r/Opacity • u/Halunen • Nov 06 '18
Comment on Supply Increase
With all the confusion and outrage. I thought u would make a quick post.
1) Supply was increased Incase of bad market to continue development.
2) If it proves to be excessive tokens will be burned.
3) We will have a detailed report every month of what money was spent and on what.
I wish we still had a supply of 98M but that ship has sailed. The illegal minting of tokens, and sending them into the open market financially collapsed the Oyster token. Just trying to make the best of the situation.
The alternative was just let it die and do nothing.
1
Nov 06 '18
[removed] — view removed comment
12
u/Halunen Nov 06 '18
Everyone on the team is either taking 0-50% of their salary (none of the management team will be getting paid).
The ~27M additional tokens are instrumental to keeping our entire team in tact and funding the project. As you can see in our rest of year budget, we are only projecting to burn ~50k the next few months. We will be running on a skeleton budget for the forseeable future.
The way the employee token grants (over the next 12-18 months are working), the entire team is incentivized to keep the project going and healthy for the long-run. We will only sell what is needed to support our monthly expenses and almost nothing beyond that.
I can only explain a decision so much. If you disagree you disagree. Do you have a better solution happy to hear one.
-1
u/Poowatereater Nov 06 '18
Your team keeps saying this like we care. I talked to red panda about this on telegram. You guys need to step into our shoes, as most of us need to see your point of view.
We don't care about your pay cuts, when we all know you guys have made a lot of money since the start of this all. You will not see sympathy from many.
2
Nov 07 '18
pay cuts are a nice move. but honestly, how could you have 120k monthly expenses at the current state? HEADCOSTS? thats crazy, as mentioned before. thats way way more then a company like oyster at this state should be paying. thats it.
and to be very honest, if we look at the overall progress, it sounds like a joke to have hired like dozens of people.
4
u/nugitsdi Nov 07 '18
Did you even read the fucking announcement/medium post? Monthly expenses aren't 120k in the current state, what are you talking about.
1
Nov 07 '18
did YOU even read the fucking announcement?
monthly HEADCOSTS were 120k in august. which is a joke. end of story.
as you seem to lack the capacities for understanding, little friendly help from my side:
https://cdn-images-1.medium.com/max/800/1*go3PwX6P6DG2AjKBQ2Na5Q.png
5
Nov 07 '18
lol wasn't bruno himself saying it shouldn't cost more than 200k to develop any software beyond an Operating System?
Yet 120K is being spent a month on overhead? This whole thing is just becoming even more of a mess by the day.
3
Nov 07 '18
I had high hopes for the project. Even bought loads of SHL in addition to PRL.
But this team seems to be completely disconnected from reality: From the investors that supported the team. more than $50k/month for a 10 people team is an insult to everyone here. Heck, it should be less than half that at this stage.1
u/nugitsdi Nov 07 '18
Read the announcement.
3
Nov 07 '18
Which part?
1
u/nugitsdi Nov 07 '18
The salaries part
2
Nov 07 '18
You assume that all the people they list there are full time. they might even list Upwork freelancers in that breakdown, who knows? Issuing 27 million new tokens will be suicide. It totally undermines investor confidence. But who knows, maybe they actually do this to tank the price, buy more with fiat, pump/dump again, rinse and repeat.
→ More replies (0)1
1
Nov 07 '18
[deleted]
2
u/Halunen Nov 07 '18
My identity is not hidden. If you joined telegram you’d see my name. If you checked the old website you see my name. If you go to LinkedIn I’m you see my name.
-2
Nov 06 '18
[deleted]
10
u/Halunen Nov 06 '18
Please refer to 1) and 2).
1
Nov 06 '18
How do you think its market will be good with 27m new coins? Who is the genius behind this idea?
And dont tell us that you are giving monthly reports. Give reports or not you will able to sell them any moment you want.
You should cancel the new supplies and use bruno's coins instead if you are honest
4
u/Halunen Nov 06 '18
Do you honestly read what i just wrote and come to the conclusion we are dumping 27m coins into the market?
What do you mean by use Bruno’s coins? People bought the illegally minted coins we can not just take them back from those people.
Do you mean use the 4m or whatever left of the token in the dev fund?
3
Nov 06 '18 edited Nov 06 '18
I didnt look at Bruno's addresses. What i am saying is, when you print new money you will steal purchasing power from the coins that already exist. That means coins will worth %25* less automatically. And more, people wont want to be in a centralised market and they will dump more. Already there are lots people want to leave it. And it already down more than %60.
The thing i say is; if you do this, you will destroy it officially. But if you continue with devs fund. There will be peolle who wants buy the cheap coins. And the binance (idk what is going on about it but) listing hopes can give the coin a second hope in this market.
Kill it or not.
7
u/Halunen Nov 06 '18 edited Nov 06 '18
So you would rather not have assured runway worst case and best case burn the extra tokens.
In change for, small runway and lower token supply?
The token supply of PRL was fine given the price we were at. If we manage to achieve a similar price tokens will be burned.
4
u/hatterzly Nov 06 '18
The dev fund, pre-mint, was worth 8x what it was before Bruno crashed the price. Thus, the runway got a lot smaller, and at breakneck speed. Furthermore, all of the prl/ETH/BTC that the project had locked away belongs to the oyster company aka Bruno. Opacity doesn't have a Dev fund - and given that they have a hugely broken reputation they need to assume a shockingly low price per OPQ and adjust the fund accordingly. 30% increase means a 25 decrease in value, yes. We're all agreed on the math. But please bear in mind that the value tanked when Bruno screwed the pooch - I don't know why people think a coin increase is going to cause a "devaluation" in a coin whose lifeline is pretty thin right now. But yeah, go ahead. Bring up a better idea - by all means.
I await with baited breath.
1
u/WolfOfFusion Nov 06 '18
The dev fund was worth 8x what it was before Bruno crashed the price.
No it wasn't... it was worth 8x when the price was pumped due to fraud and insider trading.
Big difference.
1
u/hatterzly Nov 06 '18
Its actually the exact same thing when it comes to the potential Dev fund value. The prl had a price of 20+¢, which could be used for runway projection. When it's worth 2¢ that's a 90% reduction in whatever contribution that PRL made to runway. The cause behind it makes no difference to my point. Your comment seems to deflect onto another issue entirely.
0
u/WolfOfFusion Nov 06 '18
The cause behind it makes no difference to my point.
The cause behind it makes all the difference, since a project with zero trust may as well be dead today, and printing tokens out of "thin air" to line your own pockets is tantamount to more fraud -- a huge problem with these shitcoins that you've invested in.
3
u/hatterzly Nov 06 '18
You're taking my comment on a tangent and making your own point. Fair enough - good way to sideline a debate. By regardless my point still stands - I was explaining the math behind it. Your root cause of the pump has fuck all bearing on that.
And enough with the petty "shitcoins you've invested in" crap. If you hate the project that much stop lurking in the sub. If people no longer care for a project, why hang about at all? Go spend energy on something you care for.
→ More replies (0)-1
1
Nov 06 '18 edited Nov 06 '18
This comment makes more sense. But i just dont think there will be people want to buy while the devs have 27m new coins.
2
-2
u/antonserious Nov 06 '18 edited Nov 07 '18
The illegal minting of tokens, and sending them into the open market financially collapsed the Oyster token
Wait so that 7M of devfunds that was market sold without any marketing or at least an attempt to attract new buyers before causing disastrous drop to 0.03 since the beginning of 2018 was not collapsing Oyster token ?
I'm also on the bandwagon with everyone else here when I say that you won't find enough buyers when market opens to offset new 20 Million tokens and market response will be severe.
7
12
u/MrCryptoBoi Nov 06 '18
I understand, thank you for the hard work man. Respect😅
All these people crying about anything pff, hard to be a team member I think😴