[Funding Request]
whale has negotiated a funding deal during the last weeks and it is ready to be funded. It is for an existing NXT company that wishes to be kept confidential until the funding is approved. PM me if you need to know the identity of the company.
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Investment in 3 installments into an already established NXT company, that will be making an online wallet for SuperNET users, in addition to its existing websites.
1) 17.2% for 2.5M NXT immediately;
2) OPTIONAL 12.9% for 1.875M NXT by 31/Jan/2015;
3) OPTIONAL 12.9% for 1.875M NXT by 31/Mar/2015
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The asset will not be traded before jan 1st 2015 unless all options are exercised. Due to the strategic value of an online wallet service (think blockchain.info) it is both whale's and my opinion that this investment has good ROI potential for SuperNET and we expect to be able to recoup the investment via AE sales within a year and still have significant HODLings remaining.
Since we do not have the NXT Phasing yet and there is no escrow for NXT possible, I will safekeep the SuperNET NXT until a viable alternative is agreed upon. When this funding request is approved, I will send out the funds
James
This is perfect. So many people won't want to download a client. The final step would be a SmartPhone app, like the blockchain app, which would make it massively more attractive still. Is this something the same company could consider? |
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I believe the nav buy walls will be 0.0088 so I don't think any whales will be cashing out at that price.
If I was a whale with 50m NXT, I'd take the 10-15% hit for the chance of cashing some out that way without crashing the price. Not many times someone hands you that opportunity. Ultimately, I guess it's not a disaster, but it does reduce SuperNET's BTC holdings and skew the balance more towards NXT. It's an interesting dynamic to add to the picture of trading NXT assets against BTC: anything with decent liquidity offers a good way to diversify/exchange in what is otherwise a relatively thinly-traded market. |
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James: I am a little concerned about the buy wall on BTER. Will this be BTC or NXT too?
Clearly a few people are planning to cash out when the buy wall appears. Fair enough, probably just normal crypto speculators looking to catch a new coin's pump and bailing when it turns out this is something different.
But there have also been large NXT buys, including one from a stakeholder who picked up ~$100,000 of UNITY. Incidentally, this person didn't vote for the bonus, and so presumably has no long-term interest in SuperNET.
When TOKEN are redeemed for UNITY and can be sent to BTER, he may see this as an opportunity to convert a large amount of NXT to BTC without crashing the price on an exchange. In which case, the 1% buy wall will not absorb his as well as others' sells.
If this is the case, a large NXT buy wall on BTER will help buffer the problem, since smaller holders will happily arbitrage the difference once the BTC have run out, whereas a whale will be less willing.
two walls, both at same price (ignoring NXT price fluctuation) if people want to sell at a loss or breakeven, then they will. That's OK. a lot of people probable sold sharkfund0 in the early days especially when it went "down" 10% as NXT itself went up 50% Let the weak hands (WH) sell. this is part of the process of getting to an assetholder base that isnt price watching every tick and screaming for some "news" to happen everyday. There was a marketing budget of 0.00000000 for SuperNET. Nothing fancy, all community driven. Definitely non-corporate What this means is that the few that did discover and put money in are in a small minority. As the marketing materials are completed and people are understanding what SuperNET is, then more and more investors will come in. I intentionally didnt maximize the price or amount raised. This means that just getting all the materials that "should" have been there for the ICO will raise the price. Since I dont do GUI, tech or financial, I leave it to the community to do all this marketing stuff. I have to code. An immediate 30% ROI on a 5700 BTC offering is really quite good if you think about it. This is during the stage of the WH selling pressure. Like the PoW coin during the mining phase when they are selling coins to pay the bills. When this stage is over, then we should start to see some gradual gains. So, expect some initial selling pressure and gradual gains. I much rather have a few percent gain regularly than any massive spike in price. This is a marathon and if you are being worried about the hourly (or even daily) price change, then you are too worried  James P.S. I will be issuing the official SuperNET asset today and when valarmg is ready with the redeeming, we redeem and then have interchangeable asset with bter's UNITY Not worried for myself Right now is actually kind of a nice buying opportunity, and you can get UNITY for free - even if the round trip from the AE is a bit cumbersome. My major concern is that a whale will use it as a rare chance to exchange a large chunk of NXT for BTC without slippage, taking a bite out of SuperNET's BTC reserves. |
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James: I am a little concerned about the buy wall on BTER. Will this be BTC or NXT too?
Clearly a few people are planning to cash out when the buy wall appears. Fair enough, probably just normal crypto speculators looking to catch a new coin's pump and bailing when it turns out this is something different.
But there have also been large NXT buys, including one from a stakeholder who picked up ~$100,000 of UNITY. Incidentally, this person didn't vote for the bonus, and so presumably has no long-term interest in SuperNET.
When TOKEN are redeemed for UNITY and can be sent to BTER, he may see this as an opportunity to convert a large amount of NXT to BTC without crashing the price on an exchange. In which case, the 1% buy wall will not absorb his as well as others' sells.
If this is the case, a large NXT buy wall on BTER will help buffer the problem, since smaller holders will happily arbitrage the difference once the BTC have run out, whereas a whale will be less willing.
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Looks like a load of people are dumping to make quick profits.
Assuming they are bought by SuperNET, once the buy wall's up, does that simply increase SuperNET's share of the assets or does it have an antidilutive effect for everyone?
I am pretty sure the buy wall will be on the NXT AE rather than BTER. And no, that NAV doesn't change based on who owns the shares. I assume he will work like a market maker... buy at NAV and sell at some small amount above NAV. Much as I hate to quote Wikipedia: "Share repurchases are an alternative to dividends. When a company repurchases its own shares, it reduces the number of shares held by the public. The reduction of the float,[6] or publicly traded shares, means that even if profits remain the same, the earnings per share increase. Repurchasing shares when a company's share price is undervalued benefits non-selling shareholders (frequently insiders) and extracts value from shareholders who sell." I guess it depends what's done with the shares and how the buyback is funded? |
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Looks like a load of people are dumping to make quick profits.
Assuming they are bought by SuperNET, once the buy wall's up, does that simply increase SuperNET's share of the assets or does it have an antidilutive effect for everyone?
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Investors should be quite pleased that James decided to 'rush' this IPO. Everyone is effectively getting a much bigger share than they would have if he had put time and money in to building it up and marketing it through all the major media channels.
If I understand correctly that's not the case with an IPO that is uncapped. You would have had a big share in a small thing or a smaller share in a thing that's bigger It's different in this case. The value of SuperNET at the start IS the value of the ICO (plus the assets). You're not diluting a finite product. The upside here comes from the investors who have yet to hear or are waiting on the sidelines. However, the lower the initial investment, the lower SuperNET's initial network effect and clout. So it's swings and roundabouts. |
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Any idea why the price is exploding on AE when we are not suppose to be trading TOKEN until it changes over to UNITY? AE id 2.00usd higher than BTR??
Welcome to the free market. It's now a scarce resource. Supply and demand. |
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Assuming the Bonus plan is passed, a total of 816061 SuperNET (UNITY)
Where did you get 816061? Shouldn't it be the TOKEN sold (571243) + 10%? Yeah, a more detailed explanation is needed. I was not expecting that much total UNITY even after the bonus conditions are met. That's way more than the 20% max dilution previously proposed. 652849.2402 TOKEN sold. Of the total UNITY issued, SuperNET gets 10% and another 5+5% are held as James' bonus. So: 652849.2402 = 80% UNITY 652849.2402 / 80 * 100 = 816061. I just missed out on 0.1% Edit: 10% for SuperNET, not James! Ok, now I'm a bit more confused. I thought the total TOKEN sold was 571243.1402. Where did the 652849.2402 come from? And why is the 20% added to this number instead of the 571243.1402? 816061 seems to be 571243.1402 + 30%, right? 10% is put inside itself as working capital? 10% (5% +5%) is kept in reserve for bonus conditions. And the other 10%? Not questioning this, just can't remember the original conditions so just looking for clarity. Oops, you're right! I was looking at the wrong figure. Sorry for my mistake. I do have 2 masters degrees but never bothered to collect them. That's probably why. James will have to explain. |
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Please can someone explain the following and please don't make fun of me, I don't have master degrees What do we get as investors if we approved bonus and what do we get if we reject bonus, I am not talking what supernetwork get, I am talking what do we get as investors, and do we lose anything by voting or not voting? Thanks If you approve, you get a highly motivated CEO whose interests are firmly aligned with yours. If you disapprove, you get a sad panda and a larger short-term NAV. NB I don't like the term CEO and it's probably not right here anyway. I think we should have an informal vote about an appropriate title for James. |
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Assuming the Bonus plan is passed, a total of 816061 SuperNET (UNITY)
Where did you get 816061? Shouldn't it be the TOKEN sold (571243) + 10%? Yeah, a more detailed explanation is needed. I was not expecting that much total UNITY even after the bonus conditions are met. That's way more than the 20% max dilution previously proposed. 652849.2402 TOKEN sold. Of the total UNITY issued, SuperNET gets 10% and another 5+5% are held as James' bonus. So: 652849.2402 = 80% UNITY 652849.2402 / 80 * 100 = 816061. I just missed out on 0.1% Edit: 10% for SuperNET, not James! |
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The current outstanding UNITY is therefore 652849.2402 and the NAV buywall would be at .0088 BTC.
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asset BTC equiv = 8756.7047 -> asset NAV = 0.013413 BTC
so does the fact that the asset nav is at 0.013xxx mean the buywall at 0.0088 would actually be undervalued? if the assets are backing unity would the buywall not supposed to be placed at the asset nav? That would be a little too generous Buy wall is in place to make sure investors don't lose out if they need to sell early, not to allow them to profit from instant arbitrage. But yes, they would be silly to sell at 0.0088, because although they only paid that much (give or take) their assets would be worth more. |
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How is UNITY distributed? Are we to manually exchange TOKEN for UNITY on BTER?
Automatic. So my UNITY balance will appear in my BTER account without me having to do anything? Yup. I think they are actually using magic. |
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How is UNITY distributed? Are we to manually exchange TOKEN for UNITY on BTER?
Automatic. |
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Doors close in 1 minute. Going up.
Congratulations to everyone who got in on the ground floor.
Invested a good amount but wanted to purchase more at the end. Slow BTC confirmation and I missed it by 2 mins. Time will tell how much I am regretting that. What amount? Edit: I mean what amount more did you intend to buy, not how much so far. Though I'm curious, having seen some holdings of 2k, 3k and 6k in the voting. No. Not that much. 9 BTC invested. Was going to purchase 5 BTC more at last minute. Ah, sorry, can't help you with that much. Had a few extra assets I bought with the remainder of the NXT in my 'current account', but had already picked up what I originally planned. |
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Current results from BTER:
Approve Bonus 45757 (99.99%)
Reject Bonus 4 (0.01%)
Those totals can't be individual votes. Must be weighted numbers?  Yes, weighted. Makes no sense to give the 10k investor the same voting rights as a 1 share investor. |
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Doors close in 1 minute. Going up.
Congratulations to everyone who got in on the ground floor.
Invested a good amount but wanted to purchase more at the end. Slow BTC confirmation and I missed it by 2 mins. Time will tell how much I am regretting that. What amount? Edit: I mean what amount more did you intend to buy, not how much so far. Though I'm curious, having seen some holdings of 2k, 3k and 6k in the voting. |
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Both polls so far unanimous. Looks like James will be getting his extra 5% soon.
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Doors close in 1 minute. Going up.
Congratulations to everyone who got in on the ground floor.
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Can anyone answer definitely the question about when the info about what other actors / coins have agreed to be part of the net will be released after ico closes, thx.
I think only James can do that. As things stand NXT, BTCD and BBR (soon to become XRN?) are involved. Assets are a different question. Thx. Since this would obviously have an effect on both Net price and other coins, i would think this should be handled in a very transparent and forseeable manner - with otherwise there will be unfair advantages to those in the know first. It would be a bad way to start things off. Yes - this is the reason for the secrecy! Obviously there is a huge risk of insider trading. Fortunately it makes perfect sense for James not to allow this, because SuperNET aims to acquire 10% of each coin in its core. Leaking this information would make SuperNET's stake that much more expensive to acquire. Understood. But what has already been agreed upon and kept secret during the ico should now be revealed, correct? And this in a way that is fair and shared completely at the same time for all. Assuming any new coins have been added during the last couple of weeks, yes. I think the plan was to make announcements through the newsletter (sign up at thesupernet.org). But only very few coins will make the core. They need to be truly innovative with good communities and tech, so there may well be no new additions. We'll have to wait and see |
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