Month: November 2020

We are pleased to announce our next AMA on November 12th 2020 at 02:00 PM UTC Time: Satoshi Club x Ferrum Network

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Ferrum Network Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 100 seconds. You can post Max 3 questions. Ferrum Network Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Ferrum Network

For more details:
Ferrum Network – @ferrum_network
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on November 12th 2020 at 11:00 AM UTC Time: Satoshi Club x KuCoin

⚠️Click to see the hour
⚠️Total Reward pool: $1000

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join KuCoin Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 100 seconds. You can post Max 3 questions. KuCoin Team will select 10 questions and answer them.

Part 3: 800$ – A quiz about KuCoin

For more details:
KuCoin – @Kucoin_Exchange
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

If a customer doesn’t have an account, please register via the following link：
https://bit.ly/32rql11

We are pleased to announce our next AMA on November 10th 2020 at 04:00 PM UTC Time: Satoshi Club x YearnClassic Finance

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join YearnClassic Finance Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 100 seconds. You can post Max 3 questions. YearnClassic Finance Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about YearnClassic Finance

For more details:
YearnClassic Finance – @yearnclassicfinanc
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on November 10th 2020 at 11:00 AM UTC Time: Satoshi Club x CyberFi

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join CyberFi Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 100 seconds. You can post Max 3 questions. CyberFi Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about CyberFi

For more details:
CyberFi – @cyberfi_tech
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on November 11th 2020 at 11:00 AM UTC Time: Satoshi Club x SERGS

⚠️Click to see the hour
⚠️Total Reward pool: 1500 SERGS

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join SERGS Telegram group

We will have the following structure:

Part 1: 250 SERGS /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 250 SERGS/10 users – Open chat for 100 seconds. You can post Max 5 questions. SERGS Team will select 10 questions and answer them.

Part 3: 1000 SERGS – A quiz about SERGS

For more details:
SERGS – @sergssale
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on November 11th 2020 at 04:00 PM UTC Time: Satoshi Club x Hardcore by DGVC

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Hardcore by DGVC Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 100 seconds. You can post Max 3 questions. Hardcore by DGVC Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Hardcore by DGVC

For more details:
Hardcore by DGVC – @hcorefinance
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on November 8th 2020 at 04:00 PM UTC Time: Satoshi Club x SpaceMine DeFi

⚠️Click to see the hour
⚠️Total Reward pool: $800

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join SpaceMine DeFi Telegram group

We will have the following structure:

Part 1: 150$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 150$/10 users – Open chat for 100 seconds. You can post Max 5 questions. SpaceMine DeFi Team will select 10 questions and answer them.

Part 3: 500$ – A quiz about SpaceMine DeFi

For more details:
SpaceMine DeFi – @SpaceMineDeFi
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We continue our DeFi project series. Today we talk about the Auric network that takes some of the most interesting aspects of tech innovation within the DeFi space to create an autonomous, adaptive, and decentralized digital asset/protocol.

Our guest:  Ichiro Nakamoto  @ichironakamoto 

The total reward pool was 2000$ and has been split into 3 parts.

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS.

Mary | Satoshi Club

Hello again, Satoshi Club! We are happy to announce our AMA session with AURIC ! Welcome to Satoshi Club😀

D| Satoshi Club: Hello hello Satoshiclubbers

Ichiro Nakamoto: Sup guys, I am the creator behind Auric Network.

Mary | Satoshi Club: Welcome 😄

D| Satoshi Club: Hello! Welcome to Satoshi club!

Ichiro Nakamoto: Happy to make your acquaintance~~!! s

Mary | Satoshi Club: We are excited to have you here 👍

D| Satoshi Club: Please tell us about yourself a bit and about Auric btw Ichiro Nakamoto is your real name? 😉

Ichiro Nakamoto: That’s a bit hard since I am supposed to be anonymous. But, well. so the name is Ichiro. It is a Pseudonym

Mary | Satoshi Club: And this day come😂 We have Nacamoto here🎊

Ichiro Nakamoto: lolol. So Ichiro means first-born son in Japanese and it was a metaphorical statement in following the footsteps of the original

Mary | Satoshi Club: Tell Satoshi that we are also waiting for him)

Ichiro Nakamoto: Seriously, what I would give to speak to that man/woman for a couple of hours Soooooo many questions.

Mary | Satoshi Club: Yes, we prepared a lot of work for your mind and your fingers today 😂

Ichiro Nakamoto: So I am based in Asia, but we have a decentralized team. I have been in the crypto space since 2015, and I am a tech geek and an econ geek. And my preferred drink of choice is Whisky. 😂😂😂 Why, thank you~~

Mary | Satoshi Club: It’s a long time, you had to have a lot of Whiskey))) especially in 2018-2019😂

D| Satoshi Club: What kind of whiskey? any special sort? 😉

Ichiro Nakamoto: lolol I am starting to like this AMA. Well, for the fancy-shmancy stuff I LOVE Yamazaki.

Mary | Satoshi Club: We still didn’t start with your preferred sushi😂

Ichiro Nakamoto: But I’m pretty good with Jameson 2018~2019 was realllly cold-like final frontier, Jon Snow cold.

Mary | Satoshi Club: Yes) and during these cold times, the only idea about AURIC could warm you, right?)

Ichiro Nakamoto: But luckily I stopped trading in early 2018 and started focusing on building stuff

D| Satoshi Club: Smart move 👍

Ichiro Nakamoto: Hehehe, well actually Auric Network was designed the way that it is, because of 2018~2019. To give you a bit of context 2017~2019 there were around 3000 crypto projects that launched and listed across a bunch of exchanges some better than others.

Mary | Satoshi Club: Yes, right, but where they are now?

Ichiro Nakamoto: But there seemed to be the same issue across anything that wasn’t building a new infrastructure project. Every fund, investor, reporter… all asked the same question. Why does your business model need blockchain, Which in my opinion although the details can vary is a stupid question.

Mary | Satoshi Club: It’s a very common question, to be honest😁

Ichiro Nakamoto: Because the reasoning behind why ANY platform needs blockchain can be answered with the very bare-bone definition of the word it’s immutable, decentralized, privacy…etc, etc. But the real question is, “why do you need a currency?” Out of 3000 projects that launched 80% were layer 2s or Dapps and to be honest you can build a Dapp or platform on whatever main infrastructure you choose and it should function with all the perks without a token.

Mary | Satoshi Club: That’s right)

Ichiro Nakamoto: Platforms started creating just incentives for their tokens than just madly printing unnecessary currencies. Most of us in the ecosystem started with Satoshi’s whitepaper. Bitcoin: A peer-to-peer electronic cash system.

Mary | Satoshi Club: Yes, I think almost all of us read it😁

Ichiro Nakamoto: Meaning that the only excuse for creating a currency especially if it is not an infrastructure project, was always gonna be to make a BETTER currency one that can be used across multiple platforms/Dapps/use-cases. But doesn’t look at the boundaries of the 4 functions of a currency.

https://auricfinance.gitbook.io/documentation/for-econ-geeks/types-of-money.

Ichiro Nakamoto: You can refer to here for a more in-depth explanation of different types of money and the functions they are supposed to have. So I started getting the initial pieces to the puzzle and AMPL took off

Mary | Satoshi Club: Yes, this really has a sense👍

Ichiro Nakamoto: It fascinated me an automated way to control and mitigate inflation/deflation based on the simplest concepts of supply/price/demand automating the total assets in circulation. Then it was about figuring out the fair distribution. The concept of a yield farm first popped up in my head about 3 weeks before YAM’s conception. So I just needed to solve one issue Satoshi created bitcoin because he was pissed at the traditional markets and centralized government powers.

Mary | Satoshi Club: And I feel that you find a way😄

Ichiro Nakamoto: Because he wanted something better as a financial system just a step into it I guess it is a really BIG experiment. So AMPL had 3 issues I did not like as fascinated as I was with it

1. VCs and centralized supply
2. It was referencing the USD$ (Centralized FIAT and hyperinflationary) What happens when it crashes like 2018? The US has printed more money in the last 4 months than in the 200 years since its conception.

Mary | Satoshi Club: And the last?😁

Ichiro Nakamoto:

3. The death spiral(because a rebase is such a new concept, people don’t understand how to trade it

You can’t buy low and sell high. That’s not what you look at to determine whether you buy/sell in the short/mid/long terms. So I’m like 2~3weeks into the architecture rushing to get an MVP out. Then… YAM launches 500mil in TVL in 17 hours, it was crazy, then a Bug is found and it is migrated within 48 hours. Which was AUSCM to watch!! But frustrating because in crypto first to market is everything.

Mary | Satoshi Club: Wow, it’s an impressive story)))

Ichiro Nakamoto: And YAM tried to solve for the Death Spiral by adding the treasury. Which was also a great experiment to watch but it just wasn’t what I had in mind. So, we just kept building and tweaking, so we stealth launched a week ago and today exclusively on Satoshi CLub. I would like to share our announcement which will be in major traditional media within the next 24hours ish.

D| Satoshi Club: Sure

Ichiro Nakamoto: Auric Network Limited (“Auric”), the Hong Kong-based operator of the blockchain-based digital currency, AUSCM, announces a partnership with Bluebird Merchant Ventures Limited (“BMV”), a publicly listed mining company (LSE:BMV), to give the public access to gold ownership at 15% below market price. BMV’s goldmines, located in South Korea, have been inactive since the 1970s largely due to policy directions adopted by the Korean government that triggered the nation’s industrial revolution. According to the Korean government, the mines contain nearly 800,000 ounces (or over $1.5 billion USD) of ready-to-mine gold, with a geological upside defined in the millions of ounces.

Mary | Satoshi Club: Wow👍👍👍 congrats on this)

Ichiro Nakamoto: Auric’s native token, AUSCM, was conceived in partnership with Bluebird Merchant Ventures Limited (“BMV”), a publicly listed mining company (LSE:BMV). AUSCMs can soon be exchanged for physical gold at a 15% discount from the market price of GOLD. The prerequisite to accessing this opportunity is holding a minimum balance of 50,000 AUSCMs.

Mary | Satoshi Club: What is the price of AUSCUM now?)

Ichiro Nakamoto: $0.0158 I would state that we are hugely undervalued, but I am biased. We launched anonymously and in stealth mode with just the token and no use-case announced on purpose.

Mary | Satoshi Club: Sure, but with such partnerships, you can become huge 👍😀

Ichiro Nakamoto: We really wanted a fair distribution

Mary | Satoshi Club: And I think you have it now)

Ichiro Nakamoto: I hope so~

D| Satoshi Club: Thank you for the impressive intro! we can start with questions from the Satoshi club community if you are ready?

Ichiro Nakamoto: Also to make it very clear our contracts, rebaser, minting feature for the rebaser, are all controlled by our time-locked governance contracts Yes Leggo~~!

D| Satoshi Club: Q1 from Telegram user @Malhang

What was the reason behind choosing gold and not other commodities as a value – storer?

Ichiro Nakamoto: 2 reasons

1. Liquidity

Just like there is a reason that stables are on the USD and not the Vietnamese Dong, or the Indonesian Rupiah. Liquidity is everything.

D| Satoshi Club: That’s right

Ichiro Nakamoto:

2. Gold is the only currency before the USD that was excepted globally. 5000 years of it has proven it’s intrinsic value in the eyes of society and one more reason It is a commodity and a currency, and not controlled by one centralized governing entity. Plus, in any country in the world. gold is worth something and can be traded for local currency. Just like the USD. I mean in times of economic crisis, what do smart fund managers invest into?

Mary | Satoshi Club: You decided to blend cryptocurrency gold with real gold?😀

Ichiro Nakamoto: I mean Warren Buffet(Berkshire Hathaway) just invested $560 million into a gold mining company. No, I decide to use the bleeding-edge technology we have access to now to solve for what we couldn’t a couple of hundred years ago. Gold has issues as a currency. Coins are expensive to mint. You can’t go pay $1.99 I gold at the supermarket in shavings. This is where the features of a good currency come in. If anyone can name what those 7 features are right now I will personally shoot you 1000 AUSCMs Anyone?

Mary | Satoshi Club: I need to open chat for this😀

I will open for 15 secs)

D| Satoshi Club: We can do it in the second part😀

Mary | Satoshi Club: No, In 15 sec

Ichiro Nakamoto: Okie Doke

Mary | Satoshi Club: Let’s do it now😀

Ichiro Nakamoto: Ohh so in 10 secs?

Mary | Satoshi Club: Now

Ichiro Nakamoto: I hope someone gets it

AT THIS MOMENT THE CHAT WAS OPENED AT 10 sec

There is was many questions, but right only one from

 Telegram user @Pratze

Demon: durability, portability, divisibility, uniformity, limited supply, and acceptability

Ichiro Nakamoto: durability, portability, divisibility, uniformity, limited supply, and acceptability. Nice but missing one.

but Demon guy gets it.🎉🎁

DM me your addy and I will send as soon as it’s over.

Mary | Satoshi Club: Congratulations 🎉

D| Satoshi Club: @Pratze congrats! you made some money 😀

Ichiro Nakamoto: Btw we are up 20% in the last 20 mins lol.

Mary | Satoshi Club: It is called SCE – Satoshi Club Effect 😂

Ichiro Nakamoto: And it’s not on google NOICE. Okay, the one I was looking for was elasticity. Gold is not portable nor is it uniform unless minted as coins and it’s just inconvenient to monitor or use account for or divide. Our cap is low so I would hodl because it may rebase and grow in the future as demand escalates. Anyways

Mary | Satoshi Club: Yes, now I got why you choose gold.😀

Ichiro Nakamoto: The point is, after reading George Selgin’s Thesis on Synthetic commodity Monies It hit me. We can use crypto to bring it back and get rid of 90% of the issues it had as a currency in the past.

D| Satoshi Club: Thank you for your answer! @ichironakamoto if you are done with this question we can jump to the second one?

Ichiro Nakamoto: Yes of course, sorry for the LONGGG answer.

D| Satoshi Club: Q2 from Telegram user @jefer_bn

I saw the introduction to the de-fi technology in your education section. That’s a very good initiative, that’s seldom found today. Do you intend to expand the educational scope of your project?

Ichiro Nakamoto: YES!!!

So this is my most important statement for the night. The rebasing projects and anything new and experimental is great to have a trend, but to be honest, it’s like putting a bandaid on what needs sutures. Education is the ONLY way to further technology implementation. That and some better UIs LoLoLo

Mary | Satoshi Club: Yes, that’s great that you educate people)

Ichiro Nakamoto: Stay tuned to our medium channels and the resources and education sections of our website for more docs incoming

Mary | Satoshi Club: Not all projects think about this. Sure, will follow them

Ichiro Nakamoto: Also would like to shout out a community member who has been writing very intuitive pieces on medium about us

Mary | Satoshi Club: Satoshiclubbers first, don’t forget to join here @auricfinance

Ichiro Nakamoto:

https://munair.medium.com/

Mary | Satoshi Club: Thanks for everything you are doing👍 and can we go to the next question?)

Ichiro Nakamoto: Yes, GoGoGo.

Mary | Satoshi Club: He is from your team?

Ichiro Nakamoto: Nope, legitimately a supporter and contributor.

Mary | Satoshi Club: Already follow him, thanks)))

D| Satoshi Club: Q3 from Telegram user @kozmal

Your project looks very well documented, and it has resources on all platforms where all good projects have resources. Still, it lacks in terms of trust because of the anonymity of the team. When do you intend to make your team public? Do you think that this is still important in a blockchain project?

Ichiro Nakamoto: His articles and support have been great!!

 So actually that’s a loaded question. We currently have no plans to go public with the team members or myself ever. We launched anonymously to keep the focus on the project and the product.

D| Satoshi Club: How big is your team?

Ichiro Nakamoto: That is something I will refrain from answering. But depends on which part of the team you are referring to.

D| Satoshi Club: Well, I mean how many developers?

Ichiro Nakamoto: A good question will have to pass. Sorry.

Mary | Satoshi Club: Btw, did you do something like a KYC procedure for partnership?

Ichiro Nakamoto: Yes, you can’t sign a contract with a publically listed company without a business license or

 People looked for VCs and famous team members when investing in projects in the past and that was a big reason why a LOT of great projects never took off. We should be looking at what they are building.

Mary | Satoshi Club: So, now we know that you really exist) It’s a joke. Yes, this question has two sides)

Ichiro Nakamoto: We also took enough measures to show that we have no intention of a rug pull. 300ETH in locked liquidity for 6 months and a full audit by quantstamp with deployed governance.

Mary | Satoshi Club: Oh, we have questions regarding this😉

Ichiro Nakamoto: Giving them your personal info, can’t risk anything leaking ^^ and yes tomorrow evening BMV(the publically listed company will be announcing the news as well themselves) And they can’t lie or they have to deal with the UK government.

Mary | Satoshi Club: I see, that your identity is checked, but you don’t want to go public. I think it’s enough for those, who doubted. For those who didn’t believe everything won’t be enough.

So, now waiting for BMV official announcement) but we know😉

Ichiro Nakamoto: Well satoshi is anonymous, you don’t see me questioning bitcoin right? I mean we literally made it so that you can farm without staking AUSCMs in the 20 other pools just so we could prove that. We can’t rug even if we wanted to

Mary | Satoshi Club: You don’t) but a lot of people want to know his identity)

D| Satoshi Club: Yes, and we know that the crypto world has a lot of anonymous teams with trustworthy and solid projects

Ichiro Nakamoto: I mean I would kill to know, but it’s most likely Hal right?

Mary | Satoshi Club: It seems, yes

D| Satoshi Club: But who knows for sure 😄

Ichiro Nakamoto: May he RIP touche, sir.

Mary | Satoshi Club: But hope bitcoin will be live forever😀 So, are we ready for the next question?)

Ichiro Nakamoto: Of course come @ me

Mary | Satoshi Club: Ok)))

D| Satoshi Club: Q4 from Telegram user @kany_west

The liquidity is locked on your pool for 6 months. Do you think it is enough to ensure your investors? there are teams which lock for more than 1 year

Ichiro Nakamoto: To be honest, if in 6 months our liquidity is not above$10 million in ETH. Then it wouldn’t matter anyway.

Mary | Satoshi Club: It’s your goal?😉

Ichiro Nakamoto: Also most teams who are self-financed and anon don’t lock 300ETH lol. No, our goal is to get MASS adoption with the rebaser on our first goal within the next few months is.

Mary | Satoshi Club: Yes, that is a good sum)

Ichiro Nakamoto: 500million tokens in supply

Ichiro Nakamoto: Which would put our cap at around $30 million US

Mary | Satoshi Club: And now you have…?

Ichiro Nakamoto: Now we are at 600k in cap and 30 million tokens

Mary | Satoshi Club: Oh) 500 mil will be huge👍 So, for me everything is clear)

D| Satoshi Club: For me as well, we can jump to the 5th question now

Mary | Satoshi Club: @ichironakamoto ?)

Ichiro Nakamoto: When people see and believe it will be a very different game but the BMV contract is for $20 million worth of gold and we have many more in the pipeline, Yes we can move on.

Mary | Satoshi Club: True😀

D| Satoshi Club: Q5 from Telegram user @marccryptonic

In the audit section of your website, I have found the audit from quantstamp and also it is written that you have given 20 ETH to 2 projects for rigorous audits. Have you found those companies already? Are they working on that?

Ichiro Nakamoto: That is a misinterpretation believe we are offering other auditors a 20ETH bounty for the first 2 firsts who will also audit us.

Mary | Satoshi Club: So, now this bounty is live?

Ichiro Nakamoto: Yes, We also have a creative bounty

Mary | Satoshi Club: Really? Can you share with us?)

Ichiro Nakamoto:

https://auric.network/about

D| Satoshi Club: Maybe you have a meme contest as well? 😀

Ichiro Nakamoto: Yes, not limited to memes, but yes graphics, web pages, a dashboard.

We welcome any and all contributors to our community.

Mary | Satoshi Club: I think our community will join 👍😀 And the last question from this part @ichironakamoto ?)

Ichiro Nakamoto: Yes

D| Satoshi Club: Q6 from Telegram user @ownyourfunds

You are a fork or a changed version of synthetix. Let us know why have you decided to choose them as a ground for your developments and what negative parts did they have because you decided to change them?

Ichiro Nakamoto: Okay so the only thing we forked from Synthetix was their staking contract for the farming pools. And we tweaked the Algo so that it was quite a bit different from their original design. I would say we forked a mix of 4ish projects. Synthetix for the staking. compound’s governance. Ample in the rebase with the Chainlink XAU as ref price and then our own twist on the logic of the rebaser.

Mary | Satoshi Club: You take the best from them and remove those parts, which you think are the worst, right?

Ichiro Nakamoto: So it’s not about what is best or worst right? Best or worst is only the case depending on the intention of your functionality.

Mary | Satoshi Club: Yes, but I am used to simplifying all things sometimes😀 But I got what you wanted to say. Your functions differ from them)

Ichiro Nakamoto: I feel like it really depends on what you are building. All those functions are like lego blocks, our functions are made in a very interesting experiment

Mary | Satoshi Club: I feel like we all from the lego generation) and it’s really amazing, that using this game principles we are building such life-changing things)

Ichiro Nakamoto: Yeah seriously and the truth is that this is just the beginning.

Mary | Satoshi Club: Right) a lot of blocks ahead 😉

Ichiro Nakamoto: HeHe

Mary | Satoshi Club: And on this optimistic note we can start our live part with the live questions from our community) do you want to add something or we can start?)

Ichiro Nakamoto: I see what you did there. Let’s go~!!!

Mary | Satoshi Club: Let’s go 🚀

PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

In this part the chat was open for 100 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose the best of them.

Q – 1 from a telegram user @nzikak

Reading through your medium posts, in some posts, it says that the rebase reference price is 10 mg of Gold while on others it says 1 mg of Gold. What is the actual reference price you’re using and why did you choose the value?

Ichiro Nakamoto: 1mg, we were going to peg at 10 initially but opted that that smaller the currency the better it could be for use in the future.

Q – 2 from a telegram user  @zaferce

How will yield mining be implemented for LP tokens and core assets, and how will this system make a difference to other farming practices?

Ichiro Nakamoto: already live
Q – 3 from a telegram user @Brainchest

What’s interesting about the💰💰 secondary rewards pool? If investments are more profitable in the secondary pool, then where is the time limit, after which I can transfer to this pool. What is the yield?

Ichiro Nakamoto: Actually last one cause this one is the most promising, answering all questions about the rebase and the secondary rewards pool because technically one does not exist without the other in auric’s design basically Let’s say for example that a positive rebase occurs right now.

AMPL’s rebase uses its algorithm to take data input from the oracle every 12 hours and uses those 2 data sets over a period of 24 hours to rebase and they are looking at stepping into equilibrium if no one trades the asset in approximately every 10 rebases.

YAM’s rebase does the same but if a rebase of 15% were supposed to happen, instead one for 13.5% happens and 10% of the rebasing amount which in this case 1.5% of the supply gets converted into a stable and spent to supply the treasury pool.

Auric Network, or AUSCM’s rebase occurs every 12 hours once it is triggered through a community vote but the data set is pulled every hour for 12 hours with means we use a linear mean of 12 data points. 20% of all rewards giving out through any staking on Auric are split evenly into 4 equal pools.

1. Auric.fund(Governance)
2. Governance participation incentivizer(governance)
3. Dev pool
4. Secondary rewards pool(Governance)

Now pay attention cause this is where it gets fun

The Secondary rewards pool has no time limit. as long as there are tokens in the pool it will distribute bits of it to anyone staking.

Then when a positive rebase occurs on AUSCMs, 10% of the rebase amount is injected into the secondary rewards pool

Now, most people don’t get what this means so allow me to simplify.

Auric price goes up, it triggers a rebase. Price going up also makes APY for the secondary staking pool to increase.

Then more people are incentivized to stake. then when the rebase occurs, it causes token supply to increase and 10% of the increase goes directly into the 2nd rewards pool further increasing APY. Meanwhile every time someone claims rewards rom staking a portion goes into the 4 pools.

this is what I would like to call the everlasting gobstopper.

It solves for the treasury, the continued incentives to farm and support the ecosystem as well as to stake for the rewards and bring on new buyers

every time we add a new asset class that can be purchased using AUSCMs it means we’ll need to supply a bigger audience.

This is why whether negative rebase or not your % share of the total supply stays the same positive or negative

so when investing in rebasing assets, you should be looking at it like when you are looking to buy the equity of a company. Is the entire ecosystem undervalued? Will they create more value than today?

Q – 4 from a telegram user @rockmorti

What is your opinion and vision about exporting your project to other thriving blockchains like Polkadot or Binance Smart Chain and in the same way creating other parallels based on silver, platinum, oil maybe?

Ichiro Nakamoto: GREAT question. We may simply just rebuild our features onto an inter-blockchain communications network like NEAR or Cosmos in the future, but don’t view it as a necessity
Q – 5 from a telegram user @Uci000

Is it safe to stake AUSCM on your platform for a long period of time? If at any time something goes wrong in your system that results in user losses, is there a guarantee?

Ichiro Nakamoto: So our platform is just pulling data off the Ethereum blockchain and our code has been audited by quantstamp

Q – 6 from a telegram user @GoldRocket27

‘Tell us about a community-run treasury, how much money is in it, and for what purposes it can be spent? Can a pump be funded? Can they finance the pump?

Ichiro Nakamoto:  Yes actually if the community voted on it, funds from the Auric.fund pool could be allocated to it but it would be irrational to do.
Q – 7 from a telegram user  @BJosefina61

Recently there have been projects based on tokenizing gold-backed reserves, for example, XAUTether. What advantage does Auric offer over token-backed projects?

Ichiro Nakamoto:  So as far as I know and the reason for the way that Auric was released the way it was is because commodity monies are in a sense security meaning centralized exchange listings in the future and other regulatory concerns come up. Where as synthetic commodity money used as the main modes of currency in an entire commodities investment platform/ecosystem is much less in regulatory issues. Moral of the story: we did our homework.

Q – 8 from a telegram user @chelyabinsk_crypto

Which price oracles are you using to determine the price of gold at time period X to calculate the rebases?

Ichiro Nakamoto: Chainlink’s XAU oracle with more to be added over time

Q – 9 from a telegram user @KhaleesiTheCryptoLady

AUSCM start with an initial supply of 30 million tokens, 56% of which is used to reward farmers via initial staking rewards pool (AKA Yield), the remaining 44% is reserve for what? How will you distribute it?

Ichiro Nakamoto: 44% went into the Uniswap liquidity pool along with our 300ETH to create the initial price.

Q – 10 from a telegram user  @Guandog

PMorgan said a century ago that the only money is gold, everything else is debt. How does the Auric Network intend to gain the confidence of communities and investors about the reliability of the protocol?

Ichiro Nakamoto: I love these questions. So I disagree with JP Morgan. That quote gets misused out of context a lot. John Law wrote in his book that he had found the philosopher’s stone (the alchemic compound for making gold out of something). He said that it was paper That he could print it like gold, the gold pool failed in 1971 for a reason. Human greed and error. Gold is great but, it’s a pain in the ass to use or store. Now technology has given us a new way to take everything it has to offer intrinsically as a store of value and make it wayyyy easier to interact with.

Q – 11 from a telegram user @Cryptogirl01

how is it possible to exchange gold for 15% discount if I am not from South Korea?

Ichiro Nakamoto: Please look at how futures contracts are settled. On gold of course. This would take me a LONGGG time to explain via telegram but it is FULLY possible.

Q – 12 from a telegram user  @Joseunda

Do you have a plan to introduce other metals like SILVER, DIAMOND, etc?

Ichiro Nakamoto: Our next ones in the pipeline are probably gonna be energy-based. Oil, energy, coal, carbon credits.

Q – 13 from a telegram user  @tuvalunia

You told me about George Selgin’s Thesis on Synthetic Commodity Money. So can you give some details on what Synthetic Commodity Money is? Was that just an inspiration for you or is it also related to the part of your project?

Ichiro Nakamoto:  It was both an inspiration and, to be honest. That is what AUSCM is… Synthetic commodity money with utilities

https://www.sciencedirect.com/science/article/abs/pii/S1572308914000722

Q – 14 from a telegram user  @BERTA2020

Where can I buy your $AUSCM token currently?

Ichiro Nakamoto: Uniswap!!!!

Q – 15 from a telegram user

The question can’t be answered.

Part 3 – Quiz Results

In the final part we would like you to check your knowledge in terms of Auric Network. For community was prepared 4 questions. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 1400$ was distributed between the winners.

For more details:

English Telegram group: https://t.me/Satoshi_club

Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish

Telegram Channel: https://t.me/satoshi_club_channel

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub

Our Crypto Partner by this AMA:  Auric Networ

Telegram  |  Tweeter  |  Discord |  Medium  |  Github

We are pleased to announce our next AMA on November 8th 2020 at 02:00 PM UTC Time: Satoshi Club x MTI Finance

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join MTI Finance Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.

Part 2: 100$/10 users – Open chat for 100 seconds. You can post Max 5 questions. MTI Finance Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about MTI Finance

For more details:
MTI Finance – @mtifinance
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish