[Steem talk] Selling your own token below market price? Well done #UFM

in steem •  last month  (edited)

Since HF21 is around the corner, I thought it's about time to rearrange my #scot tokens to align with my other accounts that individually meant for their own purpose. So I consolidate certain tokens and send them to destinated accounts. Rest of the balance tokens all up for sale at market price. And this is what I got after I liquidated everything. 97.7steems to be exact. #scot took away 1% transaction fee that part I understand, for the operation cost.


Looking at all these coins, only to realized there's so many different token that has absolutely no idea where they came from, and I know for a fact that I couldn't have been part of those community. Had I force myself to create content base on their basic requirement, come on man, I'll have to make atleast 10 posts a day, the least! Not that it's a bad thing, but I really can't be that much of a super human all by myself. What? For a moment I'm a scientist doing all the #stem related work? The next moment I'm a super investor who earn trillions in split second and start to use #steemleo for all that? Don't forget, I have an account which heavily long on #upfundme #UFM, which currently the price suck big time. I wonder how those idiots manage to claim thousands of #UFM and sell it below the initial selling price of 0.10? Does that even make sense?


You see, when you have airdrop, which is free to the public, and you have a huge sum of hodling power going to sell at certain price, now you have a problem. The public is going to trade your token below your offering price. And worst of all:


You went so desperate and selling your package at below offering price by 1/4 of the price. So tell me, if these tokens are not coming for the Steems, what are they aiming for? I am really disappointed by these #tribes. I know, 100steem is not anything serious, but I don't see how you can bring that price back up to 0.10 anytime soon as you yourself flooding the market with 0.02/steem worth of your own token. Now I know where does the 0.05 selling order came in from since the airdrop is only 10 tokens for each account.

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Posted using Partiko Android

哦。中文好简短。我俾人搵笨实。用100steem 买咗一千个币,之后班嗨人公开卖100个换五千个。所以唔怪得最近啲价钱跌到赖屎咁。讲完。

Posted using Partiko Android

half of the tokens will not even survive

They will, there's a small portion of people having trouble following the rules, and having different tribes would mean they can be their own whale and start spamming. You can flag one tag out, but you can't possibly flag all at the same time. The only problem now(which may be a good thing), is early adopters had became idiots like myself. Spending in an early stage is probably a bad idea.

Posted using Partiko Android

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I can understand why you would think it's a bad move on our part to have a token sale, but it had to be done. If we didn't get the site online we would have been left behind. People were earning UFM using #upfundme in their posts and selling just under us making it impossible to get the project rolling.

The reality is that deals such as the whale package are given out for most coins and tokens in the early stages, they just usually happen behind closed doors. We decided to give anyone the opportunity.

There is also a difference between liquid tokens and staked tokens, selling discounted staked tokes has less negative effect than selling liquid tokens because of the 31 days it takes to fully power down. The tokens you see being sold on the market are mostly from people who earned without powering up any at all, not as a result of the whale package sale.

If you still have the UFM you purchased, power up at least 1000 of them and we will stake the other 4000 on your account, giving you the same deal at the same price. Once we burn whatever is left from the 3400000 for sale and get our sinks in order, there shouldn't be much resistance on the market.

First of all, thank you for your reply. I have 1200 on the market waiting to sell at 0.08 so I don't lose too much. Imagine I bought it the first week at 0.10.

Secondly, do you study economy? Do you know what you did OFF the economy scale which is asking people to send you steem and you stake them, would kill your principal interest? Do you know why the price being traded at 0.024 and not anywhere near your offering price of 0.10? Do the math. Those who create content is trying to get back their initial investment of 100steem at all cost. Even by selling it at lowest offering price.

Your #UFM is doomed, so as my stake. I can stake them back and receive your extra 4000, but that doesn't mean my 100steem worth will go up in value, because now 100steem worth 5000UFM. Prove me wrong. By the time people finish unstake, your #ufm probably will worth even less than 0.02 because after one month many has been printing their new #UFM via post rewards and curation reward. Which ultimately increased the size of liquid #ufm in the market.

If you're kind enough, I'd like to offer you what left with me 1200UFM for 103.8steemp, will you buy it back? Will you?

Posted using Partiko Android

I am sorry to hear you are unhappy with the direction we decided to take, we didn't make this decision lightly.

Your situation is unique, you were the only large purchaser who did not take advantage of early on rewards and lack of competition to increase your UFM power. Your UFM has not been used yet.

Because of this it has been decided that if you want to return your initial purchase of 1000 UFM to @upfundme, you will be refunded 100 STEEMp. The other 200 mentioned can be powered up, sold, held, or burned.

You can power up that 1000 instead and receive 4000 UFM power to balance things out. The choice is yours.

Thank you for taking your time to reply me. To confirm I send back the 1000UFM to @upfundme correct?

For your information, I buy in because this is supposed to be a meaningful crowd funding project. It was supposed to grow in "value" as people start to help each other by purchasing tokens, stake and upvoting posts to support projects. Now, all I see is 80% discounts. Including your unsold tokens.

I hope you guys rough it through. I will keep the airdrop and stake them instead. And I am sadden by hearing I'm the only one who bought your initial offering at bulk.

Posted using Partiko Android

That is correct, send the 1000 UFM to @upfundme and I will refund you 100 STEEMp through steem engine.

EDIT: If you send it while I'm asleep I will process your refund as soon as I wake up.

Done. Please verify transaction. For some reason it doesn't show on the wallet, believe to be one of #scot glitch.


Posted using Partiko Android

Confirmed received, refund sent on steem-engine

Acknowledge received. Thank you.

Posted using Partiko Android

We felt that we must have overvalued our token initially, and adjusted it's price accordingly. We would also like to make things right with those who bought in before this correction was made. Offering an equal share proportion to those who bought in early seemed like the fairest course of action.

The amount of liquid UFM rewards is a set number, having a sale doesn't effect the amount of UFM printed per week. No matter what, 5 UFM is added to the reward pool every 100 blocks.

If you had of staked and voted when posting rewards unlocked, you would be sitting in the top ten (maybe even top 5) from your rewards earned before we offered whale packages. Add in the correction amount after whale packages and you would have been in the top 5 for sure.

Taking our deal as you say would not add value to your initial purchase, but it would make you even, and that's the fairest deal (I personally can make).

However, you did not use your UFM purchased to earn any extra rewards, therefore we must at least consider your request for a refund. Someone will get back to you after we make our decision.

You got the tokenomics all wrong despite you own your own token. It's a supply and demand market, and you don't do correction by giving discount. When you feel the price is not justify, you create the need for it to increase value. You use your own SteemP to buy your own sell orders to bring the price up. Or, you create a vote base promotion for stake holders to create the "need to stake" phenomena. And, you did everything upside down now. I don't know how to help you other than pray that I will be able to take back my initial investment.

Doesn't matter how much #ufm being printed over how many blocks. That is call #damagecontrol. Take a look at the trending post, one post already exceeded 1/5 of your whale stake. Tell me, that one post take up how many blocks?

At this point, I refuse to comment further. The more I talk about it, the more damage I will do to your community. So, I thank you for taking your time to reply me.

Posted using Partiko Android