Sia - Siafund Redemption Deadline: June 1st, 2015

[Taek]

Sorry if I missed this somehow...  but what will be the total amount of Siastock?

...not in reference to the initial 15% pre-IPO but in general...

thnx  

So, I really want to make 3.9 total Siastock, since the host fee is 3.9%. If you have 1 Siastock that means you get 1% of all host fees on the network. It makes it very easy to convert the amount of Siastock you have to the % of host fees that you get.

But 3.9 is a pretty non-conventional number, and will require many decimals of precision. Ultimately, I haven't decided.

[Taek]

Announcement!

Our asset on the Nxt AE is live!


SiaNotes
Ticker symbol
SIAN
What is it? 
Decentralized Cloud Storage Network, , bitcointalk thread
What percentage of the company is being sold? 
15%
How many shares to be sold?
1500 (out of 10,000)
What price will they be sold at?
2400 NXT (subject to change with exchange rates - raising 250 BTC total)
Nxtforum discussion
https://nxtforum.org/alternate-cryptocurrencies/sia-official-nxt-thread/
Other sites
www.siacoin.com
bitcointalk thread
Nxt account used to issue assets
Account ID: 13179792715523067888
Asset ID: 11593659039925686857
Asset Name: sianote

The process has changed slightly. I have made 10,000 sianotes available through the Nxt AE. At the launch of Sia, each sianote will convert to 0.01% stock. 10,000 = 100% stock. Only 15% is for sale, meaning that throughout our whole pre-IPO, only 1500 sianotes will be sold. The price works out to 2400 NXT each. This is slightly different from numbers previously stated, and this is the final way that it will work (can't change, as we are live!). As of right now, 100 are for sale, and over the next 3 weeks I will keep adding more until 1500 total have been sold.

When I get nxt, they will be converted directly to USD to safeguard ourselves from the volatility of cryptocurrency. Bitcoin has been relatively stable for the past month but I want to minimize risk.

If you do not want to deal with nxt, you can send me bitcoins directly and I'll mark you down on a sheet. At any time, you can request the number of sianotes that you bought and I will send them to your nxt account. I actually prefer that all large transactions occur this way, because I get to avoid a 0.2% transaction fee that occurs when converting from nxt to btc. (It's not a big deal though, if you are more comfortable directly using the AE, feel free to do so.)

===========

I thought you had already decided that the 15% pre-IPO will be 5000 shares...  is it safe to assume that you're aiming for a breakdown of the 3.9 total Siastock into ~39000 shares?

I'm not sure what the best volume is for direct Siastock. Before converting any sianotes to siastock however, the number of siastock will be locked in. For example, if I decide to use 1 total siastock, each sianote will convert to 0.0001 siastock. If I decide to use 10000 siastock, each sianote will convert directly to 1 siastock. Regardless of how many siastock there are, exactly 3.9% of all host income (for renting out storage) on Sia will be distributed among the owners of Siastock every block. Having an exact number is just a convention, which is why right now I'm operating purely in percentages.

[hxnb]

About Sia's Technology

[frankkkkkkk]

it is too hard to catch you

[coloredcoin]

seem a scam?

[Esbie Blanquera4832]

Glad to see more interest in the coin.Keep up the good work!

[ownerbest]

Someone bought at 9,000 nxt. I think you should put more orders now

[Lordoftherigs]

Announcement!

Our asset on the Nxt AE is live!

Very smart decision...  Nxt AE is SMOOTH LIKE BUTTER!!!    


Edit:  IF you do not manage to sell all available shares...  is there any chance you will decrease the amount of shares (< 10000)...  thus increasing the percentage equivalent of each purchased share?  Not that I am hoping for the pre-IPO and IPO to not do well...  but leaving such window open might be a good incentive for people to participate...  due to the possibility of receiving some type of bonus percentage per share if we end up with limited participation.

+1

[PondSea]

Can you guys list a public BTC address in the OP for us to send it to?

[Momimaus]

Someone bought at 9,000 nxt. I think you should put more orders now

Probably due to a mistake.

[msin]

Please post BTC address for direct investment. 

[TheMightyX]

Just so everyones on the same page:
You are valuing your project at 1666 BTC or $733,333.00

Three quarters of a million dollars for something that is little more than an idea and a little bit of code at this point.
Please keep in mind people that if you are investing in this, you are agreeing to that valuation.

Also by asking for investors to cover your expenses while you develop you are shifting all the risk from yourself onto the investors. If it flops or if you can't make it work; at least you got paid a nice salary while you were doing it.

Expecting others to foot 100% of the risk is a shady way of doing business I think.

If you really need the money for expenses you could have a seperated escrow system that pays you out a fraction per month for a certain amount of time.

For example you could receive 20% a month, every month, for 5 months.

Assuming you sell out of the IPO, this would equate to $22,000 a month. Don't try to tell us that your expenses would cost your more than 22K a month. You would have to rent quite a few Lamborghini's to make that happen. If you need more time you could split the escrow into 10 parts equaling $11,000 a month. Anyone and their entire family could live quite comfortable with that kind of cash so I can't think of a reason why this wouldn't work (2 team members? easy! $5,500 a month each! 3 team members? easy! $3,666 a month each!).

In this scenario, your expenses are covered, and if you don't produce anything after a month at least 80% of the funds are saved (or 60%, or 40%, etc etc, atleast you are protecting investors in some way).

Please provide a valid reason as to why this system would not work.

[giveBTCpls]

Im on for the giveaway.

[Lordoftherigs]

Just so everyones on the same page:
You are valuing your project at 1666 BTC or $733,333.00

Three quarters of a million dollars for something that is little more than an idea and a little bit of code at this point.
Please keep in mind people that if you are investing in this, you are agreeing to that valuation.

Also by asking for investors to cover your expenses while you develop you are shifting all the risk from yourself onto the investors. If it flops or if you can't make it work; at least you got paid a nice salary while you were doing it.

Expecting others to foot 100% of the risk is a shady way of doing business I think.

If you really need the money for expenses you could have a seperated escrow system that pays you out a fraction per month for a certain amount of time.

For example you could receive 20% a month, every month, for 5 months.

Assuming you sell out of the IPO, this would equate to $22,000 a month. Don't try to tell us that your expenses would cost your more than 22K a month. You would have to rent quite a few Lamborghini's to make that happen. If you need more time you could split the escrow into 10 parts equaling $11,000 a month. Anyone and their entire family could live quite comfortable with that kind of cash so I can't think of a reason why this wouldn't work (2 team members? easy! $5,500 a month each! 3 team members? easy! $3,666 a month each!).

In this scenario, your expenses are covered, and if you don't produce anything after a month at least 80% of the funds are saved (or 60%, or 40%, etc etc, atleast you are protecting investors in some way).

Please provide a valid reason as to why this system would not work.

Indeed the 2400nxt for 1 sianote ratio seems very imbalanced. Especially when you realize this is a pre-IPO were 95% of the project if not more is still just an idea.

[schnötzel]

Just so everyones on the same page:
You are valuing your project at 1666 BTC or $733,333.00

Three quarters of a million dollars for something that is little more than an idea and a little bit of code at this point.
Please keep in mind people that if you are investing in this, you are agreeing to that valuation.

Also by asking for investors to cover your expenses while you develop you are shifting all the risk from yourself onto the investors. If it flops or if you can't make it work; at least you got paid a nice salary while you were doing it.

Expecting others to foot 100% of the risk is a shady way of doing business I think.

If you really need the money for expenses you could have a seperated escrow system that pays you out a fraction per month for a certain amount of time.

For example you could receive 20% a month, every month, for 5 months.

Assuming you sell out of the IPO, this would equate to $22,000 a month. Don't try to tell us that your expenses would cost your more than 22K a month. You would have to rent quite a few Lamborghini's to make that happen. If you need more time you could split the escrow into 10 parts equaling $11,000 a month. Anyone and their entire family could live quite comfortable with that kind of cash so I can't think of a reason why this wouldn't work (2 team members? easy! $5,500 a month each! 3 team members? easy! $3,666 a month each!).

In this scenario, your expenses are covered, and if you don't produce anything after a month at least 80% of the funds are saved (or 60%, or 40%, etc etc, atleast you are protecting investors in some way).

Please provide a valid reason as to why this system would not work.

Indeed the 2400nxt for 1 sianote ratio seems very imbalanced. Especially when you realize this is a pre-IPO were 95% of the project if not more is still just an idea.

+1

 You will keep 85% of the Notes?

[msin]

You are valuing your project at 1666 BTC or $733,333.00

You're not making sense...  doing a couple simple calculations doesn't prove ANYTHING...  if want people to give any validity whatsoever to your post...  you need to restrict your comments to the 250 BTC pre-IPO goal at this stage...    

Yes he is, the dev is selling SiaNotes at a current market cap of $733k.  Why is that wrong to state here?  I know the devs and I have no doubt they are honest and capable, but I also think users here have a right to ask questions.

Edit; BTW, I think listing on Nxt AE is awesome, as it will allow investors to trade SiaNotes as the project progresses.  I don't see another IPO here that allows investors to trade part of their stake other than private transactions.

[yop850]

Im on for the giveaway.

I have read all the pages in this thread and cannot find any current offer of a giveaway. Could someone point out to me where it is? I would like to be one of the giveaway recipients, if possible.

[schnötzel]

Im on for the giveaway.

I have read all the pages in this thread and cannot find any current offer of a giveaway. Could someone point out to me where it is? I would like to be one of the giveaway recipients, if possible.

post #7

ps: strg + f helps

[Taek]

Update!

There's been a surprising amount of interest, and a technical bump in the road.

In trying to convert nxt to btc, it seems that Bter has eaten my coins. I'm not sure what's going on there, but they only ate a small portion. Even if I end up losing those coins entirely, it's not a big deal. But it does mean that I'm going to stop accepting nxt until I can convert them to btc. I don't want to lose a ton of money because the price randomly plummets.

A few people have contacted me with requests to buy with btc. Because the time flood timer is 6 minutes, I'm now requesting that you email me. david.vorick@gmail.com
Additionally, there has been an explosion of interest, the price is going up. (apologies to everyone who didn't get in early, I had no idea there would be so much demand.) 1 BTC = 5 sianotes. 2850 Nxt = 1 sianote.

The process for buying with bitcoins:
1. Tell me which account is sending bitcoins, how many bitcoins it is sending, and how much stock you are getting in return. 1BTC = 5 sianotes.
2. AFTER you have told me this, send me the coins. I really don't want to get messages from 2 different people who claim they each sent the coins. Tell me first, then send the coins
3. If you are sending more than 5btc, confirm with me first. This is just because demand has been so high, and I'm worried that we might over-sell.
4. Send bitcoins to this account: 146dACCKyDsUre5DXQbKwrb6Xf3ycoAP3p
5. Sianotes are not divisible. If you send me an uneven number of bitcoins, I will round down. I cannot send you half of a sianote.
6. If you have an Nxt account, also tell me which account to send the sianotes to.

If you do not have an Nxt account, create a public key and sign that I am to hold onto your sianotes for you. When it is time for you to claim your sianotes, you'll need to sign a statement telling me where to send the sianotes. I don't want to get an email from a scammer who is claiming to be you, and then send your sianotes to the wrong place. (again, you only need a public key if I'm holding your sianotes until a later date)

I'll make another post once I have Nxt withdrawals working, and then I'll continue selling Sianotes on the exchange.

Thanks everybody for your interest and investments. It means a lot to us.

[nemo1618]

Wow, we've been really overwhelmed by the response so far! Thanks to everyone who has supported us.

To address some questions/concerns:

Just so everyones on the same page:
You are valuing your project at 1666 BTC or $733,333.00

Three quarters of a million dollars for something that is little more than an idea and a little bit of code at this point.
Please keep in mind people that if you are investing in this, you are agreeing to that valuation.

Also by asking for investors to cover your expenses while you develop you are shifting all the risk from yourself onto the investors. If it flops or if you can't make it work; at least you got paid a nice salary while you were doing it.

$750k is not an unreasonable valuation. As Y Combinator finalists, we already had an implicit valuation of $1.7M ($120k @ 7%). Sia is much more than just another cryptocurrency, and we believe that our current valuation is justified.

You are correct that we are shifting risk onto investors; that's what investors do, trade risk today for value tomorrow! Bear in mind that traditional seed funding, as well as Kickstarter campaigns, operate on this assumption. There is certainly some risk involved when you back a Kickstarter, but people do it anyway because they want to support cool projects and they trust the creator to deliver. That is why we've been very open about our identities and our code base; it makes us more accountable and increases the social pressure to succeed.

Im on for the giveaway.

I have read all the pages in this thread and cannot find any current offer of a giveaway. Could someone point out to me where it is? I would like to be one of the giveaway recipients, if possible.

There will likely be a giveaway after launch, but keep in mind that only Siacoin will be given away, not Siastock. The latter is a lot more valuable