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

[Breasal]

Both polls so far unanimous. Looks like James will be getting his extra 5% soon.

I really hope so, think about what we all have then 

I can´t really understand what this voting is about, although I have two master degrees and have read the text several times. Could someone please explain it to me?

There you have it, master degrees won`t get you anywhere. Just stay on the train, and keep your hands inside the vehicle at all times . .

Perfect! 

[torshammer]

good one :- )

[jl777]

as soon as the SuperNET asset is distributed, TOKEN loses all value so I strongly advise to remove any TOKEN bids in the AE after 1400 GMT on Tuesday

James

I believe this information this changed.

It's possible that the plan for going from TOKEN->SuperNET on the Nxt AE is changing and that it will now happen via a share swap. TOKEN holders will have to send their asset to an address and only then will they receive SuperNET. (This is to prevent confusion/scams in terms of TOKEN.) In this case TOKEN won't lose its value but will become extinct as it is all sent to Genesis (This is the way to destroy assets/Nxt in the Nxt system.)

Best to wait for James to confirm.

If you can get this working soon, then I confirm this.
can you confirm when you can get the swap working?
it doesnt (shouldnt?) be automated
I think every so often to do it manually so a list of already swapped can be made to prevent any errors

James

[jl777]

give me a bit of time to tally up the official totals

[starfishi]

good one :- )

I`m guessing, you all don`t have any master degrees ?

[valarmg]

as soon as the SuperNET asset is distributed, TOKEN loses all value so I strongly advise to remove any TOKEN bids in the AE after 1400 GMT on Tuesday

James

I believe this information this changed.

It's possible that the plan for going from TOKEN->SuperNET on the Nxt AE is changing and that it will now happen via a share swap. TOKEN holders will have to send their asset to an address and only then will they receive SuperNET. (This is to prevent confusion/scams in terms of TOKEN.) In this case TOKEN won't lose its value but will become extinct as it is all sent to Genesis (This is the way to destroy assets/Nxt in the Nxt system.)

Best to wait for James to confirm.

If you can get this working soon, then I confirm this.
can you confirm when you can get the swap working?
it doesnt (shouldnt?) be automated
I think every so often to do it manually so a list of already swapped can be made to prevent any errors

James

Current plan for ShareSwap Module:
1) Redeem ac specified. Original asset specified.
2) Module loops through all original assets sent to redeem ac and for each one...
         a) Module checks sender_account, transactionID, amount of assets
         b) Module checks for replacement assets sent to sender ac with above transactionID as unencrypted message.
         c) If not found, then send appropriate amount of assets to sender account with transaction ID as unencrypted message
3) Module is rerun a few hours or days later. Each time, it should check and then ignore transactions involving assets already swapped.

Module will be able to be run in a 'checking' mode which will report the assets which need to be sent, but not do any sending (won't do part c). This can be used first to make sure there's nothing weird going on.

Hoping to have something available for testing tomorrow. Any flaws in the above prodecure?

[starfishi]

Both polls so far unanimous. Looks like James will be getting his extra 5% soon.

I really hope so, think about what we all have then 

I can´t really understand what this voting is about, although I have two master degrees and have read the text several times. Could someone please explain it to me?

mcjavar, sorry, i also don´t understand even half of it. But i vote for jl777, he`s a good guy, and he seems to know what he`s doing . .  Sorry for making fun of you, i wish to have a degree, but I don`t, too stupid . . .

[Kevondo]

Both polls so far unanimous. Looks like James will be getting his extra 5% soon.

I really hope so, think about what we all have then  

I can´t really understand what this voting is about, although I have two master degrees and have read the text several times. Could someone please explain it to me?

mcjavar, sorry, i also don´t understand even half of it. But i vote for jl777, he`s a good guy, and he seems to know what he`s doing . .  Sorry for making fun of you, i wish to have a degree, but I don`t, too stupid . . .

It's my understanding the Vote was concerning the payment of the Bonus to be returned to James.

He financed SuperNET with 2,000 BTC of his own.

In the original statements He was to receive 10% of the Total BTC Value raised from the ICO.

A "NO" vote keeps that in place.

A "Yes" Vote activates a new two part  deal for James.
          1. If at the end of 2015 the price of UNITY is three times the yet to be calculated price (NAV). he gets a   5% bonus
           2. If at the end of 2016 if the Price of UNITY is 10 Times the starting NAV he gets another 5%.

            If the targets aren't hit he gets nada.

They way the math works is :
      A. Best case probaly 1500 BTC returned
       B. worst case  He gets ZERO!

[Qwitnix]

Current plan for ShareSwap Module:
1) Redeem ac specified. Original asset specified.
2) Module loops through all original assets sent to redeem ac and for each one...
         a) Module checks sender_account, transactionID, amount of assets
         b) Module checks for replacement assets sent to sender ac with above transactionID as unencrypted message.
         c) If not found, then send appropriate amount of assets to sender account with transaction ID as unencrypted message
3) Module is rerun a few hours or days later. Each time, it should check and then ignore transactions involving assets already swapped.

Module will be able to be run in a 'checking' mode which will report the assets which need to be sent, but not do any sending (won't do part c). This can be used first to make sure there's nothing weird going on.

Hoping to have something available for testing tomorrow. Any flaws in the above prodecure?

I don't see any problems with those steps.

I don't have any Token on AE, but happy to test it with some other asset, or on test net. I'll be available in about 21 hours from the time I'm posting this (can never figure out what time that is in other places

[Kevondo]

Current plan for ShareSwap Module:
1) Redeem ac specified. Original asset specified.
2) Module loops through all original assets sent to redeem ac and for each one...
         a) Module checks sender_account, transactionID, amount of assets
         b) Module checks for replacement assets sent to sender ac with above transactionID as unencrypted message.
         c) If not found, then send appropriate amount of assets to sender account with transaction ID as unencrypted message
3) Module is rerun a few hours or days later. Each time, it should check and then ignore transactions involving assets already swapped.

Module will be able to be run in a 'checking' mode which will report the assets which need to be sent, but not do any sending (won't do part c). This can be used first to make sure there's nothing weird going on.

Hoping to have something available for testing tomorrow. Any flaws in the above prodecure?

I don't see any problems with those steps.

I don't have any Token on AE, but happy to test it with some other asset, or on test net. I'll be available in about 21 hours from the time I'm posting this (can never figure out what time that is in other places

Try this site  http://www.timeanddate.com/worldclock/fixedtime.html?msg=SuperNET+ICO+ends&iso=20140923T14&p1=211

[Nxtblg]

BTER update

Approve Bonus      52071 (98.35%)
Reject Bonus      876 (1.65%)

I'm one of the Ayes - I voted my 100 TOKENs for "Approve Bonus".

[jl777]

[Official Funds Raised Report]

bter 303370.1402 + NXT AE 267873 TOKEN = 571243.1402 TOKEN

1201.4874086 BTC, 13836576.42463729 + 33252122.74985353 NXT, 37559.38107027 BTCD, 713706.73861822 CNY, 5403 VIA, 435658.49 VRC

1201.4874086 BTC
BTCD rate 0.01252290 BTC    37559.38107027 = 470.3524 BTC equiv
NXT rate 0.00007890 BTC   47088699.1745 = 3715.3 BTC equiv
VRC rate 0.00014073 BTC   435658.49 = 61.31 BTC equiv
VIA rate 0.00029967 BTC   5403 = 1.6191 BTC equiv
CNY rate ¥ 2486 per BTC 713706.73861822 = 287.09 BTC equiv

total BTC equiv = 5737.1589

Due to recent drop in NXT price and it being ~65% of total deposits, it is reduced the NAV a bit.

Assuming the Bonus plan is passed, a total of 816061 SuperNET (UNITY) will be issued with 81606.1 to me and the rest in SuperNET account, with 81606.1 held in reserve until the bonus situations are resolved. The current outstanding UNITY is therefore 652849.2402 and the NAV buywall would be at .0088 BTC.

The asset NAV adds:
InstantDEX   241'485   1'000'000   24.15%   73.99   73.98   17'865'060
NXTcoinsco   241'485   1'000'000   24.15%   38.5   34   8'210'490
NXTprivacy   241'485   1'000'000   24.15%   59   50.5   12'194'992.5
38270542.5 NXT -> 3019.5458 BTC equiv!
I guess during the last week, the 2000 BTC of assets became 3000 BTC

asset BTC equiv = 8756.7047 -> asset NAV = 0.013413 BTC

Secondary market in TOKEN is currently at ~170 NXT which is around .013
this gives an implied marketcap of about 10610 BTC = ~$4.6 million USD or #17 on the combined coinmarketcap

The 3x Bonus threshold is 5737.1589 * 3 = 17211.4767 before end of 2014
The 10x Bonus threshold is 57371.589 before end of 2015

James

[valarmg]

Assuming the Bonus plan is passed, a total of 816061 SuperNET (UNITY)

Where did you get 816061? Shouldn't it be the TOKEN sold (571243) + 10%?

[CECVW]

Both polls so far unanimous. Looks like James will be getting his extra 5% soon.

I really hope so, think about what we all have then 

I can´t really understand what this voting is about, although I have two master degrees and have read the text several times. Could someone please explain it to me?

Sorry I can't give you the answer because I also have two master degrees

[RichardT]

Assuming the Bonus plan is passed, a total of 816061 SuperNET (UNITY)

Where did you get 816061? Shouldn't it be the TOKEN sold (571243) + 10%?

Yeah, a more detailed explanation is needed.  I was not expecting that much total UNITY even after the bonus conditions are met.  That's way more than the 20% max dilution previously proposed.

[Cassius]

The current outstanding UNITY is therefore 652849.2402 and the NAV buywall would be at .0088 BTC.

...


asset BTC equiv = 8756.7047 -> asset NAV = 0.013413 BTC

so does the fact that the asset nav is at 0.013xxx  mean the buywall at 0.0088 would actually be undervalued? if the assets are backing unity would the buywall not supposed to be placed at the asset nav?

That would be a little too generous
Buy wall is in place to make sure investors don't lose out if they need to sell early, not to allow them to profit from instant arbitrage. But yes, they would be silly to sell at 0.0088, because although they only paid that much (give or take) their assets would be worth more.

[Cassius]

Assuming the Bonus plan is passed, a total of 816061 SuperNET (UNITY)

Where did you get 816061? Shouldn't it be the TOKEN sold (571243) + 10%?

Yeah, a more detailed explanation is needed.  I was not expecting that much total UNITY even after the bonus conditions are met.  That's way more than the 20% max dilution previously proposed.

652849.2402 TOKEN sold.
Of the total UNITY issued, SuperNET gets 10% and another 5+5% are held as James' bonus. So:
652849.2402 = 80% UNITY
652849.2402 / 80 * 100 = 816061.

I just missed out on 0.1%

Edit: 10% for SuperNET, not James!

[jl777]

Assuming the Bonus plan is passed, a total of 816061 SuperNET (UNITY)

Where did you get 816061? Shouldn't it be the TOKEN sold (571243) + 10%?

These numbers are assuming the Bonus plan is passed and since you can never issue any extra assets, I need to issue them all at once.

10% (5% + 5%) needs to be in reserve and there is also 10% for working capital. As long as these assets are held by SuperNET, then whatever its dilution is balanced by its value, so the extra 20% is not counted in NAV calculations

Also, the NAV buy wall is excluding the assets. It is one thing for me to personally put in 3000 BTC for 570 BTC worth of SuperNET, but then to base the buywall using the asset value is not reasonable. The asset NAV is posted for reference, the buywall will be calculated without the value of assets. This has been described before in detail.

if NXT value goes up to .000085 then the buy wall should be close to .01

James

[jl777]

Assuming the Bonus plan is passed, a total of 816061 SuperNET (UNITY)

Where did you get 816061? Shouldn't it be the TOKEN sold (571243) + 10%?

Yeah, a more detailed explanation is needed.  I was not expecting that much total UNITY even after the bonus conditions are met.  That's way more than the 20% max dilution previously proposed.

20% is held by SuperNET itself so it is not dilutive. 10% of that is for the bonus and 10% for working capital
This is why it is called NAV (net asset value), for adjustments like this.

just think of it this way. if UNITY value goes up, SuperNET holds 20% of UNITY, so the 20% dilution caused by this is offset by the 20% gain.

James

[Graffenwalder]

[Official Funds Raised Report]

bter 303370.1402 + NXT AE 267873 TOKEN = 571243.1402 TOKEN

1201.4874086 BTC, 13836576.42463729 + 33252122.74985353 NXT, 37559.38107027 BTCD, 713706.73861822 CNY, 5403 VIA, 435658.49 VRC

1201.4874086 BTC
BTCD rate 0.01252290 BTC    37559.38107027 = 470.3524 BTC equiv
NXT rate 0.00007890 BTC   47088699.1745 = 3715.3 BTC equiv
VRC rate 0.00014073 BTC   435658.49 = 61.31 BTC equiv
VIA rate 0.00029967 BTC   5403 = 1.6191 BTC equiv
CNY rate ¥ 2486 per BTC 713706.73861822 = 287.09 BTC equiv

total BTC equiv = 5737.1589

Due to recent drop in NXT price and it being ~65% of total deposits, it is reduced the NAV a bit.

Assuming the Bonus plan is passed, a total of 816061 SuperNET (UNITY) will be issued with 81606.1 to me and the rest in SuperNET account, with 81606.1 held in reserve until the bonus situations are resolved. The current outstanding UNITY is therefore 652849.2402 and the NAV buywall would be at .0088 BTC.

The asset NAV adds:
InstantDEX   241'485   1'000'000   24.15%   73.99   73.98   17'865'060
NXTcoinsco   241'485   1'000'000   24.15%   38.5   34   8'210'490
NXTprivacy   241'485   1'000'000   24.15%   59   50.5   12'194'992.5
38270542.5 NXT -> 3019.5458 BTC equiv!
I guess during the last week, the 2000 BTC of assets became 3000 BTC

asset BTC equiv = 8756.7047 -> asset NAV = 0.013413 BTC

Secondary market in TOKEN is currently at ~170 NXT which is around .013
this gives an implied marketcap of about 10610 BTC = ~$4.6 million USD or #17 on the combined coinmarketcap

The 3x Bonus threshold is 5737.1589 * 3 = 17211.4767 before end of 2014
The 10x Bonus threshold is 57371.589 before end of 2015

James

Shouldn't the bonus include the assets? If not the first 5% is almost (x2) met. Don't mean to be trolling but the tokens were meant to be sold at 0.015 BTC everything under was discount. Now tokens are worth 0.0088 BTC.

The reason for the decline in NXT has mostly to do with this whole IPO. Because of the 5% discount t half way through the IPO easy money was made buying in with NXT and selling for BTC. This caused a NXT pump, after this resulted in a NXT correction. And thus a correction in the token NAV.

I hope this was a mistake, not including the assets.