Seems like you are going to use the funds to develop peerassets at the same time.
Also what is the exact reason you want to incorporate?
Indicium is a PeerAsset. It is in Indiciumâs best interest to have PeerAsset devs invested and on the payroll.
There is no plan to incorporate.
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There are some projects that took/take snapshots of the bitcoin blockchain to distribute coins (e.g. Clams and Byteball).
The Iconomi project registered their bitcoins and received 9.766% of the initial Byteball distribution. Read about it here: https://medium.com/iconominet/iconomi-acquires-9-766-of-byteball-initial-distribution-free-of-charge-cd9c4a5d49ac
Question: Will Indicium register the bitcoin itâs raised to participate in future distribution rounds such as the next Byteball distribution on May 11th? And if so, do you have any plan for those coins?
If the company can get free money, why not? If theyâre worth nothing, then there is no loss. If they are worth something, they can be liquidated and used for our own purposes.
All Series A funds are to be used for realization of the Indicium business proposal.
I donât doubt that. If you have no plans on registering for these distributions, thatâs fine by me.
We arenât going to invest in startups with this money. Itâs possible we may offer a product somewhere down the line that does something like that, but the funds weâre raising now are for paying developers. As such, we are looking to hedge against volatility as much as possible rather than take on more risky endeavors.
I donât think you understand. Certain projects, as a way of piggybacking off bitcoinâs distribution, will take a snapshot of bitcoinâs blockchain. And at the moment of the snapshot, they distribute their own tokens proportionally across all those addresses.
Indicium can, without spending any money, link/register its bitcoin address and receive free tokens proportional to the number of bitcoin in the address at the time the snapshot is taken. Byteball, for example, is doing another snapshot on May 11, 2017. If you register for the distribution, you receive their tokens for free. Then Indicium can simply keep those as part of its assets.
To be clear, this isnât an investment. Youâre just saying âI have bitcoin in this address and I want to participate in this round of distribution.â Anyway, itâs not a big deal.
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If we can claim distributions like the one you mention, or like the BKS distribution (which also had some to bitcoin users) then we will. We will likely convert such funds into currency we can easily store in our multisig reserves (such as bitcoin and peercoin) as soon as possible.
Iâll look into registering us for byteball, Iâm not sure they will accept a multisig address. We will not go far out of our way to make something like this happen (for example we will not move funds out of the multisig address for this purpose), but it is definitely a good tip. Thank you.
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Excellent. If theyâre giving stuff out for free, why not, right?
With almost 62,000 PPC and 38.12 BTC the current funds total close to $170,000 at current rates.
Nice!
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We are pleased to announce that Indicium has received over $150,000 at current rates. We have begun the process of waitlisting pledges and will continue to do so until pledging closes on Wed, May 24th at 23:59 UTC. As a reminder, prices will be chosen using financial instruments such that direct price manipulation will be avoided as much as possible. As such, the final price may deviate from naive âlast priceâ mechanisms. If the final price is such that the current bids exceed $250,000, the multisig will return the funds of the most recent blockchain transactions first. If the final price is such that current bids fall short of $250,000, we will prompt the waitlisted users to send their funds such that we attain funding as close to our limit as possible. These users will have one week to send funds and secure their bid.
Please DO NOT send additional funds to our multisig addresses until prompted after Series A closes.
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Is the funding over? I want to investâŚ
Interested parties can still message the Indicium account with a pledge (including a Bitcoin or Peercoin amount and an Indicium address that you control the private key to). We are currently waitlisting and will give each pledge a position in line.
Update of my post from 3 days ago.
With almost 62,000 PPC and 38.12 BTC the current funds total approximately $211,000 at current rates.
With the crypto coin and especially PPC bull run, this may already be the end of the accepted pledges. If the bull run continues at this pace, the current funding can easily exceed $250,000 by the end of Wed, 24.05.2017 23:59 UTC.
But you never know, so please continue your pledges!
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At current cryptocurrency rates, Indicium has received pledges and bids amounting to $205,000 (including wait listed pledges) with a wait list of 11 pledges so far. With 10 days to go before Series A closes, it is likely that we will be able to fill all requests, so please feel free to continue pledging.
To submit a pledge and be placed on the waitlist, send a private message to the @Indicium account containing a cryptocurrency amount to be pledged (minimum 0.4 BTC and/or 500 PPC), and a Peercoin address that you own the private key to.
Are the developersâ names not public? I just saw pseudonyms in the business planâŚ
Correct, the Indicium governance will be pseudo-anonymous at the outset. Eventually, a board will be elected by the IND token holders, who will decide whether or not pseudonyms are ultimately sufficient. However, at the outset the founders, advisors, and token holders will all be pseudo-anonymous. However, the founders and advisors have all been active in the Peercoin community for an extended period of time under the pseudonyms that are presented in the business plan, and they each have significant community reputation attached to them.
OK, thanks
There are ~2 days left in Series A funding. At current cryptocurrency prices we are still under our $250,000 funding limit, including the wait listed pledges. If you do not have a wait list position number, you are not on the wait list. Please feel free to continue pledging via private message up until Series A closes on May 24 at 23:59 UTC. Pledgers will be given one week to fulfill their bid on the relevant block chain after Series A closes. This will be made clear in individual private messages to the relevant parties.
So, I am on whitelist now?