Let me make some statements regarding the NOXT>NOBL burn process from my perspective.
- The conversion comes on a first-come first-serve basis when it is private PMs by long-term supporters with relatively low amounts of NOBL that I know will be manageable. The priority is on those who have helped crowd fund with BTC, since they are the ones helping make the project a reality they get an equivalent spot reserved.
- By dealing with many people in PMs, I get to know the supporters and answer Q's as well as weed out the negative. If Moolah still holds 300mil+ of NOBL, well he can't very well do anything with it regarding NOXT. On top of that, whales (Twitter or otherwise) who aren't on the priority list who have 1) p&dumped us over the year, and 2) never once tweeted, promoted or positively supported (marketed) us in any fashion won't get a chance to burn 100s of millions of NOBL (if they wanted to) unless they reach out to me and help with the BTC crowd fund (unless there is room). Hopefully they benefit still from the switch to PoS, the potential huge burn and a second cycle if this first is a success.
- What this boils down to is an
incentive to participate. If people want the amount of NOBL burnt to be raised, they need to get out there and promote us or encourage helping with the BTC portion of the crowd fund so it is maxed and a huge success. There is no value in constant grumbling and criticism without action: what this 50%/50% does is encourage people to actually ensure the crowd fund is a success because these ultimatums say 'hey if I want this to succeed, I need to help make sure the crowd fund is a success so we burn lots of NOBL!'.
A lot of PMs I have gotten (and I have gotten many) basically result to 'I couldn't be bothered to read anything including your FAQ and distribution. Will you burn my NOBL now for me and will I profit?'. There are also a lot of whales who will never speak to me and hold 100s of millions but have profited greatly from our p&dumps during the year and left us worse for wear. My priority is on people who have read, are in constant discussion with myself, contributed to and supported NOXT and the ideas/paper as in my eyes they are the most deserving and the ones who will help me make it a success both for NOXT and for NOBL.
- how are we going to take part in this sale? by sending PMs to Rofo? of by sending NOBL to specified address?
By sending NOBL to a specified burn address -
see here - similar to how Bittrex burns coins.
- when exactly this process is going to start? since it is first come first served basis this is crucial piece of information here.
It's been ongoing. Long-term supporters such as yourself who have PM'd me have been ensured a spot because of the low amount of coins. Those who have PM'd me and have contributed with the BTC crowd fund have also been ensured priority.
- if there is one or few bigger players out there who act quickly they could easily grab the majority of coins if not all of them
They will be able to do this if they help an equivalent amount with the crowd fund, as would be their right in my opinion for helping make the project a success.
Now I don't mind your alternative idea, I considered it myself. However the biggest problem then comes down to the following questions.
1) If lots of NOBL is raised, what happens and how do people feel if their NOXT exchange rate is appalling (half the amount as if they just used BTC or sold NOBL at the start?) - Say 1.5 billion NOBL are burnt and now 500k NOXT are distributed proportionally - the exchange rate will be terrible and supporters bitter
2) How are people who helped the BTC portion and who made the crowd fund a success rewarded/prioritized as a thank you?
If the demand is so high for NOBL to be burnt than that is great, however it should be proportional to the BTC that actually makes the project a success. If it's a predetermined rate then all parties know the exchange rate in advance & what gives them the 'best bang for their buck' as a reward in NOXT. If I get an overwhelming public response
for your proposed approach in the thread, including from people who have already pledged BTC, then I would be happy to do your alternative.
