Steem Island Inc. UPDATE
To buy a part of steem island all you have to do is transfer the amount of steem you want to contribute to the steemislandinc account (@steemislandinc). All the Steem collected in this account will be held in steem power so that all contributors can keep an eye on it. The price at this point is one steem per share. After we collect at least 1000 steem I will form a corporation named steem island inc. and I will make a post with all the legal information so that it will be stored in the Blockchain.
The Corporation will be owned by all the people who put in steem. The first people who contribute before the total contribution reaches 1000 will be the officers of the corporation and I will be the CEO. So the person who puts in the thousandth Steem will officially close the officer selection round. We will all have an equal amount of say. The only additional power I will have over all the officers is to break a tie in the event that a tie happens when voting. Although all the officers will have equal say, the value of each officers holdings will still be based on the amount of shares they own. Again, during the first round, which will be called the officer selection round, shares will be based on 1 steem = 1 share.
The next round of funding, which we will call "round two", will be based on a contribution of two steem per share. So in order to contribute in round two, the minimum contribution will be 2 Steem which will be equivalent to one share. To be sure, in round two, shares will be base on 2 Steem = 1 share. The second round will close at 10,000 steem. So the person that puts in the 10,000th steem will officially close round two.
The next round of funding, which will be called "round three", will be based on a contribution of three steem per share. So in order to contribute in round three, the minimum contribution will be 3 steem, which will be equivalent to one share. To be sure, in round three, shares will be base on 3 steem = 1 share. The third round will close at 25,000 steem. So the person that puts in the 25,000th steem will officially close round three.
There will be one final round of funding which will be called "round four". The guidelines for round 4 funding will be published by the officers of Steem Island Inc. at the close of round three funding. The price per share in round four will be a minimum of four steem per share. To be sure, shares in round 4 will be based on AT LEAST 4 STEEM = 1 share.
All the steem held in the Steem Island account "in trust" for Steem Island Inc. and for everyone who has contributed the steem. If for some reason this does not work out in one year's time period, then everyone will be returned 100% of their contribution.
After round 4 is completed, we have enough steem in the account to buy an island, which will already have been chosen by the officers.
If and when the account becomes overfunded the last people putting in the steem that created the overfunding Will be refunded.
So let's see how round 1 goes!!!
FULL STEEM AHEAD!!!!!
CURRENT CONTRIBUTIONS:
37 @riosparada
1 @louiscpt
1 @swolesome
1 @elleselephant
1 @wakeupsheeps
1 @rishi556
6 @rickyjrios
8 @platonicsironic
11 @nikant
21 @missiontothemoon
1 @barrydutton
5 @rigaronib
77 @riosparada (steemstock contribution - steemstock is now owned by US!!!)
1 @papa-pepper
1 @vegansilverstack
300 @broncnutz
103 @oldtimer
6 @dzboston33
1 @bigt
1 @almvide
1 @doctorcrypto
3 @monkimo
1 @soul
1 @coincravings
2 @elyaque
5 @uruiamme
P.S. Steemstock will be wholly owned by Steem Island Inc. so congratulations to the first contributors you now on part of Steemstock!!!!
My comments on the last / first post you did on this the last couple days still stand.
Just because people put in the money - does not mean the Mgm't and Executive positions should be filled by them, especially with real property transactions my friend.
Qualified professionals that understand all the issues should be sought out and tied to the project.
Apart from that, if you wanted to paste my comments here from your other post on this from your personal acc't, it might be a good idea.
As I near 30 years of real estate sales and consulting, with all my political and policy work, land planning and use work..... I would want professionals invested in the project that can make smart decisions, not just anyone throwing in money and has perhaps no clue what they are doing.
You did not make any of this noted here in the 2nd post on this, and I feel that is crucial stuff.
This is basically a business you are trying to get running.
There are a lot of real property and tax implications here, as well as setting this up like you hope:
Communal living, land use and restrictions, zoning, services, taxes (land, and other) and business shares along with everything else I addressed in brief here are a huge deal.
The RIGHT people need to be involved here, we see what happens when money and not the right skillsets are involved, like I said in the last post.
People cannot just jump at or into something like this without the right infrastructure in place my friend.
People can throw in a pile of money or with a spouse - and drown out a qualified business, or qualified people who NEED to be retained, or involved with a project of this scope and this is still entirely lacking in your post on this.
You asked for input! LOL
Maybe this is something you could help him with if the right people are not already lined up......for an owners stake in this venture. Sounds like to me this is an opportunity for both of you.
This project has obviously not been thought out and the initial plan is obviously not considering any long term or big picture.
This could all be figure out however and real plans and details released with the right people involved. We shall see. I would of course contribute great expertise to a legit project, though I wouldn't put in $ to an anonymous account without any accountability built in.
We shall see. Wish everyone the best.
I am working on the accountability as we speak! Also, I'm a Texas attorney. Any shady business will cost me my license if reported to the Texas State Bar. FULL STEEM AHEAD!!!
Cool!
I live in Texas, DFW area. what about you?
LOl so ur gonna use the money donated as steempower and then hat? when itstime to buy the island on ebay you just power down ? thats smart, might as well profit BUT u have to keep AL the steempower for the island! u cant just cash out ANy pf this money or we will notcie and we will call yo out!
u CANt embezzelthese funs! this is not jjst our accountm u said it urself, its for the communit for ayoen who donts, BUT u need to realkize that not everone whop donates will be given any land only one person will own the island and maybe you can carve up the pieces of land but legally youll only be allowedto slel the island tooeb persn at first so u need to just acceptthat and dont trry to do the impssible because firts of all
u dont need $1000 to incprrate
thats reallly crazy thatu aiid that and makes me think u will just embezel that money! bro wtf
u should NOT iincrprate cuz itsNOt neded and u shoudl SAVE ALL the money for the island! come on be legit here! dont take out any of the moenya nd dont try to steal funds for paper work! u ddont beed an island corporation!! comeon...
ssave that money for the island!
My follow up comment here just now was a longer one with cursory Zoning / Planning details and similar listed moments ago as well.
yeah I hate people who think they can do everything themselves, when the truth is, there is ALWAYS someone who can do your job better than you! always! None of us are the BEST in our fields!
Your comment is SO important! Yeah this steemislandinc person probobly thinks they can just spend all this money they are raising...
what they SHOULD be doing is noy incprorate thats foolish silly child thinking
they need to fucking save up alll the money to just buy an islabd..u cant split up the fucking land like you said, that alone will cost all of this money!!
Our best bet is to allow @papa-pepper OR another whale who actually has enough money invested insteemit to ensue they wont just rn away with it all!
because sorry but the likelyhood of this account just stealig the money is very very high! They could claim they are "paying themselves' a slaary for tthe island corporation and that pure greed!
The money should be for the islan andothing else!
And only 1 person should be owner! why woud be ake this anymore complicated!?! we buy the islan firstt and we decie who ggets to live where later! who is gonna actually wanna move teher ad build a house there Only peopel who dont actually have the money to affordthat yet! so lets alow them to go live and wokronthe island and we build a rsort there for steemit users only and we make it susttainable financially and we use steemit users as the GARUNTEED userbase and sowe make it a resoort that you PAY for in steem andthat wll ALLOW us to GARUNTEE investors a constant stream of steemit users with money .....and we can allow this sland to simply be a pprivately owned resort privately owned BY a top steemit whale like papapeppr who we can TRIST to run the island properly! we will simply allow peopl with a certain amount of steempower to come visit an we ill raffle off tickets to viist there for minows who are deicated and hard orking!
remember, we have allot of peopel here thnking that they can just send $1 SBD and get themselves a small piece of land, no t oesgt work that way
we need to be realistic!
we CAn buy and island like on Ebay for example! BUT we can only hope to have ONE owner! why would we make this so overly comlicated!?!?! Let papa pepper or whoever contributeesthe Most to be the owner and if you wan donate to it, thats fine! we will find ways to carve out pieces of land to people who donted mony, OR we just let them build a houseon the island!
Also ..WHERE will the island be!? how can we decide??!!
Thanks for your input friend! I guess I should have posted the purpose behind Steem Island Inc. on this post. The business part of it is actually steemstock. The Island is merely a symbol.
https://steemit.com/steemit/@steemislandinc/welcome-to-seem-island-home-of-the-truly-free
Again thank you for your constructive criticism. This is the best tool for working out the kinks! 👍
@barrydutton, did you contribute? Because according to the List of officers, you did.
But according to my Audit, you did not.
Would you care to comment? You spent a lot of time talking about it, but did you invest?
This is such a cool idea. It's a real pity I'm so new to steemit or I would have definitely been in for a share. I wish you guys all the luck with this venture.
Thank You!!
You can pay by PayPal if you'd like😉
I'm not sure how fast the first slots will fill up.
I have no idea how to
There you go!
Thank you! I have only been on steemit 2 days so I don't fully understand how this works yet!
Fully understand ???
Nobody here does.
Lol! Thanks anyway
This is Exciting! Hope we can pull this off...
We will! It's very exciting for me to have some help with steemstock now too!!!
Remember to upvote other's posts with this account so that you get some more steem.
😉
Cool concept!
Thank you! FULLL STEEM AHEAD!!!!
This would be So cool if it does happen to get fully funded. I'll be sharing it with my followers :)
Awesome!!! Thank You!!
I hope I can get in on this! I put some water on to boil but haven't got any steem dollars yet
Just keep going full STEEM ahead!!!
You can pay by PayPal if you'd like😉
I'm not sure how fast the first slots will fill up.
This can be a good idea. But a company at least yearly gives to the share holders some dividends. Do you will give to investors the generated steems?
Yes. Generated steem will be distributed. As soon as round 1 is closed we will vote on how it will be distributed 😉
No votes? Why did you start Round 2 and not have any votes from the officers?
My steem is in for this project! just sent to you
I just sent you some more but its gonna come from Blocktrades because I bought Steem with BTC on my Trezor
Should have it soon. About .2 BTc worth.....Ended up being 298.463 steem
Awesome! THANK YOU!!! I have added you to the list for 300. Is that right? 2 transactions?
yes thats correct.....good luck, im really looking forward to seeing what you do with this.
I have audited the Phase 1 funding and found that your contributions amounted to only 299.53 Steem, which represents 299 Shares, not 300.
You are by far the largest contributor to Steem Island! So I hope to get to know you better! I did want you to look over my audit, because there are a lot of discrepancies in the way Shares were allocated. I don't even think that Phase 1 is complete.
If this is going to succeed, it's important for there to be some good accounting and a lot of attention to detail.
So, I am looking forward to what you will do with this. You will have the largest voting power. :)
Thanks!
No worries I'm easy. If we all upvote these posts, resteem etc.......it's going to generate a lot of Steem power. What is happening to these rewards?
I think the rewards will at first need to go into the maintenance of the program... at least originally. There will be costs of incorporation early on, then a bit of some monthly bills, I would think. At some point, I would think that there might be a monthly cost of doing business. A traditional business has a bank account, but we might be able to get a Bitcoin wallet instead. When the Island is purchased, the seller will need to be able to extract the money to a bank somewhere. So we will either need funds stored in our own bank savings account or hope that the seller will take bitcoin and take care of it himself.
That brings up taxes for a corporation, periodic filings, etc.
And then... I would expect a certain amount of $$ to go to travel and per diem. If @riosparada or another officer visits an Island, I would think that he would get paid out of the funds to reimburse him for that.
You are the most invested, so I might vote for you to visit a potential island and allot the equivalent of $1500 to $3000 to pay you to do so. Or pay for 2 or 3 officers to go. Or we might need to hire a helicopter or shuttle boat and need an extra $4000 for that.
Sounds good, I'm sure there will be many expenses that your not even thinking of right now as well. No worries, sounds like you are on the right track.
Got it! I have a feeling this is going to be big!!
I did the same. Sold some bts on open ledger and sent. I'm hope that you can see in wallet 101 and 1 steem.
Hey @oldtimer, you appear to be the second highest contributor to Steem Island! Unfortunately, you were listed as having 103 shares instead of the correct number. Your contributions add up to 102.79, which you correctly stated as being 101+1 shares. The totals that are being listed on the blockchain by @steemislandinc are wrong, often by 1 Share.
I found this out by doing an Audit of the Officer list. I actually found about a dozen errors, unfortunately. As the #2 contributor to the project, would you see if we can get these errors ironed out before we go any further? There is already a push to get funding for Stage 2... when I don't think it's appropriate without voting and setting up some bylaws or rules.
Take a look at the Audit. I think we are getting the cart before the horse on some things.
I agree with all your points. I send steem through blocktrades because there was no exact instructions how to do it. I add some extra steem just in case if some fees arises. I'm good with 102 shares, no problem, but after reading your audit and when I saw bending of rules I'm not happy with how this important project is managed. Don't get me wrong- I don't care about to lose 100 steem. I was excited about this project but It looks like it's very amateurish. I jumped in because I wanted to help with upvotes, resteemes and help to rise funds. I'm not sure if I want to continue any more. If @steemislandinc don't put his shit together in proper way by rules he made, I'm out.
I would appreciate it if you made some comments on my audit posting, too.
I didn't realize how many rules were bent until I tracked all the Wallet transactions down. Imagine people in Stage 2 or 3 and they track down the Stage 1 people... and found this mess. I did it last night and was surprised!
He has a number of his kids involved in the project, which is fine.... up until he rounds up their contribution and/or doesn't refund the amounts over-invested. This gets into favoritism and other issues really fast. As a lawyer, this should all make sense to @riosparada. Surely he knows people litigate over things smaller than this.
Got it! Thank You! You're on the list!! FULL STEEM AHEAD!!!
very exciting project -where is the island ? I live in Australia am now following and upvoting
At first the one I chose was in Florida but I found some much cheaper ones in Belize. I guess it depends on how well the funding goes. Thank You! FULL STEEM AHEAD!!!!
it is a top idea