We at Cryptohedge have decided to create our investor token already, so we can easily do accounting in the share rewards that early employees get. We have also had several people reach out to us because they were interested in helping the project, and we want to make it possible for us to compensate everyone who does work for the DAC from the very beginning.
CFSCOIN is the Cryptohedge investor token, and will eventually take on the properties of CFS as outlined in the cryptohedge announcement post and business case. Over time we might still register CFS and switch over to using that instead, but for now we will use CFSCOIN in order to save investor funds, and also to emphasize the contract free nature of Cryptohedge (since most people understand that a coin does not confer any legal rights or responsibilities).
There have been issued 1 million CFSCOIN, and most of them will initially be used as a means of paying "salary" to those who help and work for Cryptohedge. Riverhead and I will retain centralized control over how to compensate employees in the early days of the DAC. We don't expect the asset to be liquid, but employees will be free to hold or put their stake up on the market.
Anyone who is interested in working for Cryptohedge in exchange for CFSCOIN and have something they think can contribute should PM me and we can discuss it. We will likely follow the delegate model and expect to see real work done before we begin to pay you anything.
Over time the value proposition of CFSCOIN will change as we begin to burn shares with a portion of the income earned from our HedgeBots (this will be up to 30% of their income, as described in the business case). This will begin at the time of the CFSGOLD sharedrop, where we will also begin to run our own market making bots on the CFSCOIN/USD market in order to make it fully liquid. The sharedrop to CFSGOLD holders will be for 150,000 out of the 1 million CFSCOIN (so it will be 15% instead of 10%).
We are not going to make an IBO for 40% of the shares the way I described it earlier, as I realise it is more efficient to pay people in CFSCOIN and let them cash out over time when they want to, or slowly sell off CFSCOIN over time in order to raise funds for a project. As written the distribution of the 1 million CFSCOIN will be fully controlled by Riverhead and I, and will be spent with the ultimate aim of increasing the price of CFSCOIN (i.e. as payment for something that adds higher value to the DAC).
The total supply of CFSCOIN can increase in the future if shareholders determine that this will be profitable, perhaps something that can be done through smart contracts that allow the UIA to elect "delegates" that pay themselves salary by inflating new CFSCOIN. This way the DAC will not have its employees controlled by a central authority, but will instead have all employees responding directly to the holders of CFSCOIN and their votes, just like BTS works. This is of course still something that is far off and will not be done before Cryptohedge is already successful, and BitShares has implemented the relevant smart contract systems.
Also just for fun I'm going to do a small giveaway for 100 CFSCOIN from my personal stake to anyone who posts their registered BTS names in this thread