[ANN] [SPOT] | SUCCESSFUL FORK COMPLETE - On CoinPayments.net/Cryptsy/Coins-e - page 58.

iGotSpots

legendary

Activity: 2548

Merit: 1054

CPU Web Mining 🕸️ on webmining.io

Quote from: Stephen Gornick on August 09, 2013, 02:42:40 AM

Quote from: iGotSpots on August 09, 2013, 12:16:55 AM

The Spots used to re-pay the investors will be either from the iGotSpots personal mining funds, or I will personally cover them out of my own pocket to buy them if the Spots we make from sales are all tied up.

Sounds more like these investors are lenders. They are lending BTCs to you for 120 days, with your guarantee of a minimum interest (20% over the 120 day period) and perhaps that rate could be higher if company performs well (??).

Quote from: iGotSpots on August 09, 2013, 12:16:55 AM

The second part is incorrect. We will not be dumping the Spots we make while selling the silver. These Spots will be used in our purchasing center later when the auction site is up.

So today when you sell an ounce for 4,428 SPT, you then hold those SPT. Ok, ... but what if by the time the auction is available SPT drops in value and a bid of 12,000 SPT is needed in order to win an auction for an ounce of silver?

Ok, they are lenders. It's fairly obvious they know that. Only invest in us if you feel that the value will only go up. That's the point of an unneeded, totally voluntary public share system. We don't need people to hop on board, but if they do and help us speed things up, we will gladly share our profits with them

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

Quote from: iGotSpots on August 09, 2013, 12:16:55 AM

The Spots used to re-pay the investors will be either from the iGotSpots personal mining funds, or I will personally cover them out of my own pocket to buy them if the Spots we make from sales are all tied up.

Sounds more like these investors are lenders. They are lending BTCs to you for 120 days, with your guarantee of a minimum interest (20% over the 120 day period) and perhaps that rate could be higher if company performs well (??).

Quote from: iGotSpots on August 09, 2013, 12:16:55 AM

The second part is incorrect. We will not be dumping the Spots we make while selling the silver. These Spots will be used in our purchasing center later when the auction site is up.

So today when you sell an ounce for 4,428 SPT, you then hold those SPT. Ok, ... but what if by the time the auction is available SPT drops in value and a bid of 12,000 SPT is needed in order to win an auction for an ounce of silver?

iGotSpots

legendary

Activity: 2548

Merit: 1054

CPU Web Mining 🕸️ on webmining.io

Added 1 Gram Gold Bars

http://www.igotspots.com/goldbar.html

iGotSpots

legendary

Activity: 2548

Merit: 1054

CPU Web Mining 🕸️ on webmining.io

Quote from: TmottaDing on August 09, 2013, 01:20:53 AM

I'm in for .4 BTC. and will keep my rigs on SPT. I like the idea.
Received Confirmation of payment.

Thanks. I can't tell you guys how thankful I am for you guys to be in this project. This isn't an idea that is going to stay in the crypto world, either. You guys are getting in on something big and new.

TmottaDing

member

Activity: 234

Merit: 10

I'm in for .4 BTC. and will keep my rigs on SPT. I like the idea.
Received Confirmation of payment.

Jude Austin

legendary

Activity: 1140

Merit: 1000

The Real Jude Austin

Quote from: iGotSpots on August 09, 2013, 12:39:49 AM

Quote from: Jude Austin on August 09, 2013, 12:27:29 AM

I have created a Spots P2Pool.

Check it out!

http://204.10.105.89:9775/static/

Simply set your miner to the IP and port I listed.

Use your Spots address as the username and any password.

Happy mining!

Oh and if that bounty is still available my address is: MN93iu9t8unAMvDPhXkiLLwKQFpXJpsAAo

Awesome, thanks. I'll try it out tonight while I sleep and if it's paying out properly, I'll send over your bounty in the morning. Thanks a lot, I've been trying to get a P2P pool for a while

Excellent!

Let me know if you encounter any errors or if anything isn't right and I will do my best to correct it.

Keep up the good work!

iGotSpots

legendary

Activity: 2548

Merit: 1054

CPU Web Mining 🕸️ on webmining.io

Quote from: Jude Austin on August 09, 2013, 12:27:29 AM

I have created a Spots P2Pool.

Check it out!

http://204.10.105.89:9775/static/

Simply set your miner to the IP and port I listed.

Use your Spots address as the username and any password.

Happy mining!

Oh and if that bounty is still available my address is: MN93iu9t8unAMvDPhXkiLLwKQFpXJpsAAo

Awesome, thanks. I'll try it out tonight while I sleep and if it's paying out properly, I'll send over your bounty in the morning. Thanks a lot, I've been trying to get a P2P pool for a while

keithron

newbie

Activity: 58

Merit: 0

Quote from: Jude Austin on August 09, 2013, 12:27:29 AM

I have created a Spots P2Pool.

Check it out!

http://204.10.105.89:9775/static/

Simply set your miner to the IP and port I listed.

Use your Spots address as the username and any password.

Happy mining!

Oh and if that bounty is still available my address is: MN93iu9t8unAMvDPhXkiLLwKQFpXJpsAAo

not connecting....

Jude Austin

legendary

Activity: 1140

Merit: 1000

The Real Jude Austin

I have created a Spots P2Pool.

Check it out!

http://204.10.105.89:9775/static/

Simply set your miner to the IP and port I listed.

Use your Spots address as the username and any password.

Happy mining!

Oh and if that bounty is still available my address is: MN93iu9t8unAMvDPhXkiLLwKQFpXJpsAAo

iGotSpots

legendary

Activity: 2548

Merit: 1054

CPU Web Mining 🕸️ on webmining.io

Quote from: Stephen Gornick on August 09, 2013, 12:01:32 AM

Quote from: iGotSpots on August 08, 2013, 11:44:20 PM

They are paid back no later than 4 months from date of purchase, when we purchase the shares back at a minimum of 120% of the initial purchase price.

OK, just so that isn't ambiguous ... each share will be called within 120 days and the price paid will be a minimum of 0.48 BTC then (with payout converted, at the investor's option, to silver or to SPT)?

Quote from: iGotSpots on August 08, 2013, 11:44:20 PM

The daily price change is for the silver bars and rounds for sale by iGotSpots, the company, not the currency. Once we can get it all automated, the price will update automatically with the market.

I'm presuming iGotSpots sells any SPT received for silver orders. So if the silver price today is 4,428 SPT but the BTC/SPT market exchange rate drops to 0.0001 won't iGotSpots, LLC be losing money on every trade (i.e., selling an ounce of silver at 4,428 SPT but those 4,428 SPT aren't even the value of a half ounce of silver?)

You are correct in the first half of your post. That's exactly how it will work regarding your first quote

The second part is incorrect. We will not be dumping the Spots we make while selling the silver. These Spots will be used in our purchasing center later when the auction site is up. We will also at that time be launching a service where we BUY your used silver (and possibly gold, depending on the network worth) for Spots. That's where the Spots we make in sales of new bars and rounds (currently up for sale) will be allocated. The Spots used to re-pay the investors will be either from the iGotSpots personal mining funds, or I will personally cover them out of my own pocket to buy them if the Spots we make from sales are all tied up.

The investment funds are our way of letting you guys get more involved with the currency and see guaranteed returns just for being a part of helping the company iGotSpots grow

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

Quote from: iGotSpots on August 08, 2013, 11:44:20 PM

They are paid back no later than 4 months from date of purchase, when we purchase the shares back at a minimum of 120% of the initial purchase price.

OK, just so that isn't ambiguous ... each share will be called within 120 days and the price paid will be a minimum of 0.48 BTC then (with payout converted, at the investor's option, to silver or to SPT)?

Quote from: iGotSpots on August 08, 2013, 11:44:20 PM

The daily price change is for the silver bars and rounds for sale by iGotSpots, the company, not the currency. Once we can get it all automated, the price will update automatically with the market.

I'm presuming iGotSpots sells any SPT received for silver orders. So if the silver price today is 4,428 SPT but the BTC/SPT market exchange rate drops to 0.0001 won't iGotSpots, LLC be losing money on every trade (i.e., selling an ounce of silver at 4,428 SPT but those 4,428 SPT aren't even the value of a half ounce of silver?)

iGotSpots

legendary

Activity: 2548

Merit: 1054

CPU Web Mining 🕸️ on webmining.io

Quote from: Stephen Gornick on August 08, 2013, 11:41:25 PM

Quote from: iGotSpots on August 08, 2013, 03:37:18 PM

with a soft backing in both gold and silver.
[...]
The total investment we are willing to take from interested parties now will not exceed the value of the coin, according to coinmarketcap.com, which currently is around $4,200. Today the cap that will be accepted is 40 Bitcoins. iGotSpots will be exchanging the metals and coins to provide the difference between public investment and the actual market value. This will allow miners and investors to cash out at any time in gold and silver and leave us with all the Spots should they become worthless. We are taking the risk, should the currency fail.

What will this "public investment" value be after this 100 shares (each sold at 0.4 BTC, bringing in 40 BTC worth ~$4,200) is raised? i.e, will that be hold as bitcoins, or will you convert them to USDs or perhaps convert to Silver bullion or something that tracks the price of silver?

Ok, so let's take what happened today. The exchange rate rises where all SPT issued are worth about 60 BTC.

But there's not 60 BTC worth of capital (sales of shares) for "backing".

So on day one you are unable to "cash out at any time in gold and silver", right? If the silver cash-out price was dynamic (i.e., got set with each transaction), then you have less of a problem as it would suddenly cost more SPT per ounce of silver and it would take longer before sellers could exhaust the supply of 40 BTC worth of silver. But setting the price daily, that seems like a pretty big hole to take advantage of to suck the value of the 40 BTC of capital from investors of the shares.

The investors are investing in the company, iGotSpots, LLC, not the currency

They are paid back no later than 4 months from date of purchase, when we purchase the shares back at a minimum of 120% of the initial purchase price. If things are going really well, we will kick you guys some more, but you are guaranteed your investment + 20% of the purchase price within 120 days. These will be paid back in Spots, gold, and/or silver.

The company is the one holding the gold and silver that are sold on the market. Later when the auction site is launched is when you guys will be able to post your own sales and receive payment solely in Spots

The daily price change is for the silver bars and rounds for sale by iGotSpots, the company, not the currency. Once we can get it all automated, the price will update automatically with the market.

Please...if you have any more questions, ASK! Don't be worried about hurting my feelings or sounding stupid. I will answer them all as best I can

A more detailed explanation and more information are available here: http://www.igotspots.com/

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

Quote from: iGotSpots on August 08, 2013, 03:37:18 PM

with a soft backing in both gold and silver.
[...]
The total investment we are willing to take from interested parties now will not exceed the value of the coin, according to coinmarketcap.com, which currently is around $4,200. Today the cap that will be accepted is 40 Bitcoins. iGotSpots will be exchanging the metals and coins to provide the difference between public investment and the actual market value. This will allow miners and investors to cash out at any time in gold and silver and leave us with all the Spots should they become worthless. We are taking the risk, should the currency fail.

What will this "public investment" value be after this 100 shares (each sold at 0.4 BTC, bringing in 40 BTC worth ~$4,200) is raised? i.e, will that be hold as bitcoins, or will you convert them to USDs or perhaps convert to Silver bullion or something that tracks the price of silver?

Ok, so let's take what happened today. The exchange rate rises where all SPT issued are worth about 60 BTC.

But there's not 60 BTC worth of capital (sales of shares) for "backing".

So on day one you are unable to "cash out at any time in gold and silver", right? If the silver cash-out price was dynamic (i.e., got set with each transaction), then you have less of a problem as it would suddenly cost more SPT per ounce of silver and it would take longer before sellers could exhaust the supply of 40 BTC worth of silver. But setting the price daily, that seems like a pretty big hole to take advantage of to suck the value of the 40 BTC of capital from investors of the shares.

iGotSpots

legendary

Activity: 2548

Merit: 1054

CPU Web Mining 🕸️ on webmining.io

Another 2 shares purchased for iGotSpots, LLC - Only 83 left at .4 BTC each

Purchasing and more information available at iGotSpots.com

Entz

full member

Activity: 210

Merit: 100

I not use any kind of messenger beware of scammers

Quote from: iGotSpots on August 08, 2013, 10:16:10 PM

Spots price is SOARING on Cryptsy today. Great job guys!

Yeah, completely blown away. Should of bought far more when it was low a few days ago Grin

Network hash rate 441.157 MH/s Shocked

Likely one of the most profitable at the moment. Good job!

iGotSpots

legendary

Activity: 2548

Merit: 1054

CPU Web Mining 🕸️ on webmining.io

Spots price is SOARING on Cryptsy today. Great job guys!

iGotSpots

legendary

Activity: 2548

Merit: 1054

CPU Web Mining 🕸️ on webmining.io

Quote from: pgbit on August 08, 2013, 07:50:29 PM

Quote from: iGotSpots on August 08, 2013, 07:32:33 PM

Quote from: pgbit on August 08, 2013, 07:21:25 PM

I can't seem to get any blocks to sync despite adding the spots.conf file with the nodes and I have checked that the filetype extension is not got .txt on the end. It's odd as it syncs fine on 1 PC, not on 2 others. Any suggestions?

Sometimes you will get a display bug. Where it says: "Downloaded x of y Blocks"

If x = the current Spots network block, you are synced. Regardless of your wallet saying otherwise. Just some cross-chatter between chains on one of the nodes

Oops it was my fault. I dumped the .conf folder in the wrong spot. This is sorted now and mining has started! Can you use setgenerate true -1 to initiate correct parameters for mining? or setgenerate true 3 - to only activate 3 cores?

I wouldn't even worry about using setgenerate at all unless you need to. Are you using cgminer?

pgbit

sr. member

Activity: 771

Merit: 258

Trident Protocol | Simple «buy-hold-earn» system!

Quote from: iGotSpots on August 08, 2013, 07:32:33 PM

Quote from: pgbit on August 08, 2013, 07:21:25 PM

I can't seem to get any blocks to sync despite adding the spots.conf file with the nodes and I have checked that the filetype extension is not got .txt on the end. It's odd as it syncs fine on 1 PC, not on 2 others. Any suggestions?

Sometimes you will get a display bug. Where it says: "Downloaded x of y Blocks"

If x = the current Spots network block, you are synced. Regardless of your wallet saying otherwise. Just some cross-chatter between chains on one of the nodes

Oops it was my fault. I dumped the .conf folder in the wrong spot. This is sorted now and mining has started! Can you use setgenerate true -1 to initiate correct parameters for mining? or setgenerate true 3 - to only activate 3 cores?

iGotSpots

legendary

Activity: 2548

Merit: 1054

CPU Web Mining 🕸️ on webmining.io

Quote from: pgbit on August 08, 2013, 07:21:25 PM

I can't seem to get any blocks to sync despite adding the spots.conf file with the nodes and I have checked that the filetype extension is not got .txt on the end. It's odd as it syncs fine on 1 PC, not on 2 others. Any suggestions?

Sometimes you will get a display bug. Where it says: "Downloaded x of y Blocks"

If x = the current Spots network block, you are synced. Regardless of your wallet saying otherwise. Just some cross-chatter between chains on one of the nodes

pgbit

sr. member

Activity: 771

Merit: 258

Trident Protocol | Simple «buy-hold-earn» system!

I can't seem to get any blocks to sync despite adding the spots.conf file with the nodes and I have checked that the filetype extension is not got .txt on the end. It's odd as it syncs fine on 1 PC, not on 2 others. Any suggestions?

Topic: [ANN] [SPOT] | SUCCESSFUL FORK COMPLETE - On CoinPayments.net/Cryptsy/Coins-e - page 58. (Read 166041 times)