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Author Topic: Sia - Siafund Redemption Deadline: June 1st, 2015  (Read 68528 times)
grandpa_seth
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July 05, 2014, 09:31:27 PM
 #221

So then maybe dumb question but does that mean the lawyers you've talked to say the money I'll be making from siastock is legal?

There aren't any clear regulations around this type of product. We sold you something that'll generate you income, except in many ways it feels like a financial instrument. The SEC for the most part has been playing nice with Bitcoin related tech. Some companies have gotten busted for illegally selling equity, but Sianotes are not equity and are thus protected against that specific case.

I wish that I could give you a definitive yes, but our lawyers said the best they could do is "it's probably not going to be a problem." There's no law that clear-cut makes it illegal, and there's no law that makes it seem likely to be illegal. But the laws are so complex and convoluted that if some regulator decided it needed to be illegal, they could likely find some wording in an existing law and use it to prosecute us. They don't think that will happen though.

If we do receive any sort of notification or attention from the SEC (which is the body that is most likely to want to regulate Sianotes), we'll let everyone know immediately.

I personally don't see it being a problem. I also know that the name 'Siastock' isn't going to stick around, because it's very much not stock in the traditional sense, and we don't want regulators making that mistake. I haven't figured out a good replacement name yet though.

That is the answer that should have been expected. Its kind of a reminder to us all that although your idea for siacoin is superb and sianotes sold like hotcakes this is still a risky investment with no guarantee of anything. That being said if you are successful I fully expect a huge return on investment. As for the new name to siastock I wouldn't even attempt at suggesting a proper name. I think you two can come up with something appropriate when the time comes. Commence obligatory members posting name suggestions.
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July 05, 2014, 10:09:58 PM
 #222


Hey dev, everything is very nice so far.

Can I ask you to renew the timeline? I think a lot of things have changed.

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July 05, 2014, 11:33:03 PM
 #223

A lot of things have changed.

Current plans:

0. Review and refactor codebase. This will take probably all of this week. We're going to start at a high level, see what's working and what isn't, build out a bunch of tests for the stable code, and then rewrite any code that no longer makes sense. Ultimately we're probably going to end up replacing around 30% of the existing code. That's just an estimate.
1. Fix network instability intolerance. I think Luke knows what he's doing, and should be able to resolve most of the problems within the next 2 weeks.
2. Implementation of nonces in the quorum that throws out scripts which have already been processed. Shouldn't take too long.
3. Full cryptographic synchronization. This one might take longer, because there are things we'll need that we haven't started programming yet.
4. Wallets get destroyed after running out of funds.
5. Test-net, with full uptime nodes hosted in several locations (we have a few volunteers who will help to host these), running full blockchains. It'll be self-monitoring and self restarting, and it'll log all problems that happen.

After that there should be uploading, downloading, sending money around, all based in a scripting system. There will be proof of storage, network stability, and a test-net that helps us find issues with the quorum. Still no user friendly client at that point.

Overall I'm expecting this to take a month. I'd like to imagine that it'll go faster but I can't be certain.
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July 06, 2014, 01:03:48 AM
 #224

Siatoken
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July 06, 2014, 10:18:04 AM
 #225


Thank you. Sounds very good.

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July 08, 2014, 01:39:10 AM
 #226

So, we've been holding off on this announcement, but I think we're at a place where we can tell everyone.

We've just signed a $375,000 agreement for 7.5% of the company equity. There's still some paperwork to sign, but we should have the cash by the end of July. Which means we're also about to be hiring one or two full time employees. We need someone who will build the frontend, and will preferably work and live in Boston. We might be able to pick up an MIT graduate. I've got a really good feeling as a whole about our investor, he's had several hit investments and is really interested in seeing Sia succeed.

Another thing that's in progress is that we're going to be involved with the MIT Bitcoin project. We haven't met anyone in person yet but we should be meeting with the guys leading the initiative in the next few weeks.

So, on the business front things are looking good.
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July 08, 2014, 07:49:29 AM
 #227

So, we've been holding off on this announcement, but I think we're at a place where we can tell everyone.

We've just signed a $375,000 agreement for 7.5% of the company equity. There's still some paperwork to sign, but we should have the cash by the end of July. Which means we're also about to be hiring one or two full time employees. We need someone who will build the frontend, and will preferably work and live in Boston. We might be able to pick up an MIT graduate. I've got a really good feeling as a whole about our investor, he's had several hit investments and is really interested in seeing Sia succeed.

Another thing that's in progress is that we're going to be involved with the MIT Bitcoin project. We haven't met anyone in person yet but we should be meeting with the guys leading the initiative in the next few weeks.

So, on the business front things are looking good.

Can you check my maths?

A $375,000 investment for 7.5% equity values Sia at $5million.

The 1500 Sianotes being sold on Nxt Asset Exchange represent 15% of the company? So the AE market cap at that valuation should be $750,000.

Sianote is currently valued at 4200 NXT * 1500 = 6.3 million NXT = $318,623.

So Sianote is currently selling at 42% its fair value. So.... panic buy?
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July 08, 2014, 08:22:52 AM
 #228

So, we've been holding off on this announcement, but I think we're at a place where we can tell everyone.

We've just signed a $375,000 agreement for 7.5% of the company equity. There's still some paperwork to sign, but we should have the cash by the end of July. Which means we're also about to be hiring one or two full time employees. We need someone who will build the frontend, and will preferably work and live in Boston. We might be able to pick up an MIT graduate. I've got a really good feeling as a whole about our investor, he's had several hit investments and is really interested in seeing Sia succeed.

Another thing that's in progress is that we're going to be involved with the MIT Bitcoin project. We haven't met anyone in person yet but we should be meeting with the guys leading the initiative in the next few weeks.

So, on the business front things are looking good.
Just the MIT Bitcoin project would have been good on its own.  Smiley The spin-offs, connections, and interest this will generate for Sia, shouldn't be under estimated.
And now you have seasoned investors already interested and willing to buy-in. Nicely done Sir.  Cool
Something tells me this space is going to heat up very soon, with more smart money moving in across the main contenders, in the hope of being positioned to carve out market share. Watching with interest. 
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July 08, 2014, 08:30:05 AM
 #229

How can i join now?

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July 08, 2014, 08:35:42 AM
 #230

How can i join now?

sianotes are available on Nxt AE. make sure u follow instructions carefully and get the right asset.
http://nxtforum.org/ is a good start. Smiley

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July 08, 2014, 08:44:28 AM
 #231

How can i join now?
Buy some Nxt from Poloniex or BTER, download the official Nxt client, and create an account...... http://nxtra.org/nxt-wallet/  
and buy/bid for sianote, on the AE.

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July 08, 2014, 08:46:20 AM
 #232

Do the assets on AE represent 15% of the company?

Edit: Yes



SiaNotes

Promoter(s)
Taek
What is it? 
Decentralized Cloud Storage Network
What percentage is being sold? 
15%
How many siastock 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
NXT-K5ZJ-NNR2-4J4B-D92UF
(13179792715523067888 in original format)
Asset ID
11593659039925686857
Asset Name
sianote
Ticker symbol
SIAN
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July 08, 2014, 08:57:21 AM
 #233

It could now be interpreted as 22.5% of siastock would have been sold, and this deal could form part of the extra 25% (40% total) that was going to be sold, after sia was complete.

"After the completion of Sia, an additional volume of Siastock will be sold in an IPO, likely 25%. (The total sold between the pre-IPO and IPO would then be 40%). During the IPO, Siastock will be substantially more expensive and be used to acquire office space, full time developers, security audits of both the protocol and of the software, as well as marketing."

Can Taek clear this up?
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July 08, 2014, 01:37:34 PM
Last edit: July 08, 2014, 02:08:53 PM by Tobo
 #234

Sia sold about 12% of sianotes at the pre-sale, not 15%. I guess that this 7.5% shares sold are shares of Nebulous, the company, not the sianote. Sianote is one of the main income resources of Nebulous in the future and the sole resource in the beginning. So the higher the company's stock value, the higher the sianote's value.
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July 08, 2014, 04:27:39 PM
 #235

Sia sold about 12% of sianotes at the pre-sale, not 15%. I guess that this 7.5% shares sold are shares of Nebulous, the company, not the sianote. Sianote is one of the main income resources of Nebulous in the future and the sole resource in the beginning. So the higher the company's stock value, the higher the sianote's value.



Why 12%?

He said 10000 shares in total. And he sold 1500 at IPO.

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July 08, 2014, 04:28:11 PM
 #236

So, we've been holding off on this announcement, but I think we're at a place where we can tell everyone.

We've just signed a $375,000 agreement for 7.5% of the company equity. There's still some paperwork to sign, but we should have the cash by the end of July. Which means we're also about to be hiring one or two full time employees. We need someone who will build the frontend, and will preferably work and live in Boston. We might be able to pick up an MIT graduate. I've got a really good feeling as a whole about our investor, he's had several hit investments and is really interested in seeing Sia succeed.

Another thing that's in progress is that we're going to be involved with the MIT Bitcoin project. We haven't met anyone in person yet but we should be meeting with the guys leading the initiative in the next few weeks.

So, on the business front things are looking good.

Very good news, interested to hear what comes of the MIT project.
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July 08, 2014, 05:02:15 PM
 #237

Why 12%?
He said 10000 shares in total. And he sold 1500 at IPO.

Because the investors liked this project so much and Sia could reach their funding goal with about 1250 sianotes - https://bitcointalk.org/index.php?topic=591283.200

it also means that the sianotes in circulation are rarer than people thought and should be more valuable.
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July 08, 2014, 05:59:06 PM
 #238

Why 12%?
He said 10000 shares in total. And he sold 1500 at IPO.

Because the investors liked this project so much and Sia could reach their funding goal with about 1250 sianotes - https://bitcointalk.org/index.php?topic=591283.200

it also means that the sianotes in circulation are rarer than people thought and should be more valuable.

alright. good to know

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July 09, 2014, 02:39:10 AM
 #239

So, we've been holding off on this announcement, but I think we're at a place where we can tell everyone.

We've just signed a $375,000 agreement for 7.5% of the company equity. There's still some paperwork to sign, but we should have the cash by the end of July. Which means we're also about to be hiring one or two full time employees. We need someone who will build the frontend, and will preferably work and live in Boston. We might be able to pick up an MIT graduate. I've got a really good feeling as a whole about our investor, he's had several hit investments and is really interested in seeing Sia succeed.

Another thing that's in progress is that we're going to be involved with the MIT Bitcoin project. We haven't met anyone in person yet but we should be meeting with the guys leading the initiative in the next few weeks.

So, on the business front things are looking good.

Can you check my maths?

A $375,000 investment for 7.5% equity values Sia at $5million.

The 1500 Sianotes being sold on Nxt Asset Exchange represent 15% of the company? So the AE market cap at that valuation should be $750,000.

Sianote is currently valued at 4200 NXT * 1500 = 6.3 million NXT = $318,623.

So Sianote is currently selling at 42% its fair value. So.... panic buy?


Let me tell u guys,the ultimate Cruel truth is that totally 10000 Sianote just represent 3.9% host income from renting storage.One Sianote can be directly converted to 0.00039% host income from renting storage.The other is nothing.No represent the company.No represent the siacoin.No represent anything.

The Below can prove it.


"One Sianote can be directly converted to 0.00039% of host income from renting storage, or 10,000 for 3.9% of all host income from storage. Currently, there are approximately 1250 sianotes in circulation, or just under 0.5%."


Hi Taek,

I have a question about IPO,This time 15% IPO means 15% siacoins or 15% siastock or total project 15%(siacoins+siastock)?

Waiting for your reply,thanks.

The pre-IPO is just for siastock. No siacoins are involved, except that siastock provides an income in siacoins as explained by the economic model.


We're thinking 3.9%. If we took too much, then hosts wouldn't be inclined to be on our network, which would be bad for the entire network.

The Siastock would be owned by Nebulous Incorporated, which is a company and not two individuals. That's an important distinction. We are looking for large volumes of income, initially on the order of millions of dollars but we would like to see Nebulous become a Google or Microsoft sized company. At that point most of the revenue would be coming from sources other than Siastock, of course.


Siastocks will never turn into Nebulous stocks. There are legal barriers to doing that.

It's very difficult to crowd fund corporate equity, and it's strongly recommended against by every lawyer I've talked to so far. You can crowd fund a product (like through Kickstarter), but as soon as you are selling equity to a bunch of little investors you've got legal problems.

So wake up guys,Sia project is amazing,but sianote is just a joke.What a pitiful ROI,that's why I ignore it.
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July 09, 2014, 02:47:36 AM
 #240

Maybe joining in Siacoin now is too late, price is too high.

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