Everything is brandy dandy for Sharex developers, but us, all of us who received sharecoins hoping for new currency that is fair (check) and successful (not check) it is not.
As it stands now
imagine hypothetical situation: Out of a chance everyone removes sharecoins from their wallets and buys Feeshares, all 5000 of them as their is no more sharecoins left (5.000 x 20.000 = 100.000.000). So
as long as their is no more sharecoins on hands of the public we get a situation that developer holds ALL sharecoins, public holds feeshares (so far 5000 of them). So far developer got nothing in terms of profit, because whatever they created (all sharecoins) out of thin air and gave to us, came back to them. But developers intend to sell 45.000 more feeshares which means public must bring into sharex (read: developers) or simply his PONZI scheme their BTC 9 times over the volume of all sharecoins multiplied by whatever the price of those sharecoins at that moment is. So far looks good for sharex, as they are pricing their sharex exchange bussiness roughly 10 times more then price of all sharecoins in existence. Not bad.... Again for developers.
I have a huge problem with that.
First of all I took part (and initially intended to stay/invest/help)in all this free giveaway under impression that it is a new cryptocurrency that is fair, has a big base of holders fight from get go,who would be interested to develop sharecoin into potential rival to litecoin, NXT, ripples or ultimately to bitcoin. What I got instead is a try on developers part to sway me into using those free shares and potentially bringing more mine bitcoins for "owning"(lol) part of sharex exchange, of which I have no interest as that is SO MUCH SMALLER THEN WHAT SHARECOIN COULD ACHIEVE.
I wish to all remaining participants good luck, as what they are offered is pretty much something along the lines of : "We give you 1 part (of coins) for free, the rest 9 parts of your bitcoins you bring yourself, buy feeshares and lets hope sharex would pickup nicely".
this business is not about new coin, it is about exchange.
Not my cup of tea, I am out, all BTC removed from sharex. Again, good luck.
As it stands now
imagine hypothetical situation: Out of a chance everyone removes sharecoins from their wallets and buys Feeshares, all 5000 of them as their is no more sharecoins left (5.000 x 20.000 = 100.000.000). So
as long as their is no more sharecoins on hands of the public we get a situation that developer holds ALL sharecoins, public holds feeshares (so far 5000 of them). So far developer got nothing in terms of profit, because whatever they created (all sharecoins) out of thin air and gave to us, came back to them. But developers intend to sell 45.000 more feeshares which means public must bring into sharex (read: developers) or simply his PONZI scheme their BTC 9 times over the volume of all sharecoins multiplied by whatever the price of those sharecoins at that moment is. So far looks good for sharex, as they are pricing their sharex exchange bussiness roughly 10 times more then price of all sharecoins in existence. Not bad.... Again for developers.
I have a huge problem with that.
First of all I took part (and initially intended to stay/invest/help)in all this free giveaway under impression that it is a new cryptocurrency that is fair, has a big base of holders fight from get go,who would be interested to develop sharecoin into potential rival to litecoin, NXT, ripples or ultimately to bitcoin. What I got instead is a try on developers part to sway me into using those free shares and potentially bringing more mine bitcoins for "owning"(lol) part of sharex exchange, of which I have no interest as that is SO MUCH SMALLER THEN WHAT SHARECOIN COULD ACHIEVE.
I wish to all remaining participants good luck, as what they are offered is pretty much something along the lines of : "We give you 1 part (of coins) for free, the rest 9 parts of your bitcoins you bring yourself, buy feeshares and lets hope sharex would pickup nicely".
this business is not about new coin, it is about exchange.
Not my cup of tea, I am out, all BTC removed from sharex. Again, good luck.
Couldn't agree more, and i'll add - if at least this complex structure they created was standing on a reasonable valuation of a new exchange - we could forgive the elegant pivot from coin into exchange kickstarter. But when simple math shows that even Cryptsy's volume won't get you ROI, the whole story of "the real value of ShareCoin" becomes ridiculous. And the developer's response? of course it's expansive, sahrecoin is overvalued, "i'm the only dev of a coin that doesn't want the price of that coin to rise"... How will anyone reasonable not dump his coins after reading that? And if "ShareCoin only purpose is to distribute FeeShare" then why the multipool? And why not just sell feeShares for BTC? I'm out.
The dev do not want to just give FeeShares (another word for "a % of the business profit") as a pure generosity gesture. He want something in return. What does it want the most? Obviously not money. That why he simply doesn't sell the FeeShares for BTC. He want a group of enthusiast who will promote his business. His idea to recruit those enthusiasts was to create a cryptocoin.
Good or bad idea? Like any novelty it's hard to judge so soon.
