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Offline Rune

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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 :)

Offline fluxer555

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Re: CFSCOIN - now hiring - 150,000 sharedrop on CFSGOLD - giveaway inside :D
« Reply #1 on: February 04, 2015, 09:07:46 PM »
flux-tips

:)
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Offline robrigo

Re: CFSCOIN - now hiring - 150,000 sharedrop on CFSGOLD - giveaway inside :D
« Reply #2 on: February 04, 2015, 09:19:17 PM »
Glad to see the bitgold market cap respond to your CFS initiative. Looking forward to molten (liquid) bitgold!

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Offline Akado

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Re: CFSCOIN - now hiring - 150,000 sharedrop on CFSGOLD - giveaway inside :D
« Reply #3 on: February 04, 2015, 09:20:42 PM »
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https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline infovortice2013

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Re: CFSCOIN - now hiring - 150,000 sharedrop on CFSGOLD - giveaway inside :D
« Reply #4 on: February 04, 2015, 09:22:57 PM »
BTS:traderx      8)

where can read more about this new dac?
New Keyoteeid: 5rUhuLCDWUA2FStkKVRTWYEqY1mZhwpfVdRmYEvMRFRD1bqYAL
new08/21 id 5Sjf3LMuYPSeNnjLYXmAoHj5Z6TPCmwmfXD6XwDmg27dwfQ

Ggozzo

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Re: CFSCOIN - now hiring - 150,000 sharedrop on CFSGOLD - giveaway inside :D
« Reply #5 on: February 04, 2015, 09:27:17 PM »
skyscraperfarms

I'll give it a try.

Offline leon

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Re: CFSCOIN - now hiring - 150,000 sharedrop on CFSGOLD - giveaway inside :D
« Reply #6 on: February 04, 2015, 09:29:32 PM »
 +5%
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Offline Rune

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Re: CFSCOIN - now hiring - 150,000 sharedrop on CFSGOLD - giveaway inside :D
« Reply #7 on: February 04, 2015, 09:31:31 PM »
BTS:traderx      8)

where can read more about this new dac?

https://bitsharestalk.org/index.php?topic=13904.0

Some of the stuff mentioned in the thread has already changed though. Cryptohedge is going to be rapidly evolving over the next few weeks and won't have its "real launch" until we've fully assembled the core team and have figured out all the concepts. To make up for this my plan is to generously give out CFSCOIN to funders and investors who stick with us during this time of constant change. :)

I will send out the giveaway once per day, and I should probably get this thread moved to the UIA subforum so it doesn't spam general discussion...

Offline spartako

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Re: CFSCOIN - now hiring - 150,000 sharedrop on CFSGOLD - giveaway inside :D
« Reply #8 on: February 04, 2015, 09:32:56 PM »
bts: fabiux +5%
wallet_account_set_approval spartako

Offline wesphily

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Re: CFSCOIN - now hiring - 150,000 sharedrop on CFSGOLD - giveaway inside :D
« Reply #9 on: February 04, 2015, 09:35:34 PM »
"(since most people understand that a coin does not confer any legal rights or responsibilities)."

This is not a true statement. Crypto currency is considered property. People have the right of ownership which is a legal right :P It is also a tax liability which is a responsibility :)
You also need to be very careful with the words you use. If ownership of a coin is supposed to represent ownership in a company similar to a share/security then it will be treated legally that way implicitly. Doesn't matter if there is a document or not. Really, it is worse if you don't have documents because a malicisous person could utilize this fact to black mail you.

All of this is assuming that CFS is a legal entity. (LLC/s-corp/c-corp/ect...) If it only exists in crypto technology and not on a document then I'm not sure how it will be treated since it isn't a legal company. I got road blocked on this when trying to utilize bitshares for Real Estate. A crypto company does not have the ability to own real property. (real property = real estate) There is too much red tape for a small timer like me to use bitshares for a legal company that can own real property.

Offline Pheonike

Re: CFSCOIN - now hiring - 150,000 sharedrop on CFSGOLD - giveaway inside :D
« Reply #10 on: February 04, 2015, 09:37:39 PM »

Sounds Great

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Offline mdj

Re: CFSCOIN - now hiring - 150,000 sharedrop on CFSGOLD - giveaway inside :D
« Reply #11 on: February 04, 2015, 09:40:27 PM »
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Offline arhag

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Re: CFSCOIN - now hiring - 150,000 sharedrop on CFSGOLD - giveaway inside :D
« Reply #12 on: February 04, 2015, 09:42:07 PM »
Exciting. So are you still planning sharedrops of CFSCOIN on CFSAssets besides CFSGOLD, and if so what percentages? The way I figure it, CFSCOIN can already start acting as the insurance to back CFSAssets in case of losses, correct?

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Offline Rune

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Re: CFSCOIN - now hiring - 150,000 sharedrop on CFSGOLD - giveaway inside :D
« Reply #13 on: February 04, 2015, 09:48:44 PM »
"(since most people understand that a coin does not confer any legal rights or responsibilities)."

This is not a true statement. Crypto currency is considered property. People have the right of ownership which is a legal right :P It is also a tax liability which is a responsibility :)
You also need to be very careful with the words you use. If ownership of a coin is supposed to represent ownership in a company similar to a share/security then it will be treated legally that way implicitly. Doesn't matter if there is a document or not. Really, it is worse if you don't have documents because a malicisous person could utilize this fact to black mail you.

All of this is assuming that CFS is a legal entity. (LLC/s-corp/c-corp/ect...) If it only exists in crypto technology and not on a document then I'm not sure how it will be treated since it isn't a legal company. I got road blocked on this when trying to utilize bitshares for Real Estate. A crypto company does not have the ability to own real property. (real property = real estate) There is too much red tape for a small timer like me to use bitshares for a legal company that can own real property.

I'm glad to get some input on this.

Cryptohedge is a DAC and will only ever exist on the bitshares blockchain and owning CFSCOIN does not give you anything other than owning CFSCOIN. For now, CFSCOIN is backed purely by the reputation of Riverhead and me (i.e. it will have value to people who believe we are going to do with it what we have said we plan to do with it).

My vision for how it will end up in its final decentralized "true DAC state" is where the only way it can interface with the real world is through contract-free compensation of employees (delegate style), and reputation based custodianship of client funds. The idea is to create a web of trust that starts out with me and riverhead and expands to include more employees, and could eventually potentially include trusted anonymous employees (trustable, yet untargetable by LE). The DAC should ultimately be 100% controlled by voting done by CFSCOIN holders, and the counterparty exposure that CFSGOLD and other assets get should be moved from Riverhead and me onto the CFSCOIN voters as a whole (through voting controlled smart contracts somehow :P).

Offline House

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Re: CFSCOIN - now hiring - 150,000 sharedrop on CFSGOLD - giveaway inside :D
« Reply #14 on: February 04, 2015, 09:51:04 PM »
look forward to seeing where this goes

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