[ANN] CryptoPlay: Selling Shares

[NxtChg]

Company

While making the bomberman game I've realized that I work most productively when I have a side-project to switch to from time to time.

So me and Titulaer are forming a virtual company called CryptoPlay, which will focus on making games that use cryptocurrencies as game money.

(Don't mind his brand new account, he was around since at least 2009, same as me, it's just that this project requires a bit more anonymity due to its semi-legal status).

The good news is, we're selling shares: https://cryptoplay.net/xchg/

We considered doing it on some other platform, but doing it in-house allows us to pay dividends automatically, maybe even daily!

Projects

We have two upcoming projects – one smaller and one bigger. Both are browser-based, so they share a lot of code. We hired professional graphic designers to do the graphics and Titulaer paid them out of his own pocket. He also writes most of the code under my close supervision.

The smaller project will be announced soon, after the initial sale is over. The bigger one will take a few months to complete.

Dividends

10% of all profits will go to charities. 90% will be paid out as dividends.

We do not have salaries, instead we grant ourselves 50% of all the shares (yeah, that's what being a start-up founder gets you ) and will be paid the same way as everybody else.

Distribution

There will be total 100,000 shares.

4,000 will be distributed among existing simcoin stakeholders proportional to their stake, as a token of gratitude for their patience
You can login to the new exchange using your simxchg user id and password and see what you've got (the snapshot was taken on January 16th).

Remaining 46,000 shares will be auctioned on the exchange. We will sell them in, say, 1-2 weeks.

The money raised will be used solely for company needs: additional development, hosting, promotions, etc.

In case of the company sale the money will be distributed to all shareholders proportionally (for example, if it's sold for 10 M and you have just 1 share, you'll get a 100 bucks).

This IPO gives you an opportunity to both speculate on share price and be a long-term investor.

[Emerger]

I've been following Simcoin with much anticipation & enjoyment and glad to see you doing whatever helps you focus on it.

Can you say what kind of games are you planning? i.e. Are they gambling based (as the "semi-legal status" implies) or more skill-based (in which I don't see a legal issue)?

Bomberman looked like a skill game to me but I have not played it yet.

[Nxtblg]

Wow...nice!

[NxtChg]

The status of real money in skill-based games is not yet clear - it's easy for governments to just equal them to gambling without much thinking.

Also our first two projects will be gambling-based (but a fresh look at it of course). We're playing it safe in the beginning, gambling is hugely addictive and usually profitable

But we plan to gradually move to skill-based games, like MMORPG.

[Momimaus]

Really? Simcoin is far away from launching und you start the next project?

[NxtChg]

Really? Simcoin is far away from launching und you start the next project?

a) this is not a "next project"

b) my involvement is very limited, I mostly just answer Titulaer's questions about how to do something best and review his code to make sure he's on the right track

c) when I occasionally do write code, I try to work on something that will be useful in Simcoin too, like the WebSockets server I did

d) a side project helps when you run out of ideas - you do something different for a while and then come back with new ones; there's no reason to just sit and stare at the wall...

I've been working on Simcoin for the past 9 months, believe me, I want it finished more than anybody else

[Momimaus]

Really? Simcoin is far away from launching und you start the next project?

a) this is not a "next project"

b) my involvement is very limited, I mostly just answer Titulaer's questions about how to do something best and review his code to make sure he's on the right track

c) when I occasionally do write code, I try to work on something that will be useful in Simcoin too, like the WebSockets server I did

d) a side project helps when you run out of ideas - you do something different for a while and then come back with new ones; there's no reason to just sit and stare at the wall...

I've been working on Simcoin for the past 9 months, believe me, I want it finished more than anybody else

Alright bro, then have fun.  Good luck.

[Tobo]

How does the auction work?

[mcjavar]

I've sent a few Satoshis to the exchange. What will be the IPO price?

[NxtChg]

Somebody already grabbed the starting 1,000 shares for 1 BTC I put there? That was quick

The point of the auction is price discovery. So set your buy order to some small price. Then somebody will place his order above you. Then you either cancel and set a new order higher or just wait.

I will check the exchange few times a day and dump to highest bidders.

Our goal is to raise as much money as possible, your goal is to get shares as cheaply as possible

At some point we will meet.

[Nxtblg]

Somebody already grabbed the starting 1,000 shares for 1 BTC I put there? That was quick

The point of the auction is price discovery. So set your buy order to some small price. Then somebody will place his order above you. Then you either cancel and set a new order higher or just wait.

I will check the exchange few times a day and dump to highest bidders.

Our goal is to raise as much money as possible, your goal is to get shares as cheaply as possible

At some point we will meet.

Some nibbles at 0.002 BTC too - looks good!

[tclauss]

NxtChg: how long it takes you to process withdrawals from https://cryptoplay.net/xchg ?

[NxtChg]

NxtChg: how long it takes you to process withdrawals from https://cryptoplay.net/xchg ?

Processed.

[tclauss]

Thks :-)

[NxtChg]

UPDATE:

We sold 5,000 shares so far and raised almost 5 BTC.

41,000 shares are still for sale.

[NxtChg]

We have exactly 40,000 shares left. Our goal is to raise about 120 BTC, so the target price for us is about 0.003.

Why so much?

The casino industry commissioned a report into the casino gaming reserve by Professor Bill Eadington of the University of Nevada.  The report addressed the mathematics of the volatility of casino games in order to estimate the maximum risk exposure of the casino to losses.

Professor Eadington concluded that the gaming reserve's requirement of a figure of 5,000 times the maximum bet for roulette ‘fulfils its purposes in protecting against short term adverse volatility’...

Since our first two projects are gambling-based, we need a lot of reserves. The more reserves we have, the higher bets we can accept.

Higher bets mean higher payouts. And higher payouts attract more people and thus increase profits.

We will also need to buy ads and other forms of promotion to attract players.

So we are not in any hurry to sell and might continue selling even after the start of the beta-testing of Project A.

Of course, if we fail to generate enough interest, eventually we will have to sell at whatever price the market has to offer.

[NxtChg]

UPDATE:
* 10 BTC raised so far
* 38 000 shares to go

[NxtChg]

We have our own forum now: https://simtalk.org:444