Laying Foundations: SEED gets Private Funding.
I have been working behind the scenes to get a workaround to a couple of problems that we currently have and today I'm happy to announce that I have a 'preliminary' solution to a big one.
Since the beginning many of you asked:
'What happens with SEED if you die?'
And that's a very valid concern to discard SEED as an investment. I completely understand it.
The solution is pretty easy but with a few tricky things to deal with: Getting more people on board. But 'more people' isn't enough. Any project needs committed people.
This brings us to today's announcement.
I'm glad to say that I formalized a deal with a Private Investor with whom I have had a good business relationship lately and he agreed to invest in SEED as he somewhat found the concept very attractive (our performance from the last weeks help, though).
Looking at the current price of SEED (around 1,67$ );
I agreed to concede roughly 11,5% of the SEED supply with a 10% discount (1,5$ SEED); which accounts for 11.500 SEED in exchange for 17.400 dollars.
This, of course, with conditions:
- This SEED (11,5K) have been minted from the remaining 25K unissued and will be stored in my personal account ( @empoderat ) as he doesn't want to deal with keys in a daily basis (set&forget mentality).
This means all those SEED (or a vast majority) will be treated as a 'founder share' and won't be seeing the light of the day anytime soon. My commitment with SEED is for years, and so it is with my beloved Private Investor.
- This person will play a crucial role in the unfortunate event that something happens to me (death, coma, disability, etc.), We're already working on a detailed plan to action, and more details will be unveiled once we polish the details.
The main idea is:
Something happens with empo -->
investor notices -->
Gets access to posting key and proceeds to notify all SEED holders within an official post from my account with the following steps -->
a few calls happen in the background and a few 'core' holders meet (all doxxed between them) -->
All funds are returned to holders at a 'fair' rate and they get 2,5-5% of the @seed-treasury fund as compensation/incentive.
On a Side note:
It has taken some time since I agreed to a deal like this one and I'm pretty satisfied with it.
However, it's not the only one. I'm in close contact with at least 2 potential more investors but I'm very reluctant to give away SEED for pennies. Our unissued supply (currently 13,5K SEED) it's an indirect asset which we should use intelligently.
I'll keep you updated. Soon weekly report.
100% of blogging rewards paid to @seed-treasury.
Remember you can follow the portfolio in real-time here:
https://cointracking.info/portfolio/seedtreasury
You can join us on Telegram and follow me on Twitter.
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I think it is so good project in the long term
Whatever will happen next but it is a promising one
it is admirable to see you engaged also from this point of view. Very few would have cared about the economic future of a project without the founder. Further confirmation of seriousness.
I really appreciate it
Thank you.
Safety has been always my #1 priority, even ahead of the 'making money' priority.
Wow
You're taking it really seriously, man
But I really expect you'll last yet times as long, without precautions.
Just never trust a man in the blue trenchcoat and never drive a car when you're dead, as Tom Waits prescribed.
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Trust me, it's trusted.
Funny how this works better than any bank regulation.
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In what sense :) ?
Cool with me.
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Great !
This is a big problem in the Crypto world. We are all sure that there will never be 21,000,000 Bitcoins available, many have already been lost. Personally, I also have to find a solution to my holdings, I have them so fragmented that sometimes I don't even know what I have. I recently came across $ 1,000 in XFC that I didn't even remember what I had.
Nothing like finding "lost" money.
That cant be upsetting.
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Happens to everyone though, but it comes down to being 'enough' organized.
I personally have 5-10K$ in airdrops sitting in old wallets which I don't have access to anymore... damn
Happy to have partnered with you buddy.
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Wen rug pull? :)
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you are the partner?
Any insider info when rugpull? :D, haha :P
Tomorrow
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That's good, so buy more today!!!
lov ya
Thanks for taking the necessary steps towards safety. Looking forward to the next report.
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Probably coming out in a few hours max
I agree. It is only going to become more valuable as time passes. The investments that you are selecting are offering tremendous return. We see this in the numbers over the last few months.
It is good that you got a back up in case of something happening to you. Hopefully it is an insurance policy that does not require utilization for a very long time.
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As I said it's a tricky subject, I don't expect to pass away soon either hehe
But it needs to be addressed.
Hopefully, the remaining 13,5K SEED won't be seeing the light of the day in years.
when it comes to private things I prefer private lap dances but I guess you had to settle for private investments :)))
In this particular case, it isn't only about the money (and this is why I agreed to make the deal), is also about getting someone engaged enough to trigger a mechanism to recover everyone else funds.
Whatever the case, no one is getting diluted (as the investor will get a similar treatment to me) and the free float of SEED keeps being extremely low.
I'm sure you'll live to 100 and die of boredom from being filthy rich :)
It's nice to see you plan for the unfortunate accidents and I hope it never gets to that point.
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Difficult topic, because you need to trust someone that takes action in the worst case.
We trust in you, so it's a trust pyramid.
When rugpull? :D
Btw, for now there are not millions in the Seed fund.
So I think it would be more likely 70 Billion tether is backed by thin air and crush the market and everything becomes worthless before the seed worst case ( besides a scam :P) takes place.
But it is very cool for you to plan the worst case.
Thanks for the support urun.
As I said previously I'm not planning to die anytime soon (lol!), but a plan needs to be in place.
I've also thought about doxxing myself... but I fear it could be dangerous for me. So it's a no-no for now.
Of course, tether is failing before than seed!
Now seriously, one of the 'weak' points of SEED is HIVE failing and HBD breaking completely, but if that didn't happen already I think we're fine now.
I know we are all bullish on hive. But I expect ( only my opinion), we will see at some point a massive crash because of HBD.
I remember times you could buy HBD for 0,6$.
That doesn't mean Hive will fail, but i would love to see an update on HBD before we move on to the higher levels.
In the case we should move this run to for example 10$, i would sellout. The massive HBD creation in that scenario cant be turnout good IMO.
So that would be better to watch from the sideline. Doesn't mean I'm out of posting from here :D It means Hell yeah i don't want to hold :D
It would be not bad for Seed to maybe spread out to other stables too.
Maybe a good strategy would be.
HBD over 1$ = trade into another stable.
HBD under 1$ = back to HBD.
IMO that game can easy beat the 10% :)
Maybe for appearance sake and simpler verification you could deposit the investor's share into a new hive account (cold wallet). Long term holders would have peace of mind watching these funds not dump (or be entertained when dump).
mmm.. yes, I agree with you. Let's see if I'm able to get my hands dirty with this matter later.
Great update and an important safety feature you mentioned needed doing. I know that in a few years time the numbers will be mind blowing and people will be thankful for this safety feature. Not that we want to see you go as your work has only just started and you are a legend. Imagine the value in 5 years from now as 1.66 is fantastic after only 2 months so another 60 months from now it could be anything.
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5 years... so far away.
But It's sweet to think about SEED 'surviving' that long. Week after week, we'll get there.
One step at a time. Let's go!
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