RE: Liotes - The Magic
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You guys put some effort into this and you deserve to earn money if it works.
Now, let's say I want some edge too, for being an early adopter buying discounted Mills. With your 2k effectively bought at 2.1 a piece we need to sell 13k Mills total to raise 52k (2k+5k+6k contributing 2k+20k+30k Hive to the fund in founder+discounted(4)+regular(5) rounds) to reach the point where my price tag (4.0) for the mining power starts to beat the average.
We are talking Mills that produce tokens competing with around 2.3k LEN premined by your early Mills with no competition in the first 16 days in an environment that seems to aim to stabilize the circulating supply at 6k longterm.
Get me more excited right now. Start the ball rolling.
Thanks a lot for this interesting comment! Honestly I haven't looked at it from this perspecitve and I'm happy you mentioned it.
First of all your calculations are spot on:-). It's totally accurate that we would need to sell 13K Mills to reach the point where the average price for the Mill would exceed 4 Hive each.
Our mills are a bit different from normal miners. If more LENM are sold and staked this will affect the buy back price of LEN positiviely in a linear fashion. At the same time the probabilty to get a payout from LENM is dimiuishing also in a linear proportion. This means that if there are more miners staked and running, your income will more or less stay stable. Therefore there is not a real competition between miner holders. The only problem would be if you hold less than 0.2% of the whole supply of LENM. In this case, you might not have the probability to get 1 payout per day (we are trying to find a solution for that).
However with more capital in the fund, the machine will start accelerating and we will all be profiting.
All this to try to explain that we see this as a community adventure where everybody involved should be able to profit in a similar way. The discounted miners should be an incentive for early adopters. When looking at our initial investment, we invested 4200 Hive into this project but we also put some serious quantity of working hours into it and this price was a kind of compensation for that.
I hope this all made sense and we would be very happy to have you on board :-)
There are always some people who drop 20 bucks or so and expect to mint a meaningful token 365 times a year and they are tough crowd to please. Sooner or later, someone sets up a mining pool for those who insist on getting their 0.01 every day (not that it makes any difference with a fair mining algorithm).
At that point, if nobody does it, we probably will...
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Awesome to see others checking the math and the idea! Thanks a lot for the feedback!
You did a great job with your example and math...
You got it right with this also... Yes, it will help to stabilize the supply, especially at the beginning until "the ball starts rolling"... Just want to remind, that anyone can buy 1K Mills and be the same as us, or more... In the "mining lottery" we are all the same, and mine more-less the same amount in the long term...
On the other side, we have no intentions to sell our "pre-mined" LEN tokens for peanuts at the beginning when we know the real value of the project and all the other stuff that we plan to implement...
Speaking of that, this is only the beginning, there is a lot more to add on top of this...
Thanks again... I have enjoyed reading your comment! I was calling people to DYOR, and you did it!
!ENGAGE 10
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ENGAGEtokens.