thstake asset to close

  • The title says it all.

    I am now in the process of liquidating all of the coins in the staking wallets, to exchange them, and buy BURST.

    I am closing the asset as I am about to go through a major life change professionally, and I will be losing access to the network and hardware that I am currently utilizing to run the asset, on top of having a LOT of other projects to focus on, that are just more necessary for me to handle.

    The plan is to have all the coins liquidated, and pay one final dividend payment on or about January 2nd. The dividend will include all stakes as well as the initial coins that were purchased when the asset was launched.

    I will continue to be around burst, as I continue to add to my growing mining rig, which I have been adding a new drive per month, however the upcoming projects I have coming up will be monopolizing my time, and it is much more important for me to handle those with the up most priority, however I will continue to be around and support BURST for the long term.

    As always if you have any questions please feel free to contact me or just reply to this topic or the ann topic for the asset.

  • @tomahawkeer Hi man, of course I understand, I hope your career will shine. About timing... Maybe isn't it better to sell staking coins quickly, while burst price is low?

  • Sad for the asset, happy for your career! Maybe Darios comment is right, better do while Burst is in this low time.

  • The idea is to sell the stake coins as high as possible and buy BURST at a lower price to maximize. What really sucks is that the stake coins have all lost value even DMD which is normally very stable :-\ So trying to take extra time to try to get users best return.

  • I'm sad to hear your asset is closing down, as it has been stable and you have been very transparent to all your investors. I wish you good luck with the changes in your professional life, and hope you will stay with Burst for as long as possible. 🙂

    Instead of selling your staking coins on the exchange, you could maybe ask @crowetic (or other people who run staking assets?) for a fixed price and transfer?

  • @tomahawkeer i'm both happy and sad right now.

    I'm happy that you have things going good for you in real life (i hope that's what A LOT of projects means) .. at the same time i'm sad to see this asset go. It was the first one i ever bought in BURST. Memories...

    I do have one suggestion: instead of a final dividend, just use the money and place a buy order on the market for all outstanding shares. I've seen this phenomenon back in NXT and i would hate to have it here as well. The thing is after you pay the dividends, the shares will remain on the market and a lot of people will take advantages of the noobies and sell them worthless shares, since the asset will be closed. To avoid that, please consider buying back all the shares at whatever price you can from liquidating the fund. The buyback should be the final dividend.

    That being said, best of luck to you! And i hope you will stick around, even if it's just as a regular forum troll.

  • On top of everything I hate seeing these coins just start tanking in value :-\ Most of the coins in the asset are older more established coins that have a good community (similar to BURST) so to see them struggle has taken a toll on me emotionally :-\ I am hoping to have at least 1 BTC worth of coins to div out, however the past couple of weeks have been brutal on 3 of the 4 coins in the asset. HYP had its take a couple months ago and has held steady since.

  • @nameless the problem with that, is there was 1 buyer that bought a HUGE amount of the asset (no idea who it was), and if I did that, he could take advantage of it, and leave people who invested smaller amounts out in the cold :-\ At least sending out a final dividend would let everybody get coins back.

    I don't know, ill look into this. Regardless im working on getting them sold. NET literally over past few days has tanked, and BITB is up for possible delisting. Ill do what I can to get as much coins out to people as possible. Best thing about it all is there is going to be some BUYING of BURST going on as the process happens, so look for the price to stay stable at the very least, and hopefully, increase!

  • I really wish there was a way to get dividends / shares to be removed from the blockchain after something like this happens so people wont go out and get buy useless shares.

  • Liquidation for all staking coins within the asset has been completed.

    A final dividend of approximately 1.75 million burst will be paid out sometime today.

    Please note that once this is done, no other dividends will be paid, and the shares are considered to have zero value so be sure to NOT purchase any more!

  • @tomahawkeer Instead of distributing a dividend you should put a buy order in the market so asset holders don't use the shares that will not worth nothing anymore to sell them and scam anyone 😉

  • I can do that, I just need to calculate the price so a whale cant take them all and leave others out to dry.

  • @tomahawkeer if you do buy order for the exact amount of shares thats out there whale cant really do anything 🙂 since you will buyback all shares (cant buy more shares than there is of 🙂 )

  • @tomahawkeer Yes you mess with the price dividing it by the total number of shares... I think this is the correct process to close any asset 😉

    Good luck in the coming projects mate...
    Hope to keep seeing you around xD

    Happy bursting 😉

  • I guestimated wrong just shy of 2 million BURST total to buy back.

    I will always be around BURST, just not gonna run an asset for the time being. Maybe in the future ill do another, just need to think long and hard on it.

    Waiting on confirms from poloniex for the rest of the burst, then the buy back will be started

  • You did a good job so far with your asset 🙂

  • @Propagandalf I dont agree. Staking coins seem to never gain value, they just ......drop in value :-\ I know thats not my fault and maybe I shouldnt feel that way but maybe I could have found a few better coins, but damn, even dmd has tanked horribly the past 2 months, and its like the gold standard.

  • @tomahawkeer What I meant is that you handled your asset in an organized and transparent way, which is comforting to investors. We all know the risk that not all investments are profitable, that's just the way it is. 🙂

  • Ok guys, its posted. Go get your funds, and hopefully you keep them in burst and / or assets!

  • Sorry your asset didn't work out. I think you handled the liquidation of the asset nicely, I respect that. In the future maybe we'll see another asset from you.