Topic: [ANN] (DAM) Datamine Network - FLUX: Time is Money 2.0 - DeFi DApp - page 6. (Read 5961 times)

Thanks again xxmetalmartyrxx.

A feature enhancement I'd suggest is when we buy more DAM, we can add it to our current locked-in DAM without unlocking the original stash (and thereby re-setting the counter).

I asked the main developer this question, and he put it like this:

DAM is your ticket into the ecosystem
FLUX is what is used in the ecosystem.

If we just had one token we could not have started with 0 FLUX.

Flux has planned future use case on top of what it's already doing (have yet to be revealed). Another user described the relationship as a NEO-GAS, THETA-GAS and VET-VTHO sort of relationship. DAM has a static supply while Flux's supply is infinite, with a large majority of it being burned by users.

I'm glad though my mining comparison helped you see what's going on here. I saw it from the beginning like this myself, since I was big into mining a few years back. I feel its once of the best ways to explain and describe this ecosystem. Cheers! 

Now this was helpful.

I'm not particularly new to crypto, but I'm not well-versed on minting methods other than PoW. Perhaps there are others out there like me. For dummies like me it would be helpful to have explanations in plain English without jargon.

I guess another question I have is 'why are there two tokens'. Why not have staking DAM create more DAM? Are there other projects out there with this 2-token approach?

So far no one has addressed how a burn N to get N+X mechanism is inherently price deflationary.  There’s not going to be a problem with FLUX liquidity because in a month supply will be higher and the price will be lower.  The only use case FLUX has is to burn it to create more FLUX.  That’s the primary and only current purpose for it.  

There are a lot of scams in crypto.  There are a lot of HYIP/ponzis in crypto.

Your inability to actually get to the meat of this issue while instead just wildly flailing your arms and calling me names isn’t going to help address these fundamental concerns.  I’m an old head in the game, too, been around for a few market cycles.  Attempting to resurrect a shitcoin through swap to keep the community is an old trick.  But remember, all those people have bags to sell and they want to recover their losses.

Their stack of DAM produce FLUX, which they’ll try to sell to recover their losses.  The sell pressure on this project will be heavy, heavy, heavy.

So you're salty because you're trying to exemplify a sort of self-righteousness? Alright pal. Obviously you have no idea what crypto ventures go through when trying to figure out initial token distribution. Hodl could've just launched his endeavor, but he decided to swap with disenfranchised BWK holders, since communities are tough to come by, and it solves the initial distribution issue so many tokens face.


Are you senile? Again, I'll reiterate, this is simply a means to bring more tokens into the ecosystem, just like BTC mining. BTC mining is utterly worthless, and just "mines" ever-increasingly difficult equations to earn a bit of the new distribution. Flux is the distributive portion of DAM. What is there not to get? They aren't separate entities. Flux gains its value from the "lock in time", just like BTC gets its value from solving useless equations. Burning is irrelevant to the discussion, because its just another method of earning a bigger portion of the Flux distributions (think, having a bigger share of a mining pool). I mean either you're extremely new to crypto, or senile, or both perhaps; your claims are simply unfounded.


Now this is just nitpicking about marketing words. And lo and behold, this is still a very young project, and they've actually changed the marketing of a "savings account" to Money 2.0. Savings account never made much sense to me, and didn't really encapsulate what this project was. Also, it does give a return on capital, in terms of Flux and DAM. USD value will fluctuate, and anyone going into crypto, especially a low-cap project like this, will know this.


You throw around scam and ponzi like it's going out of style. Who's getting scammed here? Because you don't think this cryptocurrency is worth anything? Well news flash for ya pal; welcome to any form of currency in the 21st century. It has value because we say it has value. USD has value, because we say it has value. BTC has value because we say it has value. DOGE has value, because we say it has value. None of these examples have any "inherent value". Looking at BTC and DOGE specifically, they're merely currencies, and do nothing more then facilitate transactions, and guess what! People value that! Newsflash, people also value the ecosystem surrounding DAM and Flux, and the intuitive take on staking/minting new tokens. The self balancing on chain demand system works, and people value that. Now, they've stated that other uses cases for Flux (which is the LIQUID token in the DAM/Flux ecosystem) are planned. Now you can kindly piss off with your "scam" and "ponzi" bullshit.

Any Canadian users harmed by this blatant scam can file complaints here: https://www.services.rcmp-grc.gc.ca/chooser-eng.html?ipeReferer=CAFCFRS

I elected not to swap my BWK because I didn't want to forward the expense of my mistake onto others.  I don't blame all of the BWK bagholders for wanting to recover their losses - it's rational - I'm just tired of seeing how many bad projects pop up in the space as giant cash grabs.  There's plenty of public statements from the DAM team (Hodl4Jesus, Dabs, Neuromaniac) claiming that this is the new Bulwark. 

To date, no one has bothered to rebut any of my initial concerns related to how the core mechanism of FLUX (burn N flux to get N+X flux) is inherently deflationary.  Since yesterday, the price of FLUX has fallen by ~50%.  There's nothing about this project that is "money" or a "savings account". 

The phrase "savings account" implies a return on capital or at least preserved capital along with CDIC insurance automatically insuring deposits.

Don't use deceptive language to shill your shitcoin and maybe I won't be as persistent in calling this scam what it is.

 

Good thing the main dev is Canadian and not an American. 

Nevertheless, this is some next level troll or ignorance... not entirely sure which. You do realize, that you can burn your own Flux, and there's no claim you need to buy someone else's Flux? Also, the ponzi comparison's are getting old. Who's at the top of the pyramid scheme? Oh wait... nobody. Nobody is at the top, because it's not a pyramid scheme and there's no pyramid. Let's also throw in the fact that you can burn Flux, and your burn amount can be less then what the bonus mint will yield. So yeah, how's this a ponzi? It's actually ludicrous you're this mad about not swapping your 20k BWK. Go buy Stu's Bastion_Invest Token, or go take a look at how he's been dumping his DAM bags on the market.

So your entire shtick is that it's a ponzi, yet it's nothing like it. Simply another spin on the distribution system; instead of using a GPU or an ASIC to do arbitrary calculations and earn a percentage portion of the block reward, you're staking DAM to create Flux, and have an option to burn Flux to increase your DAM's Flux yield. How is this inherently different? By your logic BTC and ETH are ponzi's because you can "burn electricity" to increase your mining yields. Sheesh this dude is a next level degenerate.

I REALLY, REALLY hope you’re not a US citizen because - wow.  

FLUX isn’t money.  It’s a cryptocurrency.  There’s a difference. Legally, it’s property, not currency.  Anyone based in the US trading this will be subject to IRS rules on property and not money.  

You’ve also only reiterated that the existing use case of FLUX is to serve as a ponzi mechanism.  Burn flux to borrow the global mint tate?  Aka: burn FLUX now to get MORE FLUX later.

What did Bernie Madoff tell his “investors”?  Give me money now to get more money later.  You’re saying buy some FLUX now to get more FLUX later and you’re calling it money and you’re calling it a dividend.  If you don’t appreciate the weight of your claims I’m sure some plaintiffs attorneys will when they subpoena Discord for your details.

PH is an early BWK bagholder (he operated “nodes”, so at least 10k+ BWK).  He’s probably trying to recover catastrophic losses from failing to exit in time. 

I'm glad to see I'm not the only one mystified by the whole Datamine ecosystem.

Thank you NationalPotato and others who have been asking questions about this Flux burning/minting circle.

Hopefully at some point Datamine will provide a clear answer as to what is the use case of Flux other than burning to create more flux.

Also, it's odd to see PistonHonda on this thread. When I've encountered him on bitcointalk before he's generally been slamming projects. Here he seems to be a cheerleader. Maybe PH can elucidate the purpose of this project for us.

Dear Mr P.
I'm way to old to go in any form of mental discussion. It's okay. You made your point.
It's fine. You did what you had to do.
People are warned now and can read all your technical concerns.
Stay happy in life and good luck.
It's truly okay. You can leave. No worries. The world will keep on turning.
Thank you very much.

You haven't tried to explain anything.  So far nobody has posted a response to my questions. 


You're comparing a minted ERC token with a mineable PIVX clone.  I'm not even sure what you mean by "more intelligent infrastructure".   The devs basically tried to create an ERC "savings account" that yields a "dividend".
 I'm not assaulting their intent.  I'm not worried if they're trying to do their best or not.  Lots of good people try their best and it still leads to catastrophe.


So your position is that the totality of the inherent value of this project is in the dashboard and the ER contract and that the underlying assets have absolutely no value?  We're in agreement!

2 people isn't a "big workforce". 

Nice work pocket potato! You just complain and trying to troll a project even if you can't understand.

Yes, there were some Bulwark bag holders, but no bwk holders got their bags for free. They started with GPU mining and worked with masternodes or POS to obtain their BWKs, like many other fair coin/token projects do. And many former BWK investors like me purchased them by paying BTC or USD too. I had been participated BWK investors since February 2018 by mining with my GPU rigs. After sometime concept changed to POS/MN, and i purchased more and installed some masternodes which was required costs. And then some malicious characters like you started manipulations/speculations and the team abandoned project but Hodlforjesus. Hodlforjesus was the most technical, talented and genius guy of BWK. Then Hodlforjesus and Neuromaniac offered a way to community members to swap their tokens to DAM, and people who accepted swap, joined it. DAM and FLUX has more intelligent infrastructure than former BWK has, which provides convenience to the developers, and they are trying to do their best so far.

There were circulating ~25M BWK, 25M DAM tokens created for the swap and ~16,876,778 was subjected to the swap. The rest of tokens 8,123,121 tokens were burned by sending this address/transaction.
https://etherscan.io/address/0x2c6156cb7f44929e1ac1ba6c3e03e4ab1d9b6b98#tokentxns
https://etherscan.io/address/0x0000000000000000000000000000000000000000#tokentxns


All these actions were happened very transparent to both BWK and DAM community.

And i had one case, i was late for the latest swap, and i couldn't send my 15463.35 for the swap. As i was late for it, Neuromaniac the dev didn't accept my tokens to be swapped and i couldn't blame him/them because they did everything with transparency.

The code for dashboard is open-source, can be followed. The contract is open, can be followed by everybody.

There are big workforce and product which is presented to the people. Without looking at the transparency and work, making malevolent behaviours is not fair.

Hopefully bad karma will find whole scammers and injustice/unfair people!

Regards to respectful people.

Your behavior is highly coincidental. 


This is unequivocally a shitcoin with a developer team Hobbled together from Bulwark bag holders trying to save themselves from the catastrophic losses of their poor decision making.


I presumed you were making the Store of Value argument.  You implied people would want to buy this for some reason other to burn it, implying some intrinsic value.  I mean - if this isn’t a store of value and people aren’t buying it to burn, then why would they buy it?


That Discord was a lot more private than this thread. 



This is exactly the reason I’m here.  I had over 20k Bulwark I didn’t swap because this was a clear cash grab and I didn’t want to be involved in dumping my bags in some revived shitcoin form.


Spoiler alert:  I turn out to be right.  There is no tech. FLUX has no use case.  It’s literally a ponzi.  So much so I’ve reported it to the SEC.

I'm not random, although I am a newbie, been around these parts since only last year. Not a "few" unless you meant less than one.

Not sure what is a huge coincidence to you. I am merely replying because you addressed me specifically. Again, no relation to "dev" or team. I don't know them. I don't know you.

Shitcoin implies garbage. This certainly is not one of those, although it is understandably very hard to distinguish since 99% of the more than 2000 coins I've seen have since gone to the graveyard. But failure of a coin does not mean it is shit.

No one said anything about store of value either, you just brought it up now. When I think about it, almost all coins or tokens have that as a property, although I wouldn't store some of them long term.

Ponzi ... well, ... I don't know. Maybe? Is it a ponzi if you are aware that it is? Is it really a form of fraud?

As for the final paragraph, I don't think you tried hard enough, but you certainly want to target individuals like me. Or maybe it wasn't as "private" as you make it look like. From what I can tell, there were questions, there were answers, someone didn't like the answers, so asked the same questions over and over, as if he'll get any different answer.

If you didn't like the answer, you could have left and stopped trolling. The team does not want your money. They don't want anyone's either. They did not accept any for the whole time I have been in this space it seems even while the dev was doing something in the previous project. They just like to build cool stuff.

It's good that you have concerns. I just hope you look past your own bias against this project and try to see what value can be derived from it, rather than attacking them after being out (on mainnet and out of fail safe) for only a week.

Again, you don't like something here, there are a couple thousand other threads you can spend your time on. Or forums. Instead you are here ... altruistically defending the wallets of people you don't know? Perhaps. Perhaps. I applaud you if so.

I'd really like to see what happens next. I'm in for the tech.

I've got to walk my dog now, while I still have a dog ...

So.  You don't have anything to say to rebut what my main points are.  Good news.


I got banned for asking tough questions; I tried to address this in a less-public place and got banned.  It was clear that constructive suggestions and challenging conversations were not welcome, which is a hallmark of scam projects.  So, to that extent, you're right.  I got banned from the Discord for asking the exact questions I'm asking here.  So far nobody has answered them.  You're welcome to.



Right.  A random "Newbie" account that's a few years old and hasn't commented much in BTC talk at all just shows up in THIS specific shitcoin thread and then Merits deceiving advertising collateral.  Sure, "dev", you're TOTALLY not related at all.  Just a huge coincidence.  I'm sure. Of course. 

Also, notice how you failed to address any of my concerns other than to suggest that people will want to buy FLUX to... hold?  As though one of the other stated use cases is a store of value?  Give me a break man.  This is a two-tiered ponzi.


I'll say it again:  I tried to bring these concerns up in a private setting, hoping for discourse and the opportunity to contribute thought-work to the project and was banned for the effort.  So, yeah, I'm going to alert others to the very transparent concern this project should create in anyone doing due-diligence.

You're just mad you got banned from the Discord for trolling. Keep it up buddy.

Wondering why Mr Potato (and others) shows up on this tiny little coin. With all the technical knowledge he shows.
Which coin / project are you coming from?
Or did you have a issues with DAM Devs?
Very strange your attendance...
It's kind to stand up for the people (not that I have to feeling that's the reason why you are here
So no worries, most of us are grown up.
We can live with our risk decision. Even if DAM should be a pozi.
Thank you and have a good life.

I'm not Dev and have no connection to the team in any way. I merit the post of another person and you think I'm the Dev? Anyway ...

This project is all on-chain, so everything is there for everyone to see. The source code is there too, there was about a month of beta testing, and nothing is hidden. It's more transparent than most companies. I only compare so you can get an idea of the time delay. Everyone compares coins or tokens to the stock market even though maybe it shouldn't, that's just the way crypto is.

As for your math, I'm no good at it, but not everyone will want to buy FLUX to burn it, and everyone who sells it is so that someone else can burn it. It goes around. There will be more FLUX as time goes on, the market dictates the price. Eventually there will be an equilibrium reached. It started at zero or close to it.

No one is forced to buy anything, there was no ICO (and the previous coin where it swapped from also had no ICO.)

No rational investor for that matter would ever invest in any crypto as the whole category is high risk, from BTC to ETH all the way down to Z.

Have a nice day Mr. Potato!