**MANDATORY UPGRADE REQUIRED** [ANN] B&C Exchange - All users must upgrade

[learnmore]

Wow, I suppose there is no purpose in beating a dead horse, but I'm really surprised that people were turned off by having to hold NuShares.  To me, that was a major selling point of the auction.  Even if the NuShares were ultimately unwanted, they still served very well as a cryptologically sound, verifiable form of "pre-"ownership.  I'm not sure how I feel about the new purchase structure... it seems more risky to early buyers.  I'll have to think about it.  Right now I'm mostly just disappointed more people couldn't recognize the value here and the importance of this project toward advancing Bitcoin. 

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[Sentinelrv]

Here are the auction results:

Total funds pledged: $137,074.52
Number of bidders: 24
Total NuShares bid for: 66,233,829
Average bid value: $5,711.44

The auction generated a considerable amount of interest but failed to reach $200,000 US in bids. Accordingly, no funds have been or will be accepted, and no NuShares (NSR) have been or will be sold.

The feedback we received indicated a few things:

1) Some prospective bidders said that they were solely interested in BlockShares and not NuShares. As such, the requirement to hold NuShares until the BlockShares network was created was seen as inconvenient and not aligned with their interests.
2) The number of shares (hundreds of millions) is difficult to comprehend, as was the bid price that was fractions of a penny.

We are proposing to pursue a new route of fundraising that will solve these issues and allow B&C Exchange to be developed. Everyone will hopefully find this new approach much simpler.

To address point #1: We now plan on creating the BlockShares chain shortly after the beginning of development, and selling 50% of all BlockShares in this announcement thread. This approach will be similar to the one taken by BitShares, where tokens (BlockShares) will be sold and development will occur on the production blockchain. All BlockCredit transactions will be disabled until development is complete. This means you can buy, hold and trade your own BlockShares within 30 days after making payment for them without the need to hold NuShares first.

To address point #2: the decimal place will be shifted four places to the right for BlockShares, which means approximately 80,000 will be sold and 80,000 will be given to NuShare holders. This will give them an initial value of around 5 USD.


New Structure of BlockShares Sales:

Total BlockShares supply: Approximately 162,000 BKS
- Approximately 80,000 BKS (about 50% of the BlockShares) will be sold here.
- Approximately 80,000 BKS will be held by NuShare holders who own NSR at the initial fork date. The Nu network will be granted about 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. We say “approximately” 80,000 BKS here because proof-of-stake rewards will have likely inflated the amount to between 81,000 and 82,000 BKS when the fork occurs.
- 2,000 BKS will be given to Bitcoin holders as per the design document’s original specified proportion.


We are proposing selling BlockShares in the following manner:

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

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


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 $412,000 US worth of BlockShares are sold, or until BlockShares holders vote to burn (destroy) all unsold BlockShares.

This approach will hopefully make participation in B&C Exchange easier. You would now only be purchasing BlockShares at a fixed price. There are no NuShares sales or reserve prices any more.

This is a draft plan presented for public comment and revision and should not be viewed as commitment to a course of action. Hopefully the plan can be finalized in a few days, at which time bids for BlockShares will begin to be accepted. The total quantity bid for and paid for will be presented in this thread approximately daily.

We welcome comments, questions, complaints and suggestions for changes during this comment period.

I like this new plan, but I have a question. Selleing 20,000 shares at $5 would generate $100,000, which is half of what is needed for development and selling 19,417.5 shares is another $100,000. After that pledge amount is reached, money will actually start to be collected. Is there going to be another deadline to reach the pledged amount, or will it be open ended this time?

Right now I'm mostly just disappointed more people couldn't recognize the value here and the importance of this project toward advancing Bitcoin.  

Agreed, I'm actually shocked it didn't have more bids. I thought for sure it was a done deal with the amount of attention this project has received.

[ChronosCrypto]

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) Example: Invest $5,000 at the minimum price of $5 per share
2) Receive approximately 0.62% of the B&C Exchange shares (1,000 / 162,000)

Interesting. The new plan yields a little more than double the B&C portion, but relinquishes the entire NSR stake. Some will see that as an increase in value, while others will consider it a decrease.

[Yurizhai]

Agreed, I'm actually shocked it didn't have more bids. I thought for sure it was a done deal with the amount of attention this project has received.

The 1K minimum probably didn't help. Cryptocurrencies have been in a mostly bear market for what must be months now. A new $500 minimum should allow more people to participate.

I'm okay with the new auction proposal. NSR holders won't get as much of a stake, but they also won't be diluted 12%. If I am doing my math right a NSR holder it would only need to make a somewhat modest purchase to get the same stake in B&C as the previous auction.

[mhps]

what about those shares to be airdropede to btc addresses? Still on ?

[jubalix]

can someone explain who is the holder of all these off market nushares???

is this a sort of dump int btc for large nushare holders ala mastercoin into maidsafe at the expense of BTC?

The NuShares up for auction are not owned by anyone, and never have been. They were created last August for the purpose of selling when our blockchain was first created last August.

B&C Exchange will provide additional value to Bitcoin because it will permit Bitcoins to be bought and sold in a very secure and private manner. I'm surprised to see the question raised about this being detrimental to Bitcoin.

There must be some one controlling the private keys or whatever to issue the generated Nushares? who is that

I may have worded it wrong, but my example was not about being detrimental to BTC, but the maidsafe provided a dump out mechanisim for mastercoin holders en block to Maidsafe at the expense of bitcoiners.

[Sentinelrv]

what about those shares to be airdropede to btc addresses? Still on ?

It seems so...

- 2,000 BKS will be given to Bitcoin holders as per the design document’s original specified proportion.

[crypto_coiner]

Here are the auction results:

Total funds pledged: $137,074.52
Number of bidders: 24
Total NuShares bid for: 66,233,829
Average bid value: $5,711.44

Average bid price: 0.00206955

[Hyena]

New Structure of BlockShares Sales:

Total BlockShares supply: Approximately 162,000 BKS
- Approximately 80,000 BKS (about 50% of the BlockShares) will be sold here.
- Approximately 80,000 BKS will be held by NuShare holders who own NSR at the initial fork date. The Nu network will be granted about 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. We say “approximately” 80,000 BKS here because proof-of-stake rewards will have likely inflated the amount to between 81,000 and 82,000 BKS when the fork occurs.
- 2,000 BKS will be given to Bitcoin holders as per the design document’s original specified proportion.

Perhaps the non-bidders were afraid that they wouldn't be able to sell their nushares for a fair price once the B&C exchange goes live? Looking at the charts, nushares seem like a dying asset, very similar to PayCoin to the incompetent eye.

Because the B&C shares would now be received immediately after the purchase it complicates things for B&C developers a lot since they would have to have some sort of working block chain right away. How does it impact the development of B&C and the selling of shares? I guess you won't be able to start selling before you have the B&C block chain ready, so there would be development needed prior to receiving any funds at all.

[bubbletea789]

so when does the (new) sale start?

[JordanLee]

Perhaps the non-bidders were afraid that they wouldn't be able to sell their nushares for a fair price once the B&C exchange goes live? Looking at the charts, nushares seem like a dying asset, very similar to PayCoin to the incompetent eye.

I'm not sure what would lead you to conclude NuShares are a dying asset. At 0.0025 USD, they are up 39% in the eight months since their appearance last September. That is an astounding return by any standard, but it is especially impressive in the Bitcoin 2.0/altcoin space, which has experienced a ravishing bear market during the life of NuShares. By way of comparison:

• NuShares are up 39% since their debut on September 23
• PayCoin is down more than 98% since its debut in December
• Litecoin has fallen 59% since September 23
• Bitshares, the asset most comparable to NuShares, have fallen 84% since September 23
• Bitcoin is down 40% since September 23

Looking at charts there are a lot of cryptoassets that seem like a dying asset, with the notable exception of NuShares. Oh, and NuBits, which have gained exactly 0% since their debut  

[JordanLee]

How does it impact the development of B&C and the selling of shares? I guess you won't be able to start selling before you have the B&C block chain ready, so there would be development needed prior to receiving any funds at all.

The proposed (but not finalized) plan is sell BlockShares and then deliver them within 30 days as a blockchain asset so they are liquid. The network will be completed according to the 20 page design paper posted in the OP in the following months.

[Sentinelrv]

I'm not sure what would lead you to conclude NuShares are a dying asset.

I don't think that is what he was saying. Notice that he said it may appear that way to the incompetent eye, meaning people who are just going by charts alone and haven't done any research to realize what is going on with development and other things. At least current NuShareholders know there is a lot of important things going on, which is why some of us were shocked that people would turn down the opportunity to get NuShares in addition to BlockShares. Personally, I think they're all making a big mistake on that one and will regret it within the next year or two.

[Sentinelrv]

The BlockShares that would be released within 30 days, would they contain the ability for shareholders to pass motions, or would that functionality only be included after development has been finished in full?

[Hyena]

I'm not sure what would lead you to conclude NuShares are a dying asset.

I don't think that is what he was saying. Notice he that said it may appear that way to the incompetent eye, meaning people who are just going by charts alone and haven't done any research to realize what is going on with development and other things. At least current NuShareholders know there is a lot of important things going on, which is why some of us were shocked that people would turn down the opportunity to get NuShares in addition to BlockShares. Personally, I think they're all making a big mistake on that one and will regret it within the next year or two.

+1
That's exactly what I meant and why I deliberately referred to the "incompetent eyes". I also think that now the B&C investors will get a slightly worse deal because NuShares and B&C will be working in symbiosis so it would make sense to own the shares of both systems. Looking at the market liquidity of nushares, it would be more expensive to buy the nushares from the open market than by getting them as a part of B&C investment.

[JordanLee]

so when does the (new) sale start?

The date is not set. If the feedback in the next day or two doesn't present any complications that require further discussion, I expect sales to start in two or three days.

[BCExchange]

I also think that now the B&C investors will get a slightly worse deal because NuShares and B&C will be working in symbiosis so it would make sense to own the shares of both systems.

As Chronos correctly pointed out, a user would receive a greater percentage amount of BlockShares in our new sale structure per dollar spent. This was done deliberately on our part to better ensure that our funding goal is met.

There are many users who would prefer to only own BlockShares and not NuShares. So, there are now two options that satisfy both customer segments; you can either solely buy BlockShares from us, or you can buy NuShares on the open market that will later grant BlockShares.

[JordanLee]

The BlockShares that would be released within 30 days, would they contain the ability for shareholders to pass motions, or would that functionality only be included after development has been finished in full?

The initial BlockShares blockchain will permit shareholders to pass motions and grants. Nothing specific to the exchange functionality will be included in the first version. It is only intended to give bidders direct possession of a liquid asset.

[JordanLee]

I'm not sure what would lead you to conclude NuShares are a dying asset.

I don't think that is what he was saying. Notice he that said it may appear that way to the incompetent eye, meaning people who are just going by charts alone and haven't done any research to realize what is going on with development and other things. At least current NuShareholders know there is a lot of important things going on, which is why some of us were shocked that people would turn down the opportunity to get NuShares in addition to BlockShares. Personally, I think they're all making a big mistake on that one and will regret it within the next year or two.

+1
That's exactly what I meant and why I deliberately referred to the "incompetent eyes". I also think that now the B&C investors will get a slightly worse deal because NuShares and B&C will be working in symbiosis so it would make sense to own the shares of both systems. Looking at the market liquidity of nushares, it would be more expensive to buy the nushares from the open market than by getting them as a part of B&C investment.

That makes sense. It was a good excuse to brag about how well NuShares have performed in this difficult market though.

Parametric order books are being implemented in NuBot right now, and when it is released I expect we will bring liquidity to NSR/NBT pairs. It won't be deep liquidity at first, but it will be an improvement.

[cryptog1]

Parametric order books are being implemented in NuBot right now, and when it is released I expect we will bring liquidity to NSR/NBT pairs. It won't be deep liquidity at first, but it will be an improvement.

Sorry. A bit off-topic but would parametric order books help LPCs hedge their positions regarding btc volatility and if yes how so?