Topic: [ANN] Swarm Fund 1.0 - [OFFLINE THREAD] - page 33. (Read 139876 times)

IIRC, You were talking of a working prototype of the SWARM platform. When will it be available for (beta?) testing ?

Good luck with the project.

A few different reasons.

(1) Raising a large amount of money makes a large statement to the world at large that we are serious. It will get a lot of press makes us the no. 1 contender in the space.

(2) A large amount of money allows us to not only build our platform but also finance other projects that fulfill our objectives.

(3) A lot of people are spending money on other things like the Bitcoin Foundation that don't seem to be helping Bitcoin succeed, whereas we believe that our platform will greatly increase the public acceptance of Bitcoin.

(4) We can spend a decent amount on legal advocacy (and potentially even lobbying) to establish the potential of cryptoequity worldwide.

(5) We believe that there are enough people with enough capital that care about the same issues that we do

what a huge ipo!how you dare to do this?

According to the information that appear on your site you raised so far 1306 BTC

With that amount of investment, I don't know whether the price of the currency will rise after the IPO.

I think SWARM as a VC is a fabulous opportunity. I bought some- it is right for me (but not everybody.)

But the Manifesto?

I will honestly say that the Manifesto takes this to an entirely new level. This is among the most compelling and brave investment theses I have ever read. It is a "magna carta" of investment statements.

I am SWARM.

I am in. I have low expectations due in part to my natural skepticism and an ongoing experience with the colossal scamming culture of crypto.

Despite that, I have no problems with the way you plan to go about this. BTC is where my long shots go and I would never expect any kind of guarantee.

Don't pay vocal skeptics too much mind - investors are perfectly aware of every objection they bring up - just get to work on your dream.

They can adopt them but the SEC has a long arm so you would probably need to make some effort to block folks located in the US from participating.


Yes. It's a bit like Xapo that has their corporate headquarters in Palo Alto but their legal entity in Hong Kong.

When the JOBS act goes into effect in Q4 and includes to many stipulations or in event of unfavorable future regulation, a jurisdictional play can always be made which restricts offerings to U.S. residents. Is SEC omnipresent in the world or can other nations then adopt these types of business? Is this also one of the reasons why Swarmcorp has not been incorporated which gives you room to manoeuvre (DAC style) to other friendlier jurisdictions?

I wonder how much the Bitcoin Foundation spends every year on sponsorship and parties.

Only 45,000 in the budget for parties?

This project started at Stanford University and migrated to Europe for our launch tour. We are planning to go back.


Exercise is a luxury? Okay.


Was joking. Which reminds me of what I find missing around here. Humor. And women.  

"Silicon Valley": I thought you were based in Berlin where living is relatively cheap?

"gym membership": This sense of lifestyle entitlement would undermine the success of any conventional investment pitch.

References to girls, hangovers from parties, "hookers and blow" I'd say, make you pretty much uninvestable from any professional perspective.

Leading up to that moment I was asking for help on how to sell my SWARMPRE back BTC, so it should of been pretty obvious that I was referring to that. You just needed an excuse to kick me.

Kicking me from the Skype channel was NOT what I was asking for & it made me even more furious.

To top it all off, it was Joel the lead man who kicked me.

I am not a troll, a FUD'er or indeed under 30 years of age. I am a mature & methodical hard working individual who has been nothing short of disgusted at the way I have been treated as an investor.

So understandably, I want out.

Probably you got your SWARMPRE after the GOLDTICKET was issued.



It's because we are having an event in London in two weeks with some special announcements and wanted to reward people who were in early.



This is true.

What is this goldenticket that some are saying they have in their counterparty wallet. I dont have it. I have swarmpre (which can now be bought cheaper than you give out).
Why was this released before the 20th of july when the sale ends. I thought the amount of swarmcoins available through the sale would be divided out between the investors depending on what amount of BTC they invested. I am confused

We have more than two team members.

You can see financial projects for expenditures here.

1/3rd will go for salaries for 2 people, FUCK NO

You actually said "I want out. That is all." in the Skype chat and so I let you out. Feel free to contact me on any communication channel and perhaps I can work out some way to help you to get out entirely.

Results from first week:
 


As you can see, we didn't do a great job answering all of your questions the first time around. So I went back answered all unanswered questions I could find. Here are the answers.


May seem like that, but each of the founders of Swarm (Joel Dietz, Jef Cavens, Ben Ingram) have founded more than one company in the past, with at least one significant success for each founder. Among other things we enjoy building things so simply hanging out in a beach house with blow and hookers would get boring. We also have a pretty robust auditing system that we are developing for all of our expenditures with a publicly released report from our monthly advisor's meeting. The first of these should be out by July 1st so everyone can see how we will be conducting business.


We know and apologize. We had something like this written up but our lawyers threw a red flag and then we ended up with a garbled document that we hated. We re-wrote and reviewed a new manifesto that expresses exactly what it is that we plan to build and why.


Haha, well, we actually would be happy to raise even more than that. Depends on what the market thinks our project is worth. As I see it we are the first serious cryptoequity project and one of the very few Bitcoin related projects that has the possiblity of reaching out past the cryptocommunity into the mainstream. So there is a lot of reason to support us, even in the sense that press exposure for Swarm will naturally allow the price of Bitcoin to increase.  


To be honest, we don't know. This is one of the aspect that I wish we had more clarity on, but because so much depends on the legal issues around what we can and can't do, it's basically impossible to come up with any projections as to future return. To a rather significant degree the primary value of Swarm is the network not the token.  


I guess we already reached this, but in any case we were always planning to make things work no matter what. Having more money helps us iterate faster and spend more money on things like marketing and getting other things off the ground.


"In the works," yes, but it is not super high priority at the moment. Our SWARM skype channel is the most active fluid point of engagement.


One of the core values of Swarm is creating a network that helps support innovative projects, especially those based on Blockchain technology. One of the ways we do that is by allowing early access to certain types of projects and coins to Swarm holders. GOLDTICKET is associated with this and more details will be coming soon.


We have a chatroom which is generally staffed during daytime hours European time. We are pretty good are responding to email sent to [email protected]. And our skype channel has a bunch of usually pretty helpful people in it. Bitcointalk we are making a better effort to get to, but responses will still probably not come out more than twice a day so if your request is time sensitive we suggest one of these other channels.


I think people have invested because it is an innovative idea and a good team. Sometimes that is all you need, since ideas in an early stage venture evolve over time.


You can trade SWARMPRE on the Counterparty decentralized exchange.


I don't think you can, I believe you have to send a contact request on Skype and asked to be added. My skype id is "jdietz04."


Good point, we did take off the "24/7" part which is was pretty dumb of us to have there since I'm not sure which team members were volunteering to not sleep. In general we respond most reliably to email.


Our private presale started May 28th. Open Phase 1 started June 17th at 12:00:01am Berlin time (GMT + 1).


I have no idea. I don't think we briefed them adequately on related details.


Good idea. At the moment we are trying to establish some reliable way of communicating important news to swarmcoin holders.


This may seem a lot, but it's actually on the low side for a startup in Silicon Valley, a place with a rather high cost of living.


I'm expecting a reasonable amount so that I can eat, sleep, and go to the gym without having to worry about money. I don't really expect to do much else over the next year, but in my last startup there were periods where I couldn't afford a gym membership or good housing and that greatly reduced my productivity.


It's actually pretty standard practice to raise enough money to meet expenses for 18 months such that you can afford to build your product as you think it should be and work through a couple of related ideas in case the first one is not successful. I think this is a pretty good general model.


There are two general philosophies when it comes to startups. One is to get profitable as quickly as possible, then grow your profit as quickly as possible. The other is to get as much traction as quickly as possible, then try to become profitable. Many of the greatest startup successes like Paypal and Twitter were in this second category, almost all of them required some significant degree of capital infusion.  We are probably going to be halfway between the two, with very rapid growth as our highest priority.


Yeah, we've had a lot of demand for this so one of the things we've worked on the past week is setting up another vending machine that accepts XCP. Stay tuned.


So many transactions that were not sent from Counterwallet were automatically flagged and swarmcoins were not distributed because we were afraid that people would send from exchanges that they did not have the private key too (something that has happened a few times already). If you were one of these people make sure you send us an email at [email protected] and we can manually issue your swarmcoins.


Our budget for our cryptoequity platform is >4,000. The main reason we'd go beyond that is to actually be able to support other projects (like other extensions to the Counterparty ecosystem, etc.).  


As I mentioned in a previous comment we had something written up that was more comprehensive but we ran into some legal red tape which prevented us from getting it out on schedule. We've gone back and released what we wanted to release originally.  


Actually it's the opposite. If we don't hit our targets our percentages will be less.


Not quite right, founders only have 4%, the other 4% are for bounties/representatives.


Both. It's a bit logistically complex to take multiple currencies and avoid a "Maidsafe" scenario so this has taken us a bit of time to coordinate.


You could say that at the moment we are a superpowered crypto-kickstarter that is shifting gradually to providing cryptoequity as the legal framework for this is established. It's a bit difficult to define exactly what features will be delivered at what point, but you can see above for a rough timeline.


No, equity crowdfunding is illegal in the US. Because cryptoequity is completely programmable and can contain different types of rights that are different from equity, we believe it is something that needs special legal attention. One major part of our campaign will be to clarify the legal space around these issues, which is complex and often undefined.  


Most universal way is through local bitcoins since there are people pretty much everywhere who will sell for cash. Beyond that depends on the country. Coinbase is a good option if you are in the U.S.


Minimum 1%, although we are working through a bunch of different type of coin offerings.


As of right now Coinbase does not support counterparty assets, so you need to send the BTC to your Counterwallet first.
"Revealing your private keys" means that you can import assets into a counterwallet that are elsewhere but we do not recommend doing this.


You can check out Blockchain.info for your address and look up the transaction to show that it went through.


Probably a temporary connection error in Counterwallet. You don't have to have a BTC wallet balance to receive Swarm but you do need a small amount in order to send any assets that you have.  


You need to have a bit more than whatever you are planning to exchange for swarmcoins.  


Right now the only thing you can get is SWARMPRE. Swarm will be distributed at the end of the fundraiser.


Our plan is to always split 50%/50% between Swarm the organization and Swarmcoin holders. This is not written in the code, but we hope to help build platforms that are totally trustless where it could be written in the code.


I'm not sure. I think Expresscoin will do this for you in the U.S. I believe Coinbase does as well, but only after you've verified a few things.


There was a brief period when Counterwallet.co was under a bunch of stress from our launch but I don't think there have been any errors since then.


You could but that would be a bad idea because right now we have a flagging system that doesn't automatically send back swarmcoins unless it comes from Counterwallet. But if you did you could contact us and that would probably fix it.


Unfortunately yes, but that's something we hoping to make change sooner rather than later.


The platform we are using, Counterparty, includes a decentralized exchange so you can trade them for things later on. A lot of people are doing this right now.


Yes, you can trade them for any other asset on the decentralized exchange.


Swarm is a cryptoequity platform. XCP is a not particularly liquid cryptocurrency, so if we take it means that we are investing heavily in the future of Counterparty as a platform as well as allowing people to diversify their illiquid assets.


I think we mismanaged our initial Bitcointalk thread (well actually, we outsourced it due to a last minute team member drop out) but so far we've been doing okay when it comes to execution. Keep in mind that right now we are a fairly small team who are trying to build the platform and handle all the support at the same time.


Good and tricky point. We are currently using the dividend feature of Counterparty which does not currently require XCP, but I actually think that it should. I also want to see XCP used as the primary trading currency internally, so that things are traded in terms of XCP/SWARM rather than BTC/SWARM, since right now there is no automatic payment for BTC transactions. Also since we are now substantial XCP holders we have a strong interest in increasing XCP liquidity and will be pushing for this rigorously.


Sadly there aren't a lot of great ways to get XCP right now except via the Decentralized Exchange. That's one of the things we are looking to change in the near future.


SWARMPRE is what is being offered right now. 100,000,000 units of SWARM were issued and locked prior to our crowdsale. They will be distributed to all SWARMPRE holders.


Yes you can. Just send to the address on our website from Counterwallet.


Hopefully this thread provides answers to your questions.


Yes. The current exchange rate is a bit tricky to figure out at the moment, but anything abouve one three thousanth of a Bitcoin should get you at least some swarmcoins.


Not sure. Try to login to Counterwallet.co


Wasn't the only address.


Send BTC to Counterwallet. Send BTC from Counterwallet to the address on the main page.


Yep, that's the right idea.


If you just sent BTC it might take a few minutes for it to get there. Bitcoin is fast compared to a bank transfer, but it's not exactly instant. Swarmcoins are made to be extra secure so it takes a bit of time to get them back (usually about an hour).


Depends on the day and the hour, but we are usually hanging out in the hipchat or on Skype. See the engage section up the top for other ways to get ahold of us.


Our manifesto is a good place to start.

Apart from me. Who you banned from your Skype channel for asking challenging questions no one could answer.

Regret buying any, as now it is nearly impossible to sell.