Letter to 402 and the community



  • I've never written a letter before, so bare with me.

    So... as perhaps all of you know by now, my 402 is slowly gobbling up all my other assets and becoming a hybrid monster. That gives us a ton of flexibility that can be used for coming up with fun stuff.

    Right now, 402 pays out roughly 110k BURST each day. Once it has fully eaten up ALL my other babies, it should pay about 170k BURST per day or more. That's not a bad number huh?

    Anyway, given these facts and the ever-growing number of shady and scammy assets, i have something to ask of my investors, as well as the people caught up in these scams.

    WHAT IF I were to ''skim off'' about 1% of our profit and use it to help out people that were fucked by other asset issuers? Here's how i'm imagining this concept:

    I make a sister asset, called 911 for the sake of the argument. For every 10 BURST people got scammed out of, they would get a share of 911 (only certain scams would qualify). Now 911 would be funded by that 1% i skim off the top of 402's earnings.

    This means that my investors would earn just a itsy bitsy tiny bit less, but they would contribute to the scam asset rescue fund thingy i just proposed.

    The 911 asset would pay out weekly or something, and the amount will vary according to 402 gains. This way, people who got burned can still rely on a little bit of income despite their massive loss. I know some have lost a lot, but something is better than nothing...

    So long story short...this is the idea. I would like this debated please.

    And investors of 402, please don't be idiots and insta-dump or whatever. This is open for debate. Speak out if you're not fine with it! But also consider that the ''loss'' you take is very much minimal and will help out the ones in need.

    That's all folks!

    Love,

    Your creepy uncle and village idiot



  • I love this idea, kind of like an escrow but in a form of an asset type. I vote yes!



  • Oh, and can I please not run the 911 asset if it becomes real? I don't have time for that shit but i will gladly fund it if the 402 investors are on board.



  • @mathew said in Letter to 402 and the community:

    I love this idea, kind of like an escrow but in a form of an asset type. I vote yes!

    What the idea nameless is a creepy uncle?
    lol
    🙂



  • @nameless

    To be honest I'm against it and here's why. Who forked over cash to all of the people who were swindled by the likes of "Enron" type. No one, it's buyer beware. I believe the Crypto world on whole makes poor decisions for the following reasons:

    1. The average age is much lower than the average age of a working professional, they have not had the "hard" life experiences that create a cautious person.
    2. Crypto isn't "real" money, I clicked on some faucets, got some BTC, bought some Burst, lets get some assets and double down! It's almost too easy compared to the new to the work force individual that works 4 hours after school 3 days a week at the neighborhood burger joint to make $8 an hour.
    3. Understanding what makes senses isn't always easy. People don't know how to evaluate a new asset, understand the full concept or they were not provided enough details and invested anyways.

    Just my 2 Burst
    -IceBurst



  • I Think its lovely. In my case, I've lost a lot with NEWS. If this really starts I'm compromised to use every BURST from 911 to back 402 and other true assets.

    I really thank you nameless, even if the idea doesnt work, your act is very noble. I will include you in my prayers.



  • I like the idea but I already sold 200k burst worth of assets from N.E.W.S. 😞



  • @nameless
    I'm in. But we need to think how to make so that issuers of fraudulent assets themselves are unable to take advantage of this offer...
    In the case of N.E.W.S.- issuer gave a bunch of assets for unknown accounts.



  • @IceBurst , that's the spirit man! You were against the idea and came up with a list of very valid arguments. I like that, and it motivated me to come up with alternatives.

    I want more pros and cons! Let's debate this folks and come up with some cool shit together



  • @emcb said in Letter to 402 and the community:

    @nameless
    I'm in. But we need to think how to make so that issuers of fraudulent assets themselves are unable to take advantage of this offer...
    In the case of N.E.W.S.- issuer gave a bunch of assets for unknown accounts.

    the fraudulent accounts and stuff like that will be noted down of course. As not all scams will be qualified, same applies for the accounts 🙂


  • admin

    @nameless I'm on the fence - I share some of the same concerns as IceBurst. Also, what's to stop me creating a fake asset, buying it through sockpuppets, then begging Creepy Uncle Nameless to help me out ?



  • @haitch , valid point. This is the insurance asset discussion all over again.

    We would of course have to come up with some guidelines for scam assets that would qualify. Like them being at least 6 months old or something...

    Also, consider the fact that the funds for 911 would be limited.

    But then again... you make sense. What is to stop you? Nothing really...

    This aspect needs more debate


  • admin

    @nameless said in Letter to 402 and the community:

    This is the insurance asset discussion all over again.

    Yep. It's a good idea, it's a noble idea - but the mechanics of making it work ...........



  • @haitch said in Letter to 402 and the community:

    @nameless said in Letter to 402 and the community:

    This is the insurance asset discussion all over again.

    Yep. It's a good idea, it's a noble idea - but the mechanics of making it work ...........

    yeah..i know man... that;s why i'm throwing the ball here and hoping to have some results. let's see what happens

    maybe the combined brain power of more of us will actually make a reasonable version of this thing...



  • It's a Utopian idea I would say, but in a truly Utopian system there is no need for fail safes as the premise is we all are working towards the greater good. The reality is there are A$$holes everywhere that want to steal your money. It could be the evil SurfBar Rootkit, it could be a scam asset who truly knows what the mask of the next swindle will be. I recommend that assets enroll in the escrow system, that's the only way to ensure that at least 50% of the funds are recoverable to investors. Here's an interesting option, I might even run it.

    IceBurst Insurance:
    You have to show me your portfolio, I'll rate each assets chance to fail based on my magic insurance scale multiple it by the percentage of assets that are known scams and charge you a monthly fee to ensure your portfolio against scams. Your portfolio as a whole will be incured for a total liability limit. Interesting concept isn't it? So the questions is; Who would pay for insurance, the answer might surprise you.

    -IceBurst



  • @IceBurst , yet again a strong argument, especially the ending... i wish i could argue with your logic, but i can't. It makes too much sense. You're pointing out a sad truth...



  • @nameless its indeed a noble idea, however I also share some of the concerns that has been expressed. I would better vote for each asset provide escrow and hook themselves up to the investors and therefore deliver. An insurance is another option, as @IceBurst said, but what if the insurance and the asset scam you? (please take no offense here @IceBurst, others may also offer this kind of asset in the future) If something like this happens the victim could end up loosing double, however if the insurance (as an asset itself) is escrowed, then it would be another story. So long story short, I am for the escrow option 🙂



  • @vExact , yeah... the deeper we dig into this, the more we start to come to the conclusion that escrow is the only true solution.

    Hopeless romantic that i am, i'm still hoping there is also another way... fucked if i know



  • @nameless said in Letter to 402 and the community:

    Right now, 402 pays out roughly 110k BURST each day

    Is this in an internal number? Because I have some 402 share and have not receive any payment.