Topic: [ANN] SuperNET NXT asset 12071612744977229797, SUPERNET KMD assetchain in summer - page 219. (Read 736772 times)

I'd stick to the old adage of beware the man who only has one gun - he probably knows how to use it, but at least we know he'll not be outgunned

was a bit premature on the guy with guns, but the cute chick is confirmed

James

thesupernet.org site is not coming up?

cobaltskky, who was instrumental in resolving the bter incident, has accepted to be the Approver

James

If you are interested on the jl777 assets and the possibility to make good deals with them :

https://nxtforum.org/general-discussion/jl777-assets-and-the-distortion-of-prices/new/#new

[Escrow Solution]

The following is an escrow process that would make investors (including myself!) trust that the funds are safe, at least I think so. First the easy part, Azeh (the founder of BTCD) has agreed to be the Trustee for the BTCD raised and bter has agree to be the Trustee for the CNY raised. Due to the smallish amounts of BTCD and CNY compared to the rest, I dont think there should be any issues with this allocation.

effectsToCause, the founder of VRC, has graciously agreed to help reach out to more coin founders to create a trustable group of Trustees. It is very happy for me to see all the different coin founders working together in the spirit of UNITY.

I have posted at length about the procedure to make a spending request, I wont repeat all that here. The key is to separate the deciding of allowing a spend from the people that are holding the funds.

There will be a spending authorization committee of 7 trusted members, an Approver and the set of trusted members who hold the funds.

When the Requestor (currently me, but this is a spot that can easily be taken over by anyone, just ask!) posts a spending request, the Authorization committee members would verify that everything is in order, eg. it is following the spending rules or election results, and post a token with their approval. If 4 approvals are received, the Approver validates the tokens and posts the Approval of the spending request.

At this point, the Approver will PM all the trustees with a Spending authorized message with URL to the post authorizing it in this thread. An available trustee would verify the official thread to make sure there are no strangenesses (the everyone taken over by aliens scenario) and posts his availability. Immediately, the Approver posts approval of the specific trustee to make payment. then txid is posted and Approver PM's all the trustees (and posts) that the authorized spending #tbd has been paid.

With this method, the Approver is the only one that is doing a lot of work and lucky for me I cannot be the approver as I am the Requestor

The trustees just have to check their messages and if they see an spending approval #tbd without a matching paid PM, they click the URL, verify it is in the official thread here and that there are no aliens, posts availability, sends funds, posts txid
All other trustees can just ignore a matched pair.

In practice, this is the duty of a Trustee other than safekeeping funds:
1. get PM about approved spending
1b. if "funds sent" PM is also there, just ignore
2. verify it is not fake and there is no controversy
3. post availability to send funds
4. when approval is posted, send funds and post txid
(*) If 2 of 3 multisig is used, then two Trustees for a slice will need to coordinate

There is a division of responsibilities and powers. No one is allowed to be more than one of Requestor, Authorization, Approver, Trustee. The specific people who are filling these roles will be listed in the OP.

The amounts for these two currencies are relatively small, so I dont think this is an issue. This leaves the NXT and BTC and I have reached out to other coin creators and known escrowers for the Trustee positions, the NXT community is selecting the 7 Authorization committee members. If you would like to apply to be an Authorization committee member, please post in https://nxtforum.org/index.php?topic=5181.0

This issue of a safe way to escrow the massive amount of funds has not been a simple one to solve. I believe getting the help from other coin devs will be a very good solution as this shows the spirit of UNITY and if we cant trust the core dev's of top coins, then who can we trust? Of course I welcome any feedbacks!

James

####
SuperNET Escrows
Requestor - jl777
Authorization Committee of 7:
Approver -

Trustees:
CNY - Bter
BTCD - Azeh
BTC/NXT - effectsToCause (VRC), coinsolidation (BTM) ...

2014-09-09-14:00:02-GMT SOLD 200185.94536881 TOKEN  24H CHANGE 15412.17855123 TOKEN
 
875.1554726 BTC, 8434944.45466576 NXT, 17079.72045772 BTCD, 594732.84333181 CNY
65.38179899 BTC, 791343.62428985 NXT, 539.03205904 BTCD, 63321.53243041 CNY
24H % CHANGE 7.7 % TOKEN, 7.47 % BTC, 9.38 % NXT, 3.16 % BTCD, 10.65 % CNY

James

Cant please everyone.
A point to note, for people buying on NXT AE they are allowed to sell so this influenced me to make bter purchasers to have the same abilities.

On the theory that this is some NXT and BTCD whale conspiracy to make money, well, yes it is!

The plan is to buy at NAV (liquidation value), which is really quite a good deal, with little risk. So now whatever value all the future dividends are making is in addition to the NAV, but it didnt cost anything. So we are getting something for nothing. Whales really like that. Maybe it will only be 10%, maybe it will be 50% or more, either way the risk/reward ratio is whale friendly.

Now to make sure that only the whales get this advantage we explain in great detail how all this works, this allows everybody else to get the same deal as us. However, here is the clever part. Nobody will believe this, since it sounds too good to be true! For this to be true it would require the highly unlikely guy that actually wants to help crypto and who is generous and we all know this is impossible to happen. Everyone is always a greedy pump and dumper, this is a proven fact, listen to the podcast (http://letstalkbitcoin.com/blog/post/beyond-bitcoin-13-one-to-rule-them-all Starts at 39:40)

So, all the non-whales are going to be confused by this, but since all the details they are written they cant be any large moanings after the trading it happens. It should have more liquidity than NXT and BTCD, so this is an added benefit, one that non-whales dont care much about. There is always a risk that the trading volumes wont be that big, but the future dividends are sounding promising, so even if the time to wait is for some months or even years, even without the trading the money could be coming back.

such conspiracy
much patience
many money

James

The selling was enabled based on investor requests.
I believe that having a choice is better than not having a choice

I dont have the exact totals, but most of these TOKEN sells are for small amounts, maybe 10 BTC to 25 BTC total. So how does less than 1% of TOKEN changing hands hurt the other investors. After trading starts there will be a buy wall at the NAV so this allows people to cashout if they have some needs for the cash.

If people dont understant SuperNET enough to HODL during the offering period, well maybe its better they are selling to people who do. This is no problem at all. SuperNET is not for everyone, some people are wanting to make 20x everyday. I hear that fantasycoin will do this today, that is probably what they are buying

James

Investors are the one's who moaned at him that they couldn't sell it lol.

For larger BTCD holders, it is difficult for them to cash out directly to BTC as the market is too small. It is better via SuperNET, as the market is much bigger.

Maybe someday. But currently this market has very low liquidity.

Why not just NXT/USD at Bter?

Would not make much sense due to slippage. Might be better to do a direct whale NXT to whale BTC/Fiat broker trade.

watching

token will be traded on bter. That's where big whales may dump.

Btc and cash whales could easily cash out anytime anywhere. So they not likely dump soon.  Nxt whale may dump a large volume. Btcd whale may willing to dump at lower price.    

The project sounds interesting. But the structure design of ico, is really a mess.  
I hope this just a design careless instead of on purpose.

BTCD whales are little cute dolphins compared to monster Bitcoin holders.
If a whale invest massively in SuperNET, he will be forced to cash out later from SuperNET to NXT (on the asset exchange) then to BTC and then to FIAT.
So it doesn't make sense to use SuperNET as an exit for big volume.

Then I guess you don't understand how big whale thinking.  Cash out is easy for small player but hard for big whales.

They are willing dump at much lower price in some situation. Just like btcd.   Btcd worth 10000btc. But all buy order sum up is less than 50 btc.

You know my mean.

I hope this whole project is not designed for btcd holders to cash out.
Nxt holders also willing to dump and cash out at much lower price. But btcd is a better example.

Staying in FIAT may be more risky actually.

If a Nxt-holder have been waiting 1 year before investing his NXT then he is everything but a dumper.
If some people want to cash out, they convert to BTC then to FIAT. They would not re-invest.
Every investment is a risk. Cash out to FIAT if you cannot handle the risk.