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Freebie E:sports singapore
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Author Topic: Freebie E:sports  (Read 10279 times)

Freebieservers

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Freebie E:sports
« on: June 25, 2015, 01:00:28 am »

After much thought, we’re happy to list our asset on the AE.
This is being done in order to award early backers with due returns.
While an equity-less model of funding looked optimal us, citing lack of dev funds within communities and larger crowds attaining benefits from the contributions of few backers, we’ve decided its best we take the AE route. We’re listing 5 percent of profit shares in the current round.


Fund raising model

Information :https://nxtforum.org/general-discussion/freebieservers-diversifying-into-e-sports-betting
Amount Required : 1.5 Million Nxt
No. of Shares : 1 million
No. of Shares on sale : 400,000 (2 percent)
Price per share : 3.5
Asset listing : https://trade.secureae.com/#3396160410141965976

Dividend structure : 5 percent of profit, monthly.


Project will commence on reaching 50 percent of sale of the present share sale.


We are looking to move funds to smartcontract.com and utilize a smartcontract to ensure the funds aren’t mishandled. I’ve approached Sergey via a mutual contact. In the meantime however, feel free to pitch in a smart contract system for storage of funds.

. The current batch of shares are sold to work on the MVP. The second batch of shares will be sold at a higher premium, as we create a legal structure around the organization. We’re currently looking at Costa Rica, Isle  of Man and a few other options. Audits and other aspects are welcome from Nxt Inspect (chanc3r and Damelon can hold funds).

We expect to finish the project in 45 days.
Ideally, we should be able to do the release of dividends in 90 days.



Post completion of the fund raising goal , we’ll also be offering swaps for FS holders that wish to partake in this project without committing financially. The goal is to allow our previous backers to diversify their portfolio and be a part of the project if they feel the need to do so.
« Last Edit: June 27, 2015, 01:03:05 am by Freebieservers »
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Nxtblg

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Re: Freebie E:sports
« Reply #1 on: June 25, 2015, 05:38:00 pm »

For those of us who are using our localhost wallets, the above Asset ID is  3396160410141965976  <-- ready for clipboarding. :)


EDIT: Just bought 1000.
« Last Edit: June 25, 2015, 05:49:11 pm by Nxtblg »
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Freebieservers

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Re: Freebie E:sports
« Reply #2 on: June 26, 2015, 01:21:53 pm »

For those of us who are using our localhost wallets, the above Asset ID is  3396160410141965976  <-- ready for clipboarding. :)


EDIT: Just bought 1000.

Appreciate it mate.
We've hit 129k in Nxt, we'll start dev work at 7.5k USD worth. 
I'll have  a primer on the legalities and potential choices we'll have on by monday (preferably) up for reference.
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Nxtblg

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Re: Freebie E:sports
« Reply #3 on: June 26, 2015, 03:31:09 pm »

For those of us who are using our localhost wallets, the above Asset ID is  3396160410141965976  <-- ready for clipboarding. :)


EDIT: Just bought 1000.

Appreciate it mate.
We've hit 129k in Nxt, we'll start dev work at 7.5k USD worth. 
I'll have  a primer on the legalities and potential choices we'll have on by monday (preferably) up for reference.

Thanks - I'll be waiting to read it. :)
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Omega

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Re: Freebie E:sports
« Reply #4 on: June 26, 2015, 03:34:11 pm »

Was it ever decided on what this asset actually is?  How will investors achieve an ROI?
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JamesList

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Re: Freebie E:sports
« Reply #5 on: June 26, 2015, 03:37:45 pm »

We are getting only 5 percent of profit shares for funding the whole project? Are this normal conditions for investors in the real world?
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Freebieservers

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Omega

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Re: Freebie E:sports
« Reply #7 on: June 26, 2015, 04:43:54 pm »

It is a well written report but from what I am seeing the "return" we see is that the project will integrate NXT into it's services and as a result grow the NXT user base, and thus increase the value of the currency we hold.

This seems more like a crowd-funding token more than an asset in this case.  People do this all the time but I'm not sure I see the benefit as an investor.  Good luck with the project!  I watch a lot of twitch so I'll check this out once it's up and running.  Betting with crypto is sooo much better than trying to do it with $$$.
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Freebieservers

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Re: Freebie E:sports
« Reply #8 on: June 26, 2015, 05:21:58 pm »

It is a well written report but from what I am seeing the "return" we see is that the project will integrate NXT into it's services and as a result grow the NXT user base, and thus increase the value of the currency we hold.

This seems more like a crowd-funding token more than an asset in this case.  People do this all the time but I'm not sure I see the benefit as an investor.  Good luck with the project!  I watch a lot of twitch so I'll check this out once it's up and running.  Betting with crypto is sooo much better than trying to do it with $$$.

We'll be issuing profit shares as dividends like we've been doing with FS.
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PureVision

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Re: Freebie E:sports
« Reply #9 on: June 26, 2015, 08:21:30 pm »

How much of the profit will go to shareholders?
5% of the profit?
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Freebieservers

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Re: Freebie E:sports
« Reply #10 on: June 27, 2015, 01:03:27 am »

How much of the profit will go to shareholders?
5% of the profit?

Yea, just added the same in the thread.
Just realized this wasn't clear. My bad.
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Freebieservers

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Re: Freebie E:sports
« Reply #11 on: June 27, 2015, 01:22:39 am »

Hey guys,

We've been trying to push for transparency with the project.
Apart from accounting for expenses, we've been looking for a smart-contract solution for the dev works of the project.
I'd approached Sergey in regards to creating a system that releases funds with commits / code submissions but it looks like it will be hard to do that currently. In case you guys  have other transparent, smart contract systems - please do let me know as we'd be glad to move the funds there and utilize them on a post-work basis.

Regards
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JamesList

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Re: Freebie E:sports
« Reply #12 on: June 27, 2015, 09:37:54 pm »

no offense, but the transparency is not the problem here. You did a great job till now but 5% of the profit for funding the whole project is just absurd. Where is your risk expect wasting some time? Would love to buy in to fair conditions.
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mezzovide

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Re: Freebie E:sports
« Reply #13 on: June 28, 2015, 05:04:48 am »

no offense, but the transparency is not the problem here. You did a great job till now but 5% of the profit for funding the whole project is just absurd. Where is your risk expect wasting some time? Would love to buy in to fair conditions.

+1
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JohnHolmes

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Re: Freebie E:sports
« Reply #14 on: June 28, 2015, 05:20:04 am »

no offense, but the transparency is not the problem here. You did a great job till now but 5% of the profit for funding the whole project is just absurd. Where is your risk expect wasting some time? Would love to buy in to fair conditions.

+1

What's the expected profit going to be? maybe 5% will still generate a good return
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Freebieservers

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Re: Freebie E:sports
« Reply #15 on: June 28, 2015, 06:31:28 am »

Sharing a PM I'd send to Jameslist clarifying my stance on the valuation

Quote
Hey Mate,
 
I see you had some concerns regarding risks on my thread.
I figured its best I spoke to you personally before I updated the thread.
 
As  a new business, every entrepreneur shares a lot more risk than just "wasted time"
While focusing on the setting up of the new venture, we focus ourselves away from our core businesses, which could lead to potential loss of user base, stunted growth or at worse financial losses .In addition, a large amount of effort goes into market research and understanding the opportunities that lie within multiple verticals. In the case of the new venture at question we're combining a fair bit of fin-tech along with the core concept of gaming. The money being raised, only helps us partially bear the cost of the platform. There is a lot of head-ache that goes on behind the scenes in terms of working with legal authorities and ensuring the platform turns out to be legally compliant across jurisdictions and ensuring we retain the right talent. Admittedly, in case you observe any Venture capital firm, 5-7 percent is what goes into the seed round for twice the amount of money we are raising. So, in terms of any "real" business out there raising funds, I believe we are in sync. In terms of risks, we take the massive risks of keeping this legal which in itself is a task. Understandably the asset does come at a premium and you could say hey, its overvalued. But before you say so, I'd beg you to take a look at the revenue figures in the business plan and take a look at the market potential we're targetting. Every business comes with its bit of risks in terms of investment and not all projected revenue figures are hit. I'd like to end by stating, we are currently the only non trade bot / exchange asset that's working at such scale in the AE right now. I believe am not doing an injustice by valuating my business at what its at right now. I am doing what any entrepreneur would do : deciding what the business is worth, and keeping it open to the free-market to decide whether its worth it or not . You have all rights to think otherwise, but there are people out there who do agree with the stated valuation and we will continue to be of service to them.
 
Feel free to revert with any difference in opinion. I'd be glad to clarify myself.
Regardless of whether you choose to buy my asset or not, am glad to e-meet you. Critics are always a necessity for the strong functioning of a business. Hoping to hear back from you.
 
Regard

I understand there's been some worry over the returns of the project.
Primarily, I'd start by stating, this would be a cash oriented business from day one : as in unlike at FS , more than cultivating a user base we'll be focusing on revenue early on. The user-base at FS will be leveraged to garner early growth for the venture and thereby create help us create a synergy between the two projects. Admittedly, there's a fair bit of research that's going into the legal aspects of things and I was waiting until a member had it ready before I made further posts. Here is the revenue projection from the biz plan I'd written for the project



Note : Userbase is the wrong term to be used there, the right word would be no. of bets :)

Understandably, the figures look too big the way they are right now. I was personally baffled by the figures when we first bounced the concept in Jan 2015, and took 4 months to learn the ins and outs of the industry. In case you'd want to verify the figures, feel free to look at the size of the jackpots at csgojackpot to get an estimate. Keep in mind, that we intend to bridge in-game economies, crypto and  fiat over a period of time. In addition, there's the potential to expand to other games such as Dota, LOL and so forth.

I'll be presenting my vision for a moon-shot project that goes hand in hand with this (and creates an entire economy on its own) in the days to come. Just working up on some key concepts before I can make a formal announcement in regards to this.
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bidji29

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Re: Freebie E:sports
« Reply #16 on: June 28, 2015, 04:43:30 pm »

At what rate will freebieservers share be exchanged for freebie-esport share? ( post fund raising goal)
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Freebieservers

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Re: Freebie E:sports
« Reply #17 on: June 29, 2015, 10:47:24 am »

At what rate will freebieservers share be exchanged for freebie-esport share? ( post fund raising goal)

Yet to be decided.
What I can say now though is that there won't be a surcharge / premium, so at the very least you can expect a 7 Fs ( 2 x 7 = 14 nxt) for 4 Esprts (3.5 x 4= 14). The idea ofcourse is to offer diversity with their primary holding in FS.

We've reached closed to 30 percent of our minimum fund raising goal.
Open to doing minor discounts for those making 100k+ purchases. I saw a whale had grabbed a bunch, he can pm me in case he'd want the surplus added post the sale.
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Freebieservers

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Re: Freebie E:sports
« Reply #18 on: June 30, 2015, 03:38:40 am »

Domain registrations and branding efforts have begun. Will post it here as we finish setting up our landing page.
PR efforts are on too, so in case you'd like to cover us, feel free to approach via PM.
Will be putting together a press release kit later on.
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Omega

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Re: Freebie E:sports
« Reply #19 on: June 30, 2015, 04:17:12 pm »

5% profit and 0% equity seems low for the amount of funds being raised.  I think it would have been more appropriate to have issued assets totaling 100% representation of the profit of this project and then only putting 5% of them up for sale.  The effect would be the same (same amount of funds raised) but would have put my mind at ease, plus given flexibility should you need to raise more funds or to reward yourself by selling a larger stake in the future (at a higher price).

I am unfamiliar with the revenues of E-Sports betting and will prob wait to see if 5% is truly enough of a return to justify jumping in. Looks promising though.
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