Many are finding it very difficult to come up with or are unwilling to risk to minimum investment necessary to participate in the Maidsafe funding on BNK To The Future. One idea might be to set up a small syndication with friends or within the community. There would have to be a “syndication manager” who would be required to fulfill the legal representation on BNK and trust would be an important factor. But this could lower the threshold to manageable levels. Something like 3 people 1/3+1/3+1/3 with an agreement that any costs or taxes incurred by the syndication manager would be paid by the syndication.
This would be akin to an “investment club” and in many jurisdictions securities regulators do not require registration of such. But there are smarter guys than me on this forum that could chime in.
The syndication could be notarized on the blockchain and multisig wallet used to commit from and redistribute coins to members.
I like the idea, even though I already invested. I think the legal part is the problem here. I know enough people here on the forum who I would trust with the money. But that person has to put the investment on it’s tax-form as well at the end of the year.
Yes…valid concerns… but we are talking very small amounts of money here. The tax exposure is negligible initially. The syndication agrees to deal with the implications born by the syndication manager. As they would have to independently. If there was a huge tax hit the members would enjoy dealing with that problem.
EDIT: These concerns should not be a barrier. Syndication is a legitimate and often used method of investing and there are thousands and thousands of investment clubs across the planet that do this kind of stuff every day on an informal basis.
I’m in if you can make it happen
I cannot facilitate this for you but now that you have expressed interest anyone seeing this can PM you and chat about opportunities. Anyone else can post their interest in a syndicate and do the same.
This is very doable.
This might also help to setup the process
How to do this through escrow and have a detailed info about participants?
1 Person1 needs to create an Bnktothefuture account and back Maidsafe
2 Bnktothefuture gives them a bitcoin address to send the money to
3 Person2 creates a bitrated.com account and say which bitcoin addresses are going to send money
4 Person1 creates a bitrated.com account and use the receiving bitcoin address @ 2
5 They all send there share and the curator, is indicated that they all three agree to send the money to the Bnktothefuture address. Unfortunately person2 can’t see the receiving address that person1 setup as receiver @ bitrated (here is where trust kicks in).
This transaction could take 2 days (curator speed), but eventually it will get there and person1 will get a message that they bought the share. The bitcoin address from bnktothefuture doesn’t expire.
Goodluck to whoever want to execute this brilliant idea from BIGbtc