Feeler - Kohai's Gold Bar



  • Kohai’s Gold Bar
    Hi Folks, I’ve been around the forums for some time, I’m a bit of a crypto lover. I’ve been mining for a while, from BTC, to ETH, to ETC and now ZEC. I’m just mining whichever coins give out the biggest profit, until of course I came across BURST. I love the coin, I love how efficient BURST mining is, I love the community and I love the assets.

    Now, since I’m already invested in mining rigs which aren’t really “green” and efficient, I currently have two rigs with a total of SIX RX480 cards. I’ve decided to put up an asset that’s not really unique, since I borrowed the idea from a couple of places I’ve seen over the years.

    It’s basically a gold-backed asset. Don’t click back yet, hear me out.

    I’m valuing my current mining setup at 3.4BTC or Approximately 4.7 million burst.
    It produces 1.1 KSol per second when mining Zec (1100 H/s)

    You can check it out at the following address.

    http://zcash.flypool.org/miners/t1fyk7esxo3sMpQRu5yW5SUXSvwRwJBB9yJ

    Now, the way the asset works is simple. I’ll take all of the burst invested, and will purchase 2pcs 1oz bars of gold from APMEX, at the current price in assay, it’s $1270 per bar. That takes care of the gold-backed section of the asset.
    Why gold? Well, gold is currently at a 6-month low (as well as 5-year low) and it’s a nice time to purchase gold with all the instability with politics nowadays, gold is always considered a safe haven.

    “If you put all the money in gold, where’s the income then?”

    Well, remember, I still have the rig, which will continue to produce ZEC, which will in turn be used as dividends.

    So here’s what the numbers will look like.

    Payouts for the mining component will be held every time we hit a total of 1 ZEC, which takes about 8 or 9 days, depending on luck.
    Here’s the breakdown.

    30% - Dividend Payouts (Zec will be converted into Burst for payouts)
    30% - Gold Fund (Zec will be converted to Burst and then stored)
    Addendum to the Gold fund, thanks @nameless for the suggestion.
    The 30% Gold fund will be divided into the following. 5% For incidentals (Wires melting, cards going poof, and so on) 3% goes to Crow's development fund and the rest, 22% goes into the actual Gold Fund. Upon liquidation, anything left in the "incidentals" fund will be included in the gold fund. So if nothing goes wrong, the actual gold fund is 27%
    40% - Maintenance and Electricity (Yes, it looks high, but trust me, mining Zec takes a lot of power) ask anyone who uses GPUs to mine coins, it’s pretty high.

    Now let me explain the gold fund. The gold fund is basically “added” value to the gold bars that we’ve purchased, this will be stored in a separate BURST account that anyone can check.

    The gold bars will (hopefully) rise in value over time + the value of the gold fund. Once it reaches 150% of the original value, or 7.1 million burst. I’ll open the asset up for liquidation voting. If 51% of the asset holders vote to liquidate, I’ll sell the gold bars on the market, convert it to burst, and buy back all of the assets at 150% of the original price. OR if members vote to “let it ride” then we’ll continue to pay on dividends and adding on to the gold fund until members vote to liquidate.

    What’s in it for me? 10% of the final liquidation price.

    Some may ask, why not create a burst mining operation? Well, there are a number of great mining operations already and I can’t hope to compete with them, not to mention that another mega mining operation will just make the difficulties harder for the rest of the smaller miners. When mining zec (or whatever coin will be profitable in the future) at least when I go dump the zec and buy Burst, I’m taking the burst away from those who want to dump it and give it back to the Burst community, to those who want to hold on to their Burst.

    Whew, that was a mouthful.

    P.S. I’m in the process of being Verified by @haitch .Mmail is taking its sweet time, but it should be here soon.
    P.P.S. This is an all-or-nothing asset. If I can’t sell out the entire asset, I’ll refund everyone. I can’t start giving dividends partially while the gold hasn’t been purchased yet for proper valuation.

    Comments? Suggestions? Tweaks? Violent Reactions? Questions? This is just a feeler still, but the idea is there and I believe it’s solid.



  • I like your concept!



  • Very interesting! I love the idea of mining other coins and convert them into Burst.



  • Hmm, this look very interesting. I will watching this.



  • I am a burst bag lady and I love shopping! So count me in.. 🙂



  • Thank goodness someone with a unique perspective again and not just another Burst mining asset. The last asset that got me excited was BBrowser and now, this one. This will be like a big brother of BSILVER since it's gonna be in GOLD! I took a peek at the APMEX website and they're shiny! What do you think @nameless since you're the deadeye for unique ideas/concepts. 🙂



  • @jervis

    @nameless is busy creating superconductive spuds



  • Addendum:
    Yes, anyone can buy gold at APMEX, but not everyone can afford to get an ounce at a time. Their pricing is basically X dollars above spot. So their markup for 1 gram, 2 grams, 5 grams, 1 ounce, is basically the same.

    @jervis planning on putting some NEWS love into this asset? hehe



  • @Propagandalf the potato powered super computer? xD



  • @jervis Yes, lol 🙂 Maybe @kohai can make a hybrid supercomputer, where all power is conducted through APMEX-gold and potatoes



  • I wonder how many potatoes are needed to power 6 rx480 cards. hahaha



  • Why haven't I thought of this gold backed asset before? There's a silver so why not make a gold since it's the mother of all heavy metals, right? I wanna have a heart to heart talk with @kohai about this. It's making me excited. 🙂



  • @kohai said in Feeler - Kohai's Gold Bar:

    Comments? Suggestions? Tweaks? Violent Reactions?

    Violent reactions? You want violent reactions? You came to the wrong neighborhood asking for trouble! We're like the telletubbies over there ...

    First of all, welcome to our twisted little corner of the world, and i want to say that it brings a tear to my eye every time i see someone who has been for so long with the ''major'' coins, realize the value and power of THE BURST.

    I love the fact that you went full on with the 40% electricity and whatnot fee. You speak the truth. Those little monsters do draw a lot of juice.

    Few remarks though : the 30% Gold Fund - divide it. Here's how:
    *5% stays in a separate account in case anything happens (card burns, PC blows up, etc) . Over time it will add up, and if unused, can be returned to the gold fund when liquidating
    *2% gets donated to crow's developers fund (yes, from now on i will urge everyone to do it)
    *the remainder 23% goes straight into the gold fund

    I know i gave you 5 mins of extra work per month by splitting up the gold fund like that, but it makes sense, and helps both you, the investors and the development team. This way you have a bit of cover in case anything happens and your gear needs repairing or replacing.

    And now for the gold bars.... i fucking hate them from the bottom of my heart (the bars, not your idea), but people seem to fancy them for some reason, so why not? One warning though : refrain from buying gold for the next 2 weeks. The FED is going to make a decision on the interest rate hike next week and that will have a massive effect on the USD, and in consequence, gold. There are 2 scenarios :

    1. FED raises the interest, dollar goes up, gold falls to fuck me and below, so... with a bit of patience from your side and investors, if that happens, delay buying the gold for another month
    2. FED keeps current rates - dollar goes down, BUT , given how heavily manipulated the gold market is, it won't necessarily shoot straight up. Wait a few days after the announcement and see what happens. You might actually be able to buy it a bit lower, because it might dip a bit before she skyrockets. If however gold goes straight up, just pic it up around 1250 per ounce. (current price is 1170 btw, not 1270 )

    I recommend being cautious with gold and waiting because if it doesn't go well... the next bottom of gold will be around 900 an ounce and it would be a shame to buy it at 1170 like it is now. And if gold falls, it might keep on falling unfortunately for the next few years. But, in the long term it's gonna be just fine 🙂

    So, in conclusion, if you're in this for the long haul, then go for the gold! If you're thinking one year or less, i recommend praying for the FED to fuck up like pray every day.
    Overall, you have the potential for something sexy here. With dedication you can turn this concept into reality. Just wait for the news before buying the gold please 🙂

    Other than that, you have my blessing child!

    happy now @jervis and @Propagandalf ? 😛



  • @Propagandalf I thought @nameless was busy with the spuds or was he having one hand on spuds and the other fingering his keyboard to write this damn long of a letter.... hmmmm.... or was he already using the super potato computer. WTF xD

    and yeah, this makes me ecstatic @nameless



  • @jervis said in Feeler - Kohai's Gold Bar:

    and yeah, this makes me ecstatic @nameless

    and for good reason. it makes sense and it's different. this little baby Frankenstein has potential

    0_1481241027987_frank.jpg



  • @nameless Good points,

    I'll ammend the main points to put in part of the gold fund to a reserve and to the developer's fund, excellent ideas.

    As for buying the gold, it's going to be a while before I purchase them, probably after the new year for 3 reasons.

    1. Christmas season, postal services are all crazy at this time of the year, I don't want a couple of ounces of gold "lost" in the mail.
    2. Yes, I already factored in the Fed announcement, and it fits into my timeline, slow but steady, making sure all the volatility has gone poof before buying gold.
    3. I don't know why gold gets such a bad rap. haha Still, the gold necklace I bought for my wife has more value now than some of the stocks I got at the same time I got the necklace 😃

    Of course it's for the long haul 🙂 Hence the 30% dividends everytime we hit 1 Zec, some Burst to tide the investors over until we hit the 150% mark



  • 0_1481241405504_gold1.PNG Oops, forgot to put this in my other post.

    Yeah, gold spot is at $1170, but APMEX has to make money too and I plan to pay them via CC/Paypal.

    hehehe



  • Make us proud , young one !



  • @nameless young at heart, but I'm 35, and I feel old, like a potato.



  • There were many reasons I didn't start a gold backed asset as well, and mostly because SILVER>GOLD for many reasons. But... I like the idea because it's basically my idea but with a different metal. lol.

    Good luck, only thing I can say is this... DON'T YOU DARE SCAM OUR BELOVED COMMUNITY! 😃

    That is all! 😃

    Also, about the comment against mining assets, there's nothing bad about a good ol fashion mining asset, though I do like the ones that include mining other coins and converting to BURST! 🙂

    I actually have another asset coming out soon as well. 😉