Consistency is important in business and that has been a lacking tool for me and my project at the moment. The reasons being that I am virtually the only one doing all the work for it, so it is expected that my CRUDE.ASSETS will experience high volatility in prices and incur severe losses in capital.
As the sole proprietor of this project it has not been an easy ride and without the help of Abit, Europa and the Twentix community, especially Johnr, I would not have gotten to the level where the project is now.
I started with the idea of having a stablecoin in Naira that would bridge the gap between fiat and bitshares in my locality and nation at large, however due to limitations i have been unable to setup an automated process for this and I have also not been able to attract local interest for the currency. That coupled with my poor management of the currency has led it to drop from a peg of 65naira per CNY to 1000naira per CNY. Notwithstanding I have now corrected my mistakes on this currency by setting up a seperate wallet to issue and account for the reserve funds used to peg the currency. The wallet is currently managed only by me, however hopefully with time that will no longer be necessary as I hope to find a way to automate the process without much inteference from me. Apart from my Naira stablecoin, I also developed the idea of inverse margin trading by creating the CRUDE.BTS asset which can be borrowed using CRUDE.NGN as collateral. This asset is meant to represent bitshares 1:1 and so far I have been very successful with the concept. I have also delegated the crude-ngn wallet to manage this asset as well since it has the power to borrow it at will and account for its supply. The concept behind CRUDE.BTS is that of margin calls, with the aid of this asset one can avoid margin calls from borrowing using bitshares as collateral. Another benefit is that one can hold both bitshares and a stablecoin at the same time thus benefiting from it no matter the price of bitshares. The only draw back for CRUDE.BTS currently is that I do not know how to automate its price feed, if I did then the coin would become perfect. Lastly I then created CRUDE.LVRG, which was meant to represent 5x the price change of bitshares on a weekly basis. However due to some lacklustre situations and poor concentration I lost 15 thousand Bitshares from my wallet and at that time it was almost all the money I had on me for the project. This mistake ended up being costly and I have not been able to recover even up till now. Luckily for me Abit seeing my pain in his generosity offered to return the 15 thousand bitshares back to me, this I heartily accepted, I even promised to pay back every penny with time. In order to begin the process of paying back I switched my CRUDE.LVRG tokens from an FTX to a reward token as a means of raising funds from other well meaning bitshares users who might have had interest in my project. The idea was to fast track repayment while working out a system to reward those who had contributed by buying the token.
This brought about my first promo bitsharescrude-fund, the idea was to hold contributors funds and mine in the wallet till year end after which 10% would be disbursed back to them as bitshares. It was during this time that liquidity pools were developed for which i designed the first liquidity pool for CRUDE.NGN/BTS. I also set up a market marker reward program for STH, EVRAZ, TWENTIX and YOYOW. This piqued a little interest from the community at that time.
Also then, Johnr and I struck a few deals in CRUDE.BTS, NGN and TWENTIX coins. However financial constriants caused me to sell most of the TWENTIX tokens to keep the project alive. That coupled with the fact that most of my funds were deplicting with no account for the loss discouraged me from continuing the market marker reward programs, which in true sense was fizzling out on its own already. However I was determined to continue my project so I decided to focus on improving the funds in the bitsharescrude-fund wallet which I wanted to use to reward contributors to my project.
This I did by setting up more liquidity pools (NGN/CNY, BTS/CBTS and TWENTIX/CBTS pools), after I discovered how effective liquidity pools were at generating profits from swaps between two assets, I decided to create another liquidity pool this time centered around my reward token CRUDE.LVRG with CNY.
After creating the pool I decided that it would be better to set up my reward program around the pool token, and thus instead of distributing contributors reward @ year end as initially planned the lure and power of liquidity pools caused me to redistribute the funds according to how they had contributed not in bitshares but rather in CNY. The reason why CNY was used was that the price of bitshares had gone so high then that I would make a huge loss if I tried to return all the bitshares I had been given. Each user was encouraged to add liquidity to the pool of which only Johnr responded, the other major holder of the CRUDE.LVRG asset opted to sell his tokens in the market for reasons best known to him. After the distribution I setup a new reward system that would payout holders of the CRUDE.LVCNY asset monthly until the total supply of CRUDE.LVRG is reached. I also increased the total supply to approximately 200 million tokens due to the fact that the top holder refused to stake his share as I had hoped he would and also to extend the duration of the reward as the reward would be paid out as CRUDE.LVRG. After this change of plan I decided to create a new FTX token CRUDE.BTX, this time with better setup as a smartcoin with thesame idea of x5 the price of bitshares weekly, I even ran a lot of promos in the telegram channel to drum interest all to no avail.
This led me to rethink the asset's setup and readjust its parameters. It now currently runs at 1.5x the price of bitshares daily and I have also setup a quarterly buyout contract using another wallet crude.btx-account that would buy the CRUDE.BTX tokens every four months based on performance. The wallet is also used to account for the supply of the CRUDE.BTX tokens which I or any user borrows and is pegged at 1.5BTS.
A few days back I got the idea again to center my liquidity pools around the CRUDE.LVRG token and setup a franchise that would see the CRUDE.LVRG (LEVERAGE) Asset as the main investment instrument of the bitsharescrude-fund. This idea came after I saw how ineffective it was to manage the liquidity pools of CRUDE.BTS and CRUDE.NGN due to their stable nature and constant need to account for them. This led me to once again reorganise my liquidity pools and burn off any excess supply as well as change my payoff terms to Abit by offering to swap CRUDE.BTS for CRUDE.LVRG as repayment option.
This brings us to now, I have now set up seven liquidity pools and counting for CRUDE.LVRG and one FTX token CRUDE.BTX. I hope to setup some more as well as raise up interest in them with time.
I am also building my business around the idea of Leveraging by using the power of liquidity pools, and FTX smartcoin tokens to build a good bitshares portfolio right on the DEX.
I want to encourage well meaning bitshares holders to take a sneak peak at CRUDE.LVRG and my other assets and contribute to making it a success right on the DEX all the data relating to the project is displayed on my website
https://fund.bitsharescrude.i.ng for transparency and I also want to assure everyone that I will no longer be inconsistent with my project but rather build it to greater heights.
Topic: ANN- ICO-Bitshares Naira XBITS.NGN initial coin offering (Read 12906 times)
