[meta] - Accounting for ~Econ 2024-03-03 + Crowdfunding March Territory Fees

65.6k sats \ 24 comments \ @jeff 3 Mar econ

🙏 Please Donate

Zaps to this post contribute to 100K monthly territory fee. I'm looking for at least 50K to renew.

If this territory ever runs a cumulative net profit, I'll find a way to do right by the earliest contributors, but there is no guarantee of that scenario. Most likely, it'll take the form of "pay-it-forward"-style BTC-adoption/effort/charity. Do not donate with the expectation of receiving a share of future profits. This is charity/leisure. This is not a security offering. LMK in the comments if you zap large sums.

Accounting Ledger Notes

2023-12-05

@jeff 100K

2024-01-05

@jeff 100K

Donations into February Billing Cycle

@Undisciplined - 29K via tip-zap, honesty policy, observed real-time.
@OriginalSize - 10K via tip-zap, honesty policy
@030e0dca83 - 100 via tip-zap, honesty policy
Others - 8K - via 41 other anon zappers & @grayruby
Tax* Paid to Rewards Pot - 2.35K

5% of the post goes to rewards.

Link: #412066

2024-02-05

@jeff 55.25K
Crowd Funded from Donations 44.75K

Draft FYTD Combined Income & Cashflow Statement

(2023-12-05 to ~2024-03-02)

"Revenue" before territory contributory zaps adjustment (RBTCZA): 24.7K
"Revenue" after territory contributory zaps adjustment (RATCZA): 22.35K
Donations: 44.75K
Total Inflows: 67.1K
Territory Owner Contributions: ~255.25K
Expenses: 300K

Notes & Addendum

I'm leaving it as an exercise to the reader, how to calculate the net "loss" intentionally.
I earned 5.6K for 2-days of "Earn" after the first [meta] post. Those sats are excluded from all accounting above, because I realized it after writing the post, and I'm not exactly sure how that should be reflected. Plus, it's just 5.6K sats.
"Revenue" is not actually revenue. I didn't invoice anybody. I can't identify customers directly. I can't change the prices of any material revenue stream. It's overloaded with revenue to SN. I am triggered by the term used across SN.

Operational Metrics at Time of Accounting:

332.4k stacked \ 24.7k revenue \ 380.5k spent \ 770 posts \ 3188 comments

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119 sats \ 8 replies \ @Undisciplined 3 Mar

I'll kick in 30k this month. I still somewhat feel like I'm getting the territory at a discount, because I probably would have founded it if you hadn't and then I'd be on the hook for 100k.

51 sats \ 7 replies \ @jeff OP 3 Mar

Thanks mate! I'm definitely looking at that cumulative number climbing...and it's starting to sting. 100K sats buys more than it used to.

21 sats \ 6 replies \ @Undisciplined 3 Mar

Perhaps you should do a sats-raiser to buy the territory outright and convert contributions into shares in future territory revenue.

51 sats \ 5 replies \ @jeff OP 3 Mar freebie

That's a security, sir.

I live in a country with very repressive laws, inhibiting economic freedom.

21 sats \ 4 replies \ @Undisciplined 3 Mar

If we have no contractual entitlement to the revenue share, then I think it's just a gift. That means we have to trust you and can't go crying to k00b if you don't follow through.

Still, you're right about it being dangerous ground.

30 sats \ 3 replies \ @jeff OP 3 Mar

convert contributions into shares in future territory revenue

^ That would be a contractual obligation.

I've got a couple other ideas on how to make this thing sustainable. But, just no personal time to execute them until later in 2024 (at the earliest). Patience.

40 sats \ 2 replies \ @Undisciplined 3 Mar

Couldn't it be considered repayment of a zero interest loan? At least, until we hit a point of full repayment.

30 sats \ 1 reply \ @jeff OP 3 Mar

Loans are securities too.

view replies

30 sats \ 8 replies \ @OriginalSize 3 Mar freebie

Matched @Undisciplined"s 30k for March.

0 sats \ 6 replies \ @Undisciplined 3 Mar

Awesome! I'm glad other people are invested (metaphorically speaking, wink) in this territory.

30 sats \ 5 replies \ @OriginalSize 3 Mar

Metaphorical DD is ongoing. Would be interesting to accept pledges toward the 3M just to gauge interest. 2.5 years worth of the monthly fee seems on the reasonable side given potential long-term value.

30 sats \ 3 replies \ @jeff OP 3 Mar

Okay, so, completely hypothetically, thought-experiment only (this is the ~econ sub after all!)

...lets assume we made two share classes. Controlling (Class A)+ Non-Controlling (Class B). 50 of each shares. After cost revenue flows equally to all share holders once per month.

What would you pay for Class A? What about Class B?

0 sats \ 0 replies \ @Undisciplined 3 Mar

I don't think I would be interested in whatever premium exists between A and B. I'm happy to just be part of discussions about how to manage the territory. I don't need a vote.

If we're talking about buying the territory outright for 3 mil, I'd be willing to pay 30k per 1% share and I'd be willing to buy two or three dozen shares.

0 sats \ 1 reply \ @OriginalSize 3 Mar

Hypothetical. I'd bid 10@60k A. At this stage i have no interest in B.

30 sats \ 0 replies \ @OriginalSize 3 Mar

Thinking about this more, originally I wasn't even thinking about control but then with the A and B idea, I was like ok yeah control, but really that's ok. No control can make it easier to get out of the hypothetical. Between me and Undisciplied it seems like you're half way to the outright.

0 sats \ 0 replies \ @Undisciplined 3 Mar

2.5 years worth of the monthly fee seems on the reasonable side given potential long-term value.

That's my feeling too, especially when priced in a rapidly appreciating currency.

0 sats \ 0 replies \ @jeff OP 3 Mar

Thank you kind sir!

23 sats \ 0 replies \ @030e0dca83 3 Mar

It's great you sell here cowboy hats just for 100 sats. Check your wallet they are already there

0 sats \ 2 replies \ @0xbitcoiner 3 Mar

I'd like to request an increase in the posting cost

0 sats \ 1 reply \ @jeff OP 3 Mar

Why?

0 sats \ 0 replies \ @0xbitcoiner 3 Mar

It helped with the territory's expenses, it's a shame this territory no longer exists.

0 sats \ 1 reply \ @OriginalSize 3 Mar

Would be interesting to see the effect of changing to post fee to something material like 1k or for the rising market 500 sats. The question that we "supporters" and SN need to answer is whether a profit is possible with any territory. The independent relationship between traffic and bitcoin price is a concern, since territories are priced in sats.

0 sats \ 0 replies \ @jeff OP 3 Mar

I've been mulling the same. I think the biggest "competitor" at the moment is ~charts. Which, charges 210, w/ a trust-based stimulus program overlay.

I'm also mulling a stimulus program too. Eg. "Best post to ~econ, with a chart, every week, gets 50% of the the next week's earnings." ...and then increase the posting cost to 1K. At some point, I'd be basically, straight up paying for content to get posted.

...then I zoom out, and remember, we're dealing with pennies worth of BTC on each of these things. It's almost not worth our time for any of this, with these levels of SN users. It would be easier to just give a fixed amount of sats, rather than trying to do the accounting on earnings without the tools + API necessary to automate.