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RE: Using BitShares to Underwrite Risky Asset Backed Currencies

in #bitshares • 7 years ago

I'm fuzzy on point 6. "Spend the borrowed Heros to develop the product, mine the gold, etc."

How will you spend those Heros to develop your project? I guess a real world example would be nice.

7 years ago in #bitshares by
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     7 years ago 

    Well they are your Heros and you can spend them any way you want:

    1. Sell them for USD and make payroll for your company.
    2. Send them to people as payment for things your company needs.
    3. Use them to buy more BTS. Rinse and repeat.

    A real world example:

    1. Sell DawgpatchGoldDabloons for $200 each worth 1 oz of gold in two years.
    2. Use the proceeds to buy BTS
    3. Lock up those BTS in escrow to back the total DawgpatchGoldDabloons in circulation and borrow up to 50% in the form of HEROS. Then give the keys to the escrow to some trusted escrow agent - law firm or Miley Cyrus or whatever.
    4. Sell your HEROS for cash to pay for mining operations.
    5. As the mine begins to deliver gold, put that gold on deposit with Brinks.
    6. When enough gold is on deposit, make it available for delivery in exchange for DawgpatchGoldDabloons.
    7. As the gold is delivered, the escrow agent releases a matching amount of escrowed BTS to the issuer of DawgpatchGoldDabloons. These become their profits.
    8. If gold is not delivered by contract date, escrow agent issues the escrow to holders of DawgpatchGoldDabloons instead.
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