[Passed] Motion to provide seed funding for B&C Exchange - a decentralized exchange built on the Peershares platform

[willy]

Can someone paraphrase it for me? I can’t seem to access bitcointalk.

[cryptog]

it failed to raise 200k usd.

[tomjoad]

Can someone paraphrase it for me? I can’t seem to access bitcointalk.

The auction failed to reach $200,000, but a new plan has been presented to raise funds. The new plan would sell BlockShares directly (as opposed to NuShares first), but still provide NuShareholders with 50% of the network. I think it’s great that NuShareholders will still be rewarded in the new structure.

The total supply of BlockShares would also be scaled by a factor of 10. So instead of 800,000,000 NuShares being duplicated on a new blockchain at a 1-1 ratio, 80,000 BlockShares would be given to NSR holders, and 80,000 BlockShares would be sold to raise funds, for a total supply of about 160,000 BKS.

[Sentinelrv]

Apparently the large number of shares (in the millions) was hard for people to comprehend, and that smaller numbers are easier to manage.

[tomjoad]

Apparently the large number of shares (in the millions) was hard for people to comprehend, and that smaller numbers are easier to manage.

I do like the idea of being able to say “BlockShares are $5.00 today, and I think they might be $6.00 next week” as opposed to “BlockShares are $0.0005 today, and I think they might be $0.0006 next week”. It makes them feel more like a traditional equity asset. The bitcointalk proposal would also reduce the voting requirement down from 10,000 shares to 1 share, which is another big marketing advantage in terms of simplicity.

Being able to use whole numbers for discussing pricing is a big advantage for allowing newcomers to learn about BlockShares easily. Most crypto projects have taken the “large supply, tiny price” strategy and as a result fail to capture the interest of new investors.

[Sentinelrv]

Something I’m confused about, is there a deadline for this, or will it be open ended until $200,000 is pledged? Raising that much would require them to sell about 39,417.5 BlockShares using the first two price points of $5 and $5.15.

Edit: Let me ask this in the thread.

[tomjoad]

Something I’m confused about, is there a deadline for this, or will it be open ended until $200,000 is pledged?

It appears it would be an open-ended offer with no deadline, but that no funds would be collected until at least $200,000 worth of BlockShares are requested for purchase.

[wengone]

The ppc and nu community development team is great, but Teehe and B&C auction have failed,Can let the market set the price? for example(they are very successful):

1. http://www1.agsexplorer.com/(for bts play etc)
2. https://bitcointalk.org/index.php?topic=1005972.0 (for DACRS/Smart Contract )

like this

First ~ 20,000 BKS (exactly 25%) are available for $ 5.00 US each.
Second ~ 20,000 BKS (exactly 25%) are available for $ 6.00 US each.
Third ~ 20,000 BKS (exactly 25%) are available for $ 7.00 US each.
Final ~ 20,000 BKS (exactly 25%) are available for $ 8.00 US each

or this

First ~ 20,000 BKS (exactly 20%,give 10%) are available for $ 5.00 US each.
Second ~ 20,000 BKS (exactly 20%,give 5%) are available for $ 5.10 US each.
Third ~ 20,000 BKS (exactly 20%,give 5%) are available for $ 5.20 US each.
Final ~ 20,000 BKS (exactly 20%) are available for $ 5.30 US each

[Ben]

The ppc and nu community development team is great, but Teehe and B&C auction have failed,Can let the market set the price?

Both projects had a minimum cost to develop. Letting the market set the price doesn’t change the MVP cost requirements.

[wengone]

Yes, of course, higher than the cost, but I said that the auction method

[Nagalim]

Do we get an NBT burn now? Also, when does @JordanLee burn the NSR?

[Sentinelrv]

I believe it was 60 days after NuShares burning has been implemented. That should come in v2.0.

[Sentinelrv]

A post in the main thread…

In the first hour of the sale, $64,750 has been pledged for 12,950 BKS. Most of the BKS that will be offered at $5.00 is gone.

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/

[Sentinelrv]

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…

Let's Not Make the Mistake of Overcrowding r/cryptocurrency With Too Many Nu Related Threads

Check this out... https://bitcointalk.org/index.php?topic=1033773.msg11355102#msg11355102 @crypto_coiner, you might want to consider slowing down on posting so many threads there. I've noticed many of your threads get downvoted, so it's obvious to me that they're not important enough to warrant posting. As I said, posting major announcements seems to be ok and they're often upvoted, things like B&C announcement, liquidity pools opening, NuShares for NuBits burning protocol change, …

[BCExchange]

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.

[Sentinelrv]

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.

[BCExchange]

Total funds raised are now $131,230. We are now over 65% of the way to our fundraising goal of $200,000.

Once the main thread is accessible again, I want to post a thread in r/cryptocurrency letting everyone know that we have surpassed 50%.

Thank you for volunteering to do that. We hope Bitcointalk is restored soon too.

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?

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.

[Sentinelrv]

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.

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.

[JordanLee]

Probably at least another day of downtime for bitcointalk.org. Looking forward to spreading the word about B&C Exchange there again soon.

[cryptog]

Total funds raised are now $131,230.

Good progress.