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[ANN] Jinn
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Author Topic: [ANN] Jinn  (Read 323607 times)

Canaanite

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Re: [ANN] Jinn
« Reply #420 on: September 28, 2014, 08:36:53 pm »

Quote
What the point to raise funds if a product is ready?
developing the product (R&D) takes only a small portion of the funding; there is a long path ahead of you
I do believe that using the NXT community is a smart idea to kickstart your venture

edit : that's especially true when the product is a code
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whatheactualfuck

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Re: [ANN] Jinn
« Reply #421 on: September 28, 2014, 08:40:02 pm »

Quote
What the point to raise funds if a product is ready?
developing the product (R&D) takes only a small portion of the funding; there is a long path ahead of you
I do believe that using the NXT community is a smart idea to kickstart your venture

edit : that's especially true when the product is a code

This is wrong in most startups. There's a reason it's called a seeding round. Where 10% is actually very generous for the current sum offered.
Also product is not only code, it's a physical processor.
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Canaanite

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Re: [ANN] Jinn
« Reply #422 on: September 28, 2014, 08:46:04 pm »

Quote
What the point to raise funds if a product is ready?
developing the product (R&D) takes only a small portion of the funding; there is a long path ahead of you
I do believe that using the NXT community is a smart idea to kickstart your venture

edit : that's especially true when the product is a code

This is wrong in most startups. There's a reason it's called a seeding round. Where 10% is actually very generous for the current sum offered.
Also product is not only code, it's a physical processor.

Bottom line in this case I see high risk with not enough compensation (plus I don't like the dutch auction)
that's just my view at it, other people might view it differently

I really believe in the people behind the project, I think its cool idea(and I asked my friend to check the github out), but for now the product is too expensive for me.
« Last Edit: September 28, 2014, 08:49:18 pm by Canaanite »
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gs02xzz

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Re: [ANN] Jinn
« Reply #423 on: September 28, 2014, 08:46:26 pm »

We could sell 68k at 100 NXT for 6.8M total. Or 100k at 70 NXT for 7M total. The difference is not very big, just 200'000 NXT...
Edit: While I was writing this a new order was placed and we can get 7M by selling 100k @70 or 70k @100.

Maybe you can sell the 70k at 100 NXT now and leave the rest of the 30k on the AE. I believe they will be sold very quick because the progress is coming very soon.
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Nxt Mission is to commercialize the crypto technology and build new commerce and society.

Come-from-Beyond

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Re: [ANN] Jinn
« Reply #424 on: September 28, 2014, 08:48:34 pm »

Maybe you can sell the 70k at 100 NXT now and leave the rest of the 30k on the AE. I believe they will be sold very quick because the progress is coming very soon.

The point is to share 10% and get some money. Your proposal doesn't look fair for investors.
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Triangle

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Re: [ANN] Jinn
« Reply #425 on: September 28, 2014, 08:49:30 pm »

Quote
What the point to raise funds if a product is ready?
developing the product (R&D) takes only a small portion of the funding; there is a long path ahead of you
I do believe that using the NXT community is a smart idea to kickstart your venture

edit : that's especially true when the product is a code

This is wrong in most startups. There's a reason it's called a seeding round. Where 10% is actually very generous for the current sum offered.
Also product is not only code, it's a physical processor.

Bottom line in this case I see high risk with not enough compensation (plus I don't like the dutch auction)
that's just my view at it, other people might view it differently

I really believe in the people behind the project, I think its cool product (and I asked my friend to check the github out), but for now the product is too expensive for me.

That's a fair position to take. We've already explained why we use the unorthodox, but more democratic Dutch Auction model.


It's great to have your support regardless of whether we sell at the price you got a bid in at or not :)
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Berry

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Re: [ANN] Jinn
« Reply #426 on: September 28, 2014, 08:49:42 pm »

If that is the case, they can still sell at the price of 100 Nxt at this moment. They will sell 68k tokens at once and leave the rest of 32k on the AE for sale. The risk and uncertainty is that they don't know when the 32k will be sold. Maybe they can make an arrangement to sell the 32k to James' NxtVenture.

We could sell 68k at 100 NXT for 6.8M total. Or 100k at 70 NXT for 7M total. The difference is not very big, just 200'000 NXT...

Edit: While I was writing this a new order was placed and we can get 7M by selling 100k @70 or 70k @100.


Do you really think about closing this and selling only 70k shares @ 100?
You will piss off a lot of people if you are going to break your word.
You offered an auction of 100k shares, you can´t change this amount during the process.
I hope you were just joking. So no offense
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profitofthegods

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Re: [ANN] Jinn
« Reply #427 on: September 28, 2014, 08:59:35 pm »

Quote
What the point to raise funds if a product is ready?
developing the product (R&D) takes only a small portion of the funding; there is a long path ahead of you
I do believe that using the NXT community is a smart idea to kickstart your venture

edit : that's especially true when the product is a code

This is wrong in most startups. There's a reason it's called a seeding round. Where 10% is actually very generous for the current sum offered.
Also product is not only code, it's a physical processor.

I'm not yet convinced they have the first clue how to make the physical processor.
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gs02xzz

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Re: [ANN] Jinn
« Reply #428 on: September 28, 2014, 09:03:33 pm »

Maybe you can sell the 70k at 100 NXT now and leave the rest of the 30k on the AE. I believe they will be sold very quick because the progress is coming very soon.
The point is to share 10% and get some money. Your proposal doesn't look fair for investors.

My proposal is still 10% to offer to the public. 10% is the deal you guys have announced and better not change it.

You also can pick a lower price such as 80 NXT or 90Nxt to leave less tokens to sell on AE if they can reach your goal. My point is that if you leave some tokens to sell on AE they will be gone very quick.
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Come-from-Beyond

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Re: [ANN] Jinn
« Reply #429 on: September 28, 2014, 09:12:25 pm »

Do you really think about closing this and selling only 70k shares @ 100?
You will piss off a lot of people if you are going to break your word.
You offered an auction of 100k shares, you can´t change this amount during the process.
I hope you were just joking. So no offense

I already explained my position upthread:
Maybe you can sell the 70k at 100 NXT now and leave the rest of the 30k on the AE. I believe they will be sold very quick because the progress is coming very soon.

The point is to share 10% and get some money. Your proposal doesn't look fair for investors.

The only problem is that I don't decide such things.
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Sebastien256

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Re: [ANN] Jinn
« Reply #430 on: September 28, 2014, 09:12:37 pm »

@whatheactualfuck
just curious, are you a s*ck puppet?  ::)
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Triangle

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Re: [ANN] Jinn
« Reply #431 on: September 28, 2014, 09:15:46 pm »

@whatheactualfuck
just curious, are you a s*ck puppet?  ::)

Not a sockpuppet, it was a post by me (David). I made that account about a month ago due to not being able to login to my regular account. Then I just forgot about it being logged into that in my internet explorer. (usually use Chrome) So I posted it unknowingly from that account until CfB asked me on Skype if that post was by me. Which is why I quoted it and continued the conversation from this account. Sorry for the confusion.
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curve25519

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Re: [ANN] Jinn
« Reply #432 on: September 28, 2014, 09:18:39 pm »

bump...
imo, answer will tell if valuation is too high or too low.
The website say "1/5th of the remaining assets will be handed over (and allowed to be sold) to the founders (Come-from-Beyond, David, Wesley) after Jiniri Limited is completed. 1/4th of the remaining assets to the same people after Jiniri Unlimited is completed and the proof-of-concept game is released. 1/3th - after Jinn is designed. 1/2th - after Jinn prototypes manufactured. And the remaining assets will be handed over after the very first Jinn processors are sold."

Case 1
*All* expenses for r&d from now until “first Jinn processor is sold” will be funded by money from this 10% ipo and remaining assets (900,000) will be handed over to founders for them to sell as their personal reward.

Case 2
The 900,000 remaining assets will be handed to founders to sell to raise more money until “first Jinn processor is sold”. Balance will be reward for founders.

pls explain which one is true?

If Case 2 is true, please give estimated amount you budget to sell for dev until “first Jinn processor is sold”. TQ
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Come-from-Beyond

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Re: [ANN] Jinn
« Reply #433 on: September 28, 2014, 09:21:58 pm »

Bitcoin is free-falling and NXT/USD declining too, I'm not sure it's a good idea to place the ask order...
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a7594li

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Re: [ANN] Jinn
« Reply #434 on: September 29, 2014, 12:29:21 am »

Bitcoin is free-falling and NXT/USD declining too, I'm not sure it's a good idea to place the ask order...
I don't think now is not a good time,In fact, a lot of people want to get cheap,Maybe you can set a cut-off time.And let more people know..
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FunBot

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Re: [ANN] Jinn
« Reply #435 on: September 29, 2014, 12:34:48 am »

If you decide to wait for weeks/months before executing the dutch auction, will you notify the investors?

I'd dislike to have funds bound up in a bid order for such an extended period.

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humbot

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Re: [ANN] Jinn
« Reply #436 on: September 29, 2014, 04:58:21 am »

Bitcoin is free-falling and NXT/USD declining too, I'm not sure it's a good idea to place the ask order...

Shortsighted? I thought this price variation was taken into account based on the prospectus/earlier comments. You know bitcoin has a floor price at cost of production. Either price goes up with increased difficulty/cost or it is a failed experiment. If failed exp. then similar fate for other cryptos (excluding those like Ripple that partner with banks or financial institutions). Easy to estimate when bitcoin price should rise based on calculated timing of difficulty/cost increase - so could hold funds if not needed immediately.

If indecision based on ethics (we said we would do this) vs greed (we want more money) then your decision to make. Always more opportunities in the future, especially if you maintain a good reputation and deliver on the early timeline for the proof-of-concept game.

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devphp

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Re: [ANN] Jinn
« Reply #437 on: September 29, 2014, 05:00:52 am »

Bitcoin is free-falling and NXT/USD declining too, I'm not sure it's a good idea to place the ask order...

Shortsighted? I thought this price variation was taken into account based on the prospectus/earlier comments. You know bitcoin has a floor price at cost of production. Either price goes up with increased difficulty/cost or it is a failed experiment. If failed exp. then similar fate for other cryptos (excluding those like Ripple that partner with banks or financial institutions). Easy to estimate when bitcoin price should rise based on calculated timing of difficulty/cost increase - so could hold funds if not needed immediately.

If indecision based on ethics (we said we would do this) vs greed (we want more money) then your decision to make. Always more opportunities in the future, especially if you maintain a good reputation and deliver on the early timeline for the proof-of-concept game.


Bitcoin is already below the cost of production:
https://nxtforum.org/index.php?topic=4418.msg109016#msg109016

If Bitcoin fails, it doesn't mean failure for other cryptos, PoS cryptos' economic model is different from Bitcoin's, there is no reason for them to fail if PoW does.
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TheWireMaster

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Re: [ANN] Jinn
« Reply #438 on: September 29, 2014, 05:20:51 am »


If Bitcoin fails, it doesn't mean failure for other cryptos, PoS cryptos' economic model is different from Bitcoin's, there is no reason for them to fail if PoW does.
+1
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Triangle

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Re: [ANN] Jinn
« Reply #439 on: September 29, 2014, 05:29:07 am »

If you decide to wait for weeks/months before executing the dutch auction, will you notify the investors?

I'd dislike to have funds bound up in a bid order for such an extended period.


As you know, we wont disclose details. But I can tell you that the clock has been ticking for awhile already. We wanted everyone to get the time to read up and ask questions as well as let a build wall come up. I can tell you that it's measured in hours (note: this could still mean days), not weeks.

We already got people prepared that will be on payroll and we got a lot we want to set in motion ASAP that will take funds, so yea tic toc...
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