THE ANN - 402 and I
Dear people of the BURST,
As promised, 7 days later I have a major announcement to make.
For over a week now, I’ve been thinking on how to phrase this ANN, but even now when I stand here and try to put my words on paper I find it difficult. It’s a complicated one, but please keep on reading and try and keep an open mind.
Over the past few months I’ve started noticing a very dangerous trend in BURST : the price was rising too fast (eventually to spike) , uneducated investors and unrealistic expectations. You might have noticed that about a month ago I made a video explaining to people that they should always think of their assets and returns not in BURST, but rather BTC or fiat. Hell, I even had a website made to help out (burstfolio.com).
As the price of the coin was crawling to the low 200’s , I started noticing hesitation on the AE, and people starting to dump their shares and cash out for the quick profit. If price was to rise at the speed it has been in the past months, it was obvious that panic and greed would kick in and the AE and all assets will pay that price. Hence the whole try and stop it move we made at 310. It started a series of events that got out of hand way too fast.
We’re now left with a damaged coin, community, and a variety of more or less legal things that will haunt this coin forever. But all this will be gone and forgotten and the coin and community will move on, and it’s very likely BURST will reach the levels of greatness and adoption that we all hope for.
Unfortunately I won’t be around for that…
I was faced with a difficult decision, and I took it. I need to take care of myself and especially my asset.
All recent events have led to personal damage for me but most of all 402. I have a financial responsibility for over 200 investors that have entrusted me with their savings. Continuing to stay in BURST will lead to the destruction of my asset, angry investors and losses I will never be able to make up for.
When I migrated to BURST, I did it for the technology, the people, the stability. None of those factors have been valid for quite some time now, but given the past few weeks, the outlook is more than grim.
On June 20’th I will start the migration of my asset to BITSHARES (BTS) .
The bitshares platform offers a much larger variety of backbone currencies, allows my asset to be traded for BTC, BTS, DASH, ETH, etc. Not only that, but in BTS we can finally stabilize the price of the asset, and people can always rely on the dividend that I have been delivering for so many months now. All 402 investors will receive dividends in BTC. From that point on, they’re free to do with those dividends whatever their heart desires.
402 is expanding at a rate faster than I would have anticipated 8 months ago. We now have 4 traders, and 2-3 more waiting to join the team very soon. We have a mining segment getting built up, a holdings fund, arbitrage bots, and a few more projects coming within the next few months. But in order for this expansion to keep on happening, my asset needs stability, it needs liquidity, but most of all it needs trading volume. None of these I can achieve in BURST.
Apart from all I’ve said, I have 4 personal reasons as well for leaving.
- 12 people … 12 people that I’ve helped over the course of the past 2 years. 12 people that now have mining farms, are able to trade, and have impressive portfolios because of the fact that I’ve dedicated countless hours and financial support to have them started up. All 12 have shown me their true colors in the past 3 weeks. That hurt more than you could imagine
- I am a gipsy Ponzi scammer . After those accusations arose, I invited everyone willing to have a look into 402’s accounts. Some came and had the full tour via live screen share, and some were fine with watching just the video I posted walking through the accounts. What made my brain explode was that even after some have witnessed for themselves that I indeed hold all the funds and everything I do is legitimate, still refused to believe and started bashing me. Some even made phone calls to my old workplace, and some went as far as hunt me down on social media and threaten me, but especially my girlfriend.
- My girlfriend. As I stated above, threats were made. Well, there came a point where I turned around and glanced into the woman’s eyes. The look of raw terror on her face left me with nightmares. For the past 2 weeks since, the most I could sleep was 10 minutes at the time because I have a recurring nightmare about that look she gave me that day. She had nothing to do with this, she never deserved to be dragged into this. A community of people that can stoop to such low levels is a community I no longer want to be part of.
- My friends. @crowetic, @iceburst, @lexicon, @dagentlemang, @estietrixie, @jenna, and a lot more that were either directly attacked or were collateral in the whole mess. And for what? For the exaggerations of a fluffy lunatic and a ton of people that can’t use their brains even if their life depended on it. I’ve talked to all of them , we’ve been there for each other and despite me moving my asset to BTS, we will keep working together and now we’re closer than ever. I’m sorry for everyone that was dragged into this. Seeing your faces in those times…it took an emotional toll that will be hard to recover from.
Everything I’ve written here is final. There is no changing my mind, there won’t be any ‘’talking of reason’’ into me. I’ve dedicated more than I should have to BURST, but I’m done. It’s time to take care of my family which I’ve neglected long enough, and it’s time to take care of my crypto family – the 402 family.
I will make another post a few days before June 20’th, with instructions for redemption of the BURST assets for BTS ones. Please people, use your brains, don’t start panic selling and think for a second : the only thing that will change is the platform. Same asset, same dividend, same team managing it.
As for burstforum, I have nothing but gratitude for everything that has been done for me here. All you guys have been wonderful, and despite me moving 402, it doesn’t mean I’m completely gone. I still have the tokens project and TAC. Those are BURST projects, and they will stay where they belong.
Before i conclude, a few FAQs already answered:
*BTS is a coin/platform with a 2 second block time, that from day one has been better than most of the coins on the market. BTC strives to get segwit...well, BTS already has it, and a better version. The BTS blockchain can handle 100s of thousands of transactions per second
*Why BTC dividends?
I am offering dividends in the most circulated coin on the planet and the coin with the largest store of value possible
*Nameless, you said that 402 investors have a choice
And they always did. This time it’s different. Not everyone will see eye-to-eye with me on the matter, but this is a move i can’t afford to debate. If people don’t like it and want out, i’ll try and buy out as many as i can
*Why don’t you just let lex do development work and drag him in as a 402 trader?
Lex already trades for himself on a daily basis. What i did was give him more capital. So if you think about it for a second, lex is trading for 402 without using up one single extra second of his life dedicated to 402
*I don’t have time and i don’t want to learn about BTS
Think of BTS as a wallet. You don’t want to learn about BTS? No problem. Just move your 402 to this new wallet and get BTC dividends
*How does the move guarantee longevity?
We’re moving to a more stable platform and coin. BTS, especially through openledger is slowly becoming one of the largest exchanges on the planet. With a flat trading fee of 0.07 BTS regardless of trade size , no exchange can beat that. And with all the projects getting built on top of BTS, i can honestly say that it has a guaranteed bright future.
Aside from that, there are tons of potential investors and liquidity providers that have been courting 402 for over 6 months, but they wanted nothing to do with burst. They’re all waiting for us over in BTS.
*So if you’re so fond of BTS, why have you come to burst in the first place?
Because BURST was still an emerging coin back then with tons of potential. I wanted to be a part of that. I loved the coin, the concept, the people.
*Why are you so convinced that BTS is the better option for 402?
We’re entering a market with a 171 milion dollar cap, a coin/platform run by professionals who bring their businesses to the blockchain. We’re also dealing with what can soon be the largest and most liquid exchange on the planet (yeah, it can be bigger that polo,finex,trex and all combined) . Reasons are plenty. All i can give are pros… haven’t managed to find a con just yet
In conclusion, i must reiterate : 402 is designed to be long term. The long term feasibility of my asset can only be achieved on BTS
kmaxkmax last edited by
This was unexpected
@nameless Sad to see 402 leave, but understand the why, and won't even try and talk you out of it. Taking care of yourself, your loved ones and friends is, and always should be, the primary consideration.
The 402 asset will go on, it's just the method of payout that's changing - I can live with that.
I hope that this change doesn't result in a reduction of your presence here. This place will not be the same without our dildo wielding village idiot - and unlike others who have attacked you or given you crap, I mean that with the utmost fondness for you and your character.
Thank you for the detailed explanation of the changes, understanding the how and why is so much better than "I'm doing this".
Best wishes for the asset, and as I said - hope you'll remain a presence.
nameless last edited by
@haitch thanks for understanding.
my presence here will be unchanged. i'll still do my dildo thing, and i'll keep behaving like the idiot that i've always been
it's only my asset that moves. i need to take care of it... other than that...i'm still here
LithStud last edited by
@nameless good thing checked before falling asleep
I will contact you on discord with couple questions tommorow if you dont mind
One thing for sure i aint selling 402
Snoops last edited by
Totally unexpected... But i understand and respect your decision with all that's gone off and i can't blame you one bit. Your family, time and finances should be something you look after and they come before anything else. Best of luck to you and you family in your future ventures, lets all hope this place gets better too, which i think it will, we just need something doing about a certain bunch of people.
Take care nameless
nameless last edited by
@LithStud , my door's always open. you know that
@Snoops As I posted in another thread, I believe we're back on the right course, stronger and more focused than ever, that here will keep getting better, and we're going to have some exciting days ahead. Losing the 402 asset is a blow, but if Burst can evolve into it's potential, there's no reason Nameless might not move it back to Burst in the future. For now, we need to support the community, support the developers, spread the word about Burst, and make this coin everything it's capable of being.
Propagandalf last edited by
I perfectly understand the reasoning behind this, and Burst is lucky to have had your heavy presense so far! This is great news for 402 I think, and it's also nice that you keep some of your other assets/projects in Burst still.
crowetic last edited by
402 will remain a MAJOR partner of mine, if not get moreso. nameless will remain one of my best friends, and that will not change.
I don't see this as 'nameless leaving BURST' more 'nameless leaving the attacks by the other side'.
He will still be here, doing what he does best, and we will all be supporting him.
@nameless - I'll be there with ya man.
Also, the idea of moving to BTS was brought up for my assets as well, I've decided to hold off for now, but I may end up moving a couple of them over after much talking with the community, seeing how things go with 402, etc. I think there's a pretty interesting option there with BTS, and depending on how things go, I might give it a shot with one or two of my assets.
But I would like to get many opinions, etc, before considering this, as my assets have ALWAYS been by BURST, for BURST, about BURST.
Anyway, good luck nameless, I'll be here for ya, look forward to the future with great joy!
PingOfd3ath last edited by
This post is deleted!
sorry to see you go.
i'm not completely gone
and all i've done here stays. including my 1k per day subscription to your faucet
gpedro last edited by
@nameless That was unexpected?! I understand your reasoning tho...
Well I think this change will be good for the asset so I will keep mine and I am looking forward to still see you around...
keyd0s last edited by
@nameless Sad to see your asset go dildoman. Luckily you will still bless is with your presence and awesome sense of humor!
I'll take a look into the BTS platform you spoke of as well as I can totally understand your reasoning behind this decision.
Wish you all the best mate
JotaJota last edited by
Hmm interesting, I think I'll buy some Bts then. Please keep me updated with your news nameless. Was an awesome time with you here.
burst1 last edited by
Good luck with the asset @nameless and look forward to your continued involvement with BURST on some level.
i'm going to go to bed because well...fate is ironic and as much as i'd like to be here right now, i have to wake up in 3 hours
so if i'll only answer back 12 hours from now... you'll all know why
Stillicide last edited by
vExact last edited by
@nameless despite feeling a bit sad for your "leaving", I completely understand your reasons. I am not going by any means to enter in comparisons about platforms (BTS and BURST), but about three weeks ago for the first time I tried the BTS platform and it is indeed quite impressive, with more than just potential, huge development already. Anyways I'll be following the unfolding of 402 through the discord.
On another note, moving the funds of 402 to another platform will entail a likely BIG sale of Burst. How do you plan to approach this so that the price don't get dumped? Also, if in the future BTS does integrate Burst as a token, available at the exchange, would you consider to keep some considerable part of 402 portfolio back in Burst? And last but not least (that probably can leave out for future questions) why not paying dividends in BTS instead of BTC? I can guess what the answer might be, but would like to hear yours
Mucha buena suerte!
socalguy last edited by