I believe it was 60 days after NuShares burning has been implemented. That should come in v2.0.
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A post in the main thread…
I also spread it on Peercoin social media. Here is the Reddit thread…
http://www.reddit.com/r/peercoin/comments/366m2j/jordan_lee_is_now_selling_blockshares_directly/
Should we post a similar thread on r/cryptocurrency or no? I think we should wait until the total pledged has risen and use it as a backup just in case. I’d like to not have to post there at all, especially after I posted this thread the other day…
Total funds raised are now $126,130 and the price per BlockShare is now $5.10. We are pleased to see fundraising progressing. We will continue to provide updates here in addition to Bitcointalk when service resumes there.
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That was unexpected, lol. Maybe there is hope of finishing off fundraising without having to resort to drastic measures.
@BCExchange, you had mentioned on Bitcointalk before it went offline about posting in other communities. Once the main thread is accessible again, I want to post a thread in r/cryptocurrency letting everyone know that we have surpassed 50%.
I also wanted to post about B&C on other crypto forums such as Litecoin, Dash, NXT, Blackcoin, etc… I wanted to communicate that we’d love for other communities to be able to have a say and that varied ownership of BlockShares throughout the crypto community would be the best way to achieve this. Do you believe this is a good idea or should I not be posting to other crypto communities? I just didn’t want to risk spamming.
Total funds raised are now $131,230. We are now over 65% of the way to our fundraising goal of $200,000.
Thank you for volunteering to do that. We hope Bitcointalk is restored soon too.
We should be cautious about making communities feel like they need to purchase access onto B&C Exchange because that isn’t the case. A better approach would be to simply let them know that B&C Exchange will be developed if fundraising is completed and that top cryptocurrencies like Litecoin, Dash, and NXT are likely to be added by BlockShareholders soon after release if demand exists for them. We make no promises about what BlockShareholders will do however.
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Yes, this is why I wanted to ask about it first. While we can’t promise anything because it will ultimately be up to shareholders, we can make members from each community aware that they’ll be able to try and get shareholders to pass a motion to support their supported crypto. I could offer some examples of the motions passed for Nu to explain what I mean. B&C shareholders aren’t the only ones that can offer motions.
Probably at least another day of downtime for bitcointalk.org. Looking forward to spreading the word about B&C Exchange there again soon.
Good progress.
It looks like bitcointalk.org is up again and the B&C Exchange thread is available for updates.
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Important Announcement as posted at https://bitcointalk.org/index.php?topic=1033773.msg11450787#msg11450787.
B&C Exchange has so far been unable to procure the minimum $200,000 required to develop a functioning exchange. In some ways continued delays reduce the chances of a successful outcome because the availability of the core team (Jordan, sigmike, erasmospunk and tomjoad) cannot be be assured in the future. These individuals need to pursue other opportunities if B&C Exchange is not prepared to pay them for their work now. So, in this sense it is imperative that funding be procured now so work can begin immediately. On the other hand, time brings with it greater opportunities to expose new potential investors to B&C. It means the funding opportunities increase with time but the probability of employing our proven team diminishes. This implies that a strategy that permits work to start now and funds to be raised later is optimal.
We have not taken this route because we feel it is inappropriate to spend people’s investment funds on a project that is clearly not yet funded to a degree that will permit the delivery of a functioning product that can bring a return on investment. Investment in such a scenario would be extremely risky, and we don’t want to risk our reputation by taking such a high risk of not bringing a return on investment to a broad set of investors from our community. However, very high risk ventures are suitable for a limited group of people such as venture capitalists with ample funds whose lifestyle will not be adversely effected by a failure of the venture. They routinely take very high risks for a chance of a very high rate of return. This is the sort of opportunity a partially funded B&C Exchange represents.
$80,000 has been procured from a small set of individuals who are certainly in a position to bear a total loss without any adverse consequences to their lifestyle, retirement, etc. These seed investors need to be rewarded for their high level of risk. Therefore, they will be given additional equity. They are purchasing 20% of the BKS for sale. Previously, giving half of the equity to BKS purchasers and half to NuShare holders was planned. This new plan will leave subsequent BKS purchasers unaffected, but it will reduce the equity of NuShare holders to 40% of initial total equity. This 10% of the total equity will be given to the seed investors, so they receive a total of 20% equity for their $80,000. This approach of using seed investment funds at the highest-risk beginning stages was proven to be successful in the development of Nu.
These funds will permit Jordan, erasmospunk, sigmike and tomjoad to begin work immediately. They will fund development for at least two months and perhaps three. The hope is that in that time interval the additional $120,000 needed to bring the project to a complete and workable state will be pledged and collected. Those investors will have considerably less risk because their funds will only be accepted if enough is pledged to complete the project. A marketing campaign will be conducted during the initial development phase to increase the chances of raising the needed additional $120,000. If the secondary funding drive fails and the project runs out of funding and is not completed, we won’t have poisoned our relationships and reputation with a broad collection of investors because funds were only accepted from a tiny group well prepared to take extraordinary risk.
While we seek comment from the community and wish to gather the broadest support for the project by making any reasonable adjustments that may be suggested by the public, we wish to note moving forward only requires the approval of the seed investors. NuShare holders are involved because they will receive 40% equity, but they are being given that free of obligation, so their permission is not needed. We are not asking anything of NuShare holders, just as we are not asking anything of Bitcoin holders being given equity, although we believe the inclusion of these communities will bring tremendous benefit to B&C Exchange and we are indebted to these two communities for the gift of the code base we will fork as we begin development.
To summarize, initial equity will be now divided as follows:
Note that the funds pledged by second-round BlockShares purchasers will only be collected if $120,000 in pledges are reached. In combination with the $80,000 in committed capital from the seed investors, this would bring us to our goal of at least $200,000. Also note that the $55,310 already raised for second-round BlockShares purchases comes from the previous fundraising update totals.
For second-round BlockShare purchasers, here is the new sales schedule:
The current price is $4.08. Make a purchase by emailing bkssale@vistomail.com or sending a BitMessage to BM-2cTihATJ5FwJ7vWBwZmJjr55eFPFWBCmCQ. Please ensure you provide us with the information requested in the main announcement post.
Going into more detail, the cost of a given percentage of equity of second round BlockShare purchasers will not change in this updated plan. In order to maintain consistency in that regard, the number of BlockShares will need to be raised and their individual cost lowered. This is because the quantity of BlockShares given to NuShareholders is fixed: it was ~85,000 in the previous plan and will continue to be ~85,000 with this new proposal. However, the new plan reduces their equity percent to 40% from 50%. This requires the number of BlockShares given to seed investors, second round investors and Bitcoin holders be increased as shown above. Individuals who have already pledged funds will be eligible for the same percentage of BKS at the same price, but the quantity of BKS will be increased and the price per share lowered.
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I don t quite understand well the situation.
You said previously that 131, 230 were raised.
Are those $80,000 provided by super investors part of the $131, 230?
If not, then the $200,000 are already reached.
Please clarify. Tks.
the 80k are the ones who are willing to wait and take the chance of losing all their funds if B&C does not succeed at the second auction. Presumably, the $51,230 of difference will submit their bids into the second auction, such that they still only need to raise something like $70,000. However, the $80k is guarenteed.
I don’t know, that’s just what I understood.
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@Nagalim is correct. You can see in the bitcointalk chart that about $135,310 has been raised so far:
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$80,000 from a small group of seed investors who will allow development to begin immediately.
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$55,310 from everyone else who will be part of the “Second-round BlockShares Purchasers” group. These funds will only be collected if a minimum of $120,000 is pledged, bringing total funds to $200,000.
I just want to make sure of one thing. If I already pledged funds, I don’t have to repledge correct? Whatever somebody had previously planned to spend should still be the same?
All right. By the way bitcointalk is down.
not for me
Also, if I’m going to post advertisements, I’m trying to figure out what percentage I should use. If I’m just going by the remaining $120,000, then we currently have 46% pledged, but if I’m going off of the total $200,000, then it’s 67%. If I’m going off 67% though, then saying this amount has been pledged is incorrect, since $80,000 of it has already been raised where the rest is simply pledged. I guess it kinda complicates the messaging and I was wondering what we should say in a shortened thread title.
It’s good to see that B&C Exchange development can start thanks to the seed investors!
I have a question about the second round.
$55,310 are pledged, but not collected.
Is my understanding of this paragraph correct?
The pledged funds are calculated to an adjusted number of shares (based on the “current cost” of $4.x)?
Say somebody had pledged $1,000.
Based on the “previous cost” ($5.00 per BKS) that had corresponded to 200 BKS.
In the end the pledged amount is corresponding to a number of shares (245 BKS) based on the “current cost” of $4.08, right?
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Yes, you won’t have to repledge if the total amount of USD you planned on spending hasn’t changed.
Perhaps the easiest way is to say that we have received commitments of 67% of our goal of $200,000. That term broadly captures both funds received and funds pledged.