Topic: Sia - Siafund Redemption Deadline: June 1st, 2015 - page 14. (Read 68743 times)

Very good news, interested to hear what comes of the MIT project.

Why 12%?

He said 10000 shares in total. And he sold 1500 at IPO.

Sia sold about 12% of sianotes at the pre-sale, not 15%. I guess that this 7.5% shares sold are shares of Nebulous, the company, not the sianote. Sianote is one of the main income resources of Nebulous in the future and the sole resource in the beginning. So the higher the company's stock value, the higher the sianote's value.

It could now be interpreted as 22.5% of siastock would have been sold, and this deal could form part of the extra 25% (40% total) that was going to be sold, after sia was complete.

"After the completion of Sia, an additional volume of Siastock will be sold in an IPO, likely 25%. (The total sold between the pre-IPO and IPO would then be 40%). During the IPO, Siastock will be substantially more expensive and be used to acquire office space, full time developers, security audits of both the protocol and of the software, as well as marketing."

Can Taek clear this up?

Do the assets on AE represent 15% of the company?

Edit: Yes

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SiaNotes
Promoter(s)
Taek
What is it? 
Decentralized Cloud Storage Network
What percentage is being sold? 
15%
How many siastock to be sold?
1500 (out of 10,000)
What price will they be sold at?
2400 NXT (subject to change with exchange rates - raising 250 BTC total)
Nxtforum discussion
https://nxtforum.org/alternate-cryptocurrencies/sia-official-nxt-thread/
Other sites
www.siacoin.com
bitcointalk thread
Nxt account used to issue assets
NXT-K5ZJ-NNR2-4J4B-D92UF
(13179792715523067888 in original format)
Asset ID
11593659039925686857
Asset Name
sianote
Ticker symbol
SIAN

Buy some Nxt from Poloniex or BTER, download the official Nxt client, and create an account...... http://nxtra.org/nxt-wallet/  
and buy/bid for sianote, on the AE.

sianotes are available on Nxt AE. make sure u follow instructions carefully and get the right asset.
http://nxtforum.org/ is a good start.

How can i join now?

Just the MIT Bitcoin project would have been good on its own.  The spin-offs, connections, and interest this will generate for Sia, shouldn't be under estimated.
And now you have seasoned investors already interested and willing to buy-in. Nicely done Sir. 
Something tells me this space is going to heat up very soon, with more smart money moving in across the main contenders, in the hope of being positioned to carve out market share. Watching with interest. 

Can you check my maths?

A $375,000 investment for 7.5% equity values Sia at $5million.

The 1500 Sianotes being sold on Nxt Asset Exchange represent 15% of the company? So the AE market cap at that valuation should be $750,000.

Sianote is currently valued at 4200 NXT * 1500 = 6.3 million NXT = $318,623.

So Sianote is currently selling at 42% its fair value. So.... panic buy?

So, we've been holding off on this announcement, but I think we're at a place where we can tell everyone.

We've just signed a $375,000 agreement for 7.5% of the company equity. There's still some paperwork to sign, but we should have the cash by the end of July. Which means we're also about to be hiring one or two full time employees. We need someone who will build the frontend, and will preferably work and live in Boston. We might be able to pick up an MIT graduate. I've got a really good feeling as a whole about our investor, he's had several hit investments and is really interested in seeing Sia succeed.

Another thing that's in progress is that we're going to be involved with the MIT Bitcoin project. We haven't met anyone in person yet but we should be meeting with the guys leading the initiative in the next few weeks.

So, on the business front things are looking good.

Thank you. Sounds very good.

Siatoken

A lot of things have changed.

Current plans:

0. Review and refactor codebase. This will take probably all of this week. We're going to start at a high level, see what's working and what isn't, build out a bunch of tests for the stable code, and then rewrite any code that no longer makes sense. Ultimately we're probably going to end up replacing around 30% of the existing code. That's just an estimate.
1. Fix network instability intolerance. I think Luke knows what he's doing, and should be able to resolve most of the problems within the next 2 weeks.
2. Implementation of nonces in the quorum that throws out scripts which have already been processed. Shouldn't take too long.
3. Full cryptographic synchronization. This one might take longer, because there are things we'll need that we haven't started programming yet.
4. Wallets get destroyed after running out of funds.
5. Test-net, with full uptime nodes hosted in several locations (we have a few volunteers who will help to host these), running full blockchains. It'll be self-monitoring and self restarting, and it'll log all problems that happen.

After that there should be uploading, downloading, sending money around, all based in a scripting system. There will be proof of storage, network stability, and a test-net that helps us find issues with the quorum. Still no user friendly client at that point.

Overall I'm expecting this to take a month. I'd like to imagine that it'll go faster but I can't be certain.

Hey dev, everything is very nice so far.

Can I ask you to renew the timeline? I think a lot of things have changed.

That is the answer that should have been expected. Its kind of a reminder to us all that although your idea for siacoin is superb and sianotes sold like hotcakes this is still a risky investment with no guarantee of anything. That being said if you are successful I fully expect a huge return on investment. As for the new name to siastock I wouldn't even attempt at suggesting a proper name. I think you two can come up with something appropriate when the time comes. Commence obligatory members posting name suggestions.

There aren't any clear regulations around this type of product. We sold you something that'll generate you income, except in many ways it feels like a financial instrument. The SEC for the most part has been playing nice with Bitcoin related tech. Some companies have gotten busted for illegally selling equity, but Sianotes are not equity and are thus protected against that specific case.

I wish that I could give you a definitive yes, but our lawyers said the best they could do is "it's probably not going to be a problem." There's no law that clear-cut makes it illegal, and there's no law that makes it seem likely to be illegal. But the laws are so complex and convoluted that if some regulator decided it needed to be illegal, they could likely find some wording in an existing law and use it to prosecute us. They don't think that will happen though.

If we do receive any sort of notification or attention from the SEC (which is the body that is most likely to want to regulate Sianotes), we'll let everyone know immediately.

I personally don't see it being a problem. I also know that the name 'Siastock' isn't going to stick around, because it's very much not stock in the traditional sense, and we don't want regulators making that mistake. I haven't figured out a good replacement name yet though.

So then maybe dumb question but does that mean the lawyers you've talked to say the money I'll be making from siastock is legal?

A smart strategy,  if you are able to raise that kind of capital and employ several devs, you can accomplish many things in a short period of time.  This makes sense for Sia as Sia has a more commercial application than other Cryptos.

Siastocks will never turn into Nebulous stocks. There are legal barriers to doing that.

It's very difficult to crowd fund corporate equity, and it's strongly recommended against by every lawyer I've talked to so far. You can crowd fund a product (like through Kickstarter), but as soon as you are selling equity to a bunch of little investors you've got legal problems.