Pre-Announce - RichBC - Bitconnect Protected Asset.
RichBC last edited by RichBC
Ok just a teaser for now But I am tiring of commenting on and attempting to help other people with their Assets so have decided to test the water with my own.
I have many times considered launching an Asset, particularly a Mining one, however Mining based ones have been done to death. Bitconnect is an intriguing Coin and Lending program and I am at a fairly advanced stage of formulating an Asset round a Bitconnect Loan.
It's all too easy to dismiss, as I initially did, Bitconnect as a Ponzi Scam. It ticks all the boxes, but this is Crypto there are loads of stupid Alt coins out there with no reason for being. Boyed on by the lending program the BCC coin has done very well, and I think that the lending program has enough legs in it for a short duration Asset.
Anyway enough of the chatter. My proposal is for a Bitconnect Loan based Asset which guarantees that investors will get their Burst back even if Bitconnect goes tits up.
I am holding fire on the detail as I am waiting to hear if Burst Nation will accept my Asset as I would prefer to promote it there as the Audience is larger and their acceptance criteria for Assets is harcher than here. I honestly do not expect it to be accepted but will wait a few more Days for a response. If no response or a refusal I will launch it here.
In the meantime feel free to comment and discuss.
Dillion last edited by
keyd0s last edited by keyd0s
@RichBC so now who asks all the questions about this asset? You've put us in a difficult spot here of actually doing our due dilligence ;).
Jokes aside I see this as a great opportunity, especially that this kind of program is purely trust-based. Bitconnect is still sketchy in my eyes but I can't deny the great profit some people have made off of it. If I trust anyone handling the money, it's you as you've set up quite a reputation already.
I'm sure the recent burstconnect asset that was launched here gave you some incentive to launch this asap.
Can't wait to see the details of your plan, as you've made me quite curious of how you can secure the investment if bitconnects goes bottom's up.
The thing is though, that since you've made an announcement here as well it's only reasonable that you post the ANN on both websites even if BN gets approved. I understand if it might be a hassle, but you can't really go on here, make us all excited for something and tell us to follow you down to the white van across the street if we want our candy. or It's like a pretty girl finding some new cheerleader friends and leaving her nerd-friends behind. The suitable metaphor changes according to anyone's view of BN, but either way I think you get my point.
kmaxkmax last edited by
So how do investors guarantee their Burst? Escrow?
What percentage are you taking? What percentage goes to reinvest? What percentage gets paid?
When will the launch be? How many shares? Price per share?
And yeah I agree with @keyd0s aswell
@keyd0s All very reasonable questions, however this thread is as stated a Teaser. There will be no further information of any substance until I hear from BN. I will give them until Friday to respond.
If there is no response or there are any conditions I find unacceptable then I will launch here. This gives me time to firm up on the detail of the Asset, so in the meantime please continue to make any comments or suggestions, metaphor's also welcome.
Launch will be when I am ready and happy that I have got this right, or by the end of the Month whichever is the sooner. So save some Burst for this one, it won't make you rich, but you won't want to miss it.
I am holding fire on the detail as I am waiting to hear if Burst Nation will accept my Asset as I would prefer to promote it there as the Audience is larger and their acceptance criteria for Assets is harcher than here.
So you tease here for an asset you want to release there?
I'm not sure your statement about their audience being larger, The nodeBB dashboard says almost 2,000 users per day here, and 450 new users/month, Google analytics says 1,000 unique visitors/day.
Any who ... Even if you release it over there, post here as well, I'll be an investor, and posting here reaches the people that won't/can't access the other site.
@haitch I tease here because I cannot tease there.
However things move quickly in Crypto Land and as half expected I have been told that "the asset will not pass approval"
So watch this space for more information. I plan on a Week or so of discussion around the Draft Proposal before a Final Proposal and Asset Release.
@RichBC looking forward to the details on the asset. And despite being denied over there, you're a trusted member here and your asset is welcomed.
RichBC Bitconnect Protected Asset (Proposal for Discussion)
Asset Issuer makes a Bitconnect Loan of $5010. This is Asset.
The Asset Issuers Associates will retain most of the Referral Bonus.
Asset is issued 5010 Shares @ 100 Burst
Phase 1 - Sell the Shares - Ideally we need 100% take-up & 50 - 100+ Investors.
Shares are put on Sale, in batches of 1000, during October with no Dividends being paid to give as many people as possible the opportunity to buy at the issue price and benefit from all the Dividend Payments. All Burst raised will be kept in the Asset Wallet and not taken to an Exchange.
Phase 2 - Get your money back - Asset Issuer keeps fingers crossed.
November 1st - Dividend Payments start. These will be equal to 100% of the $ value of Dividends paid on the Bitconnect Loan converted to Burst. (Fixed rate of $1 = 1000 Burst) All Bitconnect Daily Loan payments will be withdrawn, no reinvestment, and returned to the Asset Issuer.
The first Dividend Payment is likely to equal 1/3 of Shareholders investment. (Hopefully the prospect of this will get the Shares sold. If not I will buy them Thereafter Dividend payments will be Weekly.
Dividends will be paid from the Burst in the Asset Wallet, and this will continue until the Wallet is empty, at which point the original Shareholders will have 100% of their Burst returned. Again if all goes well this will take us to Xmas.
In addition during Phase 2 the Asset will place Buy orders for the Asset at 80 - 90 Burst to provide liquidity for any one that gets cold feet or needs the Burst and wants to exit, however these are not likely be taken up as the Shares should trade at a premium to the issue price..
If Bitconnect goes Belly Up during Phase 1 or 2, when it is completely clear that is the case I will take the remaining Burst that is in the Wallet divided by the number of Sold Shares and put up a Buy order for that amount. This should enable the original Shareholders to get their money back.
Asset is closed. Asset Issuer takes the loss and people can say I Told you so, but Shareholders do not loose Money.
Phase 3 - Dividend Sharing - Let's make some Money.
At this point, at approx 100 Days in the original Shareholders and will have made ROI and we can start making some profit.
Weekly Dividends continue but now 50% is taken by the Asset Issuer and 50% is converted to Burst at the prevailing Exchange Rate and distributed to Shareholders.
This should continue for approx 79 Days and if all goes well will give Shareholders a 40% profit.
If during this phase Bitconnect fails then there are no further payments to Shareholders and the Asset will be closed.
Asset Issuer breaths a sigh of relief that nobody has lost Money.
Phase 4 - Final Bonus Payment - The Big Finish.
If we get to 179 Days then the original Bitconnect Loan is returned and again 50% is taken by the Asset Issuer and 50% converted to Burst and paid as a final Dividend to Shareholders. This should provide an Additional 50% return and close to a doubling of Shareholders Investment.
If and when the end approaches it will be very interesting to see what the Share price does and the trading opportunities that people take.
Asset is then closed. Everyone walks away with a small but nice profit wishing they had bet the Farm on Bitconnect.
This is a real Asset, not a Crowdfund, and is my contribution to the Burst Community and the Asset Exchange risking some of my profits made Trading Burst Assets and Trading Burst on the Exchanges.
Please put on both your Shareholder and Asset Issuer Hats and ask questions, raise issues, make comments & identify errors and omissions.
Discussion will continue until at least the 8th. October
I have no issues with this asset, and ask that you give a heads up when the asset will be issued so can get in on the sale.
darindarin last edited by
@RichBC I think people have been waiting for your asset to be released for a while.. haha well done glad you are taking the time to do one!
falconCoin last edited by
it makes my asset stronger i am not even reading any of the info
and nice try @haitch he already has some accounts
@falconCoin can't fault a guy for trying ....
Dillion last edited by Dillion
I like it. This is extremely generous as your leaving all the Burst raised and taking the loan out with your own money. Brilliant.
Count me in. Lets get this puppy going.
Dillion last edited by Dillion
btw when you say 40% profit and perhaps 50% profit in the end that is profit measured in USD, correct?
If burst goes to 700 sats the percentage of profit measured in Burst won't be as much, correct?
I think it should be considered that Burst could quite possibly slowly climb up to 600 or 700 sats over the next six months. Maybe even 1k sats.
Also how exactly will you profit from this.
@Dillion Yes correct the Bitconnect loan is based round a Dollar investment and any profit will be based on a transaction that goes $ - BCC - BTC - Burst
So actually quite complex and so the Burst profit is dependant on the relative rates of several currencies.
If you think that Burst will go to 1k sats, then buy now as you can pick them up for 180 Sats at the moment.
I profit in exactly the way that the Shareholders profit, except that in the early stages I take the loss. I am BTW thinking of shifting a little of that loss to the shareholders so that they take a small risk.
RichBC last edited by RichBC
I am working on the detail of the Asset and am going to make a few changes, also here a few comments and questions.
Price change to 110 Burst / Share - Total better matches $5010
If lending fails during Phase 2 then I will only guarantee 100 Burst for each 110 Burst Share. I feel it's right that Shareholders take a small part of the risk / loss.
The Days in each Phase are based around the 1% Daily Interest from the Bitconnect Loan. If Rates are lower than this then Phase 2 will take longer and the profit in stage 3 will be lower.
Conversely if the Average Daily Interest is greater than 1% then Stage 2 (ROI) will happen more quickly and the longer Phase 3 will produce a greater profit.
- I am concerned that a Whale may just gobble all the Shares, and I have no intention of doing this for just a couple of Big Shareholders.
I have some ideas, some more draconian than others, that I could employ but would welcome any ideas that other people have?
Please keep the questions, comments, and concerns coming. This is the time not after the Announcement has been made and the shares are on Sale.
Please post up even if only to say that you are interested or not
@RichBC I'll be investing that, and to avoid whales, do a presale here or on Discord, with a set maximum number of shares an account can purchase. If any left over after pre-sale, them make them available on the Exchange.
@haitch How exactly would you do the pre-sale?
@RichBC Announce here that you're selling them, provide a max number of shares per person and an address to send Burst to. People send you the Burst for buy directly, you transfer the equivalent number of asset shares back to them.