Topic: [ANN] AMP - The Currency That Powers Your Attention On Synereo - page 421. (Read 879199 times)

So is your business/investment case basically that you hope that AMPs will be valuable because the company itself is not desigend to make profits? (I realize the question might sound snarky, but it is not meant to be. I would be a fair choice of yours imho. I just want to evaluate the investment case for myself and understand your thinking).

what about people who bought already under the previous rule? changing IPO rules mid stream ... dangerous

How will the synereo network prevent people from sucking all the AMP from sponsored content without reading it ( ie with a script or bot ) ?

I just edited it, yes, in anticipation of an announcement we'll make about this shortly. I also messaged everyone who asked in the thread privately.
Sorry about the confusion - we'll make it official soon.

sidhujag is right. I remember the same thing. This is a very important issue ... and they changed this   - silently  - and must have edited their former response to dzarmush in the thread

I guess the initial sales are bad and they feel the market pressure.

Judging by the amount of FUD here i'll say this has a potential....

I thought I read that you simply do another sale at a later time but they are not destroyed? Did you change that?

Ahh https://docs.google.com/document/d/1zLBm8OHt5-81flihJ6iSKEm0WbRa6FL0mJ5ivBN34Po/edit

I Read it again.. oddly I don't remember the part of them being destroyed I read that another future sale would take place until they are all sold or something like that... hmm

For shares, yes. These shares would then represent the value of the AMPs the company has. The difference would be that they would have control over the decision making processes.


Yes.

Yes, but not for AMPs. For shares in the company. Or am I wrong on that?

Thank you so much for taking the time to write this, Bisha.

A few points:

1) The valuation is not justified in comparison to FB and its market size. It's directly related to both what we have at hand and the potential growth brought by even very modest success. If you want to see our calculations, send me an email and I'll send you our business plan.

By ANY start-up world standard, the valuation we are putting forth it LOW. If we were to go to a VC, we would get a lot more. It would have been our series A. However, going that route, Synereo becomes controlled by an entity that pushes hard for profit generation and ROI. That would defeat the purpose of the project - creating a social platform unbound by financial motivations.

2) About mining: the concerns are understood. This is precisely why we wanted to have a very trusted third party acting as evaluators and trustees for the fund. This quote from Craig, our main trustee, was posted a few posts up, but it's worth repeating:

"The Synereo crowdsale was architected by the Synereo and Omni teams to be the most secure crowdsale performed on the Bitcoin
blockchain to date. Every element of the process, from the purchase address receiving BTC, to the designated operational wallets,
the issuing address for AMPs and the distribution of purchased tokens leverages the multi-signature capability of Bitcoin. The parties
responsible for each step include Synereo personnel as well as external verifiers, each holding keys. This demonstrates to purchasers
and future users of the Synereo platform that the commitments made by Synereo are fulfilled and verified by a third-party for each
next step in the process. I hope this level of diligence is repeated in the future by others looking to provide participants with such a
high level of confidence." -- Craig Sellars, Co-founder and CTO of Tether and Technologist for Omni.

Keep in mind that besides not being under our control, these unreleased AMPs are going to reside in published wallets that are easily trackable. Doing anything against the published rules - like dumping them on the market - would be a clear violation of them and would in fact be illegal. All of our identities are known and we are fully transparent about them as well. It would be easier for MaidSafe to change the rules of their mining operation without recourse than it would be for us to release these coins. It would not be different than breaking an agreement you have with an investor and selling shares you don't own on the stock exchange.

3) We have given this a lot of thought, yes. If the price per AMP is lower, we will have probably failed. Either way, we won't sell AMPs at lower than the market price!
The entire purpose of not selling all AMPs now is that we can raise more money later on once we have an application we can release to the public.


Having said all this, what would you suggest for explaining the evaluation? I would welcome any suggestion. Maybe you can help us explain this in a clearer manner.

I like the project and it has potential indeed, however,

I think you fail at explaining the evaluation. Note that I'm not saying I agree or disagree with it. What I'm saying is that you aren't capable to give a proper explanation for an investor to be interested. This because, you're comparing yourself with other projects. I believe that's wrong. You're just making assumptions. The fact some projects had a bigger or smaller valuation doesn't matter. Second, you have to evaluate what you currently have. What you have at the moment is what the investors are buying in. It has potential indeed but you can't just say "I valuate my company in XM$" because we have the potential to be as big or even bigger as FB. By that logic most companies would have crazy valuations.

In the end is all about the numbers. Sure, this is a high risk/high profit project and it definitely has potential, however, the current explanations you're giving to possible investor aren't good enough. Not criticizing the valuation, but the way you presented it.

Also, you seem to underestimate the reasons why people are worried about not being able to 'mine'. People aren't worried about mining in particular, they are worried because a single entity will hold (100%-18-6%) of all coins in existence. People think "what actually keeps them from dumping all the coins when they feel like it?", see? Sure, you probably can't dump them all, there is no demand, but people actually have to trust that for the upcoming years, you will remain faithful to the project. I'm sure you're motivated to, the concept is awesome, however, there is always the possibility and with so many scams in the cryptoworld, you can't trust anyone, even that member who has a good reputation for years. There has been scams of all types. Adding to the worry is the fact that "years" in the cryptoworld is too long. We all know in 1 month so much can change, in years, we can't even imagine.

Just trying to explain why all worries and doubts around here. my 2 cents

Question: What about the next crowdsales? Imagine the value per AMP is 3x lower at the time of your next crowdsale, will you sell the AMPs at that price or at the same price of the initial distribution? If you sell at lower prices, the first batch of investors will get hurt, however, if you sell at a higher price at which is being traded at the time, you won't sell. Have you thought about that? I personally think even if the first batch of investors gets hurt, well, this is an investment, it carries risks, however you have to be prepared for all the flame, FUD and scam accusations you probably will have to face.

great idea.

devs, pls consider selling with fixed btc price

it's a interesting Project.

They are overvalued by 10x if i get 10x more amps for this price id be bothered to be interested...

tokens are selling for fixed USD price, so people waiting for btc to go back up to ~300 USD. Why buy today and feel crap if you can get 25% more AMPs if bitcoin rallies.

Personally I think you should have sold for fixed btc price

We know some of you have been asking, so here's short update on the AMP generation -

We're hard at work generating the initial tokens together with the awesome team at Omni. We're taking extra steps to secure the process in ways that no other coin provides, and we expect to finalize the process over the next few days. Here's what Craig Sellars, our partner at Omni, has to say on the process:

We actually have a working prototype, which we'll be able to talk more about in a few days. Stay tuned.

I think the valuation is fair, the project is super exciting, the potential market being tapped is enormous.  I think Facebook would have a hard time trying to convince people that their model is better than this one where the users are directly benefited.  

I think the reason it's not raising more money is due to not much marketing presale.  And possibly would have been more trusted if it was clearer that it was being handled through a third party.  I know Omni is handling the funds, but it could've probably been clearer.

I think once they can release a platform, they will have MUCH better luck on the second round.

Are you unfamiliar with Craig Sellars of Tether and the Omni Foundation?

There are few - if any - more familiar and respected people in the cryptocurrency industry today.

We will soon publish all of the AMP wallets, which will remain transparent to the community indefinitely, and have Craig sign transactions affirming that he is in control of them.

They will be traded on at least Poloniex and MasterXchange when the crowdsale ends.

We are also planning on starting AMP distribution before the sale ends. More details will be available soon.