How to get $1 for each of your Steem
We are paying you $1 for each of your Steem!
Official ICO Live Auction Thread for VIVA Right Here on Steemit : Batch 1
This is the official thread for the VIVA ICO Live Auction, Batch 1.
VIVA is the price stable crypto currency with reliable income features, and was introduced to the world by @williambanks over the course of several postings.
Part 1 : Introduction to a Price Stable Crypto Currency With Basic Income
Part 2 : VIVA Components Explained
Part 3 : VIVA Components Explained - Part 2
Part 4 : Bootstrapping the VIVA Economy
In order to guarantee an income for all participants, the VIVA economy is structured around the interplay of several economic layers.
Three of these layers are crypto currencies that serve specific purposes within the ecosystem.
The fourth is a fiat gateway with debit Mastercard issuing capabilities.
We announced in Part 4 that the debit card issuing portion of the fiat gateway is now able to issue MasterCards. This means that today is the start of the live auction for VIVA Crowns, our fundamental base layer.
Each coin you buy today gives you a direct say in the day to day operations of the following currencies...
VIVA Crowns : A deflationary base currency, this currency grants the owner a Treasury Right, which is the right to determine how many VIVA will be minted. You need at least one Crown in order to mint at all. The number of VIVA you can mint is directly proportional to the number of Crowns under your control.
VIVA : Our flexible economic base layer is intended to remain relatively price stable by increasing or decreasing the supply in response to market conditions. On the VIVA network all transactions are settled in VIVA directly on the VIVA blockchain.
vX : Market pegged instruments with their peg backed by the network. The X can be whatever the issuing mint decides to peg it to. For example USD would be vUSD. vX pay a variable daily interest rate in order to encourage holding. vX are a business layer coin, meaning that most businesses and transactions will be priced in vX. vX serve to lock away VIVA liquidity from the market until the consumer requires it, thus helping VIVA to maintain weekly pricing and marketcap targets. vX also serves as a hedge during times of volatility.
Auction Details:
There will only ever be 42,000 VIVA Crowns.
The first 4,000 are to be distributed over the course of 4 rounds.
After ICO there will only be One Crown found per week!
Round 1 is a live auction, this is the start of that live auction.
There are 1,000 VIVA Crowns for sale this round and the sale occurs in daily batches.
Each batch is 10 less than the previous batch and it is winner take all.
Today's auction is for 100 VIVA Crowns!
Tomorrow's auction will be for 90 VIVA Crowns, etc.
This is a carry over auction, meaning that there is no advantage to waiting until the end to bid, because the next day's open is always the previous day's close.
The close of each batch occurs at post payout, the highest bidder takes all Crowns in a batch.
For this round we are making a special offer for all steemians.
All bidding occurs strictly in US Dollars however you can settle in any currency supported by #blocktrades and...
Whether you settle in steem or SBD, we will credit you $1 for each unit of steem based currency you settle in.
You can bid $1,000 USD and choose to only pay 1,000 steem!!!
Essentially it means we're giving you $1.00 USD per steem!
We are doing this because we're very long on steem and believe it has enormous potential for growth over the next 5 years, more so than any other coin we might consider holding.
It is also our price discovery mechanism for Crowns, since the Round 1 ceiling will be doubled to become the Round 2 floor.
This means that Crowns will never be any cheaper than they are right now!
All funds raised during round 1 will be used to power up the @vivacoin steemit account. These funds will remain powered up for at least 5 years. Upvotes from the @vivacoin steemit account will be used as a perk in order to help us attract and retain talent.
It is our sincere hope that others who want to integrate with the steem ecosystem will see our success with this model and decide to follow suit, which would undoubtedly help the price of steem a little and that would be a net benefit for everyone.
To bid just post a comment below along the lines of
"I bid $11,000 USD",
And remember you are bidding on the batch, not per coin.
Bidding starts at $1,000.00 USD for this batch, the winner is the highest bidder and it's winner take all!
Good Luck, and Happy Bidding!
This post is 100% steempowered!
update: If I haven't replied "thank you for bidding", within an hour of your bid, then you may not be the highest bidder at the moment of bidding. In order to see the bid history correctly, with the most current bids on top, use the "sort order" link just below this text and set it to "created", because the default sort order is" trending", which doesn't really work so well for an auction format. Thanks!
update 2: I've been at this for in excess of 14hrs, not counting the time it took to ready the post. I've asked @sykochica and @phoenixmaid to step in and handle bid acknowledgments for a few hours.
Happy Bidding!
Final update: This auction closed at $6,500.00!
Congratulations @cryptomancer!
As you can see here we powered up 100% of the auction proceeds!
In at the wire! I up my bid to $6500
Congrats on being the first holder of Crowns and their Treasury Rights! I wish you much enjoyment and success in this interesting project!
Thanks for the well wishes. It certainly does look like an exciting project to be involved with! I had a great conversation with @williambanks last night and from that feel things are off to a good start.
Haha congratulations
wow, grats...
$1011 bid from me...
EDIT
Up mine to $ 1550
Thank you for your bid @gavvet you are the new top bidder at $1550
Is there a danger in your auction system that there is high excitement in the initial auction rounds causing a high price, and then interest wanes and you are unable to sell in the subsequent rounds because of unrealistically high initial bids?
Looks at the chart for the launch of a few altcoins and random and see how many have high spikes in the trading charts that are not again reached for years if ever.
Excellent questions!
This auction is a price discovery mechanism intended to set the price floor for round 2. Round 2 is private placement via sealed bids. While Crown Holders are always welcome to do whatever they believe is in their best economic interests. We will not be releasing any Crowns onto the open market. So the answer to that question is no.
You are correct that the vast majority of coins undergo a launch spike that pumps the price to the stratosphere and then the coin just keeps dropping forever from there.
That happens because those coins are generating enormous amounts of coin at an incredible pace. None of those coins have any mechanism to interact with the market and contract supplies. You can't just print unlimited amounts of money and expect to call it an investment.
Selling pressure on VIVA Crowns logically should be negligible for reasons I explained here.
Great questions! Thanks for asking!
Thanks for the detailed reply, but I don't think it alleviates my concerns and I think you are speculating on it not happening. You effectively have a one-way ratchet mechanism on the batch prices. Hypothetically, say someone bids $12 billion on the first batch because they want the kudos of being first. The second batch would then cost more than all the bitcoin in existence. It's an extreme example to make my point, but what would vivacoin do if it happened?
Yes that is correct, this is why auctions are a powerful tool for price discovery. That's how this works. We sell Crowns for the best price the market will support.
You don't even need to go that extreme. At some point, this auction reaches a peak price. Whether that happens at batch 1 or batch 100, the correct price for crowns is discovered and we get what we get. And at that point we stop round 1 and round 2 goes to private placement at 2x the price.
Excess Crowns from each round are destroyed, or well actually excess Crowns are left unminted. We aren't doing this because we need money. We're doing this so we have a price tag we can show investors from outside the crypto world and so we have something to seed the genesis block with.
I believe you may be confused as to the purpose of this auction. This auction is to give us a floor. We will NEVER sell below the floor. We aren't going to compete with Crown Holders in an open market. If Crown Holders want to sell their crowns during a future round, then they have right of first sale. This means they get the best price, so long as there is a price to be had.
Crown Holders can however, sell their own Crowns for any amount to any person they choose, at any time they want and for any reason.
Great to see shared community value here! :)
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Disclaimer: I am just a bot trying to be helpful.
Can't wait for auction of Batch 2 with 90 Crowns at 6501$ to start later @vivacoin !
Soon as the domain is pointed for the website we will get that launched.
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$6150
Exciting action there at the end. I guess the three of us were just sitting there with fingers at the ready, watching the minutes tick down. It mostly came down to blind luck. Good luck if you decide to go for the next batch, I'll content myself with this one and not bid on any of the others.
questions from the 1st bidder ... :)
Careful to not confuse rounds and batches.
Each round is comprised of several batches and we are currently in round 1 batch 1.
If today's batch closes at $5000 for 100 VIVA Crowns then round 1, batch 2 will have a minimum bid of $5,001 for 90 VIVA Crowns.
That's the point of price discovery. So if any batch during round 1 does not increase day over day then we will have discovered the price and that will be the end of round 1.
When round 1 ends, then round 2 begins. Round 2 is completely different. Round 2's floor price will be 2x the highest per coin price from round 1.
Round 2 will be private placement with sealed bids and will be offered outside steemit and outside the crypto community, hence the dollar pricing.
Any unsold round 2 coins will be removed and won't be entering circulation.
I should take this time to mention that we allow existing holders the right of first sale in each round. So if you buy now and decide to sell during round 2, your coins will sell before the coins reserved for round 2 do.
thank you for this detailed and clear answer. much appreciated.
You are very welcome!
I bid $5000
Thank you for bidding @wingz!
You are now the top bidder at $5000!
I bid $2650I increase my bid to $2750I bid $6600
Thank you for your bid @onceuponatime!
You are currently the top bidder at $2650!
Thank you for bidding @onceuponatime !
Unfortunately in the time it took me to write this, you have been out bid by @wingz
You were out bid on this batch, but batch 2 will start at $66 each, with your bid carrying the floor.