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Author Topic: **MANDATORY UPGRADE REQUIRED** [ANN] B&C Exchange - All users must upgrade  (Read 171567 times)
BCExchange
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May 15, 2015, 03:18:39 AM
 #241

Thank you to everyone who has provided feedback about our new fundraising structure. If you have any concerns, comments, or suggestions, we would enjoy hearing them. BlockShares sales will begin very soon if no critical objections are raised.
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May 15, 2015, 06:04:07 AM
 #242

Thank you to everyone who has provided feedback about our new fundraising structure. If you have any concerns, comments, or suggestions, we would enjoy hearing them. BlockShares sales will begin very soon if no critical objections are raised.

Have you received any feedback from the people who only wanted to buy BlockShares? I was just wondering if this structure overall sounded better to them.
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May 15, 2015, 01:01:06 PM
 #243

According to feedback some prospective bidders have been solely interested in BlockShares.
Others might have been interested in both BKS and NSR, though.

While the original proposal would have provided successful bidders with shares of something that already exists and runs successful for months now (NSR) and BKS only after B&C would have been developed, it's quite clear that the only way of getting BKS by owning and holding NSR did scare some from placing a bid.
The security provided by getting ownership of something real was dwarfed by the consequences for people who wanted to invest in B&C.

That makes me think that some of those who have been scared by that proposal want to make a quick buck with B&C Exchange.
BKS are not an asset like so many other assets in the area of "crypto currencies".
With holding BKS comes a responsibility as those who hold BKS are those who own BKS.
BKS holders need to do certain things to make sure B&C runs well (e.g. mint, participate in motions - either by manual configuration or by registering to a feed).

The partial ownership of BKS (50% of BKS will be issued to NSR holders) helps bootstrapping the B&C business - after all it's (besides the architect and the development team) the NSR holders that brought Nu to where it is now, that transformed Nu to what it is now!
So I feel confident that B&C has a good chance.
And it factors that B&C is an offspring of Nu.
Some might consider it unfair that NSR holders receive BKS without paying for them.
Others might consider it unfair that BKS investors reap dividends from those who invested in the ground on which B&C will be built upon (Peershares template, Nu).
Both Nu and B&C are businesses.
Invest in what you prefer!

And that's what I like about the new proposal: it allows different parties to get what they want - those who primarily wanted NSR can buy the NSR at the market or wait for the next NSR auction to take place.
And those who only want to bid for BKS can do so.
The new proposal offers a chance to diversify the investment into buying NSR and BKS according to one's taste.

Based on a calculation a few posts ago, one might consider this investment:
Quote
Under the old plan:

1) Example: Invest $5,000 at the minimum bid of 0.002 USD per NSR
2) Receive 2,500,000 NSR
3) Receive approximately 0.27% of the B&C Exchange shares (2,500,000 / 913,000,000)

Under the new proposed plan:

1) Invest $2,500 at the minimum price of $5 per share
2) Receive approximately 0.31% of the B&C Exchange shares (500 / 162,000)
3) Invest $2,500 at a rate of 0.0025 USD per NSR (by placing a bid at "Day 1" - assuming that the motion passes in the current version)4
4) Receive approximately 0.05% of the B&C Exchange shares (0.5 * 1,000,000 / 913,000,000)
That totals to approximately 0.36% of the B&C Exchange shares.
Comparing old an new proposal (investing $5,000): you could have approximately one third more percentage of BKS(0.36% compared to 0.27%), while still getting approximately 40% of the NSR (1,000,000 NSR compared to 2,500,000 NSR).

If you were interested in maximizing the amount of NSR1 while still receiving 0,27% of BKS, you should perhaps try to get 317 BKS (at $5 each; 317/162,000=0.00195) and 1,366,000 NSR (at $0.0025 each;0.5*1,366,000/913,000,000=0.00075). Adding up 0.00195 and 0.00075 equals to 0.0027=0.27% of BKS.

Between investing all in BKS and investing all in NSR everything is possible.

I think the current proposal addresses the feedback very well and offers much more flexibility than the old one.
Reducing the numbers by a factor of 10,000 makes the numbers indeed much better manageable, although I'd sincerely hope that someone who were going to invest in something into B&C were able to handle (big) numbers Wink

1by investing $5,000; according to new proposal and assuming successful participation in the next NSR auction that is yet to be voted on
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May 15, 2015, 03:31:57 PM
 #244

Have you received any feedback from the people who only wanted to buy BlockShares? I was just wondering if this structure overall sounded better to them.

Everyone who bid in the first auction was contacted and asked for feedback. Of the people who replied, nearly everyone said they would participate in the new sale, including those who preferred the first plan. So, we will be moving forward shortly with this new fundraising structure.
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May 15, 2015, 03:35:25 PM
 #245

Between investing all in BKS and investing all in NSR everything is possible.

This is how we hope the new structure is perceived as well. Thank you for taking the time to write out your support!
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May 15, 2015, 04:10:41 PM
 #246

***The new fundraiser starts at 14:00 UTC on May 16th, 2015.***

Here are the details, as updated in the original post:

BlockShares Sales (BEGINNING AT 14:00 UTC, MAY 16, 2015):

Total BlockShares supply: ~162,000 BKS
- ~80,000 BKS (50% of total supply) will be sold here beginning May 16, 2015.
- ~80,000 BKS (50% of total supply) will be held by NuShare holders who own NSR at the initial fork date.
- 2,000 BKS will be given to Bitcoin holders as per the design document’s original specified proportion.

We will be selling BlockShares in the following manner:


First ~20,000 BKS (exactly 25% of available BKS) are available for $5.00 US each.
Second ~20,000 BKS (exactly 25% of available BKS) are available for $5.10 US each.
Third ~20,000 BKS (exactly 25% of available BKS) are available for $5.20 US each.
Final ~20,000 BKS (exactly 25% of available BKS) are available for $5.30 US each.

TOTAL: ~80,000 BKS for an average price of $5.15 US each.

Make a purchase by emailing nsrauction@vistomail.com or sending a BitMessage to BM-2cTihATJ5FwJ7vWBwZmJjr55eFPFWBCmCQ. Please ensure you provide us with the information requested below. You must contact us at or after 14:00 UTC May 16, 2015. No early purchases will be accepted to ensure fairness for everyone.

Note: The total amount of BKS sold here will be the blockchain quantity of NSR minus the undistributed NSR divided by 10,000, at the moment of the fork. Should NuShareholders vote for a 100,000,000 NSR expansion in their supply to raise it to 900,000,000 NSR for example, ~90,000 BKS would be sold here and ~90,000 BKS would be reserved for NuShareholders. We want to be very clear that half of BKS equity is for sale here, and half of BKS equity will be granted to NuShare holders. The Nu network will be granted 50% of all BKS to encourage active involvement with B&C Exchange. Liquidity is the lifeblood of an exchange and B&C Exchange will benefit from Nu’s liquidity providers.

As well, the following rules apply:

- Minimum total purchase is 500 USD.
- Purchasers will be kept confidential.
- Multiple purchases are allowed, but only up to a maximum of 10,000 BKS in total across all purchases.
- A valid purchase will contain three elements: a quantity of BlockShares, the asset type you will pay with (BTC, LTC, PPC or NBT), and finally a cryptocurrency forum username (bitcointalk, discuss.nubits.com, or others) that is a minimum of one week old as of the date of this new announcement.
- The price of BTC will be set on the day a purchase request is made using the Bitfinex BTC/USD market price. LTC and PPC, being less liquid and subject to price manipulation, will be priced as the average of the BTC-e LTC/USD and PPC/USD price 48 hours before a purchase request is made, 24 hours before a purchase request is made and at the time the purchase request is made. NBT will be priced at 1.00 USD per NBT.
- Purchasers should have the funds to settle immediately.
- As with the previous auction, we will make no promises about the future value of BlockShares.
- No funds will be collected until $200,000 US worth of BlockShares are requested for purchase. This is the minimum amount of funds required to build B&C Exchange. After this threshold is reached, sales will continue until all BlockShares are sold, or until BlockShares holders vote to burn (destroy) all unsold BlockShares.
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May 15, 2015, 07:17:48 PM
 #247

Sounds like a


SCAM

Everyone be carefull here and DYOR.


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Insurance is a ripoff.
BCExchange
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May 15, 2015, 07:38:46 PM
 #248

Everyone be carefull here and DYOR.

This is surprising to us, given your multiple posts of support two weeks ago in this thread. Regardless, it is excellent advice - individuals should indeed do their own research on our team's past work with Peercoin, NuBits, and NuShares before deciding whether to purchase. Our full design document shows that we are very committed to building a B&C Exchange that BlockShareholders will be proud of.
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May 15, 2015, 09:01:12 PM
 #249

Everyone be carefull here and DYOR.

This is surprising to us, given your multiple posts of support two weeks ago in this thread. Regardless, it is excellent advice - individuals should indeed do their own research on our team's past work with Peercoin, NuBits, and NuShares before deciding whether to purchase. Our full design document shows that we are very committed to building a B&C Exchange that BlockShareholders will be proud of.

Indeed.

be carefull here and DYOR.

Honestly, it sounds like you need to take your own advice. I can't take anyone seriously that would call this a scam. It just shows that they haven't done any research about this team's past and the multiple projects that they've completed together, Peerunity, Peershares, NuBits, NuShares, NuBot, and now B&C. This track record shows that the team is committed to developing serious solutions. Even suggesting that this is a scam is insulting to Jordan and the many people like me that work with him as he's proven himself many times over. The Peercoin and Nu communities are not known for scams. They're focused on creating serious products and providing true innovation, energy efficient consensus with proof-of-stake, crypto equity, decentralized voting, stable currencies and now decentralized exchanges. These are all huge achievements and the list will continue to grow in the future after this project receives full funding and is completed. Looking at this list of accomplishments, I feel the team doesn't get the full credit it truly deserves.
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May 16, 2015, 01:07:53 AM
 #250

Interesting project for all the obvious reasons.  Biggest problem I have with what I've read thus far is the minimum $500 barrier to entry :/

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May 16, 2015, 02:11:32 AM
 #251

so "the moment of the fork" is when the devs fork Nushares and start the development right?
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May 16, 2015, 03:34:30 AM
 #252

Repost the news on my weibo
http://weibo.com/3552119670/Ci4TglJk6

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May 16, 2015, 04:02:07 AM
 #253


We will be selling BlockShares in the following manner:[/b]

First ~20,000 BKS (exactly 25% of available BKS) are available for $5.00 US each.
Second ~20,000 BKS (exactly 25% of available BKS) are available for $5.10 US each.
Third ~20,000 BKS (exactly 25% of available BKS) are available for $5.20 US each.
Final ~20,000 BKS (exactly 25% of available BKS) are available for $5.30 US each.

TOTAL: ~80,000 BKS for an average price of $5.15 US each.

Make a purchase by emailing nsrauction@vistomail.com or sending a BitMessage to BM-2cTihATJ5FwJ7vWBwZmJjr55eFPFWBCmCQ. Please ensure you provide us with the information requested below. You must contact us at or after 14:00 UTC May 16, 2015. No early purchases will be accepted to ensure fairness for everyone.


How do you allocate which BlockShares lot is distributed to whom, i.e. you use the timestamp of contact?/settlement? or anything else?

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May 16, 2015, 01:45:50 PM
 #254

15 more minutes?
according to http://www.worldtimeserver.com/current_time_in_UTC.aspx

https://storjtalk.org/index.php
storj:decentralized cloud and much more!
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May 16, 2015, 01:51:30 PM
 #255

Interesting project for all the obvious reasons.  Biggest problem I have with what I've read thus far is the minimum $500 barrier to entry :/

Half of all BKS will be distributed to NuShare holders. You can easily purchase less than $1 worth of NuShares, and receive BKS if the sale meets the minimum funding level of $200,000. You will receive 1 BKS for each 10,000 NSR. The minimum NSR you must own at the time of the fork is 1 satoshi (0.0001 NSR).

Bitmessage: BM-2cXS5ezep1jUqeu8CwC6M4aTmMSxcFEHNN
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May 16, 2015, 01:55:43 PM
 #256


That's right. 5 minutes now to the start of the sale.
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May 16, 2015, 02:06:30 PM
 #257


We will be selling BlockShares in the following manner:[/b]

First ~20,000 BKS (exactly 25% of available BKS) are available for $5.00 US each.
Second ~20,000 BKS (exactly 25% of available BKS) are available for $5.10 US each.
Third ~20,000 BKS (exactly 25% of available BKS) are available for $5.20 US each.
Final ~20,000 BKS (exactly 25% of available BKS) are available for $5.30 US each.

TOTAL: ~80,000 BKS for an average price of $5.15 US each.

Make a purchase by emailing nsrauction@vistomail.com or sending a BitMessage to BM-2cTihATJ5FwJ7vWBwZmJjr55eFPFWBCmCQ. Please ensure you provide us with the information requested below. You must contact us at or after 14:00 UTC May 16, 2015. No early purchases will be accepted to ensure fairness for everyone.


How do you allocate which BlockShares lot is distributed to whom, i.e. you use the timestamp of contact?/settlement? or anything else?



By the time of bid.
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May 16, 2015, 03:13:47 PM
 #258

In the first hour of the sale, $64,750 has been pledged for 12,950 BKS. Most of the BKS that will be offered at $5.00 is gone.
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May 16, 2015, 05:58:35 PM
 #259

I have spread word of the sale and the current total pledged within the first hour on Peercoin social media, Reddit, Peercointalk, Twitter and Facebook, so hopefully that will give you a boost.
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May 16, 2015, 07:30:10 PM
 #260

so "the moment of the fork" is when the devs fork Nushares and start the development right?

Not quite. Devs will start development shortly after the $200,000 threshold is reached. Agreements were made with sigmike and Giannis (erasmospunk) to provide development before the first auction failed to reach funding goals. Because funding has not been secured and no start has been set we are not in a position to renegotiate agreements with devs. However, chances are high they will develop B&C Exchange if funding is secured quickly. If not, other devs will be recruited.

So, development or recruitment of developers (if necessary) will begin when funding is secured. The first iteration will be development related to the fork of the Nu chain and BKS distribution to purchasers.
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