Quote from: BCExchange on May 13, 2015, 12:44:30 AM

Here are the auction results:

Total funds pledged: $137,074.52
Number of bidders: 24
Total NuShares bid for: 66,233,829
Average bid value: $5,711.44

The auction generated a considerable amount of interest but failed to reach $200,000 US in bids. Accordingly, no funds have been or will be accepted, and no NuShares (NSR) have been or will be sold.

The feedback we received indicated a few things:

1) Some prospective bidders said that they were solely interested in BlockShares and not NuShares. As such, the requirement to hold NuShares until the BlockShares network was created was seen as inconvenient and not aligned with their interests.
2) The number of shares (hundreds of millions) is difficult to comprehend, as was the bid price that was fractions of a penny.

We are proposing to pursue a new route of fundraising that will solve these issues and allow B&C Exchange to be developed. Everyone will hopefully find this new approach much simpler.

To address point #1: We now plan on creating the BlockShares chain shortly after the beginning of development, and selling 50% of all BlockShares in this announcement thread. This approach will be similar to the one taken by BitShares, where tokens (BlockShares) will be sold and development will occur on the production blockchain. All BlockCredit transactions will be disabled until development is complete. This means you can buy, hold and trade your own BlockShares within 30 days after making payment for them without the need to hold NuShares first.

To address point #2: the decimal place will be shifted four places to the right for BlockShares, which means approximately 80,000 will be sold and 80,000 will be given to NuShare holders. This will give them an initial value of around 5 USD.

New Structure of BlockShares Sales:

Total BlockShares supply: Approximately 162,000 BKS
- Approximately 80,000 BKS (about 50% of the BlockShares) will be sold here.
- Approximately 80,000 BKS will be held by NuShare holders who own NSR at the initial fork date. The Nu network will be granted about 50% of all BKS to encourage active involvement with B&C Exchange. Liquidity is the lifeblood of an exchange and B&C Exchange will benefit from Nus liquidity providers. We say approximately 80,000 BKS here because proof-of-stake rewards will have likely inflated the amount to between 81,000 and 82,000 BKS when the fork occurs.
- 2,000 BKS will be given to Bitcoin holders as per the design documents original specified proportion.

We are proposing selling BlockShares in the following manner:

First ~20,000 BKS (exactly 25%) are available for $5.00 US each.
Second ~20,000 BKS (exactly 25%) are available for $5.10 US each.
Third ~20,000 BKS (exactly 25%) are available for $5.20 US each.
Final ~20,000 BKS (exactly 25%) are available for $5.30 US each.

TOTAL: 80,000 BKS for an average price of $5.15 each.

As well, the following rules apply:

- Minimum total purchase is 500 USD.
- Purchasers will be kept confidential.
- Multiple purchases are allowed, but only up to a maximum of 10,000 BKS in total across all purchases.
- A valid purchase will contain three elements: a quantity of BlockShares, the asset type you will pay with (BTC, LTC, PPC or NBT), and finally a cryptocurrency forum username (bitcointalk, discuss.nubits.com, or others) that is a minimum of one week old as of the date of this new announcement.
- The price of BTC will be set on the day a purchase request is made using the Bitfinex BTC/USD market price. LTC and PPC, being less liquid and subject to price manipulation, will be priced as the average of the BTC-e LTC/USD and PPC/USD price 48 hours before a purchase request is made, 24 hours before a purchase request is made and at the time the purchase request is made. NBT will be priced at 1.00 USD per NBT.
- Purchasers should have the funds to settle immediately.
As with the previous auction, we will make no promises about the future value of BlockShares.
No funds will be collected until $200,000 US worth of BlockShares are requested for purchase. This is the minimum amount of funds required to build B&C Exchange. After this threshold is reached, sales will continue until all $412,000 US worth of BlockShares are sold, or until BlockShares holders vote to burn (destroy) all unsold BlockShares.

This approach will hopefully make participation in B&C Exchange easier. You would now only be purchasing BlockShares at a fixed price. There are no NuShares sales or reserve prices any more.

This is a draft plan presented for public comment and revision and should not be viewed as commitment to a course of action. Hopefully the plan can be finalized in a few days, at which time bids for BlockShares will begin to be accepted. The total quantity bid for and paid for will be presented in this thread approximately daily.

We welcome comments, questions, complaints and suggestions for changes during this comment period.

I like this new plan, but I have a question. Selleing 20,000 shares at $5 would generate $100,000, which is half of what is needed for development and selling 19,417.5 shares is another $100,000. After that pledge amount is reached, money will actually start to be collected. Is there going to be another deadline to reach the pledged amount, or will it be open ended this time?

Quote from: learnmore on May 13, 2015, 01:44:16 AM

Right now I'm mostly just disappointed more people couldn't recognize the value here and the importance of this project toward advancing Bitcoin.

Agreed, I'm actually shocked it didn't have more bids. I thought for sure it was a done deal with the amount of attention this project has received.