Author Topic: Announcing CONSTRUCTION token. Deadline 15th October  (Read 5920 times)

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Offline BunkerChainLabs-DataSecurityNode

Does bitshares have a proper way to liquidate outstanding tokens which are no longer supported?

No it does not.. but it's an interesting idea to enable some kind of kill switch for owners. The alternative of course is hard forking it out by a consensus from the voters.. but that would get messy and trample on property rights in my estimation. I would prefer if there was some way the owner could voluntarily kill their asset in some structured way so that all balances somehow go through a forced settlement and the name can be removed from the space. It would then be claimable again perhaps after a period of 60 days or something like that. Similar to how domain names work I suppose.

Just some thoughts.

Sorry construction didn't work out... I know how hard going crowdfunding can be.

At least, there should be some way to freeze an asset such that it can't be traded at exchange anymore.

That's already possible.. just not in the GUI.
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Offline yvv

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Does bitshares have a proper way to liquidate outstanding tokens which are no longer supported?

No it does not.. but it's an interesting idea to enable some kind of kill switch for owners. The alternative of course is hard forking it out by a consensus from the voters.. but that would get messy and trample on property rights in my estimation. I would prefer if there was some way the owner could voluntarily kill their asset in some structured way so that all balances somehow go through a forced settlement and the name can be removed from the space. It would then be claimable again perhaps after a period of 60 days or something like that. Similar to how domain names work I suppose.

Just some thoughts.

Sorry construction didn't work out... I know how hard going crowdfunding can be.

At least, there should be some way to freeze an asset such that it can't be traded at exchange anymore.

Offline BunkerChainLabs-DataSecurityNode

Does bitshares have a proper way to liquidate outstanding tokens which are no longer supported?

No it does not.. but it's an interesting idea to enable some kind of kill switch for owners. The alternative of course is hard forking it out by a consensus from the voters.. but that would get messy and trample on property rights in my estimation. I would prefer if there was some way the owner could voluntarily kill their asset in some structured way so that all balances somehow go through a forced settlement and the name can be removed from the space. It would then be claimable again perhaps after a period of 60 days or something like that. Similar to how domain names work I suppose.

Just some thoughts.

Sorry construction didn't work out... I know how hard going crowdfunding can be.
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Offline yvv

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Does bitshares have a proper way to liquidate outstanding tokens which are no longer supported?

Offline onceuponatime

That's it guys... The deadline is over and Construction token is now considered officially a huge failure.

I have tried to supply you guys with as much information as possible about the progress of the project.
I have tried to make real use of bitusd and support someone who had short term cash flow needs and no one (except one guy?) from this community has supported the initiative despite the big interest for the loan that was promised. I put an order to buy back the construction tokens sold @1.1760 which is much higher than anything promised on the original announcement so I expect that the current buyer(s) to be more than happy with this and that nothing more should be expected from the Issuer of the token.

I must say that I am really really disappointed from the bitshares community. I was expecting much more support from you guys...  :(

I want to make clear that CONSTRUCTION is no longer available and will never be available again in the form presented on the Announcement of this post. I have amended the asset description which you can see in http://cryptofresh.com/a/CONSTRUCTION and I quote below for the avoidance of any doubt:

"Construction in modern usage is a hypothetical social currency, which can be acquired by doing deeds or earning in the eyes of another, often one's superior. Anybody buying construction should NOT have any expectation of any profit from future sale of the token. The issuer is not liable from any potential loss from the acquisition of construction"

Those who believe in me will be able to buy CONSTRUCTION which I intend to price them vs BTS and not bitusd anymore over the next couple of days. I may chose to buy them back at higher value one day but you SHOULD NOT have any expectations of any kind of profit. I will not be liable for any financial loss you may encounter with "CONSTRUCTION". "CONSTRUCTION" will be used from now on as a token of faith in my future success in bitshares related projects and my intention to share the benefits of my potential success.

Anyway... I think I made it clear that "CONSTRUCTION" is not any longer as per the original announcement and I think I made it clear how much disappointing it is that the project didn't materialized as planed.

It's not the communities fault that you didn't raise the money... What were you expecting from a dwindling forum about an ever depreciating crypto coin?

Another factor to take into consideration:

Had you asked for a donation to build something or get something kick-started, because I know and trust you mf-tzo, I would have gladly donated. However, you put it forth as a business proposition. It therefore went against my philosophical leanings by forcing people through taxation to pay a profit to me for investing in the project. If you are going to propose business deals to me and those of my voluntarist principles you will need to show how the investment makes a return from people willingly paying/purchasing the good or service proposed.

Offline lil_jay890

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That's it guys... The deadline is over and Construction token is now considered officially a huge failure.

I have tried to supply you guys with as much information as possible about the progress of the project.
I have tried to make real use of bitusd and support someone who had short term cash flow needs and no one (except one guy?) from this community has supported the initiative despite the big interest for the loan that was promised. I put an order to buy back the construction tokens sold @1.1760 which is much higher than anything promised on the original announcement so I expect that the current buyer(s) to be more than happy with this and that nothing more should be expected from the Issuer of the token.

I must say that I am really really disappointed from the bitshares community. I was expecting much more support from you guys...  :(

I want to make clear that CONSTRUCTION is no longer available and will never be available again in the form presented on the Announcement of this post. I have amended the asset description which you can see in http://cryptofresh.com/a/CONSTRUCTION and I quote below for the avoidance of any doubt:

"Construction in modern usage is a hypothetical social currency, which can be acquired by doing deeds or earning in the eyes of another, often one's superior. Anybody buying construction should NOT have any expectation of any profit from future sale of the token. The issuer is not liable from any potential loss from the acquisition of construction"

Those who believe in me will be able to buy CONSTRUCTION which I intend to price them vs BTS and not bitusd anymore over the next couple of days. I may chose to buy them back at higher value one day but you SHOULD NOT have any expectations of any kind of profit. I will not be liable for any financial loss you may encounter with "CONSTRUCTION". "CONSTRUCTION" will be used from now on as a token of faith in my future success in bitshares related projects and my intention to share the benefits of my potential success.

Anyway... I think I made it clear that "CONSTRUCTION" is not any longer as per the original announcement and I think I made it clear how much disappointing it is that the project didn't materialized as planed.

It's not the communities fault that you didn't raise the money... What were you expecting from a dwindling forum about an ever depreciating crypto coin?

Offline mf-tzo

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That's it guys... The deadline is over and Construction token is now considered officially a huge failure.

I have tried to supply you guys with as much information as possible about the progress of the project.
I have tried to make real use of bitusd and support someone who had short term cash flow needs and no one (except one guy?) from this community has supported the initiative despite the big interest for the loan that was promised. I put an order to buy back the construction tokens sold @1.1760 which is much higher than anything promised on the original announcement so I expect that the current buyer(s) to be more than happy with this and that nothing more should be expected from the Issuer of the token.

I must say that I am really really disappointed from the bitshares community. I was expecting much more support from you guys...  :(

I want to make clear that CONSTRUCTION is no longer available and will never be available again in the form presented on the Announcement of this post. I have amended the asset description which you can see in http://cryptofresh.com/a/CONSTRUCTION and I quote below for the avoidance of any doubt:

"Construction in modern usage is a hypothetical social currency, which can be acquired by doing deeds or earning in the eyes of another, often one's superior. Anybody buying construction should NOT have any expectation of any profit from future sale of the token. The issuer is not liable from any potential loss from the acquisition of construction"

Those who believe in me will be able to buy CONSTRUCTION which I intend to price them vs BTS and not bitusd anymore over the next couple of days. I may chose to buy them back at higher value one day but you SHOULD NOT have any expectations of any kind of profit. I will not be liable for any financial loss you may encounter with "CONSTRUCTION". "CONSTRUCTION" will be used from now on as a token of faith in my future success in bitshares related projects and my intention to share the benefits of my potential success.

Anyway... I think I made it clear that "CONSTRUCTION" is not any longer as per the original announcement and I think I made it clear how much disappointing it is that the project didn't materialized as planed.
 

 

Offline mf-tzo

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Only 1 Week is left for the "CONSTRUCTION" token.

If you want to invest and earn high interest on your bitusd stash this is your last chance before the expiry on the 15th October

Below some pictures where we are and what we have to do:

1) So far we have completed (the yellow part is for blind people. This is the first time I see something like this on a Greek sidewalk..)

https://i.imgsafe.org/befcef1ae9.jpg

https://i.imgsafe.org/befede79a4.jpg

2) What we are doing now

https://i.imgsafe.org/bf05c8b3cf.jpg

https://i.imgsafe.org/bf18b66f7d.jpg

3) What we have to restructure (and more that is not shown on the below pictures)

https://i.imgsafe.org/bf0941e09e.jpg

https://i.imgsafe.org/bf0b3c1cc1.jpg

https://i.imgsafe.org/bf0cd4a8a1.jpg

https://i.imgsafe.org/bf0ed18b68.jpg

https://i.imgsafe.org/bf1103bcd5.jpg

https://i.imgsafe.org/bf13640e43.jpg

I hope you reconsider investing by buying "construction" token and be part of this nice pedestrian we are preparing.

Thank you for your support!


Offline mf-tzo

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@intelliguy @nmywn  and all

Only 2 weeks left for the deadline and so far we have raised only $25 from one courageous investor. Please consider supporting the "CONSTRUCTION" token within the next two weeks. After the deadline the deal is off. What I mean with that...

If we don't manage to raise more than $500 I will consider the raise funding attempt a failure. In this case I will buy back the tokens until the end of November at min $1.01 - max $1.02.

The only exception will be the one investor who supported with $25 from the beginning. I intend to buy back the $25 dollars raised so far from this 1 investor @ $30 (congratulations you will have made 20% profit on your investment because of the early confidence).

I really do hope though that we manage to raise more than $500 and the project is not a failure. This is the first attempt to actually use bitusd for something real. "CONSTRUCTION" is a good investment opportunity for people that want to earn high interest on their bitusd stash.

Regarding the progress of the project. The project is moving forward as planned but there is a need for short term cash flow. We are still in the very early stages of the project so we have actually already completed more work than we have been paid for. We expect to get paid for the work done so far closer to the end of October. This is normal, part of the business plan and this is the reason of the  "CONSTRUCTION" token.

Public Constructions projects are always profitable and there is no much risk involved. It is not like private construction projects that someone builds a house and he may never sell it or sell it below cost. Your main risk investing in "Construction" token is mostly my self, so look at your risk - reward profile again and consider buying "CONSTRUCTION" before the deadline.

Any other concerns or questions please let me know.

Thanks for your support!


 

Offline intelliguy


What  happens if you do not raise the funds. Say you raise only $1200 or even worse, only $100.  Are you still going to buyback the token?
I'm @intelliguy on steemit. I usually get things right (or so they tell me), follow me there if you want to see more. Tips accepted to bitshares user: intelliguy-bts  (I'm a lifetime member because I trust in the Bitshares ecosystem)

Offline mf-tzo

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@btswolf  and @pc thank you very much guys! I value very much your comments and feedback!

Offline btswolf

I agree with @pc.
Do you mean that offering the "construction" token to be illegal? I don't think so...Not in Greece but in any country as far as I understand..
Only thoughts, nothing for sure.
Quote
I am prepared not to remain anonymous to a potential investor willing to cover a large portion of the loan.
The amount of money we are talking about is not even worth to hire a lawyer trying to sue you in case something goes wrong.
Quote
On the other side people from this community have given lots of money to "invest" in projects that never delivered and probably won't deliver anything and they seem to be fine with this...strange things..
Those projects have/had the potential of a much higher ROI and so they are worth to take a higher risk.

However I appreciate your approach and I think you have a really good reputation at least in this forum.

Offline mf-tzo

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@pc thanks for the feedback.

Here are some replies to your questions

1. You have listed some risks, but by far not all, nor the most important ones. For example
* your own untimely death

Agree this is a risk. I do hope it won't happen though...

* offering such securities is probably illegal in Greece, which can get you into serious trouble

Do you mean that offering the "construction" token to be illegal? I don't think so...Not in Greece but in any country as far as I understand..

* your brother in law doesn't complete the project, or doesn't complete it to the satisfaction of his customer, and doesn't get paid, or doesn't get paid enough, or doesn't get paid within reasonable time (which I think is quite likely, from what I know about Greek public finance).

The risk for delaying the project is his own cash flow problems, hence the request of the loan. If the government doesn't pay him, then he will stop working and will indeed not complete the project. But if that happens, he won't need the money anyway and he will return the loan. I agree ofcourse that there is a risk things not to go as planed.

2. Your decision to remain anonymous precludes any kind of research on your financial background (not that such information would be easy to get even with your personal data - P2P lending platforms do provide a service there). It also precludes any possibility of your securing that loan.

I am prepared not to remain anonymous to a potential investor willing to cover a large portion of the loan.

3. Even if your proposal succeeds, it does set a bad example. Bad in the sense that it would make it seem very easy for scammers to request similar loans and run away with the money. Just like it was very easy on STEEM to make money by posting an introduction under a girls' name.

I agree that p2p loans are risky. I was just under the naive impression that maybe members of this community would have shown a bit more trust in me as a long term member of this community. Something like a credit score as you say..Apparently that is not the case... On the other side people from this community have given lots of money to "invest" in projects that never delivered and probably won't deliver anything and they seem to be fine with this...strange things..

Having said that, I really appreciate the honesty and the feedback. Keep them coming..
Thanks!

Offline pc

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I like the general idea of P2P-lending. I have some experience as an investor on a German P2P lending platform. I have stopped investing there, for various reasons, some of which were within the platform itself, but mostly because the risk with such investments is much higher than you'd think. With the current low interest rates it is close to impossible to come out without a loss. I will have some open cases there for a long time, and even if I get out with a small profit, that profit does not in the least compensate for the time I have invested into that experiment.

I have learned there is that it all boils down to risk management. It doesn't matter what nice stories people tell you what they're going to do with the money. It could all be lies, and you can't even hold them responsible for it. What matters is cold hard facts and numbers. That's why P2P lending platforms usually provide ratings or credit scores on the borrowers. Some require the borrowers to secure their credit with property, like cars, boats, or even houses.

What I've also learned there is that scammers will seek opportunities on such platforms. Make it easy for the scammers, and they will come in masses.

So ultimately my conclusion about P2P lending is - nice idea in theory, total failure in practice. Which really is a pity, IMO.

Applying the above on your proposal, I see several serious drawbacks:

1. You have listed some risks, but by far not all, nor the most important ones. For example
* your own untimely death
* offering such securities is probably illegal in Greece, which can get you into serious trouble
* your brother in law doesn't complete the project, or doesn't complete it to the satisfaction of his customer, and doesn't get paid, or doesn't get paid enough, or doesn't get paid within reasonable time (which I think is quite likely, from what I know about Greek public finance).
2. Your decision to remain anonymous precludes any kind of research on your financial background (not that such information would be easy to get even with your personal data - P2P lending platforms do provide a service there). It also precludes any possibility of your securing that loan.
3. Even if your proposal succeeds, it does set a bad example. Bad in the sense that it would make it seem very easy for scammers to request similar loans and run away with the money. Just like it was very easy on STEEM to make money by posting an introduction under a girls' name.

Bitcoin - Perspektive oder Risiko? ISBN 978-3-8442-6568-2 http://bitcoin.quisquis.de

Offline mf-tzo

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So far we have raised the amazing amount of $25 out of the targeted $10,000... :(

Therefore I am wondering why people do not support this..

Do you require any further information?
Is it a matter of trust?
You don't care about earning interest on your bitusd holdings?
Do you think interest is low?
What else?

I want this to succeed and "Construction" to be the first p2p loan in bitshares DEX but I am starting to lose hope...

Feedback is appreciated!

https://bitshares.openledger.info/#/market/CONSTRUCTION_USD