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[PETAVOTE Result] New token bootstrapping discussion

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Cryptonaut

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Hey guys.

So the recent vote for PETAMINE tokens has now ended, and the majority decision was to use the remaining funds to bootstrap the creation of a new dividend paying investment token, and then distribute the first shares of these to current PETAMINE holders.

Context references: Vote proposal post, vote result

Starting Funds: 1.5 BTC (1.25 recovered from PetaMine shares, 0.25 extra personal from myself)

So, basically now we need to figure out what kind of token we want to create next (hopefully will last longer this time). This token will have its own private forum here on LTB, and the token will also pay dividends (probably weekly) from profits. Other than that the specifics are up in the air at the moment.

One idea I have had floating around is a "meta" counterparty token. Basically, fund money would be diversified between a handful of other [dividend paying] counterparty assets. Dividends would be collected from all the other tokens, and then a % would be reinvested similar to the petamine scheme. CCFUND, STORMWIND, GIGAHASH and EARNFREEBTC are some examples of dividend paying tokens that are out there right now.

We could also maybe do something with cryptostocks: https://cryptostocks.com although it looks like pretty much everything on there is super low trade volume. There is also Havelock Investments still, but besides PetaMine most stuff on there is either almost no volume or doesnt even pay dividends (or only pays once every several months)

Im all ears

Posted on October 3, 2014 at 12:51 AM

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• cryptoMatic

  

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  I say we shoot for the moon, highest risk highest reward investment!!

  After all, didnt we collectively just spend 5.5 BTC in counterparty transaction fees to vote on how to use the 1.5 BTC? (10,745 votes*0.0005 BTC/ per transaction = 5.5 BTC)

  Posted on October 3, 2014 at 5:50 PM
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• markxmayer

  

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  After all, didnt we collectively just spend 5.5 BTC in counterparty transaction fees to vote on how to use the 1.5 BTC? (10,745 votes*0.0005 BTC/ per transaction = 5.5 BTC)

  Of course not, that would be silly. Fees are per transaction, not per token/vote.

  Posted on October 3, 2014 at 5:55 PM
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• cryptoMatic

  

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  @markxmayer

  After all, didnt we collectively just spend 5.5 BTC in counterparty transaction fees to vote on how to use the 1.5 BTC? (10,745 votes*0.0005 BTC/ per transaction = 5.5 BTC)

  Of course not, that would be silly. Fees are per transaction, not per token/vote.

  Right. Collectively everyone who cast a vote had to do so by making a transaction. If you try to send anything and dont have enough BTC in that address, you get a prompt that says:

  Due to Bitcoin fees, each Counterparty action requires approximately 0.0005 BTC to perform.

  Posted on October 3, 2014 at 6:07 PM
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• markxmayer

  

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  What you said there is correct, but what you are missing is that there is not one transaction per vote. Many people had hundreds or thousands of votes, which they sent in a single transaction. I'm guessing the total number of transactions is more like 25-50, not 10,745).

  Posted on October 3, 2014 at 6:30 PM
  Last Edited: October 3, 2014 at 6:31 PM
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• cryptoMatic

  

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  @markxmayer What you said there is correct, but what you are missing is that there is not one transaction per vote. Many people had hundreds or thousands of votes, which they sent in a single transaction. I'm guessing the total number of transactions is more like 25-50, not 10,745).

  Ah I see what you mean.

  Posted on October 3, 2014 at 7:01 PM
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• troy112

  

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  @cryptomatic Wow great way to ruin the thread. Are you even invested in this? If you were you would have know how much fees counterparty takes.

  @Cryptonaut When you make new token please make a new forum.

  And what about B.SELL at Havelock?

  Posted on October 4, 2014 at 1:16 AM
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• cryptoMatic

  

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  @troy112 @cryptomatic Wow great way to ruin the thread. Are you even invested in this? If you were you would have know how much fees counterparty takes.

  0.005 is exactly how much counterparty charges for fees. It would be incorrect to saying otherwise.

  Posted on October 4, 2014 at 12:25 PM
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• Cryptonaut

  

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  @cryptomatic

  @troy112 @cryptomatic Wow great way to ruin the thread. Are you even invested in this? If you were you would have know how much fees counterparty takes.

  0.005 is exactly how much counterparty charges for fees. It would be incorrect to saying otherwise.

  actually, its 0.0005 (an extra zero in there). Also, I have no idea where you got "we just collectively spent 5.5 BTC in fees" from... that would be like 11,000 individual transactions. The actual number of transactions from people voting is only around 25, which comes out to just over 0.01 BTC. Not sure why that is relevant anyway

  @troy112 When you make new token please make a new forum. And what about B.SELL at Havelock?

  Yes there will be a new forum made for it. B.SELL is an option yeah (would probably want to get both B.SELL and B.MINE I think). More info on BSELL: https://www.havelockinvestments.com/fund.php?symbol=B.SELL

  Posted on October 4, 2014 at 1:16 PM
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• troy112

  

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  @cryptomatic i have nothing against you, its just that this is not the thread to discuss about counterparty fees. @Cryptonaut i think we can get b.sell separately, and but it's prices are also going down... rather exponentially. We need something a bit stable...

  Posted on October 5, 2014 at 2:14 AM
  Last Edited: October 5, 2014 at 2:19 AM
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• troy112

  

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  Also, i don't think cryptostocks require much verification to put a stock. Cause there are a lot of stocks there.

  Posted on October 5, 2014 at 2:22 AM
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