When are you redeeming my WHALESHAREs Fuzzy?! It's been over a week now, you PROMISED!

in #whaleshares6 years ago (edited)

I recently had a chat with @officialfuzzy, the founder of the WhaleShares community and the BeyondBitcoin hangouts. At some point, the conversation turned towards the recent problems faced by the WhaleShares community after @blocktrades felt it necessary to recall his 150K SP delegation in order to support some of his other initiatives.

(at this point, I'd like to recommend you start streaming the embedded video I included below, then continue reading on...)

After going through such a "traumatic" shake-up (relatively speaking, of course), one might think that would all but have ended the whaleshare community. The inherent strength of a community really can't be judged by what goes on when times are good, the wine's flowing steadily, and the money's pouring in.

The true strength and character of a community reveals itself in tough times, when the SHTF, yet people still choose to stick around, support one another, and try and rise up together to overcome the obstacles before them. That's what truly creates stronger bonds between people.

In the spirit of "The Walking Dead"... It's the shit we go through, together, yet standing tall, and surviving nonetheless, that brings us closer to one another.

And that's basically what the core WhaleShares community has done, despite the WHALESHARE token having been devalued by 90%... yet, the community carries on, it persists and continues, heads held high, still holding post promotion events, members still helping each other as they can, while keeping in mind that brighter days are still yet to come.

And Fuzzy's actions were even more telling. While under absolutely no obligation to do so, Fuzzy stepped up to the plate and announced to the community that over time, as he can, he would offer to redeem people's nearly worthless WHALESHARE tokens in exchange for BEYONDBITs (currently trading at nearly 5 BTS each) at a rate of 2 WS for 1 BB. He singlehandedly lifted the community out of the gutter, without most people even realizing it. Yet, they stuck together, and he stuck by the community as you just knew he would.

Now understand, he can't possibly just redeem them all at once, because just like a "federal reserve bailout", a careful balance must be maintained. Flooding the market with new BEYONDBITs would not only dilute their value in the eyes of current holders, but it would also potentially deplete their utility as voting tokens, as everyone tries to use them at once, potentially devaluing them even further in the short run.

And now here's where it gets interesting. Just remember that Fuzzy is under no obligation to do any of this. Anyone holding these tokens should be grateful for his redemption offer. At one point, Fuzzy had $600+ payouts on his hangout posts, all of which he'd invest back into the STEEMIT and BeyondBitcoin community and ecosystem. Practically anyone else would more likely be hanging out on a beach somewhere, sipping margaritas, pretty much year round. And I hope come this Christmas weekend, that's exactly what he's doing with his family, at least for a change of pace and a bit of "fresh air".

So what about them WHALESHAREs...

So, for those of you who watch the WHALESHARE market on bitshares, you may have noticed a 1 BTS bid sitting on WHALESHARE. That's Fuzzy sitting there, ready to pick up any of those WHALESHARE tokens you'd rather just dump for whatever you can get for 'em. I may sit there too and pick up a few myself here and there, and some of you more dedicated members of the WhaleShare community may choose to do so too!

Periodically (as he can, without overly effecting the BEYONDBIT market), Fuzzy will stop by the WhaleShares Discord Chat and offer to buy in some of those WHALESHARE tokens in direct exchange for BEYONDBIT. That may be at 2 WS for 1 BB, and sometimes, if he's feeling especially generous, maybe it'll even be at 1:1. Those who frequently hang out in the WhaleShares Discord Chat may just be well compensated for their patience, and just may receive a very pleasant reward, possibly even more than they hoped for!

No guarantees, but from what I understand Fuzzy may just may drop into discord here and there and let everyone know when he posts some buybacks on the DEX in exchange for BeyondBits. But be warned, if you message him asking about it first, you just might scare him away altogether (well, at least for that particular round)!

For those not willing or unable to hold out for that, for whatever reason, Fuzzy's still got yo back! You've got a nice 1 BTS bid ready and waiting, and Fuzzy's more than happy to retire those tokens for you, at a price that's more than fair for your "instant gratification" needs (for 100 WS, that's still over US$60, given BTS recently TRIPLED in value)!

And if you'd like, you can even try offering them back out at a more reasonable price on the bitshares WHALESHARE_BTS market as well, because for those of you astute enough to notice, they recently traded for over double that price (up to 2.20 BTS) within the past day or so!

As a sidenote, most people aren't aware that Fuzzy also engaged in a similar "operation" (albeit to a smaller degree, at a price of nearly 1/2 BTS each) after the recent devaluation of HairShare tokens, when holders also found their tokens devalued by 90% from one day to the next.

But at the end of the day, the real point is that it's completely up to him, to do it as he likes, however he likes, and I'm just grateful that Fuzzy's always there looking out for all of us, and trying to support everyone with great opportunities as only Fuzzy knows how.

I can only hope you all feel the same way I do. Merry Christmas to all of you, and especially to you, Fuzzy, this 🍺BUD's 🍺 for you! 🍻😁🍻

As always, I appreciate your upvote, your follow and all your comments!

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That explains what I've been seeing. Gee, if the call happened this morning (which it was postponed), I surely would have heard about it.

My comments on the subject:

  1. I wish to thank Blocktrades for being there as long as they could for as long as they did. It was a lot of great work that was done during that time frame and a real positive thing to help many new users who legitimately needed help to get exposure.

  2. I'd like to thank Fuzzy for all the work he does... because he goes into things with the right intentions whether or not they are perceived or understood well.

  3. In the spirit of helping, I've just delegated 1,000 SP to officialfuzzy for the time being... Hope it helps. (He was 8.5K before, now he's 9.5K)

Thanks for rocking intelliguy, much love

You're the best man.

Hi @intelliguy, what a great comment and an incredibly nice thing to do.

Damn. I wish I could have delegated some to help :D
Sorry about that. I am just minnow :D

I saw that whaleshares vote is up to 19.7mil vests recently and it is a good sight to behold as a mere week ago it was 6mil. It is amazing that people are rallying around and helping as they can and I know it is not even close to the 300 mil vests that were there before, but it is something!

Great article, Alex! Thanks for keeping us informed, cheers!

and thank you for all your involvement in the community as well @kotturinn! :)

The pleasure is mine! :D

Great post Alex offering a lot of information and help for those wondering what to do with their Whaleshares, resteemed.

thank you @freedomexists, from another pillar of the WhaleShares community, I still don't know how you pull off those post-promo events as well as you do, hats off to you buddy and definitely one more 🍺BUD's 🍺 going out for you, too! :)

Thanks Alex, appreciate your support. I think I get through them with help from many of the interesting posts you present and your unique style of presentation! I'll be sure to raise a glass for you over Christmas as well.

Excellent post Alex.
The community amazes me every day.
They are dedicated to doing the right thing for the right reasons, and I do everything I can to help them succeed.

Thanks for sharing what needed to be said @alexpmorris.
Thanks @officialfuzzy for always being there.
Thanks to the entire whaleshares community for being incredible.

I'm throwing all the votes I can at this hahaha xD

and thank you @akrid for all the great things you do, another pillar and backbone of the community as well, this 🍺BUD's 🍺 for you, too! :)

I love that you are pointing out that we are sticking together, even though the token plummeted in value (when used to vote), the community still holds tremendous value, generosity and kindness that I am super happie I can be involved in it. Thank you to @officialfuzzy for continuing to be nothing less than awesome. Thank you Alex for another fantastic article and for continuing to be a valuable member of community. Our community will continue and I will continue delegating SP to the officialfuzzy account as I aquire it. Much love!

and thank you @krazykrista too for all you do, brightening up the room and keeping the stragglers in line!

you've also become a pillar of the community, so here's a 🍺BUD 🍺 for you, too! :)

The funny thing about this whole WhaleShare breakdown is that my current #7 edition of my contest powered by WhaleShares (thanks to Akrid) got much more participants now, than the previous edition when WhaleShares were up and running, this gives me hope that WS community is strong and worthy. Love it! :D

yeah, and the other thing many don't realize is that the tokens are actually still worth more now, even at Fuzzy's 1 BTS bid (with BTS around 60 cents US each) than they were a month ago before the SBD runup!

And of course, just like those on STEEMIT who stick around when times are less "frothy", the diehards who will benefit the most are those who stay along for the ride, for better or for worse...

Thanks for sharing, Alex.

I have to wonder though, if people are being encouraged to invest and trust in systems which can lose 90% of their value overnight, maybe that's not a very good system? Maybe a better structure is needed?

I've not personally invested or been involved in the whaleshare / beyondbit ecosystem because I don't understand it yet and haven't made the time to do research. When I hear about 90% of the value going away, it gives me more reason not to look into it much. Sounds like Fuzzy is doing a fantastic thing for the community he cares about. I also hope we have systems in the future which don't rely on a form of altruism to flourish. Altruism, to me, is a confusing word because ultimately we all take action which benefits us, even if it's just to create a world we want to live in.

Understand Luke that this is not like some ICO or other new blockchain coin offering. These are utility tokens that basically allow you to upvote your own posts with a certain expected amount of SP from the backing account.

In fact, the WHALESHARE concept is likely what inspired STEEMIT to introduce its Smart Media Tokens (SMTs), which would function almost exactly the same way, except they would be tradeable and usable for upvotes directly on the STEEMIT platform, as opposed to residing on the bitshares platform.

These tokens are generally given out, often for free at post-promotion events, as prizes in contests, or for valuable work and other contributions provided to the STEEMIT and BeyondBitcoin community. Those who receive them can opt to dump them on the "open market" (ie. trading on bitshares), or they can choose to use them to upvote posts. The vote power of each token was inherently based on the voting power of the particular STEEMIT account backing them.

In this case, blocktrades had delegated 150K SP to the account, which would inherently give the coin a particular intrinsic value based on that. In fact, a month ago, the token were trading at a nearly 50% discount on bitshares to what they were actually worth if you used them to upvote your post. That's how markets work, anything's possible. Just like SBD worth nearly 17:1 at one point is also possible, despite the fact they should never be worth much more than $1 US dollar each.

Understand though, none of these tokens were meant to be "investments", per say. What Fuzzy is doing is offering to redeem them for his own token, BEYONDBITs (backed by his own account with 300K SP), for more or less the equivalent amount of vote power WHALESHARE tokens held before delegation was pulled.

Hopefully this explanation helps provide a better understanding of how it all works.

Altruism, to me, is a confusing word because ultimately we all take action which benefits us, even if it's just to create a world we want to live in.

True, but some try and make the world better just for themselves, while others choose to empower others to rise as well, because they also realize that the whole world can be just a bit brighter for the effort.

"When you dim your light, so that someone else can shine, the whole world gets darker."

Hey @lukestokes.
Whaleshares was never an operation that encouraged people to invest in. They have always been distributed for free during contests and giveaways, or earned for making an effort to help the community in some way.

I understand how it could be confusing that a token is distributed and managed in this manner, not to mention the use case.
Whaleshares is a cross chain utility token on the bitshares platform that allows you to trade it in for a vote from @officialfuzzy on steemit.
It's been used to reward people for interaction, participation and effort.

When we see it devalued 90%, that simply means that the rewards aren't as powerful as they once were.
There's no problem because I know that everyone has the right mindset to succeed no matter the size of the payout.

Feel free to come say hi sometime :)
https://discord.gg/NTKXJhK

Thanks for sharing this valuable info. I wasn’t aware of what’s going on until I saw this post @alexpmorris. I have accumulated whaleshares from the Steemit Iron Chef contest. Don’t know yet what I’d want to do moving forward but will give it some thought.

Kudos to all your support and to those who help the community. It’s priceless!

Whatever you decide @offoodandart, you should do okay. The best thing for now, however is to be aware NOT to use them directly on your posts.

If you need some extra $$$ right away, you could just offer some out for say 1.5 or 2 bts each on the bitshares DEX. Even if you simply sold them for 1 BTS each to Fuzzy, that would be around $60 US now per 100, which is actually much more than they were worth even a month ago, either on STEEMIT or on BitShares, before the "great appreciation"!

Otherwise, I'd say try catching Fuzzy in the discord chatroom when he's feeling extra generous that day and you may just be in for any even better bada boom! :)

😊

Got it! Thanks so much for the advice as usual!

no problem, and thank you for sharing your lovely photos and recipes as well! Happy Holidays and Best Wishes for the New Year to you too! :)

Happy Holidays and Happy New Year to you as well! Greetings coming also from my son @theywillkillyou 😊.

many thanks, and send @theywillkillyou my regards as well! 😊

Thanks 👍🏼, I did!

Oh wow!... Now, I think I understand why the whaleshare token I used on a post only returned cents. I got discouraged hence to use whaleshare. Now I think I understand whats going on. All the best to fuzzy.

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