[CANNABIT] Investment Details - Announcement & Discussion Thread #cannabit

[SebastianJu]

So finally i can tell you about some movement on cannabit. Behind the lines the biggest shareholders and i worked together with the issuer to put a move of the shares out of cryptostocks
towards nxt marketplace in motion.

Finally it seems we progress some more again.

We had a hard time pushing so we are at least happy to tell you that the issuer claimed he will pay the divs on September 5th. He will pay out those divs on cryptostocks.com. Cryptostocks is not our first choice but the alternative would have been waiting much longer until all shareholders made the move to nxt. We want to see divs now!

The issuer want's to make this monthly on the 5th from then on. I know, we heard this already. But let's see what's happening.

I agreed to make this post and i will contact possible shareholders in order to make the move fast. I do this to take work from issuer and other shareholders work too on this. We simply hope that it helps to move things.

Now to the first problem to solve.

Cryptostocks.com went missing on july 17th but luckily came back on july 22. Luckily because the list of shareholders, that cannabit gets mailed daily, does not include all shareholders! It includes only those shareholders that enabled the option that their email address can be seen by the issuer.

In order to confirm the ownership of your shares we would need you to claim them. Please make sure to go to your cryptostocks.com settings, on the top right, then enable the setting "Disclose my email". There is an orange info icon below. Only when you sat and saved this option you will be included in the list of shareholders and you can be confirmed. When you did this check out this form. More details following:
http://goo.gl/forms/ChqkbzOEfr

Please enter your details honestly. We will drop users of the list that try to scam or claim more than they have.

The issuer will stop trading of cannabit shares on cryptostocks at one point in time.

You will need a nxt wallet. You can get one from here http://nxtblocks.info/ NXT Wallets are in the cloud and you can access them with a nxt address, just like with a blockexplorer you can see all transactions and so, but you only can send when you know its passphrase or mnemonic.

Once you downloaded the wallet you can start it with run.bat. You will have an icon in the taskbar, maybe its hidden unter the arrow showing up. You click right on it and click open wallet. Then you can create a wallet.

The mnemonic (the list of words) you get, while creating the wallet, is similar to the private key of a bitcoin address. Make sure to SAVE it securely, for example in keepass2. Make sure to safe the keepass database and make backups since you should not lose your passphrase.

You have one nxt address in the wallet, and this address is called nxt account. You can use that address to attach your shares to.

But please secure your account first. From the start an account only has a 64bit security, which might make it possible to bruteforce it. In order to raise security to 256bits you need to make your public key known to the network. Only when this is done you can receive nxt or shares.

I found a free way to do so by visiting http://jnxt.org/key and enter your nxt address, your email and your public key. The public key is shown in your dashboard in your wallet but is ONLY seeable when you logged in with your passphrase instead with your account. And it vanishes even then when you got your first confirmed transaction in your account that used your public key. Which will happen when you use the website i linked.

Please make sure to save your brainwallet safely. Losing it will lose your nxt account and your shares attached unrecoverably. The nxt wallets are in the cloud, you don't need backups, the only thing needed are a backup of the mnemonic.

Like i wrote, the issuer wants to pay out the first div on cryptostocks on the 5th september. He then wants to pay the next div on nxt, and pay divs every month on the 5th then. There will be a max timeframe for claiming of shares of 6 months. Shares not claimed until then gets destroyed and the remaining shares raise in value of ownership of the whole investments and they receive the remaining divs.

[jeezy]

Thanks for this. Here is hope this will get better one day. 

[SebastianJu]

Thanks for this. Here is hope this will get better one day. 

I know what you mean. But i won't give up so easily... i'll run behind until i know all is lost. And then i will still go behind... with another target.

Anyway... the issuer is speaking and working with us, so far i have some hope. How much is another question.

[PoUpA]

First thanks you SebastianJu for the time and efforts that you put into this to support the shareholders.
I have send my info for the transfert on nxt and I hope this will be more successfull than CS.
Do you have some infos on the amount of the sept. div and the monthly div ? (if we saw them)

[SebastianJu]

First thanks you SebastianJu for the time and efforts that you put into this to support the shareholders.
I have send my info for the transfert on nxt and I hope this will be more successfull than CS.
Do you have some infos on the amount of the sept. div and the monthly div ? (if we saw them)

I don't have. Given that the issuer says the business runs well and that we received the last dividend on 1st september of last year, then it would be one year after the last dividend. I hope it is a reasonable amount but nobody asked. Guess if the answer is low then it would be demotivating, if it's high then it's of no use until you have it. So we didn't bother to ask. Let's surprise what happens. We will make sure to remind the issuer properly before and on the payment date.

[PoUpA]

First thanks you SebastianJu for the time and efforts that you put into this to support the shareholders.
I have send my info for the transfert on nxt and I hope this will be more successfull than CS.
Do you have some infos on the amount of the sept. div and the monthly div ? (if we saw them)

I don't have. Given that the issuer says the business runs well and that we received the last dividend on 1st september of last year, then it would be one year after the last dividend. I hope it is a reasonable amount but nobody asked. Guess if the answer is low then it would be demotivating, if it's high then it's of no use until you have it. So we didn't bother to ask. Let's surprise what happens. We will make sure to remind the issuer properly before and on the payment date.

I understand that. I will see when it comes.
Another question on the move to NXT : Will the div paid in NXT and we'll have to convert to have BTC ?

[jeezy]

Another question on the move to NXT : Will the div paid in NXT and we'll have to convert to have BTC ?

Yes. This is very easy in NXT tho. MGW, Shapeshift, etc.

[SebastianJu]

First thanks you SebastianJu for the time and efforts that you put into this to support the shareholders.
I have send my info for the transfert on nxt and I hope this will be more successfull than CS.
Do you have some infos on the amount of the sept. div and the monthly div ? (if we saw them)

I don't have. Given that the issuer says the business runs well and that we received the last dividend on 1st september of last year, then it would be one year after the last dividend. I hope it is a reasonable amount but nobody asked. Guess if the answer is low then it would be demotivating, if it's high then it's of no use until you have it. So we didn't bother to ask. Let's surprise what happens. We will make sure to remind the issuer properly before and on the payment date.

I understand that. I will see when it comes.
Another question on the move to NXT : Will the div paid in NXT and we'll have to convert to have BTC ?

We looked into if it is possible to pay dividends in bitcoins but it isn't really a working thing yet. Maybe the nxt-people develop something later but for the moment the dividends after the following dividends will be paid out in nxt. Though that isn't a big problem because the nxt orderbooks are filled good so you will get the value you want.

[SebastianJu]

Another question on the move to NXT : Will the div paid in NXT and we'll have to convert to have BTC ?

Yes. This is very easy in NXT tho. MGW, Shapeshift, etc.

I asked in their thread and they explained with a script that has to be run. I let it check out another shareholder and he said it's not really working. At the very least every shareholder would have to provide a btc address and the rest would have to get the payment in nxt.

What ways to do so do you have in mind? Shapeshift is pretty expensive as far as i remember. It would be way better to exchange nxt to bitcoins on a normal exchange than using shapeshift. Or do i mix something up?

[jeezy]

Any updates on the transition to NXT?

If you have trouble getting a hold of everyone cannabit should release a Asset news/poll thingie. I think you get a mail then.

For the BTC conversion there is a lot of options through MGW/SuperNET and Coinomat and stuff. I'm sure I don't even know them all and don't know the fastest/lowestfee one.

[PoUpA]

any updates on September 5th dividend ?

[SebastianJu]

It seems something came through, though it surely does not look like a years worth of dividends.

We will run behind and put pressure on him. I think even a small div is worth something for the start. I would not have felt comfortable seeing a years amount of divs on cryptostocks. And we will push to make the move to nxt.

It seems we did not get an email about the dividends from cryptostocks. I wonder why.

Getting ahold of every shareholder should be possible the easiest way when cannabit sends out a notice on cryptostocks. When the email system works again. Then every shareholder should get an email. The move to nxt is not mentioned though. Only to check out the thread for the post i made some days ago. I wonder if cannabit sent it already though i somehow doubt it.

We will see how it develops but surely we won't let it sit there.

[SebastianJu]

Any updates on the transition to NXT?

If you have trouble getting a hold of everyone cannabit should release a Asset news/poll thingie. I think you get a mail then.

For the BTC conversion there is a lot of options through MGW/SuperNET and Coinomat and stuff. I'm sure I don't even know them all and don't know the fastest/lowestfee one.

Yeah, we prepared already such an asset news for cannabit. We don't think that he sent it out yet. But it should be the best way to get all shareholders. Till now nearly no shareholder signed the form.

We thought about automatic conversion to btc but it looked rather difficult. So far it seems nxt is a currency with a high enough volume to catch div payments from cannabit without crashing the price. If, for the start, we will use nxt then it should not be a bad thing.

[jeezy]

 

[SebastianJu]

You can imagine it's complicated.

Well, we are definitely not powerless on this. In the background the biggest shareholders work on getting things straight. Don't worry, iam not someone who gives up so easily.

[Chronikka]

Just stumbled onto this project. Is any work being done for point of sale with crypto in the MJ industry?

[SebastianJu]

You can imagine it's complicated.

Well, we are definitely not powerless on this. In the background the biggest shareholders work on getting things straight. Don't worry, iam not someone who gives up so easily.

Out of curiosity, how well is your perseverance paying off?  Ever recovered anything? Has Ukyo's gag order been lifted yet?

Not as well monetary wise. I wish it would. Cannabits last div wouldn't have happened and i hope more will come since our hands look good to put pressure on the issuer. It's a pain since we where a bit like buddies one day but what he does now is not ok. I know some of them more near and can help them getting back on track. If they are willing to do so. Not all are.

I know way more than others about the things that happened behind most losses that happened in the community. So that iam in a better position to at least try to get something back. Though you would not believe which hurdles you even have to fight under those that should help you bring the case forward. Up to the point where you ask yourself if they work for the other team.

Ukyo... well, i don't agree with the silence but it is ok to handle it that way for the moment. If no solution is found then the details will come on the table.

Anyway... i wont give up so easily. If no chance is there anymore then i would sue for justice only. Don't like to be scammed. Hence me being an escrow.

[SebastianJu]

Just stumbled onto this project. Is any work being done for point of sale with crypto in the MJ industry?

You should consider investing. The issuer is not anymore that reliable as he was once. Behind the scene we have to put alot of pressure and work into it to make him move.

[Chronikka]

Just stumbled onto this project. Is any work being done for point of sale with crypto in the MJ industry?

You should consider investing. The issuer is not anymore that reliable as he was once. Behind the scene we have to put alot of pressure and work into it to make him move.

Sounds similar to some other projects I know...I have to admit that's not exactly encouraging.

As a whole I think the single biggest problem for any crypto <-> MJ relationship is that most sales (or swaps, exchanges, whatever) are currently done in person for this industry. Even where recreational usage is legal, its rarely legal to ship so that rules out most online sales for the time being. That's why I asked what if anything was being done with point-of-sale systems. Specifically I'm thinking of a payment platform for any cannabis related business to accept a cryptocurrency easily in person. I think anything I invest in would have to be working in this direction somehow.

[jeezy]

Behind the scene we have to put alot of pressure and work into it to make him move.

15 months since last div.
6 months since SebastianJu tried to arrange something.

Still nothing. And you even give out the suggestion to start investing into this?  The correct suggestion would be to wait until the move to NXT is made and then re-evaluate. I have to say Sebastian your reputation is not living up to its standards on this one sadly. Very strange stuff going on with this project and your involvement, trying to hold it together and encouraging people. Maybe you are just really trying to help, maybe something else is going on. Whatever it is it leaves a bad taste.

You need to make something happening soon and make it final, because this is not shining a good light on you too by now.