DragonSushi Update 2.11.2022 Buyback Wall Increased, Focus Changed, Discussion of Crypto Regulation
- Hello to all of my Hive brothers and sisters! It feels like we are family even though I have not celebrated my first hive anniversary yet. I have learned so much in this ecosystem, made amazing friends, had adversarial challenges and misunderstandings, and capitalized on earning doing my favorite activity in the world, playing video games.
- But today I am here to give you an update on the Token I created on Jan 20, 2022 called DragonSushi. If you have been following I have been following an increasing buyback wall pattern to support and increase the long term value of DragonSushi Tokens.
- Today the Buyback Wall has increased from 0.70 hive to 0.75 hive and grown in size from:
- 150 Sushi at 0.7 hive for 105 hive total INTO
- 200 Sushi at 0.75 hive for 150 hive total
- As you can see despite market volatility in the stock market, crypto markets in general, and hive/splinterlands tokens and assets, I am happy to report zero volatility. I truly have wonderful investors because they can sell their tokens back to me at any point for a profit at this point and have chosen to hold.
- Before I engaged in any activities on the open market today this was the limit order book as it stood for DragonSushi token.
- As I have done in the past I sold DragonSushi to all open orders above the buyback price, in this case 30 DragonSushi for 0.70001 Hive, or approx 21 Hive Total. The proceeds and additional hive were added to the buyback wall.
- I then raised the buyback wall to 0.75 Hive.
- I also added 29 Hive of my own funds to the buyback wall in addition to the 21 Hive received from sales of DragonSushi today.
- TOTAL OF 50 HIVE ADDED TO BUYBACK WALL
- At this point anyone who has ever purchased DragonSushi at any point can sell for a profit or breakeven at worst, with the profit being larger the earlier they joined the family.
- Originally my long term plans involved unlocking staking and figuring out dividend income for holders because that is what I look for in investments in general, cash flow. Below is a quote from my original DragonSushi post outlining my original plans.
"Long Term Plans:
Staking
Staking is definitely a feature I want to incorporate in the future. I stake all tokens I receive for the most part up until recently when I began experimenting with liquidity pools. The estimated cost to unlock staking is $800-$1000, even on hive. So I hope to unlock that by summer, worst case scenario by Christmas.
Dividend Income
Dividend income is very high on my list of things I want to incorporate, but at this time Im not sure about the functionality of how to do it, I dont know if I need a coder, or I just havent noticed where the option is to unlock this, any help would be appreciated. I hope to pay dividend income to liquid and staked holders of the token in the future."
- After buying into BRO token in the process of building up my portfolio of dividend tokens and joining their Discord, I was lucky enough to meet a legend, the Hive Witness himself @themarkymark who was a fine gentleman willing to help a newbie to Hive. I was gushing about my excitement of making my own hive token and this kind sir informed me that if I live in the United States, which I do, having staking or dividend income could lead me to trouble down the road.
After some Research on Cryptocurrency Regulation
and some light reading on Dividend Token information in general
- This key information proved @themarkymark 100% correct:
"Now that we are on our own, how do we determine whether a particular crypto asset is a security?
At the outset, the regulators have made it clear that simply calling something a “virtual currency,” “cryptocurrency,” “crypto asset,” “digital asset,” “coin,” “token,” etc. is not determinative of its status as a security for purposes of the federal securities laws. For certain statements made by courts and regulators on this point, see here.
What matters is substance, not form.
If, in substance, a crypto asset is a security, the fact that it consists of, or is represented by, records in a blockchain or distributed ledger clearly does not alter its status as a security. Again, for certain statements made by courts and regulators on this point, see here.
How do we determine whether a crypto asset is, in substance, a security? The answer:
Generally, we must apply the so-called “Howey test,” on a case by case basis, to determine whether a particular crypto asset is a security.
Under the three-part “Howey test”—which is named after a U.S. Supreme Court case, SEC v. W.J. Howey Co., 328 U.S. 293 (1946))—a financial instrument such as a crypto asset will be considered an “investment contract,” and therefore a “security,”[2] where there is:
an investment of money (which could include, for example, an investment of fiat currency or cryptocurrency)
in a common enterprise
with an expectation of profit derived from the managerial or entrepreneurial efforts of others.[3]"
- So in order to comply with this precedent that will be applied to DEFI in the future, I will not be giving regular dividends or enabling staking income. In order to avoid the "Howey test" being able to be applied there will be no promise of regular income from me the creator of the Token.
- My girlfriend of 3 years, and love of my life @pynutbater , will hold periodic raffles and send prizes to the winners. The raffles will not follow a set schedule as to indicate a periodic payment, they could be twice in one day, or once in 10 days, it will be random. The prizes will vary based on what she can cook up with my guidance.
-When I created the token I issued 10,000 tokens. I am currently in possesion of 4950 tokens total, mostly up for sale at various prices. My girlfriend @pynutbater is possession of 5009 tokens. 5000 tokens were given to her because I'm preparing for a healthy marriage and that means 50/50. She purchases the 9 additional tokens on the open market.
-My 4950 tokens, and 5000 of Pynutbater's tokens will not be counted period/ever in the raffles.
-Each DragonSushi token will be one entry into the raffle. The prize specifics will be announced by the rafflemaster @pynutbater.
The Future
- My lovely girlfriend is from the Phillipines, hopefully in the future we will have one of her family members create a token and own it for us from the Phillipines and we can automate its activities so we will be working within the law. We plan to visit and look into this once the pandemic ends.
Electronic-terrorism, voice to skull and neuro monitoring on Hive and Steem. You can ignore this, but your going to wish you didnt soon. This is happening whether you believe it or not. https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism
Hey this is pretty freakin cool! I had not idea you created your own token and I don't think that comes cheap wither. I did question someo of these "dividend" style tokens as they seemed like a clear security. Buy this token and we pay you a daily dividend. I'm curious if some of them will change their ways now. It sounds interesting though how you're going to do the random draws and push yourself away from that.
Glad you linked that PDF as well about dividend style tokens I just started in on it and feels like it's going to be a good educational read.
Ive found a couple legit dividend tokens so far on hive, BRO which is affiliated with themarkymark, UTOPIS, and DEFI i hold and receive regular dividends.
I also receive daily hive from multiple games, and staking BXT. You can also delegate hive power to different people in order to receive daily token income of all types. Theres an amazing amount of diversity in the hive ecosystem!
!PIZZA
!LUV
!LOLZ
@forsakensushi(3/10) gave you LUV. H-E tools | connect | <><
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They were Polo opposites.
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@ggbits, I sent you an $LOLZ on behalf of @forsakensushi
Use the !LOL or !LOLZ command to share a joke and an $LOLZ. (3/10)
DEFI is a new one to me. Any ideas on that one since it looks like Aug 2022 the first cycle completes? Do they just go dead or does everything get recalculated ?
Looks like he makes a new token when he does it again, think its a form of short term loan while he invests. Eventually you sell back into his buyback wall at 0.1 it looks like when payout stops or u want ur money back. Def dont buy above 0.1 its a stable token and anything spent above that will be lost.
PIZZA Holders sent $PIZZA tips in this post's comments:
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forsakensushi tipped rentmoney (x1)
steem82868 tipped forsakensushi (x1)
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Have a !PIZZA
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thanks bro!
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He had no Monet to buy Degas to make the Van Gogh
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!PIZZA
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Because he conditioned it.
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Thanks brother!
!PIZZA
!LUV
!LOLZ
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now we just call him Phil.
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More power to your Dragonsushi token. More blessings to come!
!LUV
!LOLZ
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... sky diving is not for you!
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@forsakensushi, I sent you an $LOLZ on behalf of @pynutbater
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Thanks my love!
!PIZZA
!LUV
!LOLZ
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By the number of gigs it has.
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Use the !LOL or !LOLZ command to share a joke and an $LOLZ. (2/10)
Awesome stuff, can't wait for the first Raffle.
Should be coming soon! weve had a very busy week!
!PIZZA
!LOLZ
!LUV
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You're invited! - LUV's 1st birthday celebration!
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Fish and ships.
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Use the !LOL or !LOLZ command to share a joke and an $LOLZ. (1/10)
Thanks for the tip tokens.
!PIZZA
!LOLZ
!LUV
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Of course, those are only round figures.
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@forsakensushi, I sent you an $LOLZ on behalf of @rentmoney
Use the !LOL or !LOLZ command to share a joke and an $LOLZ. (2/6)
I'll have to soon pick up a few more to get to an even 40.
something tells me you are going to have great odds to win ;)
Any reccomendations for programs or websites I can use to randomize the drawing so its fair?
Pretty awesome bro, I may have to pick some up and see how you do. I nearly started my own token last year but the deal fell apart when my tech guy flaked out on me!
First Raffle just happened, check out the post!
https://peakd.com/hive-141248/@pynutbater/dragonsushi-community-raffle-1-february-20th-2022
Let us know what you think of the prizes and if you have any suggestions!
!BEER
View or trade
BEER
.Hey @thebighigg, here is a little bit of
BEER
from @forsakensushi for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER
.