[ANN] (DAM) Datamine Network - FLUX: Time is Money 2.0 - DeFi DApp

[NationalPotato]

...

Yeah.  That's a picture.  So your argument is that the "value" of FLUX comes from destroying it... because destroying FLUX allows the person who destroys it to... create more FLUX?  So, basically, burn X flux and get X+n FLUX back, right?

Buy a little FLUX now to dump lots of FLUX later onto other buyers.  AKA: Ponzi.

[1713924542]

1713924542

[1713924542]

1713924542

[1713924542]

1713924542

[1713924542]

1713924542

[1713924542]

1713924542

[NationalPotato]

-

Also, I'm reviewing this info graphic and it has USD values on it.  They are - of course - already out of date.  DAM is currently worth $.17 according to Uniswap (https://uniswap.info/pair/0x447f8d287120b66f39856ae5ceb01512a7a47444) and FLUX is currently worth $16.69 according to Uniswap (https://uniswap.info/pair/0x27fa67302c513f5512bbfa5065800c2d7b3871f4).  Thus, the USD values you've listed on your image are already down by ~20-30%.  It's best practice to have updated and reliable marketing collateral, as to not create false expectations within the market, so you should address this disrepancy.

Interestingly, it seems like someone is wash trading DAM -> ETH - > FLUX via the smart contract.

This transaction is showing up as DAM - ETH on the DAM pair and as FLUX - ETH on the FLUX pair, yet it appears to be DAM -> FLUX swap.  Interesting to see the artificial volume this sort of mechanism creates.  

https://etherscan.io/tx/0x4d9c295f8ccdc61290ce484bf08c62da0de2e3d72c23096480ab172b48dea52d/

Fortunately, because all of this data is stored on the Ethereum blockchain, the data is very easy to mine through.  Datamine.  GET IT?

[NationalPotato]

wow looking good gents, keep it up.  c'mon future moon!

get this on more exchanges ASAP!!!

Request for full disclosure:  are you a former Bulwark bagholder that participated in the swap?

[NationalPotato]

wow looking good gents, keep it up.  c'mon future moon!

get this on more exchanges ASAP!!!

Request for full disclosure:  are you a former Bulwark bagholder that participated in the swap?

ANSWER:  Absolutely a legacy Bulwark holder trying to dump his heavy bags on unsuspecting suckers.

Evidence: https://bitcointalk.org/index.php?topic=2499481.msg46412025#msg46412025

Screenshot for posterity:

[wekael]

came back to say please dont buy in it.
This will devalue faster then you make in ROI and this forever.
If you got any brain dont buy in.

[JohnSegWick]

The USDC values are available in real time on the dash board. Graphics are never updated unless you want some sort of ticker thing or a non stop movie. You should look at the date and time of the post. Stock quotes on many websites are usually delayed by at least 15 minutes too.

[NationalPotato]

The USDC values are available in real time on the dash board. Graphics are never updated unless you want some sort of ticker thing or a non stop movie. You should look at the date and time of the post. Stock quotes on many websites are usually delayed by at least 15 minutes too.

Comparing this to a stock quote is ripe.  Stocks are derivatives of businesses that have revenue and viable models.  They're also subject to robust oversight.  This project has none of those features.

Dev - you're outing yourself.  Never merit your own posts with a second account, really gives you away. 

[Vital_Z]

When extra tokens are burned, this usually has a positive effect on the project and there is no oversupply of tokens, which can depreciate if there are too many of them. This approach is always appreciated by projects and investors.

[NationalPotato]

When extra tokens are burned, this usually has a positive effect on the project and there is no oversupply of tokens, which can depreciate if there are too many of them. This approach is always appreciated by projects and investors.

The word "invest" implies an expected return.  In the context of DAM, the "investment" is in a DAM token which "returns" FLUX tokens.  Sounds cool.  However, the only purpose of FLUX tokens is to be burned. So the real measurement of return will be return on capital (in the form of ETH, likely, or maybe USD).  Let's do a thought experiment.

Let's say you've got 1,000,000 DAM and are earning .01 FLUX every 15 seconds.  Then you have all the multipliers except the 10x burn so now you're at .03 FLUX every 15 seconds.

But you're soooo close to that 10x multiplier, so you buy some FLUX to burn it.  Great - what's your reward?  You get back MORE flux than you burned.  

You bought the FLUX to burn with ETH.  For ease of explanation, let's say you paid .05 ETH for 1 FLUX to put you over the 9x burned / wallet balance ratio.  Burning this 1 flux nets you an extra .27 FLUX every 15 seconds, so soon you've got 5 extra flux to sell to recover your .05 ETH.  But you're profit seeking, and probably want to at least double your returns.  This is Crypto, after all, and you're interested in a 200% return for about 10 minutes of work.    So you sell your 5 FLUX at .03 ETH each for a total of .15 ETH, recovering the initial buy in plus a tidy 200% gain.

The guy who bought one your 1 FLUX at .03 each for .03 ETH similarly has 1,000,000 DAM and are minting .03 every 15 seconds.   Soon he's got 5 FLUX to sell to recover his .03 ETH.  He's also profit motivated, but not unreasonable, and similarly wants a 200% return for a few minutes of work.  So he prices his 5 FLUX at .018 ETH/each and they sell.  He makes a 200% return and the cycle continues.

This is the inherent deflationary mechanism in the burn to print model.  No rational investor, who is seeking return on capital, is going to buy FLUX to burn it expecting a loss.  The only people burning FLUX are doing so because they expect a return.  The return won't be in FLUX, but in the base currency (ETH) in this case.

[JohnSegWick]

Comparing this to a stock quote is ripe.  Stocks are derivatives of businesses that have revenue and viable models.  They're also subject to robust oversight.  This project has none of those features.

Dev - you're outing yourself.  Never merit your own posts with a second account, really gives you away. 

I'm not Dev and have no connection to the team in any way. I merit the post of another person and you think I'm the Dev? Anyway ...

This project is all on-chain, so everything is there for everyone to see. The source code is there too, there was about a month of beta testing, and nothing is hidden. It's more transparent than most companies. I only compare so you can get an idea of the time delay. Everyone compares coins or tokens to the stock market even though maybe it shouldn't, that's just the way crypto is.

As for your math, I'm no good at it, but not everyone will want to buy FLUX to burn it, and everyone who sells it is so that someone else can burn it. It goes around. There will be more FLUX as time goes on, the market dictates the price. Eventually there will be an equilibrium reached. It started at zero or close to it.

No one is forced to buy anything, there was no ICO (and the previous coin where it swapped from also had no ICO.)

No rational investor for that matter would ever invest in any crypto as the whole category is high risk, from BTC to ETH all the way down to Z.

Have a nice day Mr. Potato!

[brainloser]

Wondering why Mr Potato (and others) shows up on this tiny little coin. With all the technical knowledge he shows.
Which coin / project are you coming from?
Or did you have a issues with DAM Devs?
Very strange your attendance...
It's kind to stand up for the people (not that I have to feeling that's the reason why you are here
So no worries, most of us are grown up.
We can live with our risk decision. Even if DAM should be a pozi.
Thank you and have a good life.

[xxmetalmartyrxx]

When extra tokens are burned, this usually has a positive effect on the project and there is no oversupply of tokens, which can depreciate if there are too many of them. This approach is always appreciated by projects and investors.

The word "invest" implies an expected return.  In the context of DAM, the "investment" is in a DAM token which "returns" FLUX tokens.  Sounds cool.  However, the only purpose of FLUX tokens is to be burned. So the real measurement of return will be return on capital (in the form of ETH, likely, or maybe USD).  Let's do a thought experiment.

Let's say you've got 1,000,000 DAM and are earning .01 FLUX every 15 seconds.  Then you have all the multipliers except the 10x burn so now you're at .03 FLUX every 15 seconds.

But you're soooo close to that 10x multiplier, so you buy some FLUX to burn it.  Great - what's your reward?  You get back MORE flux than you burned.  

You bought the FLUX to burn with ETH.  For ease of explanation, let's say you paid .05 ETH for 1 FLUX to put you over the 9x burned / wallet balance ratio.  Burning this 1 flux nets you an extra .27 FLUX every 15 seconds, so soon you've got 5 extra flux to sell to recover your .05 ETH.  But you're profit seeking, and probably want to at least double your returns.  This is Crypto, after all, and you're interested in a 200% return for about 10 minutes of work.    So you sell your 5 FLUX at .03 ETH each for a total of .15 ETH, recovering the initial buy in plus a tidy 200% gain.

The guy who bought one your 1 FLUX at .03 each for .03 ETH similarly has 1,000,000 DAM and are minting .03 every 15 seconds.   Soon he's got 5 FLUX to sell to recover his .03 ETH.  He's also profit motivated, but not unreasonable, and similarly wants a 200% return for a few minutes of work.  So he prices his 5 FLUX at .018 ETH/each and they sell.  He makes a 200% return and the cycle continues.

This is the inherent deflationary mechanism in the burn to print model.  No rational investor, who is seeking return on capital, is going to buy FLUX to burn it expecting a loss.  The only people burning FLUX are doing so because they expect a return.  The return won't be in FLUX, but in the base currency (ETH) in this case.

You're just mad you got banned from the Discord for trolling. Keep it up buddy.

[NationalPotato]

Wondering why Mr Potato (and others) shows up on this tiny little coin. With all the technical knowledge he shows.
Which coin / project are you coming from?
Or did you have a issues with DAM Devs?
Very strange your attendance...
It's kind to stand up for the people (not that I have to feeling that's the reason why you are here
So no worries, most of us are grown up.
We can live with our risk decision. Even if DAM should be a pozi.
Thank you and have a good life.

So.  You don't have anything to say to rebut what my main points are.  Good news.

You're just mad you got banned from the Discord for trolling. Keep it up buddy.

I got banned for asking tough questions; I tried to address this in a less-public place and got banned.  It was clear that constructive suggestions and challenging conversations were not welcome, which is a hallmark of scam projects.  So, to that extent, you're right.  I got banned from the Discord for asking the exact questions I'm asking here.  So far nobody has answered them.  You're welcome to.

I'm not Dev and have no connection to the team in any way. I merit the post of another person and you think I'm the Dev? Anyway ...

This project is all on-chain, so everything is there for everyone to see. The source code is there too, there was about a month of beta testing, and nothing is hidden. It's more transparent than most companies. I only compare so you can get an idea of the time delay. Everyone compares coins or tokens to the stock market even though maybe it shouldn't, that's just the way crypto is.

As for your math, I'm no good at it, but not everyone will want to buy FLUX to burn it, and everyone who sells it is so that someone else can burn it. It goes around. There will be more FLUX as time goes on, the market dictates the price. Eventually there will be an equilibrium reached. It started at zero or close to it.

No one is forced to buy anything, there was no ICO (and the previous coin where it swapped from also had no ICO.)

No rational investor for that matter would ever invest in any crypto as the whole category is high risk, from BTC to ETH all the way down to Z.

Have a nice day Mr. Potato!

Right.  A random "Newbie" account that's a few years old and hasn't commented much in BTC talk at all just shows up in THIS specific shitcoin thread and then Merits deceiving advertising collateral.  Sure, "dev", you're TOTALLY not related at all.  Just a huge coincidence.  I'm sure. Of course. 

Also, notice how you failed to address any of my concerns other than to suggest that people will want to buy FLUX to... hold?  As though one of the other stated use cases is a store of value?  Give me a break man.  This is a two-tiered ponzi.


I'll say it again:  I tried to bring these concerns up in a private setting, hoping for discourse and the opportunity to contribute thought-work to the project and was banned for the effort.  So, yeah, I'm going to alert others to the very transparent concern this project should create in anyone doing due-diligence.

[JohnSegWick]

Right.  A random "Newbie" account that's a few years old and hasn't commented much in BTC talk at all just shows up in THIS specific shitcoin thread and then Merits deceiving advertising collateral.  Sure, "dev", you're TOTALLY not related at all.  Just a huge coincidence.  I'm sure. Of course.  

Also, notice how you failed to address any of my concerns other than to suggest that people will want to buy FLUX to... hold?  As though one of the other stated use cases is a store of value?  Give me a break man.  This is a two-tiered ponzi.


I'll say it again:  I tried to bring these concerns up in a private setting, hoping for discourse and the opportunity to contribute thought-work to the project and was banned for the effort.  So, yeah, I'm going to alert others to the very transparent concern this project should create in anyone doing due-diligence.

I'm not random, although I am a newbie, been around these parts since only last year. Not a "few" unless you meant less than one.

Not sure what is a huge coincidence to you. I am merely replying because you addressed me specifically. Again, no relation to "dev" or team. I don't know them. I don't know you.

Shitcoin implies garbage. This certainly is not one of those, although it is understandably very hard to distinguish since 99% of the more than 2000 coins I've seen have since gone to the graveyard. But failure of a coin does not mean it is shit.

No one said anything about store of value either, you just brought it up now. When I think about it, almost all coins or tokens have that as a property, although I wouldn't store some of them long term.

Ponzi ... well, ... I don't know. Maybe? Is it a ponzi if you are aware that it is? Is it really a form of fraud?

As for the final paragraph, I don't think you tried hard enough, but you certainly want to target individuals like me. Or maybe it wasn't as "private" as you make it look like. From what I can tell, there were questions, there were answers, someone didn't like the answers, so asked the same questions over and over, as if he'll get any different answer.

If you didn't like the answer, you could have left and stopped trolling. The team does not want your money. They don't want anyone's either. They did not accept any for the whole time I have been in this space it seems even while the dev was doing something in the previous project. They just like to build cool stuff.

It's good that you have concerns. I just hope you look past your own bias against this project and try to see what value can be derived from it, rather than attacking them after being out (on mainnet and out of fail safe) for only a week.

Again, you don't like something here, there are a couple thousand other threads you can spend your time on. Or forums. Instead you are here ... altruistically defending the wallets of people you don't know? Perhaps. Perhaps. I applaud you if so.

I'd really like to see what happens next. I'm in for the tech.

I've got to walk my dog now, while I still have a dog ...

[NationalPotato]

I'm not random, although I am a newbie, been around these parts since only last year. Not a "few" unless you meant less than one.

Not sure what is a huge coincidence to you. I am merely replying because you addressed me specifically. Again, no relation to "dev" or team. I don't know them. I don't know you.

Your behavior is highly coincidental. 

Shitcoin implies garbage. This certainly is not one of those, although it is understandably very hard to distinguish since 99% of the more than 2000 coins I've seen have since gone to the graveyard. But failure of a coin does not mean it is shit.

This is unequivocally a shitcoin with a developer team Hobbled together from Bulwark bag holders trying to save themselves from the catastrophic losses of their poor decision making.

No one said anything about store of value either, you just brought it up now. When I think about it, almost all coins or tokens have that as a property, although I wouldn't store some of them long term.

Ponzi ... well, ... I don't know. Maybe? Is it a ponzi if you are aware that it is? Is it really a form of fraud?

I presumed you were making the Store of Value argument.  You implied people would want to buy this for some reason other to burn it, implying some intrinsic value.  I mean - if this isn’t a store of value and people aren’t buying it to burn, then why would they buy it?

As for the final paragraph, I don't think you tried hard enough, but you certainly want to target individuals like me. Or maybe it wasn't as "private”

That Discord was a lot more private than this thread. 

Instead you are here ... altruistically defending the wallets of people you don't know? Perhaps. Perhaps. I applaud you if so.

This is exactly the reason I’m here.  I had over 20k Bulwark I didn’t swap because this was a clear cash grab and I didn’t want to be involved in dumping my bags in some revived shitcoin form.

I'd really like to see what happens next. I'm in for the tech.

Spoiler alert:  I turn out to be right.  There is no tech. FLUX has no use case.  It’s literally a ponzi.  So much so I’ve reported it to the SEC.

[mes_go]

Nice work pocket potato! You just complain and trying to troll a project even if you can't understand.

Yes, there were some Bulwark bag holders, but no bwk holders got their bags for free. They started with GPU mining and worked with masternodes or POS to obtain their BWKs, like many other fair coin/token projects do. And many former BWK investors like me purchased them by paying BTC or USD too. I had been participated BWK investors since February 2018 by mining with my GPU rigs. After sometime concept changed to POS/MN, and i purchased more and installed some masternodes which was required costs. And then some malicious characters like you started manipulations/speculations and the team abandoned project but Hodlforjesus. Hodlforjesus was the most technical, talented and genius guy of BWK. Then Hodlforjesus and Neuromaniac offered a way to community members to swap their tokens to DAM, and people who accepted swap, joined it. DAM and FLUX has more intelligent infrastructure than former BWK has, which provides convenience to the developers, and they are trying to do their best so far.

There were circulating ~25M BWK, 25M DAM tokens created for the swap and ~16,876,778 was subjected to the swap. The rest of tokens 8,123,121 tokens were burned by sending this address/transaction.
https://etherscan.io/address/0x2c6156cb7f44929e1ac1ba6c3e03e4ab1d9b6b98#tokentxns
https://etherscan.io/address/0x0000000000000000000000000000000000000000#tokentxns


All these actions were happened very transparent to both BWK and DAM community.

And i had one case, i was late for the latest swap, and i couldn't send my 15463.35 for the swap. As i was late for it, Neuromaniac the dev didn't accept my tokens to be swapped and i couldn't blame him/them because they did everything with transparency.

The code for dashboard is open-source, can be followed. The contract is open, can be followed by everybody.

There are big workforce and product which is presented to the people. Without looking at the transparency and work, making malevolent behaviours is not fair.

Hopefully bad karma will find whole scammers and injustice/unfair people!

Regards to respectful people.

[NationalPotato]

Nice work pocket potato! You just complain and trying to troll a project even if you can't understand....

You haven't tried to explain anything.  So far nobody has posted a response to my questions. 

DAM and FLUX has more intelligent infrastructure than former BWK has, which provides convenience to the developers, and they are trying to do their best so far.

You're comparing a minted ERC token with a mineable PIVX clone.  I'm not even sure what you mean by "more intelligent infrastructure".   The devs basically tried to create an ERC "savings account" that yields a "dividend".
 I'm not assaulting their intent.  I'm not worried if they're trying to do their best or not.  Lots of good people try their best and it still leads to catastrophe.

The code for dashboard is open-source, can be followed. The contract is open, can be followed by everybody.

So your position is that the totality of the inherent value of this project is in the dashboard and the ER contract and that the underlying assets have absolutely no value?  We're in agreement!

There are big workforce and product which is presented to the people. Without looking at the transparency and work, making malevolent behaviours is not fair.

2 people isn't a "big workforce". 

[brainloser]

Dear Mr P.
I'm way to old to go in any form of mental discussion. It's okay. You made your point.
It's fine. You did what you had to do.
People are warned now and can read all your technical concerns.
Stay happy in life and good luck.
It's truly okay. You can leave. No worries. The world will keep on turning.
Thank you very much.

[Bimmerhead]

I'm glad to see I'm not the only one mystified by the whole Datamine ecosystem.

Thank you NationalPotato and others who have been asking questions about this Flux burning/minting circle.

Hopefully at some point Datamine will provide a clear answer as to what is the use case of Flux other than burning to create more flux.

Also, it's odd to see PistonHonda on this thread. When I've encountered him on bitcointalk before he's generally been slamming projects. Here he seems to be a cheerleader. Maybe PH can elucidate the purpose of this project for us.

[NationalPotato]

I'm glad to see I'm not the only one mystified by the whole Datamine ecosystem.

Thank you NationalPotato and others who have been asking questions about this Flux burning/minting circle.

Hopefully at some point Datamine will provide a clear answer as to what is the use case of Flux other than burning to create more flux.

Also, it's odd to see PistonHonda on this thread. When I've encountered him on bitcointalk before he's generally been slamming projects. Here he seems to be a cheerleader. Maybe PH can elucidate the purpose of this project for us.

PH is an early BWK bagholder (he operated “nodes”, so at least 10k+ BWK).  He’s probably trying to recover catastrophic losses from failing to exit in time.