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Author Topic: [ANN] SuperNET NXT asset 12071612744977229797, SUPERNET KMD assetchain in summer  (Read 735271 times)
jl777
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September 06, 2014, 08:09:59 AM
 #901

James, a tough question, but what is the contingency plan if Bter goes belly up after the sale? It's a serious project you're undertaking, and you need to provide insurances of sorts to investors. You said you were looking for escrow for funds that investors channel to Bter, is there any progress in there yet? One can never be too paranoid about centralized exchanges. Obviously, buyers at NXT AE can feel more secure in this force majeure situation? Or not?
I am working with HumanFractal and DomP on a distributed solution. The basic idea would be as follows:

using 2 of 3 (in reality probably bigger numbers will be used)
I would have the emergency backup key, I dont want to be needed for every tx!
freeworm would have one of the keys needed
there will be a pool of N trusted people from the NXT, BTC and BTCD communities who have the third key

Each block of X BTC would be put into a multisig acct
so X would be approx net BTC / N, where net BTC is after the 1% for costs, 10% for supertraders and some amount that is not an issue for bter to hold and I like the looks of Xapo and even Coinbase for some 10% level amounts. All tx will be publicly documented.

I posted the disbursement procedure a few pages back (I hope noashh will make a convenient page with all such things in one place) so when there is a disbursement needed, the approval is posted and the first of the N trustees who is available would do the payment tx.

If I appear to be taken over by aliens or appearing to be a monkey, then the community can raise an objection before disbursement is completed. However if it is a disbursement within the prescribed authority, the trustees are honor bound to release payment.

Now I know people from NXT and BTCD communities, but not so many from the BTC world itself, so I really need some help in getting this list of trusted members. I cant be the one to coordinate this list as there needs to be arms length between me and the trustees, so somebody else has to step up to coordinate this effort. The list will be vetted by the community and if there are any credible objections, then that would probably be enough for rejection.

Anyway, this is something I just started today so I apologize for its rough state, but the key is the selection of the trustees. I think people would feel much better if the trustees are significant stakeholders in SuperNET, but this is no requirement. We might need quite a few so, the sooner we can start this selection process the better.

First we need a responsible hard working person to coordinate this that is not currently already saturated.

James

P.S. if you are not comfortable with bter holding the funds for 2 to 4 weeks, just buy in the last hour it will be well know what the expiration hour is and we can make much larger volumes available the last hours if this is an issue

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
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jl777
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September 06, 2014, 08:19:26 AM
 #902

wow 10k BTC that is alot of money. i ain't seeing my money double quick so i am out good luck.


It's about $5 million. I think we've approached peak-James, and I'm afraid of heights especially in light of this:

After careful deliberation, we have decided to not participate in the SuperNet ICO. I understand that a large community is excited about SuperNet, and since we were initially announced as the ICO host, I wanted to take a moment to explain how we came to arrive at this decision.
 
For the past couple of days, we’ve been in discussions with our attorneys about hosting the SuperNet ICO. As several community members pointed out in this very thread, the sale of SuperNet tokens could be interpreted as the sale of unregistered securities. Our attorneys came to the same conclusion and have since advised us against taking part in the SuperNet ICO for this reason.
 
Further, one of our ICO requirements is identity verification (https://www.poloniex.com/icoRequirements); this requirement exists to protect investors and to lend credibility to the ICO. Despite several attempts to convince James the importance of revealing his identity, we were ultimately unable to reach an agreement that satisfied both parties.
 
We needed time for due diligence, to carefully assess the legal implications of taking part in SuperNet, and also the time to set up our backend systems to support it. James was very eager to get this going, however, so he chose to go with another host before we could communicate to him our findings and final decision.
 
We have since communicated with James, and we wish him the best of luck.
if you are not comfortable in any way at all, please do not invest. If you are believing in the cause a donation up to 1 BTC would be appreciated.

I have posted my response about applying fiat rules in crypto. If you are wanting fiat rules, then there are plenty of fiat investments backed by the full power of the fiat legal system and this guarantees that all fiat investors are protected and nothing will ever go wrong.

In crypto, everything is a risk and the ones who make the right choices make disproportionate returns.
This will not always be the case, but it is for now

James

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
EtherCoin
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September 06, 2014, 08:19:53 AM
 #903

I cannot control what other parties do, I only posted what was confirmed to me.
JLH happened about a month ago, it is a single purchase to invest in almost all my assets and other NXT assets, not really related to SuperNET except it contains 10% slices of all the SuperNET core assets and is probably a bit undervalued now.

The official TOKEN on NXT AE and bter will both get corresponding SuperNET asset. This complication was to help polo get lawyers approval and it was too late to simplify when I am notified after the golive time that they have to back out.

So you can get it on NXT or bter, same result different method

make sure it is the official asset issued by the official acct in the OP if you get it on NXT AE

Thanks for the answer James, my bad not realizing that JLH is a month+ old.

About Polo, is understandable. I am subjectively pissed off because is not an exchange that I used at all, and moved some funds merely because my interest in superNET project. Just mildly irritating to have to move funds from here to there again, but again your point is totally valid.

Appreciated the explanation regarding NXT/BTER differences, between Pond and you I have no doubts left about this matter.

Eth.
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September 06, 2014, 08:22:24 AM
 #904

wow 10k BTC that is alot of money. i ain't seeing my money double quick so i am out good luck.
thank you.
SuperNET is not for pump and dumping and if this is what you are expecting, please limit yourself to a 1 BTC donation, but only if you agree with the SuperNET philosophy of UNITY

It is a long term cause based investment that happens to be 99% backed with BTC, BTCD, NXT and some few assets. Maybe there could be some revenues in the future to allow for PE or PS or dividend ratio based valuations, but these are not for the bother of P+D seeking day traders

James

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
trythisnow
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September 06, 2014, 08:23:48 AM
 #905


 Given the normal BCT crowd who greedily latch onto IPOs without regard for due diligence, this is a perfect fodder.


I wish you luck and hope you raise 10k BTC. So that once this goes belly up, people on this forum had learned their lesson.



Don't jump on a thread and insult everyone by calling them greedy or accuse them of not having due diligence. And then to top it off hope for everyone's down fall.

Charming.
You have already expanded the thread by 3 posts to do what exactly? Go through the thread and see if there are any difficult questions posed till now. I can tell you right way - there are NONE. So considering a lofty IPO from a guy who has too many things on his plate - InstaDEx, PrivateBet and yet to deliver, people seem to be happy to throw money for an utopia. If that is not greedy, I am not sure what is.

if you have done your due diligence, tell me this - no peeking/searching - how many of jl777's so called assets are investing in his own asset?  Another question - what jl777 assets are not part of his "additional revenue services" of SuperNet?  

Now considering jl777 has yet to deliver on his other lofty projects - InstaDex, PrivateBet and what not, I feel it to be too early/fishy/unfair for him to ask a huge amount for his "experiments". He claims he has written 40k lines of code for Supernet, then you have to wonder, what was wrong with presenting at least an early alpha before asking for money. Instead of people asking him for a proof and are spending time salivating -- is that not greed, if no then what is?

So calm your tits and stop cursing people without understanding their point of view.
jl777
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September 06, 2014, 08:24:33 AM
 #906

I cannot control what other parties do, I only posted what was confirmed to me.
JLH happened about a month ago, it is a single purchase to invest in almost all my assets and other NXT assets, not really related to SuperNET except it contains 10% slices of all the SuperNET core assets and is probably a bit undervalued now.

The official TOKEN on NXT AE and bter will both get corresponding SuperNET asset. This complication was to help polo get lawyers approval and it was too late to simplify when I am notified after the golive time that they have to back out.

So you can get it on NXT or bter, same result different method

make sure it is the official asset issued by the official acct in the OP if you get it on NXT AE

Thanks for the answer James, my bad not realizing that JLH is a month+ old.

About Polo, is understandable. I am subjectively pissed off because is not an exchange that I used at all, and moved some funds merely because my interest in superNET project. Just mildly irritating to have to move funds from here to there again, but again your point is totally valid.

Appreciated the explanation regarding NXT/BTER differences, between Pond and you I have no doubts left about this matter.

Eth.
I am just doing the best I can considering the circumstances and I appreciate your understanding. I do apologize for the inconvenience and will do my best to make sure you will be happy for supporting the SuperNET UNITY cause

If you have any questions at all, please ask. I am in no condition to do any coding for some reason, so I am just doing support posts.

James

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
peled1986
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September 06, 2014, 08:28:55 AM
 #907

@James  Can you please make a "tree map" that shows all your projects and how they are connected? (It will be very valuable for SuperNET investors and will save us a lot of time to connect all the dots by ourselves)
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September 06, 2014, 08:29:29 AM
 #908

Until we get on-demand revenue share payments done, it would be on some regular basis, monthly or quarterly, using the NXT dividend mechanism. This is already in place and has been working for a while. valarmg has done an excellent service for all the NXT asset holders

Thanks for patientyl answering all our questions.
I could find only little information on the dividend mechanism you're talking about though.
Do i understand this correctly that you will initiate a payout and then everyone get's their share into their NXT accounts ?

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September 06, 2014, 08:34:33 AM
 #909


 Given the normal BCT crowd who greedily latch onto IPOs without regard for due diligence, this is a perfect fodder.


I wish you luck and hope you raise 10k BTC. So that once this goes belly up, people on this forum had learned their lesson.



Don't jump on a thread and insult everyone by calling them greedy or accuse them of not having due diligence. And then to top it off hope for everyone's down fall.

Charming.
You have already expanded the thread by 3 posts to do what exactly? Go through the thread and see if there are any difficult questions posed till now. I can tell you right way - there are NONE. So considering a lofty IPO from a guy who has too many things on his plate - InstaDEx, PrivateBet and yet to deliver, people seem to be happy to throw money for an utopia. If that is not greedy, I am not sure what is.

if you have done your due diligence, tell me this - no peeking/searching - how many of jl777's so called assets are investing in his own asset?  Another question - what jl777 assets are not part of his "additional revenue services" of SuperNet?  

Now considering jl777 has yet to deliver on his other lofty projects - InstaDex, PrivateBet and what not, I feel it to be too early/fishy/unfair for him to ask a huge amount for his "experiments". He claims he has written 40k lines of code for Supernet, then you have to wonder, what was wrong with presenting at least an early alpha before asking for money. Instead of people asking him for a proof and are spending time salivating -- is that not greed, if no then what is?

So calm your tits and stop cursing people without understanding their point of view.
github.com/jl777/libjl777 has been in alpha+ level for a while, reaching beta more recently. All you have to do is compile it and link it into a coin daemon with some few interface functions as described in the OP

I have explained the layered nature of the tech, it is really one project with a SuperNET layer with the others being applications built on top of it. The Privatebet is mostly being done by others
coinomat (or coinomat1 are the same value) is part of the SuperNET core
All the NXTventure incubated Privatebet projects will be contributing to the revenues

Most people here are probably attracted to the ROI profile where the downside is probably -20% in any sort of realistic worst case, but still having some chances of decent book value multiple on opening of trading. Nobody knows what this multiple is. Maybe it will just be 10%, but still the early birds can get a 25% gain over 4 weeks in this minimal case. The ones who are longer term HODL are thinking maybe in some years returns like for BTCD could be possible, but my sense is that by and large most people are agreeing with 90% of what I am saying and with my track record of having tripled a small 1500 BTC sharkfund0 in 3 months and that 8 of my 9 assets have on average gained 2.5x and 125 million NXT and the BTCD went from 100K marketcap to $8 million marketcap in month and a half.

So, there is risk, but managed, at least that is my opinion.

James

P.S. For those hoping for BTCD like returns, I cannot rule this out, but the timeframe will have to be years and all of the current SuperNET goals including giant fiat brain drain and BTC > Tacobell will have to be achieved along with additional improvements to be found. So please do not be expecting the large funds of SuperNET to be multiplied overnight, it is a lot of mass. The good news is that ones it gets going, it will be very hard to slow down.


http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
windjc
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September 06, 2014, 08:36:13 AM
 #910

Why does the presale price on Bter keep edging up?
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September 06, 2014, 08:38:41 AM
 #911

wow 10k BTC that is alot of money. i ain't seeing my money double quick so i am out good luck.


It's about $5 million. I think we've approached peak-James, and I'm afraid of heights especially in light of this:

After careful deliberation, we have decided to not participate in the SuperNet ICO. I understand that a large community is excited about SuperNet, and since we were initially announced as the ICO host, I wanted to take a moment to explain how we came to arrive at this decision.
 
For the past couple of days, we’ve been in discussions with our attorneys about hosting the SuperNet ICO. As several community members pointed out in this very thread, the sale of SuperNet tokens could be interpreted as the sale of unregistered securities. Our attorneys came to the same conclusion and have since advised us against taking part in the SuperNet ICO for this reason.
 
Further, one of our ICO requirements is identity verification (https://www.poloniex.com/icoRequirements); this requirement exists to protect investors and to lend credibility to the ICO. Despite several attempts to convince James the importance of revealing his identity, we were ultimately unable to reach an agreement that satisfied both parties.
 
We needed time for due diligence, to carefully assess the legal implications of taking part in SuperNet, and also the time to set up our backend systems to support it. James was very eager to get this going, however, so he chose to go with another host before we could communicate to him our findings and final decision.
 
We have since communicated with James, and we wish him the best of luck.
if you are not comfortable in any way at all, please do not invest. If you are believing in the cause a donation up to 1 BTC would be appreciated.

I have posted my response about applying fiat rules in crypto. If you are wanting fiat rules, then there are plenty of fiat investments backed by the full power of the fiat legal system and this guarantees that all fiat investors are protected and nothing will ever go wrong.

In crypto, everything is a risk and the ones who make the right choices make disproportionate returns.
This will not always be the case, but it is for now

James


It goes without saying that great reward requires great risk. It also goes without saying that the greater the attention/hype over an ICO/IPO, the less undervalued and the less of an ROI there's likely to be for an investor.

I respect what you've accomplished to this point, James, and wish you the best, as failure of this magnitude would be pretty damaging to an already badly damaged cryptoworld.

But beware: Pride goeth before destruction, and an haughty spirit before a fall.

jl777
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September 06, 2014, 08:40:54 AM
 #912

@James  Can you please make a "tree map" that shows all your projects and how they are connected? (It will be very valuable for SuperNET investors and will save us a lot of time to connect all the dots by ourselves)

funny you mention this!

The guy who created the http://www.nxttechnologytree.com/ approached me for exactly this and I approved the project on the spot. I hope like this is something that would help you.

My fear is that if everybody could see on the screen what I see in my head about all the self-reinforcing revenue flows and positive feedbacks to the coin communities and the effect of the cross marketing the best to the growing user base,well, we might get to where the funds coming in get past the point where my contributions starts shrinking to being a smaller and smaller percentage.

so, if you are not able to visualize the big picture, then this is fine, just limit yourself to 1 BTC
I doubt this visualization will be available until after the fund raising is closed

James

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
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September 06, 2014, 08:41:47 AM
 #913

I know there is TOKEN/BTC & TOKEN/NXT but where is the TOKEN/BTCD?





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SuperNET.org
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r3animation
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September 06, 2014, 08:43:00 AM
 #914

Why does the presale price on Bter keep edging up?

the price is going down to me on token/nxt because nxt has gone up?
jl777
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September 06, 2014, 08:43:47 AM
 #915

Until we get on-demand revenue share payments done, it would be on some regular basis, monthly or quarterly, using the NXT dividend mechanism. This is already in place and has been working for a while. valarmg has done an excellent service for all the NXT asset holders

Thanks for patientyl answering all our questions.
I could find only little information on the dividend mechanism you're talking about though.
Do i understand this correctly that you will initiate a payout and then everyone get's their share into their NXT accounts ?
In NXT we have been doing dividends since May.
Basically the blockchain has a complete record of all assetholders
You specify the amount of NXT (or asset) for the dividend
The total number of assets are prorated by the proportion of assets owned, eg. if you own 1% of the assets, you get 1% of the total dividend
then they are sent out in a loop

For people who keep the SuperNET (UNITY) on bter, it is much simpler actually it will automatically send them the dividend for all bter customers via the above procedure. Then bter would do the same thing using their internal totals

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
jl777
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September 06, 2014, 08:44:34 AM
 #916

Why does the presale price on Bter keep edging up?
15% early bird bonus declining to 0% over 2 weeks. After that it wont change

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
windjc
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September 06, 2014, 08:46:22 AM
 #917

Why does the presale price on Bter keep edging up?
15% early bird bonus declining to 0% over 2 weeks. After that it wont change

But why is declining now, before the sale begins? The price has been edging up already.
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September 06, 2014, 08:47:11 AM
 #918

wow 10k BTC that is alot of money. i ain't seeing my money double quick so i am out good luck.


It's about $5 million. I think we've approached peak-James, and I'm afraid of heights especially in light of this:

After careful deliberation, we have decided to not participate in the SuperNet ICO. I understand that a large community is excited about SuperNet, and since we were initially announced as the ICO host, I wanted to take a moment to explain how we came to arrive at this decision.
 
For the past couple of days, we’ve been in discussions with our attorneys about hosting the SuperNet ICO. As several community members pointed out in this very thread, the sale of SuperNet tokens could be interpreted as the sale of unregistered securities. Our attorneys came to the same conclusion and have since advised us against taking part in the SuperNet ICO for this reason.
 
Further, one of our ICO requirements is identity verification (https://www.poloniex.com/icoRequirements); this requirement exists to protect investors and to lend credibility to the ICO. Despite several attempts to convince James the importance of revealing his identity, we were ultimately unable to reach an agreement that satisfied both parties.
 
We needed time for due diligence, to carefully assess the legal implications of taking part in SuperNet, and also the time to set up our backend systems to support it. James was very eager to get this going, however, so he chose to go with another host before we could communicate to him our findings and final decision.
 
We have since communicated with James, and we wish him the best of luck.
if you are not comfortable in any way at all, please do not invest. If you are believing in the cause a donation up to 1 BTC would be appreciated.

I have posted my response about applying fiat rules in crypto. If you are wanting fiat rules, then there are plenty of fiat investments backed by the full power of the fiat legal system and this guarantees that all fiat investors are protected and nothing will ever go wrong.

In crypto, everything is a risk and the ones who make the right choices make disproportionate returns.
This will not always be the case, but it is for now

James


It goes without saying that great reward requires great risk. It also goes without saying that the greater the attention/hype over an ICO/IPO, the less undervalued and the less of an ROI there's likely to be for an investor.

I respect what you've accomplished to this point, James, and wish you the best, as failure of this magnitude would be pretty damaging to an already badly damaged cryptoworld.

But beware: Pride goeth before destruction, and an haughty spirit before a fall.


please try to understand SuperNET is not backed by "air" but by BTC in escrow
I do not need you to invest, but please try to be accurate in your risk assessment.
The risk is that the escrowed funds held by coinbase, Xapo, bter, community trustees multisig accts have something unexpected happen.  The reward is that any part of the good outcomes I am writing about comes true.

James

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
jl777
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September 06, 2014, 08:50:19 AM
 #919

Why does the presale price on Bter keep edging up?
15% early bird bonus declining to 0% over 2 weeks. After that it wont change

But why is declining now, before the sale begins? The price has been edging up already.
the BTC price would only go up
the BTCD or NXT price could go down if the prices for them go up faster than the decay of the early bird bonus. The price is the moving average of the last 24 hours, so if you are having this data and do some probabilistic moving average predictions (this is possible because we know all the past data points and you can just use a stochastic model for near future price points and use this to replace the oldest values and thus make a reasonably accurate near term projection of the moving average) and optimize the purchase.

Then again maybe it is too much trouble to do unless you already have such signal processing algos implemented

James

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
jl777
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September 06, 2014, 08:50:53 AM
 #920

Why does the presale price on Bter keep edging up?

the price is going down to me on token/nxt because nxt has gone up?
yes, NXT moved up sharply last 24 hrs

http://www.digitalcatallaxy.com/report2015.html
100+ page annual report for SuperNET
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