We received quite a few messages and questions regarding to the physical company and I just want to clarify
Our plan is to implement the structure which was posted in this thread earlier. We have been organizing the set-up, but we are still waiting further clarification to be certain that such structure is legal in the US and the business is not breach of US securities laws. Therefore, we can't guaranty and don't promise that the two tier structure will be implemented in the described way or it can go ahead at all. We are trying to organize a DAC, but we hear as many opinions as many lawyers we ask, and if such DAC is illegal in the US then we will have to organize it somewhere else, for example in the UK or Ireland.
We are not offering shares in a physical company with the VICR contract. If the structure can be implemented legally then the VICR owners will be able to claim their ownership in the physical company if they wish to do so, but we can't guaranty and promise anything regarding to this - with those posts we only informed the community what we are up to regarding to this matter, and that we try our best to create a community driven DAC.
No, it won't be legal in the US -nor many other countries-. You can create a coin and sell or distribute it as you like -at least until regulation in the US is established-. But a company, LLC or any other, is a different matter and subject to specific rules. In your case, you could create the company and own it yourselves, as an LLC, but you cannot distribute shares or ownership the way you intend to. And you do know that a US-registered company requires, by law, to file quarterly statements, I assume. Furthermore, your whole business plan -as I understand it, since it is "explained" in such a convoluted way-, needs to be seriously restructured under very different an specific parameters, including, as paramount, a system (only "boots on the ground" will do) to filter any and all illegal activity BEFORE it happens. It cannot be done with tech alone. You would be victim of anyone in crypto simply by broadcasting a minor and calling the authorities. Your whole operation would be closed and you'll be liable for criminal and financial damages. Finally, you hope to sign "top models" that are making a mint in FIAT to be paid in crypto, "tokens", whatever? Good luck with that. Thank you for pointing out the issues with the securities offering. As we said we are not offering shares nor securities, the VICR contract owners could claim if they wish to do so the shares in the physical LLC. Would be such road to the ownership the breach of US securities laws? Some lawyers say it is, others say it is not. If it is not possible in the US, then we can implement the DAC in the UK. We fully agree that the business plan is far from complete and we need experienced business professionals on board. We try our best to recruit them. We have just started this process, we are at the beginning of the road and lets hope experienced professionals will see potential in our technology and help us to take the network to the next level. I agree about the issue of filtering. All sites have this issue. The main purpose of the trusted node concept in GadgetNet and the centralization to stop illegal content and to comply with laws and regulations. In a fully decentralized P2P streaming such filtering wouldn't be possible. We try to build a community here and we hope the community members will help us to monitor the content, especially that such content is close to a geek's heart. Please note, the models will get paid in FAIT if they opt that cash out method. The partner site www.jizzmo.net will accept both FIAT and Bitcoin. The underlying crypto technology will be completely transparent to models and viewers. So you can build the filtering officers unit by offering a porn-prison guard position to interested community members: they can watch the most pretty naked females of Earth all day for free - all they have to do is reporting the problems. Since the average crypto user never had sex with real woman, you wouldn't have shortage in filtering officers. Everyone would gain from the partnership - especially the 24/7 porn watcher officers. |
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I am a VICR owner, I had a few questions about the process and I had an (email) chat with the devs earlier today. I just want to put forward to other VICR owners or interested parties what was my suggestion regarding to the exchanges.
I think the devs are completely wrong about the exchange issue, this currency must be listed on the exchanges. I strongly believe that being listed on the exchanges is in the best interest of all coinholders. From models' viewpoint doesn't matter what the price is. After all, the models pay the 5% network fee after a FIAT amount upon cash out, in the meantime the network in my opinion has a tremendous potential if it really can serve real businesses, which means the price most likely will go up. There is a very limited supply of coin, and I think the price will increase from the current 0.333 without forcing the models to buy the coin for a USD 1.00 price. I understand the devs want to stabilise the price with a centralized control, but unfortunately the enforced USD 1.00 price prevents all further price increase. Perhaps the price would go to 2,3 or 4 USD, but we will never know if that's the case as the price is controlled with a centralized process.
Can VICR owners vote on this issue?
There are quite a few user requests about the exchanges. It seems there are more pros than cons for listing the coin on the exchanges. OK, sounds good, lets do this then. Have you seen this? http://bit.ly/1Uh35YF Should the GadgetCoin development board use a Trusted Zone chip? It should and we have been working on it. We tested this one http://www.atmel.com/products/microcontrollers/ARM/sama5.aspx?tab=overview and it seems this is a good choice. The only reason we have not using it on the current board is that Trust Zone mcus were not available last year when we designed the development board. The new version will be with Trust Zone ARM. I have just read the datasheet. LOL This mcu is a freak, it's fantastic. http://www.atmel.com/products/microcontrollers/ARM/sama5.aspx?tab=overviewDid Atmel designed it specifically for your secure video use case? :-)))))) - Built in crypto, but not only symmetric, alsoasymmetric crypto - Built in video decoder with h.264 and VP8 - Trust Zone So called security experts are worried about software vulnerabilities only, while the most dangerous security vulnerabilities come from hardware hacks, and the only solution for that is Trust Zone. Will you post the schematic for the new dev board? |
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I remember it was a picture in the OP and you posted a while back about a DAC (decentralized autonomous company) will be created here. Is it still on the table?
We have been organizing this structure. We have registered two companies to implement the structure. Company "A" which name is GadgetNet LLC (Delaware State File Number: 57077-25), is the DAC company Wow. I just told someone not long time ago here in BCT that I would be interested in these type of tech and coins, because projects like this could attract VC investment - permit the project is managed properly. On that note, you need a communication and marketing guy ASAP! What is the share capital of the LLC, how much share can be claimed with the VICR and what is the share class? |
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Ah grasshopper.... rant on..... rant off....rant on.....rant off.... rinse and repeat  He makes some good points. The lack of practicality and usability are killing digital currencies, so nobody is touching crypto except we the nutcases of this forum, but that's not all - once we can get the concept to potential users, then they must deal with unimaginable nonsenses. I can tell you one which I have just personally gone through. I have been banging on Bitcoin for years for a friend and finally my digital currency groundwork came to fruition when my friend said, OK, he is willing to accept Bitcoin with his small business. Hurraaah, I said to myself, we are in business, the fucking digital currency revolution starts right here and right now! I don't want to get into what he does and what his business, but his total sales is 40-50 units per day and we calculated he might could get 2 items sell a day in Bitcoin. His unit price is around GBP 80.00, so he could get GBP 160.00, around 1 BTC per day at the beginning, until BTC's adoption rate is so low we can't project more trade. However, and because his main concern was the volatility of BTC, he just can't afford the potentially 20% price swing and losing 20% of his revenue (after all almost that's his all profit margin), he would have to convert the Bitcoin immediately into FIAT and because of the so many fuck-up on exchanges he said he would like to transfer the FIAT, he just simply doesn't trust the exchanges to keep there his FIAT, which concern is well justified, not to mention his small business cash flow is tight so he need the cash. Now, here is the cluster fuck. He signed up to Coinbase, and Coinbase charges GBP 30.00 for a bank transfer which is 20% of his gross intake from the sales, that's almost his profit margin! Then he checked Bitstamp, Coinfloor and others, all charge GBP 30.00 for a single bank transfer. He said no thanks ... that's a fucking nonsense. I said you are fucking right. That's where we are with digital currency right now. |
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I dont think gadget coin has enough liquidity to cover a real business they would do a lot better using bitcoin and collecting fee in order to support their altcoin market with buy support. How many times they need to to explain you that their Gadget network is built around processing Bitcoin transactions and in their jizzmo.net website customers pay with Bitcoin? I noticed 2 pages back, the GadgetCoin lead dev came here to explain exclusively to scarsbergholden, that the whole thing is in fact Bitcoin related. Why don't you read, and then presumably finally you would understand how that thing works. Can you understand by bringing top models with existing, currently FIAT paying customer base to Gadget network they actually introduces Bitcoin to porn customers who never heard before about Bitcoin? I assume not. You clearly didn't read their whitepaper which goes against that. They don't introduce to bitcoins, they introduce them to gadgetcoin which then can be trade using a 3rd party to bitcoin, it actually says it in the whitepaper... page 27 figure 14. Clearly shows that. So you don't get what they are doing but lets bold things to sound smart.Also gadgetcoin is just a smart token which could be implemented in bitcoin and probably done better. Well, I think if someone purely ignorant in a dialogue once that's all right ... twice that's OK ... but when third time then it is reasonable to point out facts - even with the bold text. The fact is, that the GadgetNet network brings new users to Bitcoin. It's still fact even that I am sure you're absolutely correct about the white paper. They target models with existing user base, top models who have often 100K Twitter followers. The majority of those adult clients never ever used Bitcoin, but by following their favourite models to the GadgetNet network they will buy Bitcoin and use it - because the model ask them to do so. That's what I meant, that the end result is that the Gadget network produces new users for Bitcoin. Yes, internally they have some tokens but the buy-in process is using Bitcoin. In order to buy tokens the clients of the platform will have to find, buy and learn to use Bitcoin. I think that's bloody marvellous for all parties, including Bitcoin. You are also absolutely right about using Bitcoin for this type of use cases. It would be great. Check it out, I have been banging on in this forum to use the bloody 80 bytes of OP_RETURN field of Bitcoin transaction to do this type of stuff. We have been debating this for long. It's still not happening. I have been supporting Bitcoin for years just like yourself, and I know eventually the BTC project will succeed, but I had enough from the struggle terms of the slow adoption - now I support any projects that bring the digital currency concept to real businesses, especially if it still uses Bitcoin like GadgetNet does. |
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I understand why centralization is required in the software, but I think the lack of decentralization will keep the digital currency community away from Gadgetnet.
decentralization and digital currency is tools, for giving user better and more convenient services with lower cost. I can understand that, I am the biggest supporter of this project and I agree with most of what they do. I only stated the fact that the lack of decentralization is issue for the larger community. Anyway, I couldn't care less that users - who debate all day long about absolutely irrelevant technicalities like the fucking POS 50% attack and other nonsenses - stay away because this is centralized. I care about technology very much and I promote Bitcoin for years, but I had enough from that nobody is using the fucking thing after 5 years of struggle. Finally projects like this and Tilecoin try to break the ice and bring digital currencies to businesses. And I was not moaning, it is fine by me if the larger digital currency community don't like this idea. Less VICR contract will be sold and my coins will have more value. There will be less competing stakeholders and I can run more streaming nodes. They can keep debating about POS/POW and other absolutely irrelevant malarkeys. Why those subjects are irrelevant? Because nobody is using the 1000 exchange listed fucking alt currencies in the first place, except day traders for P&D. In the meantime this project can prove that digital currencies can bring value to businesses, and most importantly we will make money here. |
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I understand why centralization is required in the software, but I think the lack of decentralization will keep the digital currency community away from Gadgetnet.
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I dont think gadget coin has enough liquidity to cover a real business they would do a lot better using bitcoin and collecting fee in order to support their altcoin market with buy support. How many times they need to to explain you that their Gadget network is built around processing Bitcoin transactions and in their jizzmo.net website customers pay with Bitcoin? I noticed 2 pages back, the GadgetCoin lead dev came here to explain exclusively to scarsbergholden, that the whole thing is in fact Bitcoin related. Why don't you read, and then presumably finally you would understand how that thing works. Can you understand by bringing top models with existing, currently FIAT paying customer base to Gadget network they actually introduces Bitcoin to porn customers who never heard before about Bitcoin? I assume not. |
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I am a VICR owner, I had a few questions about the process and I had an (email) chat with the devs earlier today. I just want to put forward to other VICR owners or interested parties what was my suggestion regarding to the exchanges.
I think the devs are completely wrong about the exchange issue, this currency must be listed on the exchanges. I strongly believe that being listed on the exchanges is in the best interest of all coinholders. From models' viewpoint doesn't matter what the price is. After all, the models pay the 5% network fee after a FIAT amount upon cash out, in the meantime the network in my opinion has a tremendous potential if it really can serve real businesses, which means the price most likely will go up. There is a very limited supply of coin, and I think the price will increase from the current 0.333 without forcing the models to buy the coin for a USD 1.00 price. I understand the devs want to stabilise the price with a centralized control, but unfortunately the enforced USD 1.00 price prevents all further price increase. Perhaps the price would go to 2,3 or 4 USD, but we will never know if that's the case as the price is controlled with a centralized process.
Can VICR owners vote on this issue?
There are quite a few user requests about the exchanges. It seems there are more pros than cons for listing the coin on the exchanges. OK, sounds good, lets do this then. Have you seen this? http://bit.ly/1Uh35YF Should the GadgetCoin development board use a Trusted Zone chip? |
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I am a VICR owner, I had a few questions about the process and I had an (email) chat with the devs earlier today. I just want to put forward to other VICR owners or interested parties what was my suggestion regarding to the exchanges.
I think the devs are completely wrong about the exchange issue, this currency must be listed on the exchanges. I strongly believe that being listed on the exchanges is in the best interest of all coinholders. From models' viewpoint doesn't matter what the price is. After all, the models pay the 5% network fee after a FIAT amount upon cash out, in the meantime the network in my opinion has a tremendous potential if it really can serve real businesses, which means the price most likely will go up. There is a very limited supply of coin, and I think the price will increase from the current 0.333 without forcing the models to buy the coin for a USD 1.00 price. I understand the devs want to stabilise the price with a centralized control, but unfortunately the enforced USD 1.00 price prevents all further price increase. Perhaps the price would go to 2,3 or 4 USD, but we will never know if that's the case as the price is controlled with a centralized process.
Can VICR owners vote on this issue?
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I am a big fan of Bitshare too. I think Dan Larimer an honest young man with lots of integrity and obviously he is an extra clever guy. As far as I know GadgetCoin uses the Bitshare methodology to pedge the token to 1US$ though I am not entirely sure if that is really the case. I hope they will work with Bitshare, both projects could gain a lot from a partnership. I also suggested already to these guys to try working with Supernet as well. I always have a mixed feelings about James (jl777) but one thing is sure he knows what he is doing and he is an extra talented guy, again both projects could gain from the partnership. |
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How can we be sure the models and studios will buy the coin for USD 1.00 upon cash out. Is it a smart contract or manual process or what kind of rules makes them buying for that price as currently we got the coin for USD 0.33?
The smart contract for broadcasters includes a clause stating that the model must pay a minimum of US$ 1.00 per GadgetCoin and the system executes this contract automatically when the broadcaster cashes out. The purchase of GadgetCoins will be executed the following order: 1) First the coins belonging to VICR contract will be sold to the models. This takes precedence, which means if you have invested in VICR contracts, your coins will be purchased first. We don't sell a lot of VICR and therefore there is a very limited supply of this kind. 2) Once the VICR coins are purchased and burned the coins of the streaming nodes will be purchased. There is an ongoing coin supply to streaming nodes as they are vital to the network. 3) Finally, the remaining forged coins will be purchased from the marketing team members, community members and developers. http://blog.gadgetcoin.org/2015/06/gadgetnetwork-forging-economy-explained/ This will be a limited supply and only limited amount of coins will be issued to our contributors to make sure there is not an excessively long wait to sell the coins. Category 1 is a one off supply, category 2 and 3 are ongoing supply as anyone can run a streaming node, contribute to the project and therefore earn GadgetCoin. That sounds fucking genius to me :-))) The models and game broadcasters will flow to this service to get the 95% cut. We just need to make sure the the video streaming is smooth, but that is not rocket science. Let me know if you need help, I have experience with Wowza, nginx rtmp and the likes. I assume the model recruit will be a gradual process, but one by one the models will move here from LiveJasmin and the gamers from switch.tv. I am sure they prefer the fucking 95% here vs. their current 50% share. I will throw a few more BTC into this once I am front of my wallet :-))) |
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Do you have any release data for the project?
I am really keen to see this comes to fruition and just can't wait :-)))
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How can we be sure the models and studios will buy the coin for USD 1.00 upon cash out. Is it a smart contract or manual process or what kind of rules makes them buying for that price as currently we got the coin for USD 0.33?
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The price is dropping again. It is not really fair to the developers as - even we know the shady side of Effect and PNosker - they are at least still around and have not ran away from the project.
RANT on:
Strange environment this crypto became or perhaps it always has been. I read in some other thread a user was worry about whether some design is POW/POS and he was upset about the lack of some POW/POS malarkey and what a fucking big thing the POW/POS question in the evolution of mankind (he didn't say this but I interpreted like this his concerns). While end users don't give a fuck about POW/POS, what matters for example for a business: does digital currency save money for my business ergo generate more revenue? No wonder no one is using digital currencies and the user base of digital currency is limited to the 300,000 daily visitors of this forum. Developers should focus on usability and practicality instead of nonsenses like optimizing POW/POS features - which features by the way used by absolutely nobody as the fucking currency is used by nobody in the first place. The VRC devs were busy for 6 months with implementing some fucking POS timing malarkey which I am sure has its technical justification, but what's the point of the fucking POS timing if nobody is using the fucking thing? That's not my business with what the VRC devs spend their time, but it is just painful to watch that the effort and work of talented young scientists are related to absolutely meaningless development instead of focusing on usability, practicality and finding real world use cases for the coin.
RANT over.
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I can assure you our video is HD quality, but you will be able to verify this by checking out our service that will start soon. Also, I suggest once the source is fully released in Github, please download our peer to peer video streaming application, compile it and you will be able to verify the performance that way as well. This is a 4 billion dollar market and I think new players like our GadgetNet/GadgetCoin application and our www.jizzmo.net barnd can co-exist with established providers, like your web site. We need only 50 models to start the service, there are 40,000 models worldwide, at least 500 of them are top earners with monthly +20k revenue and some of them already in contact with us because our 95% pay-out means at least a 40% extra revenue for the model. The response from the Bitcoin community is tremendous, we received US 2,100 support from the community today as well as community members already allocated 17 servers with a combined of 50K TB per month data transfer to us. This decentralized autonomous business venture will be a true community effort and please imagine, if several hundred BCT members team up with us then we will have the server power to even take on twitch.tv and Amazon. After all, live video streaming is nothing else but server power and this community can put together a larger server power than Amazon has. Please note, and I am sure you know this, many-many twitch.tv game broadcasters are very unhappy with Amazon's huge cut from their hard earned revenue just like many Livejasmin models are unhappy with the terms and large cut of the service provider. I believe we have the business case by bringing Bitcoin more aggressively to the broadcasters to provide the broadcasters with increased revenue - 95% versus the existing 50% from Amazon and Livejasmin. What we try to accomplish is good for Bitcoin, good for the models and will be beneficial for our supporters by paying 5% to our supporters from our video stream revenue. I think we could work not against each other, but supporting each other. I understand you are an expert in this field and your expertise would be highly appreciated by the GadgetNet community. Please work with us if you think our effort and what we are trying to achieve worthy your support. No, he is not. Please don't be ridiculous. He could manage to sign up a whopping 1 model to his site in the last 6 months - that's what an expert he is. Legendary my ass. He has proven his ability in building an adult business all right - 1 model and two users in six months. He talks bollocks because he is jealous as you obviously have the winning formula with your 95% pay out. Of course models will move to your jizzmo.net website from Livejasmin and MyFreecams. No model will stay with a 50-60% pay out it if the GadgetNet platform pays out 95%. Plus, if you could pull out the Bitcoin based twitch.tv alternative that will be astronomical. What you do is fantastic for Bitcoin, it could bring lots of new users into the Bitcoin platform and for the very right reason. Real world use case - paying for porn and gaming with Bitcoin. Go ahead single mindedly and don't worry what jealous wankers moan about. |
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Sweet, it's worked. It is quite impressive that the smart contract actually worked. I received 900 ores, I forged the ores and received 900 gadgetcoins for the US$ 300. I am happy to see that finally a smart contract system works in practice.
Now, how can I sell the Gadgetcoins? You said studios will be buying the coins from the contract owners. Will be the price US$ 1.00 as you said? How is the studio and model sign-up progressing?
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Fantastic! Finally, a real world use case and an altcoin will be used by real world businesses. I am buying your VICR contract. I sent you an email at developers@gadgetcoin.org with a few questions regarding the marketing and monetization plans. |
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Now if you'll excuse me, I've gotta make my rounds on Bitcointalk and the Nxt forum before paying my Asset holders the dividends I owe them...
Ohhhhh you clown ... what exactly the real world use case or application of your "asset"? |
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This thread is a joke right?
Its so funny it should be stickied.
NXT was a scam and stil is.
all the coins went to less then 30 people.. that's a scam
must be a pretty good elaborate scam i gotta say since its been going for almost 2 years. they just keep on cranking out code every month. im not sure what to think. Bernard Madoff's scam went on for decades before he was investigated and put behind bars. Duration of operation or an individual's profit does not mean something is not a scam. "I made money on it so it couldn't had been a scam" is something that is frequently parroted on here and not a correct conclusion. There's plenty of people who made profit off Madoff's scam and other scams or illegal activity. NXT's distribution where the two Eastern European co-founders took the majority, Jeff Garzik's review on the code, numerous thefts in the ecosystem which were probably the result of backdoors and the plethora of ponzi schemes based on half-completed projects on the asset exchange. Verdict: It's a scam. Very well said and I couldn't agree more. Unlike BTC which user base is lot less what we would like it to be, but still, slowly but surely it is growing and at least it is used in real world applications such as shopping, porn, gambling, this 100% premined digital rubbish NXT is used by absolutely no one in the real world. NXT is a pure P&D trading asset without any real world applications except that existing users try to convince naive new users to buy in by promising/projecting/implying a nice return on "investment". It's a strange combination of a ponzi and fraudulent investment scheme, but whichever angle we see it is a scam. Not surprisingly, the biggest swindler of the landscape is jl777 James, the shining star of this shamble with his vaporware Supernet - again with zero real world applications and not related with any real world use cases whatsoever. The jl777 upgraded scam scheme fits well into the NXT scam. And of course, the bagholders of NXT attack all critics. After all, these wankers try to lure new investors into this nonsense for a few BTC "profit" and threads like this spoil the money collecting party. |
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