[ANN] SuperNET NXT asset 12071612744977229797, SUPERNET KMD assetchain in summer

[amytheplanarshift]

So, I thought the price of entry was supposed to go up each day, but it's only if the asset sells out at the price set? Shouldn't the asset be pulled and set higher than 129 now? Nobody is going to buy the remaining shares at 129 at this pace, there are just too many.

[Cassius]

About SuperNET

http://209.126.70.170/SuperNET.pdf summarises SuperNET
Prospective participants are encouraged to read this brief document in full! Any unanswered questions are likely to be addressed there.

SuperNET is a new initiative designed to:

    Unite disparate cryptocurrencies by fostering collaboration
    Reward innovation, talent and active coin communities
    Share resulting benefits with CORE members and extend advantages to all cryptocurrencies
    Bring value to long-term SuperNET participants

SuperNET will bring together a number of promising cryptocurrencies with strong tech. These CORE currencies will be able to share each others’ features through a combined wallet (based on the NXT wallet). Several additional revenue-generating services will be included in SuperNET, from targeted advertising and transaction fees from anonymity protocols to betting revenues and trading gains. Any revenues raised will be used to reward SuperNET holders, strengthen CORE coin communities by investing in development, and make improvements to other key areas of the cryptocurrency ecosystem.

The price of SuperNET will be backed by its underlying cryptocurrencies. It will aim to acquire 10 percent of those coins it includes in the CORE (currently BTCD and BBR, as well as in investment in NXT-related assets). This means the price is protected from falls as holders are unlikely to sell it for less than the value of these underlying currencies. SuperNET is not a coin and this is unlike any other coin launch held to date. Additional funds will not dilute SuperNET but give it more influence and purchasing power.

The majority of funds provided by participants will be held long-term until they are needed. Additional revenue-generating services are included for free and are not included in the book price – despite offering immediate additional value.

SuperNET is not a cryptocurrency and does not intend to replace any cryptocurrency, including Bitcoin. As the name UNITY suggests, the philosophy of SuperNET is that cryptocurrency will be stronger if we pool resources and share strong tech, instead of assuming the same zero-sum mentality carried over from parts of the fiat economy. Clones and coins that do not offer unique features will not be included in SuperNET.

Thanks Cassius.  So as a potential investor in SuperNet, I can expect to make dividends/profit based on secondary services offered through SuperNet, such as MGW, privacy transaction fees, betting revenues, etc..  And my SuperNet share will be in the form of a Nxt Asset that I will hold and that I can trade at any time?  

As a participant, yes - you'll receive a share of any revenues earned from a network of interconnected services. (NB I'm not sure whether MGW is one of them, as James gave away most of those assets.) Yes, SuperNET (symbol UNITY) takes the form of a NXT asset that you can trade on exchanges - initially BTER and the NXT AE, though I'm sure there will be more.
You will also get any capital gains from the coin portfolio increasing in value. (Of course, that could go the other way.) However, you should be protected from any major downside because UNITY is backed by the crypto held. As promising coins with strong tech are added, there should be a strong upside. Look at Boolberry, for example: if SuperNET is a success, I can't see its market cap staying at $700,000 for long. One of the things I like about this is that I don't have to worry about finding the 'next big thing' and investing while its market cap is still 6 figures - SuperNET does that for you to the tune of 10%. Somewhere around there are some reasonable worst-case risk calculations, which I think are estimated at 20% - and that's if various unlikely scenarios occur. To lose everything, Bitcoin and all crypto would have to go to zero.

As a potential investor you can expect to get nothing.

[Cassius]

So, I thought the price of entry was supposed to go up each day, but it's only if the asset sells out at the price set? Shouldn't the asset be pulled and set higher than 129 now? Nobody is going to buy the remaining shares at 129 at this pace, there are just too many.

James put a large buy wall up on the AE so that it wouldn't sell out and people could start selling their assets for far more.
At the moment, 129 is possibly slightly high (not 100% sure though), as the NXT price is at a 1-month high and the price is valued in BTC.

Edit: I take it back! BTER price of 0.01044510 BTC / 0.000079 BTC/NXT = 132.2 NXT. So get them while they're cheap.

[amytheplanarshift]

So, I thought the price of entry was supposed to go up each day, but it's only if the asset sells out at the price set? Shouldn't the asset be pulled and set higher than 129 now? Nobody is going to buy the remaining shares at 129 at this pace, there are just too many.

James put a large buy wall up on the AE so that it wouldn't sell out and people could start selling their assets for far more.
At the moment, 129 is possibly slightly high (not 100% sure though), as the NXT price is at a 1-month high and the price is valued in BTC.

Edit: I take it back! BTER price of 0.01044510 BTC / 0.000079 BTC/NXT = 132.2 NXT. So get them while they're cheap.

Maybe I'm missing something but I don't see any "large buy wall" on the AE. Just a buy wall for 1443 shares (which is not much really considering how much has been invested) just over 127. Where is this buy wall you are talking about?

[sussex]

Someone does need to write a document explaining more precisely what this is about. I am a seasoned BTC, NXT and asset exchange user, but it took me nearly five hours last night to begin to understand what this is about - and I'm still unclear on A LOT.

I imagine most potential investors are staggered at the amount you are aiming to raise and the moment it becomes clear to them that this is not a normal coin investment, they fuck off - they can't be bothered to wade through all this meandering thread trying to get a grip on it when they can put their money in another, more familiar investment.

I for one am standing back from this one until things become more clear, it's just too vague at the moment.

For those wanting to find out more, I found this to be the most useful document to launch my research from:

http://209.126.70.170/SuperNET.pdf

[Cassius]

So, I thought the price of entry was supposed to go up each day, but it's only if the asset sells out at the price set? Shouldn't the asset be pulled and set higher than 129 now? Nobody is going to buy the remaining shares at 129 at this pace, there are just too many.

James put a large buy wall up on the AE so that it wouldn't sell out and people could start selling their assets for far more.
At the moment, 129 is possibly slightly high (not 100% sure though), as the NXT price is at a 1-month high and the price is valued in BTC.

Edit: I take it back! BTER price of 0.01044510 BTC / 0.000079 BTC/NXT = 132.2 NXT. So get them while they're cheap.

Maybe I'm missing something but I don't see any "large buy wall" on the AE. Just a buy wall for 1443 shares (which is not much really considering how much has been invested) just over 127. Where is this buy wall you are talking about?

NXT Asset exchange: 991,327 for sale at 129. There are a few for sale below that - some folks arbing or selling for a slight loss.
On BTER, the amount will change as it's regularly updated.

[Cassius]

Someone does need to write a document explaining more precisely what this is about. I am a seasoned BTC, NXT and asset exchange user, but it took me nearly five hours last night to begin to understand what this is about - and I'm still unclear on A LOT.

I imagine most potential investors are staggered at the amount you are aiming to raise and the moment it becomes clear to them that this is not a normal coin investment, they fuck off - they can't be bothered to wade through all this meandering thread trying to get a grip on it when they can put their money in another, more familiar investment.

I for one am standing back from this one until things become more clear, it's just too vague at the moment.

For those wanting to find out more, I found this to be the most useful document to launch my research from:

http://209.126.70.170/SuperNET.pdf

Did you read www.nxter.org/supernet-ico-has-started/ ??
If so, I'd like to know what concerns it leaves for you (inasmuch as a short doc can satisfy your curiosity, of course) as it may be that you're right and other potential investors want more too.

[gitbknowsall]

[Escrow Solution]

The following is an escrow process that would make investors (including myself!) trust that the funds are safe, at least I think so. First the easy part, Azeh (the founder of BTCD) has agreed to be the Trustee for the BTCD raised and bter has agree to be the Trustee for the CNY raised. Due to the smallish amounts of BTCD and CNY compared to the rest, I dont think there should be any issues with this allocation.

effectsToCause, the founder of VRC, has graciously agreed to help reach out to more coin founders to create a trustable group of Trustees. It is very happy for me to see all the different coin founders working together in the spirit of UNITY.

I have posted at length about the procedure to make a spending request, I wont repeat all that here. The key is to separate the deciding of allowing a spend from the people that are holding the funds.

There will be a spending authorization committee of 7 trusted members, an Approver and the set of trusted members who hold the funds.

When the Requestor (currently me, but this is a spot that can easily be taken over by anyone, just ask!) posts a spending request, the Authorization committee members would verify that everything is in order, eg. it is following the spending rules or election results, and post a token with their approval. If 4 approvals are received, the Approver validates the tokens and posts the Approval of the spending request.

At this point, the Approver will PM all the trustees with a Spending authorized message with URL to the post authorizing it in this thread. An available trustee would verify the official thread to make sure there are no strangenesses (the everyone taken over by aliens scenario) and posts his availability. Immediately, the Approver posts approval of the specific trustee to make payment. then txid is posted and Approver PM's all the trustees (and posts) that the authorized spending #tbd has been paid.

With this method, the Approver is the only one that is doing a lot of work and lucky for me I cannot be the approver as I am the Requestor

The trustees just have to check their messages and if they see an spending approval #tbd without a matching paid PM, they click the URL, verify it is in the official thread here and that there are no aliens, posts availability, sends funds, posts txid
All other trustees can just ignore a matched pair.

In practice, this is the duty of a Trustee other than safekeeping funds:
1. get PM about approved spending
1b. if "funds sent" PM is also there, just ignore
2. verify it is not fake and there is no controversy
3. post availability to send funds
4. when approval is posted, send funds and post txid
(*) If 2 of 3 multisig is used, then two Trustees for a slice will need to coordinate

There is a division of responsibilities and powers. No one is allowed to be more than one of Requestor, Authorization, Approver, Trustee. The specific people who are filling these roles will be listed in the OP.

The amounts for these two currencies are relatively small, so I dont think this is an issue. This leaves the NXT and BTC and I have reached out to other coin creators and known escrowers for the Trustee positions, the NXT community is selecting the 7 Authorization committee members. If you would like to apply to be an Authorization committee member, please post in https://nxtforum.org/index.php?topic=5181.0

This issue of a safe way to escrow the massive amount of funds has not been a simple one to solve. I believe getting the help from other coin devs will be a very good solution as this shows the spirit of UNITY and if we cant trust the core dev's of top coins, then who can we trust? Of course I welcome any feedbacks!

James

####
SuperNET Escrows
Requestor - jl777
Authorization Committee of 7: <selection process pending>
Approver - <position offered>

Trustees:
CNY - Bter
BTCD - Azeh
BTC/NXT - effectsToCause (VRC), coinsolidation (BTM) ...

I would like to apply for the position of approver, really excited to see the birth of a unified network.

[PilotofBTC]

So, I thought the price of entry was supposed to go up each day, but it's only if the asset sells out at the price set? Shouldn't the asset be pulled and set higher than 129 now? Nobody is going to buy the remaining shares at 129 at this pace, there are just too many.

James put a large buy wall up on the AE so that it wouldn't sell out and people could start selling their assets for far more.
At the moment, 129 is possibly slightly high (not 100% sure though), as the NXT price is at a 1-month high and the price is valued in BTC.

Edit: I take it back! BTER price of 0.01044510 BTC / 0.000079 BTC/NXT = 132.2 NXT. So get them while they're cheap.

Maybe I'm missing something but I don't see any "large buy wall" on the AE. Just a buy wall for 1443 shares (which is not much really considering how much has been invested) just over 127. Where is this buy wall you are talking about?

Yes, he mis-spoke. The Asset Issuer account (jame's or perhaps an account he created for this) has a large Sell wall of just less than 1million tokens at 129 NXT. This is to prevent noob investors from paying too much if he 1000 unit sells sell out quickly. The current 1000 unit sell is at 128.44 NXT.

---

After the IPO is done, James said he will put a large buy at NAV. I assume this means Net Asset Value which means to me the liquidation value of all the underlying assets help divided by the number of superNET shares. (He can correct me if I mis-spoke here.)

[Cassius]

So, I thought the price of entry was supposed to go up each day, but it's only if the asset sells out at the price set? Shouldn't the asset be pulled and set higher than 129 now? Nobody is going to buy the remaining shares at 129 at this pace, there are just too many.

James put a large buy wall up on the AE so that it wouldn't sell out and people could start selling their assets for far more.
At the moment, 129 is possibly slightly high (not 100% sure though), as the NXT price is at a 1-month high and the price is valued in BTC.

Edit: I take it back! BTER price of 0.01044510 BTC / 0.000079 BTC/NXT = 132.2 NXT. So get them while they're cheap.

Maybe I'm missing something but I don't see any "large buy wall" on the AE. Just a buy wall for 1443 shares (which is not much really considering how much has been invested) just over 127. Where is this buy wall you are talking about?

Yes, he mis-spoke. The Asset Issuer account (jame's or perhaps an account he created for this) has a large Sell wall of just less than 1million tokens at 129 NXT. This is to prevent noob investors from paying too much if he 1000 unit sells sell out quickly. The current 1000 unit sell is at 128.44 NXT.

---

After the IPO is done, James said he will put a large buy at NAV. I assume this means Net Asset Value which means to me the liquidation value of all the underlying assets help divided by the number of superNET shares. (He can correct me if I mis-spoke here.)

Sorry. Sell wall, of course.

[Litoshi]

Someone does need to write a document explaining more precisely what this is about. I am a seasoned BTC, NXT and asset exchange user, but it took me nearly five hours last night to begin to understand what this is about - and I'm still unclear on A LOT.

I imagine most potential investors are staggered at the amount you are aiming to raise and the moment it becomes clear to them that this is not a normal coin investment, they fuck off - they can't be bothered to wade through all this meandering thread trying to get a grip on it when they can put their money in another, more familiar investment.

I for one am standing back from this one until things become more clear, it's just too vague at the moment.

For those wanting to find out more, I found this to be the most useful document to launch my research from:

http://209.126.70.170/SuperNET.pdf

SuperNet is identical to a hedge fund ETF in the stockmarket world. 

An ETF holds assets, usually commodities or stock, from similar industries, using the investor funds to acquire more.  The ETFs earn income from user fees, which are deducted from the inventory every quarter.  Common ETFs include physical gold, silver, oil, and DowJones100s. 

[jl777]

So, I thought the price of entry was supposed to go up each day, but it's only if the asset sells out at the price set? Shouldn't the asset be pulled and set higher than 129 now? Nobody is going to buy the remaining shares at 129 at this pace, there are just too many.

James put a large buy wall up on the AE so that it wouldn't sell out and people could start selling their assets for far more.
At the moment, 129 is possibly slightly high (not 100% sure though), as the NXT price is at a 1-month high and the price is valued in BTC.

Edit: I take it back! BTER price of 0.01044510 BTC / 0.000079 BTC/NXT = 132.2 NXT. So get them while they're cheap.

Maybe I'm missing something but I don't see any "large buy wall" on the AE. Just a buy wall for 1443 shares (which is not much really considering how much has been invested) just over 127. Where is this buy wall you are talking about?

Yes, he mis-spoke. The Asset Issuer account (jame's or perhaps an account he created for this) has a large Sell wall of just less than 1million tokens at 129 NXT. This is to prevent noob investors from paying too much if he 1000 unit sells sell out quickly. The current 1000 unit sell is at 128.44 NXT.

---

After the IPO is done, James said he will put a large buy at NAV. I assume this means Net Asset Value which means to me the liquidation value of all the underlying assets help divided by the number of superNET shares. (He can correct me if I mis-spoke here.)

this is correct.

As the NAV changes the bid will be adjusted, but probably not in realtime, so it wont always be the exact NAV. Due to the mixture of crypto (and even some fiat) of the portfolio, the NAV should be more stable than any single crypto.

The important thing is that liquidity will be provided fro those that need to cashout. SuperNET is asset backed, so this is not a problem. If the orderbook doesnt have enough volume, just PM me and I will work something out

James

[jl777]

I am in coding mode today, so if I missed any questions, please dont be offended. you can repost if needed

[Este Nuno]

To people wondering what superNET is I'll write a little description of how I expect it to be from the perspective of if I was actually using it. Hopefully jl777 or anyone else can correct any inaccuracies.


I load up my BitcoinDark wallet as I would normally, I have 1000 BTCD waiting for me as I expected. There's an extra button or tab that says 'enter superNET' on it. I have a few things I want to do today that take advantage of the superNET so I click on it. A separate GUI launches. I see a few different options, but the first thing I want to do is send a secure anonymous payment using the current best available anonyimity system, which happens to be integrated in Boolberry(BBR). Since anonymity is very important for this specific payment I'm making, I use the superNET GUI to create a transaction that will take advantage of James' Teleport technology which will enable me to send BBR with my BTCD without leaving my wallet. So I want to send 100 BTCD worth of BBR to the address of my choice, and I do so by creating this transaction in the superNET GUI in a way similar to sending any other standard crypto transaction. The 100 BTCD is automatically converted to BBR at market rate minus a small fee, which I'm more than willing to pay in this case to guarantee my anonymity.

So after I've finished my important business of sending that anonymous transaction, I take a look at the superNET GUI to see what's on offer today. I have the ability to purchase NXT assets directly through my BTCD wallet with BTCD. I notice that today there are some featured assets being displayed on my GUI(that the asset issuers pay a fee to superNET for to have listed as 'featured'). One of the assets I can purchase is tokens that correspond to one oz of silver. I had been meaning to to pick up some silver anyway, since I noticed the price was particularly low recently, so this is very convenient for me. I look in to the asset to make sure that each token you purchase through this NXT asset can be redeemed for one oz of real silver, and indeed they can be. Perfect. So now I have the question of trust, what is the reputation of this person issuing the silver asset? Are they known to be trustworthy? Luckily for me superNET has integrated Bitmark's 'marking' reputation system that will help me gauge whether or not the person issuing the asset can be trusted. Turns out this person has a lot of marks, so I'm pretty confident that I'll be able to redeem my silver tokens for real silver through the asset issuer. So I go ahead and make a few clicks and decide to purchase 50 BTCD worth of silver tokens thanks to James' MGW technology as well as his InstantDEX technology. I finish the transaction and in a few seconds I'm the owner of 50 BTCD worth of silver tokens that were purchased off the NXT distributed asset exchange.

Now that I've done the business I've set out to do I take a look at the superNET GUI once again and I see a link for PrivateBet. Feeling a bit lucky and still having 850 BTCD sitting in my wallet, I decide to try my luck for a little while to entertain myself. I gamble anonymously for a while with my BTCD. People who invested gain from my negative expectation bets while I'm entertained for a while.


Ok, so that was just a small example of how I see superNET working in the not too distant future. Each wallet of each currency that is part of the superNET will all be able to access and take advantage of all of these features from a single GUI that connects thousands of resources in to a single point of access(the superNET GUI).

This is why I think the superNET is an awesome idea and I think it has the potential to really bring a lot quality alternative currencies together in a way that benefits everyone. 

[coinsolidation]

mini extension on EsteNuno's post, marking is itself to be integrated with identifi so it's trust+reputation

[torshammer]

Nice one Este Nuno : -)

[ShroomsKit_Disgrace]

Amazing post Este Nuno, you leave my face like  

I hope you are right and SuperNet will work in this awesome way!

BTW, you (we) should spread your post in other altcoin threads to show how awesome SuperNet could be!  

[Cassius]

Amazing post Este Nuno, you leave my face like  

I hope you are right and SuperNet will work in this awesome way!

BTW, you (we) should spread your post in other altcoin threads to show how awesome SuperNet could be!  

I think a wallet is in the works. If we could get screenshots of the GUI, or a mock-up, that would be quite a powerful marketing tool combined with a case study like Este Nuno's example.
Whale was working on it, but I don't know whether he's GUI. Anyone know?

[igmaca]

To people wondering what superNET is I'll write a little description of how I expect it to be from the perspective of if I was actually using it. Hopefully jl777 or anyone else can correct any inaccuracies.

......

I agree.

It is a great summary 

[jl777]

Someone does need to write a document explaining more precisely what this is about. I am a seasoned BTC, NXT and asset exchange user, but it took me nearly five hours last night to begin to understand what this is about - and I'm still unclear on A LOT.

I imagine most potential investors are staggered at the amount you are aiming to raise and the moment it becomes clear to them that this is not a normal coin investment, they fuck off - they can't be bothered to wade through all this meandering thread trying to get a grip on it when they can put their money in another, more familiar investment.

I for one am standing back from this one until things become more clear, it's just too vague at the moment.

For those wanting to find out more, I found this to be the most useful document to launch my research from:

http://209.126.70.170/SuperNET.pdf

SuperNet is identical to a hedge fund ETF in the stockmarket world. 

An ETF holds assets, usually commodities or stock, from similar industries, using the investor funds to acquire more.  The ETFs earn income from user fees, which are deducted from the inventory every quarter.  Common ETFs include physical gold, silver, oil, and DowJones100s. 

except there is no quarterly fee
and there are the revenues generated from the user base
and the advertising inventory that is sold to websites
and the NXTventure incubating of income producing casino game asset companies
and the SuperTraders who are managing 1000 BTC 7x24 using a hybrid team/individual approach
and whatever other good ideas are approved by the SuperNET owners

If it is not clear to people, this is my fault. I will try to summarize. SuperNET is like an integrated financial/software/advertising company with a clear plan for growing the userbase and ways to monetize this userbase. Without fixed overhead. All the potential of this operating company is available at close to book value. When trading starts there will be a buywall at NAV to provide liquidity.

At current pace, we are at the low ends of the expected funding, but still enough to be doing quite well. My concern is that 10% cap of my contribution will limit the core assets that SuperNET has, which reduces some of its revenue potential. this can always be corrected by voting to approve increasing this 10% cap. What I am saying is that even at current levels getting more funds is going to increase the value per asset.

We are still in the antidilutive stage for additional funding. The more funding comes in the less risk as it will have more "weight", and since the expected revenue per asset is growing during the antidilutive stage, more funding is an advantage to all the investors. At the 5000 BTC level, then this is not optimum to have 500 BTC for the SuperTraders and 500BTC of core assets. So I would suggest boosting these ratios, but this will increase the theoretical worst case scenarios. Due to this, the decision will be up to the assetholders as to the desired funding level for the core assets. The SuperTraders can certainly start with the 500 BTC bankroll. One solution is for the assetholders to authorize to have some unsold assets.

For example, we can approve the issuing of 10% more assets than was sold. This would not actually be a dilution as it would be in the SuperNET acct and would only be spent to increase the value of SuperNET. This can then be used for working capital or investments. Protections from hurting the market price will of course need to be specified. I think it will be best to hold these votings after the close of funding and before the official SuperNET asset is created.

If anybody has any other ideas for voting, just post. The specifics will all depend on how much is raised, so I cannot know the exact things to propose, but the questions of the amount of core assets and whether to have some extra assets that can be used to raise working capital are ones that I feel are important to address before trading begins.

James