The copper pennies are 95% copper 5% zinc. For simplicity the full weight of the copper pennies will be calculated as being 100% copper.
Shares are not redeemable for physical copper. The physical copper backing is purely for the ability to liquidate immediatly as a whole.
*Managment reserves the right to liquidate and close the fund if a Copper sale price of $10 U.S per pound can be obtained. All proceeds from the liquidation must be converted to Burstcoin and paid out to asset holders.
New shares of the asset will be created for each gram of copper added to the the holdings. No less than 50 new shares shall be created at a single time. Proceeds from new shares will be rinvested into clould mining at the managers choosing.Offering 20,000 shares at a price of 13 Burstcoin each. Please see asset holdings for value assessment. The Burstcoin raised from this sell will be converted to BTC and used to purchase more Lifetime BTC cloud hashing power from Genesis Mining. Please keep in mind that these contracts will not last a lifetime but should last long enough to turn pure profits. Will also be cloud mining Burstcoin through ownership of Burstcoin mining assets. Currently hold CCM100 and WorldMine. BTC mining contracts upgrades will be funded by the sales of new assets created from the 5% BTC fee assigned for reinvesting in physical copper.
Fees
BTC Earned
5% to management
5% to adding physical copper holdings
10% of BTC earned held in a long term position
80% of BTC earned will be converted to Burstcoin and distributed as dividendsBurstcoin Earned
10% to Management
10% Long term position
10% reinvested into Burstcoin mining assets
70% Distributed as dividendsManagement Shares
4,801
1 of 50 new shares created
*Management shares are reserved for the manager of the asset and can be sold as pleased.Current Holdings
Values are calcuated at $1,010 U.S/BTC 72Satoshi/1 Burstcoin 1 lb Copper $2.20 U.S 7 Burstcoin/1 gram copper
Copper Holdings
1909-1982 Lincoln Copper Penny
1,757 grams
50 lb Clean Copper Scrap
22,400 grams
1 lb 7 oz Copper Bullion
644 grams
Total Copper = 24801 grams
Total Value= 173,607 BurstcoinCloud Mining Contracts
Genesis Lifetime BTC 0.5 TH/s
Value =102,777 BurstcoinBurst Assets
CCM100
1,000 Assets
Value = 10,010 Burstcoin
WorldMine
400 Assets
Value = 38,000 Burstcoin
Total value of Burstcoin assets = 48,010Total Value of Copper Backed Cloud Mining
322,413 Burstcoin







