Jordan what is your opinion on creating a sort of limited time auction for the remaining shares. Where we create additional incentive to buy BKS now and after say 2/3 weeks have passed the sale is over and we stop BKS sale through the main channel. For example a progressive discount (I posted this earlier in a different topic) where you get 4% discount for every 1000 BKS you buy after your initial 1000 bought.
So say someone wants to buy 4000 shares. He gets 3 times (first discount after 2000, second one after 3000 BKS bought etcetc) 4% discount netting him 12% discount in total over his purchase. This combined with the limited time frame where one can still buy BKS though the āofficialā channel should spur some significant interest I think. Also this means we remove the 50000 BKS before BKS gets traded on exchanges and thus relieving sale pressure, yet still generating additional funds now for additional functionality.
I favour this. Iām inclined to believe the optimal time period to continue BKS sales after passage of the proposed motion is three to seven days. This approach probably enhances short term fundraising prospects compared to our original plan.
I doubt existing shareholders would feel this is fair to them.
Fair point. Maybe we could also include previously bought shares towards discount on the next shares you buy. So someone who has already bought 5000 shares would start with 16% discount on the shares he buys in the auction.
[quote=āSabreiib, post:24, topic:2485, full:trueā]Letās wait and see what BKS price trend on CCEDK and other exchanges.
If price drops to 1$, I think your discount plan becomes meaningless.
[/quote]
My proposal is to complete this action before BSK is added on an exchange.
The main reason is that B&C got the initial minimum funding needed for the first release.
That first release is intended to show the basic features of a working decentralized exchange, enough to illustrate its potential, I fee.
Later on, if B&C needs additional exchange, B&Cās shareholders will decide to resume the sales of BKS.
As a very early shareholder of Nu, I can talk from experience. At the beginning, when Nu was first released back in Sep 2014, Nu had only basic features (everything is relative) meaning no NSR grant voting, no tiered liquidity, no dynamic fees voting, no Android wallet to name a few items. Then, shareholders decided to create funds (out of NSR and NBT dilution or creation) to fund the development of such advanced features.
The second reason why I think we should stop the sales of BKS is to protect the price of BKS and reward early investors by increasing its rarity value as stated by @masterOfDisaster in this thread.
I feel that one reason that could motivate some shareholders to push for keeping the sales is greed: getting more BKS at a price below auction price.
But as described again by @masterOfDisaster I think overall increasing the scarcity value now would get you a better ROI in a few month than getting more shares now.
I really donāt want to step on your toes, @Dhume as I appreciate your efforts to sanitize the market price of BKS by trading them off exchanges.
But so far the main criticism of this motion seems to be originating from you and you have a vital interest in keeping the sell pressure high by continuing the BKS sale to fuel your buy approach: Got unwanted Blockshares due to holding Nushares? Sell them!
As long as the sale of 50,000 BKS at $4.x is continued, this pushes the market price per BKS down, below $4.
While I can only encourage you to stick to your plan to buy āunwantedā BKS, I think this motion is in the best interest of BCE and its holders.
Itās required to stop limiting BKS market price at below $4 and increase the total market value of BCE.
This will make BCE more valuable, more attractive for future buyers and will BCE allow to get more money by selling BKS later when they are āwantedā at even higher prices to fund additional development/marketing/dividends!.
This additional funding will be very transparent and allow financial control due to the nature of BKS grants which will create BKS for a specific purpose based on BKS holder consensus.
If no fundamental and reasonable criticism of this motion gets posted Iāll finalize it within the next 12 hours.
BKS holders, please be prepared to start voting
in favor of this motion by entering the motion hash (once itās available in the initial post) into the BCE client while minting OR
against this motion, by NOT entering it into the BCE client while minting - just leave everything as it is (with regard to motion)
As long
as the sale of 50,000 BKS at $4.x is continued, this pushes the market price
per BKS down, below $4.[/quote]
As I pointed out in the original post in my topic.
[quote]While
I can only encourage you to stick to your plan to buy āunwantedā BKS,
I think this motion is in the best interest of BCE and its holders.
Itās
required to stop limiting BKS market price at below $4 and increase the total
market value of BCE.
This
will make BCE more valuable, more attractive for future buyers and will BCE
allow to get more money by selling BKS later when they are "wanted"
at even higher prices to fund additional development/marketing/dividends!.
This
additional funding will be very transparent and allow financial control due to
the nature of BKS grants which will create BKS for a specific purpose based on
BKS holder consensus. [/quote]
I think weāve discussed this enough, but itās a different business philosophy. I am in
favor of raising additional funds now to ensure additional functionality when
the exchange goās live, you are not. I am against the āplannedā dilution of
shares later on by issuing new BKS to fund additional development later, you
are not. But by all means put the motion up for voting I like the voting
mechanism and am totally in favor of shareholders deciding, even if I
personally disagree.
Shareholders could always pass a motion to fund more development from the profit gained from BlockCredit sales. Also, if that profit didnāt exist yet, BlockShare grants and auctions could be used, but that doesnāt mean that BlockShares would be permanently diluted. We could then do share buybacks and burning once BlockCredit sales pick up.
I am not against additional funding.
Iām against wasting money by selling BKS cheap.
I donāt know what timeline you have in mind when you are talking about the exchange going live. I think of several months from now.
I expect that BKS will be sold until then even if this motion passes and the current sale stops.
Only they might be sold for way above $4.x then.
In the end less than the current total amount of a bit over 200,000 BKS1 that is currently existing (50,000 of them are not yet sold) might be needed to fund even more development and marketing.
You are speaking of a planned dilution of shares?
This motion is going to stop it by burning up to 50,000 BKS.
I donāt
know what timeline you have in mind when you are talking about the exchange
going live. I think of several months from now.[/quote]
4/6
months minimum.
[quote]You
are speaking of a planned dilution of shares?
This motion is going to stop it by burning up to 50,000 BKS.[/quote]
Iām speaking of the intention to dilute shares every time we need additional funds.
Iām for selling the shares we created now, and using revenue from the exchange
at later stages if we need additional funds (which Iām sure weāll need). Itās a different
mindset if you create shares at 1 point and sell them till theyāre all sold and
use revenue later on, compared to your idea of burning the remaining shares now
and recreating and selling (diluting) them when additional funds are needed.
But I dont think weāre going to see eye to eye so put the motion up for voting.
I would have preferred seeing some mention of a final burn date, and more precise language in the motion. Something like:
This motion confirms BlockShareholdersā desire to cease the sale of undistributed BKS. At 23:59 UTC on the 5th day after this motion passes no new buy offers will be accepted by B&C Exchange. For purposes of accounting, this time will be defined as the time a message is received by B&C Exchange, not when the message was sent. At 23:59 UTC on the 7th day after this motion passes all undistributed BKS that have not been requested for purchase will be burned. At 23:59 UTC on the 14th day after this motion passes all undistributed BKS will be burned, including those that had been reserved for purchase.
Is it possible to update it? I will be voting for your motion either way after reading the debate and discussion above.
As I have trouble with the motion hash I can very well adjust that. Let me checkā¦
edit: I find the suggestions you made very helpful.
I made this the new text of the motion and amended the last sentence by a condition which I find necessary.
Are you familiar with hashing motions? The assistant doesnāt like me