Author Topic: Zenith Music Exchange  (Read 25430 times)

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Offline santaclause102

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And what does he bring to the table? In particular what securities? He could just sell 90% of his shares if the shoot up (not expected if people on BTT see Frictionslesscoin is behind it; he really has a horrible standing). If he is brought in to make the deals with musicians the right incentives would be to pay him per deal he makes. This way the is a horribly flawed incentive structure!

Offline EntSki

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well if he's funding it mostly by himself, how could i not support the equity split?!


sumantso

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Eddie owns a large share of zcoin. and is personally funding the website that will add tremendous value to the chain.  Forking it will not gain recognition from his website. 

So give him the equivalent BTS Music directly and bypass this coin with a bad rep. This will also keep it transparent.

Offline bytemaster

Eddie owns a large share of zcoin. and is personally funding the website that will add tremendous value to the chain.  Forking it will not gain recognition from his website. 

It will be based on bts me so not a lot of ags/pts. 

Eddie only bought zenith coin one month ago.  So he is repurposing an alt coin to minimize regulatory risk with a more direct fund raiser. 

It would be nice if the coin had a better background.  Eddie is very new to the crypto space, but very experienced in the music space.




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Offline cass

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Now we are using the power of the snapshot to move all of his capital into a better platform - bitshares!

See my last post. Its quite possible he owns almost ALL the coins. In effect you are awarding him almost 50% of the DAC.

Of course he picked up ZTC, since he gets a coin in which almost the entire supply is concentrated.

Isn't this what we might expect from any DAC? The Social Contract asks for 10% + 10% at minimum, right? If a DAC developer/investor wants to own the other 80%, that certainly is his or her right.  This one's giving us 25% + 25%, taking only 50%.


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Offline bytemaster

Eddie owns a large share of zcoin. and is personally funding the website that will add tremendous value to the chain.  Forking it will not gain recognition from his website. 

It will be based on bts me so not a lot of ags/pts. 

Eddie only bought zenith coin one month ago.  So he is repurposing an alt coin to minimize regulatory risk with a more direct fund raiser. 

It would be nice if the coin had a better background.  Eddie is very new to the crypto space, but very experienced in the music space.




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Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline donkeypong

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Why would he want to buy up a dead coin?

Have you heard of reverse mergers? That's where a company that wants to become publicly traded "merges" with a dying company to use their already-approved shell on an exchange. Same thing here, I imagine, where this gentleman did not want to trouble himself with starting a new coin from scratch.

Offline santaclause102

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Have to disagree on the following two:

Quote
We expect to rescue the holders of many other unprofitable platforms, maybe even Bitcoin, as more and more folks abandon mined coins for a profitable platform.
Rescuing people that did bad investments is not a business model!!

Quote
After the merging snapshot, all music will trade in bitshares, so what difference will the history of the ship that delivered the wealth to our ecosystem make?
That DOES make a difference! If Eddie controls almost 50% of BTS Music then this looks to me like like a security issue because he then has close to 50% of the voting power... Even if it were only 10% it would seem troublesome to me.

And FULL transparency is needed here: Is Eddy Frictionlesscoin?
Why would he want to buy up a dead coin? Why not just make a own Bitcoin/Scrypt fork and premine 90% if that is the goal?

sumantso

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Now we are using the power of the snapshot to move all of his capital into a better platform - bitshares!

See my last post. Its quite possible he owns almost ALL the coins. In effect you are awarding him almost 50% of the DAC.

Of course he picked up ZTC, since he gets a coin in which almost the entire supply is concentrated.

Isn't this what we might expect from any DAC? The Social Contract asks for 10% + 10% at minimum, right? If a DAC developer/investor wants to own the other 80%, that certainly is his or her right.

Not if it is I3 funded.

Offline donkeypong

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Now we are using the power of the snapshot to move all of his capital into a better platform - bitshares!

See my last post. Its quite possible he owns almost ALL the coins. In effect you are awarding him almost 50% of the DAC.

Of course he picked up ZTC, since he gets a coin in which almost the entire supply is concentrated.

Isn't this what we might expect from any DAC? The Social Contract asks for 10% + 10% at minimum, right? If a DAC developer/investor wants to own the other 80%, that certainly is his or her right.  This one's giving us 25% + 25%, taking only 50%.
« Last Edit: April 09, 2014, 11:05:13 pm by donkeypong »

sumantso

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If you really want to give him 50%, why not just award him 50% of BTS Music? That will avoid the PR disaster.

ZTC is not just some abandoned coin. It is something which is almost wholly owned by a single individual (and has links with some dubious users from BTCtalk).

Offline donkeypong

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Sounds great. What do you mean by "merging snapshot"?

sumantso

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Now we are using the power of the snapshot to move all of his capital into a better platform - bitshares!

See my last post. Its quite possible he owns almost ALL the coins. In effect you are awarding him almost 50% of the DAC.

Of course he picked up ZTC, since he gets a coin in which almost the entire supply is concentrated.

Offline Stan

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I take it back. I remembered Zenithcoin was extremely hated and by and large had a bad rep, so much so that nobody was even interested in the giveaways. The coin dev, Solarcx, was getting 50% of the mined ZTC which was a major sticking point (not to mention his extremely arrogant attitude). He had in the middle also tried using the coins as tokens for some BTC mining which didn't work out. https://bitcointalk.org/index.php?topic=219644.0

So I looked up in BTCtalk again and it seems that the coin was recently sold to 'FrictionlessCoin' which is probably Ed (or Ed hired FrictionlessCoin), who has a very bad standing in the community, and personally to me seemed like someone who has been trying to scam (he has been quite busy, including some fork of NXT and has raised quite a lot of money).

Since I don't have much idea about the business, and how hard it is to try to get somebody like Ed, I would strongly urge others to look into it. But I should add that if I was not invested in I3 earlier, I would have certainly steered cleared of I3 if I heard it was allying with ZTC/FC. Granted, the loss of my puny investments wouldn't have registered; but I am willing to bet lots of others would have the same feeling.

That coin is now under new management.  Not being a coin developer, Eddie's original strategy was to buy an abandoned worthless coin and rejuvenate it by backing it with the value of his ideas.  Then he met us.

Now we are using the power of the snapshot to move all of his capital into a better platform - bitshares!

We expect to rescue the holders of many other unprofitable platforms, maybe even Bitcoin, as more and more folks abandon mined coins for a profitable platform.

After the merging snapshot, all music will trade in bitshares, so what difference will the history of the ship that delivered the wealth to our ecosystem make?

Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline EntSki

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Yeah, we'll have to fork this immediately and start over.