Brief Summary
Bobby Gray delivers a miners update, emphasizing the project's growth beyond a $100 million valuation and the interconnected financial futures of the team and community. He introduces Layer 2 functionality, discusses liquidity strategies, and proposes real estate as the next liquidity pool. A community vote supports this move, and Gray addresses concerns about mining rewards and transparency.
- Project's growth beyond $100 million valuation
- Introduction of Layer 2 functionality
- Proposal of real estate as the next liquidity pool
- Community vote supports this move
- Addressed concerns about mining rewards and transparency
Welcome by Bobby Gray
Bobby Gray welcomes everyone to the Miners Update, noting the significant turnout following a recent email alert. He assures the audience that the update contains only good news and mentions an upcoming vote that requires serious consideration from the community. The update will focus on a discussion between Bobby and the audience, rather than the usual roundtable format.
Why the email?
The email was sent to address the project crossing the $100 million milestone, signifying that it is no longer a small venture. This achievement was celebrated in Austin, Texas, with a large gathering. The project's growth necessitates more responsibility and communication with the community.
Detour: Let's talk about layer two and wallet.texitcoin.org
Layer 2 is complete and accessible via wallet.texitcoin.org. Users can create a new profile and wallet, emphasizing the importance of saving the backup file and password. The web wallet allows users to view tokens, with plans to introduce token creation in the future. A demonstration shows how to send and receive tokens using the web wallet on both desktop and mobile.
Discussing our $100 million value
The project's value has grown from a small idea to over $100 million, increasing the responsibility on the team. The project started with mining the first block of Texacoin in January 2024 and has since expanded to include garages full of ASICs and a growing team.
Accepting money for something makes it real
Accepting money from friends and family marked a turning point, creating a responsibility to deliver on promises. Once money is accepted, the project becomes real, and commitments must be met to avoid fraud. The speaker's job is to pay commissions, build the mine, and promote the coin.
Our financial futures are tied together
The financial futures of the speaker and the community are intertwined, requiring mutual success. The project is not a corporation but a community-driven initiative. The goal is to create a profitable business that benefits everyone involved, fueled by the positive impact on community members' lives.
One of the biggest raises in crypto
The project has become one of the biggest raises in crypto history, providing fuel to accomplish major goals and follow through on promises. The profitable business model allows the project to overcome small problems without interfering with its overall success. The speaker's responsibility is to maintain this stability.
Big pockets! Big money can be a liability.
Deep pockets are both an asset and a liability. Recent bank account closures due to the project's size highlight the challenges of managing large sums of money. The speaker emphasizes the need to find the right moves to stay ahead and be a good steward of the project's finances.
Review of our liquidity schedule
The current liquidity strategy includes $1 million in USDC, $1 million in Bitcoin, $1 million in Ethereum, and 16 kilograms of gold bullion, totaling about $5 million. The speaker reviews the performance of these assets and discusses the manual market-making efforts on Dex Trade. The strategy is performing well, with the market maturing and volume growing.
The next "nudge"
The liquidity strategy has $5 million locked up, with an additional $210,000 on Dex Trade. The speaker explains the concept of "nudging" the market value in a direction the community can support. The current strategy is effective, with the market maturing and volume growing.
Discussing real estate as the next liquidity pool
The speaker proposes adding $5 million of real estate as the next liquidity pool, drawing inspiration from Tether's strategy. Real estate is seen as a stable asset that can hold or appreciate in value over time. The speaker shares a story about Brock Pierce and Tether's investment in gold, suggesting a similar approach for TexitCoin.
The community vote
A poll is conducted to gauge community support for putting tranche number five into real estate holdings. The speaker argues that cash sitting in the bank is a liability and that real estate can provide a more stable store of value. The speaker commits to providing receipts and transparency regarding the properties acquired.
More about the "nudge"
The speaker discusses the "nudge" and its impact on market growth. Recent challenges, such as the end of a major promotion and the removal of certain payment options, have affected sales and growth. The speaker emphasizes the importance of the price continuing to move in the right direction, supported by community growth and liquidity.
Explaining the 1-day drop in TXC mining rewards
The speaker addresses concerns about a recent drop in TXC mining rewards, attributing it to an Amazon Web Services (AWS) outage that affected the mining pool. This outage reduced the network's hash power, making it harder to find blocks. The speaker explains that the decreased mining output resulted in a smaller payout for everyone.
Purchase of 3-weeks of miners
The company bought three weeks worth of miners to get ahead of new tariffs coming down the pike on November 1st.
Report on F1 and Game Over Giveaway
The speaker reports on the success of the F1 event and the Game Over Giveaway, where several cars were given away. The speaker also mentions that he set the fastest track time in the Z06 at G2 Motorsports. Seven more cars will be given away, with winners being contacted to choose their preferred vehicle or cash equivalent.
Q&A
The speaker answers a variety of questions from the audience, including topics such as using TexitCoin as an alternative currency, the source code, nodes, mining sites, paying for new miners, coin mining, payout groups, the gold ring, the car giveaway, and the layer 2.
