As a currency entrepreneur with a vision for our world I would like to be held accountable for my vision and its implementation. There will be no Satoshi Nakamoto here. I will not hide or run from my philosophies. I will embrace and defend them to the best of my knowledge and ability. With that said, I believe in a free banking system closer in line with FA Hayeks vision of denationalized currencies. It just makes $ense. Everyone who wants should be able to create his or her own monetary policies and currency platforms if they so choose.
Skip the Central Banksters (Fiat) and Central Miners (BitCoin Central Banksters) both groups have the same mindset. They would like their systems to be declared best for all by fiat and or first movers status rather than the free market. Let consumers decide what central authority and monetary policy they will trust and adopt. #FreeMarkets #Smart. With that said in addition to running a KickStarter for mainstream consumers to get to know and support this project’s currency, we will be running a traditional crowdsale (second auction) for the crypto-community to be involved in this project.
Why run a crowdsale and a KickStarter?
In the immediate $ense its for involving more able-minded individuals to contribute to the massive open-source development of this platform. We do not plan to run this project as a charity or portray ourselves as Supermen who can completely change the very fabric of societies nor disrupt the entire vertical and horizontal chain line of payments and banking with one mystical programmer and his community of supporters. Though I love Bitshares and completely believe in us, I humbly understand it takes more than great technology and a programmer or “community” to win this game. In my opinion it takes a culture… (more on that later in another post).
As the crypto-community has found out, over the last 6 years, donations and having people “do it for the passion” will only get your project so far. Useless arguments about what is “fair” or not a fair launch will only take your project so far (no matter if it was “fair” or “unfair”). Launching a coin with great technology (open-sourced at that) and no business model or strategy to reach 7 BILLION FREAKIN PEOPLE will only get your project so far… Thinking you can build it and they will come by launching feature after feature after feature of great technology (which is open-sourced at that) will only get you so far…
There is so much more to do to reach 7 billion individuals that has nothing to even do with technology and everything to do with understanding different cultures, history, basic economics (not crypto-economics), educating through storytelling, and its emotional impact on psyche, basic psychology and devising plans that take into account these variables, your open-source technology and so much more…
So with all due respect lets get past the superficial and cut to the chase. Every model of “raising funds” is “fair” from Nxt to Ripple, Ethereum, Swarm, Bitcoin, pre-mines, no pre-mines, pay-to-devs, charity and donations and even Fiats as long as it allows individuals A CHOICE. Choice and free will of utilizing that mechanism is the only thing that comes close to defining “fair”. For as long as 7 Billion people cannot participate “equally” then it will always be unfair to someone. So let’s get past ourselves. You know the crowd of two million individuals who are privy to blockchain technology and have unfortunately and clearly tried to define these superficial rules and set ourselves as “everyone” and realize we have 7 Billion FREAKIN people to go… 7… and a Billion. Let’s realize this race to define the future of money hasn’t even started… IT HASN’T EVEN STARTED.
This is why we will be holding a series of auctions for SSS bonds (using crypto-tokens) in addition to our KickStarter which is geared towards mainstream consumers. They appeal to two different audiences we are looking to reach. We believe a crowd-sale campaign like ours is needed for the crypto side of our project.
Dual financial fund raising shows we are gearing up to actually compete long-term with our ideas and this movement of the Smart Money culture to come. We are experimenting with a different model that we believe might actually work because of its simplicity and relative similarities to traditional fundraising. And newer more appealing kickstarters and crowdfunding campaigns which are becoming extremely popular.
This is especially emphasized in the current climate of this industry as now big name currency projects are well funded and well resourced for other aspects of a successful project beyond technology (like marketing, hackathons, ambassadorship (educational conferences), partnerships, ecosystem support, devcons, social media content etc). Those who would like to compete especially long-term against these types of currency projects and eventually fiats (which have culturally INGRAINED habits in addition to political and governmental supremacy, (not to talk of market caps that eclipse all crypto-currencies combined))… Currency communities that want to compete with that, will have to bring the same level of talent, resources and community. If not at first then eventually, (hence two types of fundraisers).
The series of auctions model (from strictly a facilitation of Sollars growth and world adoption) is really no different than the US government issuing Treasury bonds on the open market. The difference of course being instead of raising from Institutional Investors/Banks/Hedge Funds/VCs we are raising from regular individuals, developers, crypto-enthusiasts like you who see the potential. And the even more important difference being what individuals are receiving is not an investment or security but access to a product and its utility as we are utilizing a token and not shares or securities.
Finally long-term our series fundraising structure will allow us to engage effectively with the larger mainstream consumer base that it is ultimately geared towards. We understand the uniqueness of this project and the special place it can potentially have in our world if we get things right. As such we would like more Americans of different backgrounds nationalities and many different parts of the world to be able to participate effectively in this process. Holding one official fundraiser now would certainly not be reasonable.
If we claim we are for the average everyday people but only the well informed programmer and crypto-enthusiast (who are awesome by the way) are nonetheless the only ones who get to participate how will this not be seen as a serious violation of visional integrity? We certainly see it as a violation. A series of auctions will allow more individuals to participate as word gets out and this platform goes mainstream. In the end everyone receives future Sollars, the difference is really what they pay for it.
The name of the token for this second auction has not been finalized yet but the working name is SSSCerts (SSSC). They will almost be exactly the same as SoLCerts and will represent a portion of the SSS Bond fund that is to come. The main difference will be how much individuals will have to pay (in cryptos) to receive the token. Another difference will be what crypto currency we sell it in as it will not be strictly Bitshares but may involve Ether, Bitcoin, Emu and other currencies we believe may have future success. Its a large enough world for a lot of us to succeed so instead of worrying about the next man focus on your vision.
From Sollars and $ense monetary goal as a one to one exchange to the Dollar the possible ROI should not be hard to figure out. Although nothing is financially guaranteed here (as this is not a security) one can easily calculate potential.
SoLCerts are now on the market on the Bitshares Exchange. The discount price individuals will pay for SoLCerts/SSSCerts is our way of saying thanks for your early support in this vision, our cause and our movement to make the world a better place through some $ense. Let us know what you think and make sure to follow and subscribe.
In the final installment of this series we will have closing statements…