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Nothing new here I'm afraid
We just can't shake that matchett fellow! Haha.
FYI a Google search for "Napster foundation Org" will allow you to find the new website.
There is a interesting downloads section with the paper we have been waiting for as well as an upcoming events section. April 19th looks like one for the diary. I have only managed to briefly read the paper at 6am and I'm at work now so won't be able to properly digest the information
Jambor, I can only speculate without seeing the white paper, however it seems very logical that the tokens will be traded on the the crypto exchange and therefore we will be able to cash in on them after the lock in period expires. As to what that cash value will be is anyone's guess.
There are alot of tokens however Napster has a ace card in my opinion; There should be a high velocity given Napsters built in subscription service.
Let's assume around 1 million subscribers paying around £10 per month. We know from the litepaper they intend to have the subscription paid for in tokens. If the tokens were ten pence a piece, that's 100 tokens per subscription. Across the userbase over a year that would mean around 10% of the total token supply would have guaranteed demand
AJ Bell have finally issued a corporate update, about half an hour ago, acknowledging the tokens and claiming to be in contact with Napster to arrange for shareholders to hold tokens directly. I assume this will mean a direct transfer bypassing the broker altogether.
I cannot see there being too much protest at this arrangement.
There was no mention of 2nd and 3rd payments mind.
Unfortunately despite my age I don't know too much about crypto either, but I have a feeling we are all going to be learning real fast.
Thanks Italian! I understand the tokens are unusual but really should have had some Comms about the 2nd and 3rd payment by now.
Kabaa the deadline was end of march like you say but it was around the token creation as oppose to the actual distribution of tokens.
For what it's worth, someone was able to find the tokens on algo.explorer and you can see a few transactions have been made if you wish to search it for yourself. No one has confirmed this to be the real token mind but there was a particular transaction viewable of 687,500,000 which was of particular interest shall we say!!! I should imagine we will all be keeping a very keen eye on the wallet that received the above payment.
As an illustration
100 up 10% day one then down 18% day two and back up 11% day three is basically back to 100.
But when we multiply the percentages by 3 each day . ..
100 up 30% day one down 54% day two and back up 33% day three we get 79
It's a constant leverage trap. The x3 shares rebalance (I think these specific ones rebalance daily) so mathematically, they trend towards 0. Because of the daily reset it's not mathematically possible to expect any given X3 share price to match any particular real share price over time. And that's the picture before you even take into account the associated fees.
How encouraging!!
I think someone else with II said that their tokens were confirmed to being held in escrow after chasing.
I think that will be the default position with most people holding with brokers.
I know AJ Bell has asked for cash instead, I can only assume (and I personally hope) this has been rejected and the tokens are also held in escrow until a solution can be found.
I'm not sure if the brokers issue is a regulatory compliance issue or a self imposed issue, does anyone have any thoughts on this? I have asked my broker directly and will share the result when they get back to me.
People who were registered shareholders have said they have been asked to provide a wallet address, but as far as I'm aware no one has received delivery as yet but they are surely to be the first to see them. And I assume fairly soon. That said they would have been required to return the form by 5pm eastern time on 29th to have had a chance of receiving them by yesterdays deadline
Let us hope!!!!! Wouldn't mind a pound per token but I know I'll be accused of dreaming!
Hi Albert ,
What you said in your last message seems to ring true, ii have received the document and are working through their compliance dept (given the unique element of this corporate action) and will issue a corporate action notice with the update once their checks are done!
Sorry Glennstar having re-read your post, my sentence on Halifax offers you no new info apologies!
Yeah it looks like none of the brokers have put resources into the ability to hold the tokens and fair enough it wasn't even a sure thing that they would be issued. Even if the brokers forward our details to SRS Acquium, then the brokers wouldn't need to touch the tokens surely? Others have pointed out privacy issues with that solution.
I know someone else with Halifax who was told in June "we are investigating the options available to us with respect to any tokens that may be issued"
I think it's going to take graft on our parts as individuals to get our consideration either way. I haven't received any info from my brokers as yet either (AJ Bell and Trading 212) I don't know what the usual turnaround time is from them getting the information to passing it on but I know others have begun chasing the following Brokers for info;
Free trade
ii
IG
A group of three of us expect to begin chasing AJ Bell on Monday.
At least one person who is on the shareholder register obviously doesn't need to chase a broker and he has decided to begin setting up a wallet based on the information he was given.
Yeah I mean it would work in the sense that it would be functional but with volatility comes risk.
An extreme example for demonstration purposes could be from a user experience if someone buys 100 tokens for £100 spends ten tokens on their monthly subscription then comes back the following month and it now costs 90 tokens for the subscription because thats the new exchange rate you're going to very quickly see an exodus of users who are very ****ed off and will no doubt share their negative experiences on the internet.
Yeah well great question, we will find out in the long term if cash or tokens were to be better.
Everyone I've spoken to has their own opinions, but I personally feel for the tokens to have a chance they need to be very stable, and will act far more like the Robux currency from Roblox or FIFA points or COD points from their respective games than bitcoin or any of the other cryptos we tend to think of. Vlassopulos has eluded to in game currency alot in his recent interviews (especially Roblox given his connection) and I fully expect to see Napster gift cards in my local Tesco e.t.c within a year's time, just as I can buy Robux there too. I maintain the need for stability because artists labels and even Napster themselves if the subscription is payable in tokens as has been suggested will need to know at any given time what the cash equivalent is otherwise it seems to be a admin headache to keep adjusting prices to keep up with exchange rates.
Tokens confirmed
For those on the register directly, check your emails. For everyone else (including me) expect a message from your broker very soon.
Ah that's interesting Albert, good idea to search Napster Ventures. Weird that they haven't got a secure connection, I suppose that will be sorted in good time. Worth us keeping an eye on that site I think.
https://decrypt.co/121341/napster-acquires-mint-songs-to-advance-its-web3-ambitions
Someway into this article vlassopulos says the first iteration of the new Napster platform is slated for release Q2 this year.
It's been suggested by others that it is likely for the token to be minted prior to the release of the new network.
My own thoughts are I think it is almost a certainty that a closed beta version will be available, which I believe we have essentially subscribed to be a part of via the website subscription mentioned in previous threads. I think this will prelude the first iteration vlassopulos describes here. I think he is describing a open general public full release in this statement.
To me it seems like a hell of a turnaround to get the two softwares (Napster and Mint Songs) integrated even by the end of Q2. One thing is for sure it certainly is one hell of a ride!
https://www.forbes.com/sites/cathyolson/2023/02/15/napster-makes-its-first-web3-move/?sh=59c2cb3152bb
Meaningful movement. Collections available on Napster "in the coming months".