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1 sat \ 6 replies \ @supertestnet OP 20 Feb 2022 \ parent \ on: Robosats: A P2P Fiat-to-Bitcoin Trading Site with Lightning Support bitcoin
You'd have to talk to the founder, who I am trying to gradually schmooze into a conversation about a merger with lightningescrow.io. Usually the seed rounds for these things are only open to
rich people with multi-tens-of-thousands of dollars to invest.
Yeah, I can put in, like $40-50,000 if it's a solid project with BTC-ish returns possible. But wouldn't it be great if we truly make it lightning and allow microshares with sats? What does it matter if 1 person is giving 50k or if 10k are giving 50k. 50k is 50k!
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Yeah, I can put in, like $40-50,000 if it's a solid project with BTC-ish returns possible.
Cool! I can put you in touch with the founder. Can you reach out to me via telegram (@supertestnet) or twitter (@geistlight) so I can connect you?
But wouldn't it be great if we truly make it lightning and allow microshares with sats? What does it matter if 1 person is giving 50k or if 10k are giving 50k. 50k is 50k!
I'm probably the wrong person to ask but I suspect it has something to do with accounting. The founder wants lightning escrow to be a big company, so he filed forms with the government and got on something called the Angel List Stack which is like a corporate investment website. It comes with a bank account and all sorts of other complicated stuff. Every investor in the company has to do KYC and invest with USD because Angel List Stack doesn't support bitcoin. All of this stuff presumably gets reported to the government. If he had 10k lines of investors each doing a tiny amount, it would be a headache for whoever is doing the accounting and it would also be a headache for him to communicate with them. Having a small number of investors makes everything simpler I guess.
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Hmm, I see, then maybe official shareholders can be the big number shareholders, and people who send in sats can just be 'donations' that the founder can hint sending back 100x in return when the company does 100x
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@ideasourcing hmu on Twitter or Telegram @kc_hodl. Would love to chat more on this topic.
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Yes, unfortunately the way the regulatory structure works for companies raising private equity- each investor must be an Accredited Investor ($1M net worth, or $200k annual income). It’s ridiculous I know, but to be on the right side of regulation companies must comply. AngelList is a great tool for early stage companies to raise capital from accredited investors because the SPV (special purpose vehicle) that is created for the investment is only 1 entry on the companies cap table, as opposed to hundreds of entries if the $ was raised from individuals. Having a clean cap table is important when the company goes to martlet to raise additional capital in the future.
I run a bitcoin specific AngelList syndicate, which you can check out via the link below if you’re interested. @supertestnet, I’ll hit you up to see if I may he able to assist the founder of Robosats.