$PYLON — Pylon.finance AMA Held November 18th @ 8pm EST
Trading Benjamins, [18.11.20 20:00]
@vtachy
Welcome to the Trading Benjamins telegram lets get this AMA with $PYLON started!
First thank you for coming on to do AMA with us, I think pylon has gone under the radar alot looking at your history and I am super excited to hear what you guys have to say today.
are you ready?
PYLON Vtach, [18.11.20 20:00]
Ready!
PYLON Vtach, [18.11.20 20:01]
thanks for having me
Trading Benjamins, [18.11.20 20:01]
AWESOME! Any time fren.
Trading Benjamins, [18.11.20 20:01]
So to get us started can you give us a quick introduction of yourself for those who don’t know, as well as the basic outline of your project? Also guys while waiting for us to respond to the questions check out the website at https://pylon.finance/ and the new vaults.
PYLON Vtach, [18.11.20 20:02]
Great yeah, So i’m one of the Co-Founders of Pylon, I typically deal with marketing, community engagment and partnerships
PYLON Vtach, [18.11.20 20:03]
weve been around since September 2020 and have purposley gone under the radar because we wanted to have a complete project when we did our marketing push
PYLON Vtach, [18.11.20 20:03]
We are a GPU mining company, the largest in the US that saw an oppurtunity to scale outside of the country through the DEFI movement
PYLON Vtach, [18.11.20 20:04]
Essentially we’ve funded the build of a mine through crowdsourcing, now that the mines are built, we are going to start doing the buybacks and dividends
PYLON Vtach, [18.11.20 20:05]
thanks for asking that question 😄
Trading Benjamins, [18.11.20 20:05]
[In reply to PYLON Vtach]
You claim to be the largest ethereum GPU mining operation in the United States. Can we see videos or pictures of your operation to put that in a visual perspective?
PYLON Vtach, [18.11.20 20:06]
Yeah absolutely just a moment.
PYLON Vtach, [18.11.20 20:07]
So first this is ONE of the sites we have, meaning we have mulstiple spread out. Ill post a video you can check out on our twitter to see what each warehouse has in it
PYLON Vtach, [18.11.20 20:07]
PYLON Vtach, [18.11.20 20:07]
https://twitter.com/PylonFinance/status/1306474337747316737
PYLON Vtach, [18.11.20 20:08]
We have alot of videos, and material of us showing our name, chat request etc and more but for the sake of time, i’d be happy to provide those in our telegram, OR you can look through our media on twitter feed to see them
PYLON Vtach, [18.11.20 20:08]
https://twitter.com/PylonFinance/status/1313858854598242304
PYLON Vtach, [18.11.20 20:09]
this is when we started the current buiild, all the boxes and set ups you see are specifically from pylon from money the community raised
Trading Benjamins, [18.11.20 20:09]
WHOA! lol
PYLON Vtach, [18.11.20 20:09]
https://twitter.com/PylonFinance/status/1314013487933186048
PYLON Vtach, [18.11.20 20:09]
This is breaking ground on a new site
PYLON Vtach, [18.11.20 20:10]
ill give everyone a moment to look at those and then benji can proceed when ready 😄
Trading Benjamins, [18.11.20 20:11]
I love seeing a picture/videos to peoples hard work 👌
Trading Benjamins, [18.11.20 20:11]
[In reply to PYLON Vtach]
How do your dividend and buy backs work?
If ETH mining is already profitable, why did you create the pylon token?
PYLON Vtach, [18.11.20 20:11]
[In reply to Trading Benjamins]
This is actually a great question, we get this alot
PYLON Vtach, [18.11.20 20:12]
For the first part, The GPU miners work around the clock validating ETH transactions (gas fees) and they are rewarded based on validations in ETH.
That eth we take and BUYBACK pylon on the open market (raising the price) and then inject it into our VAULTS for anyone that is stake to receive the rewards
PYLON Vtach, [18.11.20 20:13]
ETH mining is very profitible already correct, but we wanted to scale. Ill put it to you this way, is it more profitable to own 100% of a 8 million dollar mine
PYLON Vtach, [18.11.20 20:14]
or 10% of a 200 million dollar mine
PYLON Vtach, [18.11.20 20:14]
when we reach into the defi space which has market caps in the billions this is possible
PYLON Vtach, [18.11.20 20:15]
for tht reason we chose to build a community tht could crowdsource funds. we felt the way to do this was by launching the token completely fairly to gain trust
PYLON Vtach, [18.11.20 20:15]
their was no presale
PYLON Vtach, [18.11.20 20:15]
no premine
PYLON Vtach, [18.11.20 20:15]
no team allocations
PYLON Vtach, [18.11.20 20:15]
we had to farm or buy our own stake
PYLON Vtach, [18.11.20 20:15]
that was a great quesition benji thanks
Trading Benjamins, [18.11.20 20:16]
That was well answered!
What are the tokenomics for your project? (Team tokens, circ supply etc…) since you mentioned no presale.
PYLON Vtach, [18.11.20 20:19]
[In reply to Trading Benjamins]
So we launched in September 2020 with our Pylon farm. It had 9 farms total. Users were able to farm PYLON for free. The initial total supply was suppose to be 21000. We ended up burning 12600 tokens by locking our pool 0
PYLON Vtach, [18.11.20 20:20]
So the total supply now is 8400 (its actually less then that because users tried to cheat the system on one of our farms and locked their tokens forever
PYLON Vtach, [18.11.20 20:20]
the team combined has a little under 10% of the supply
PYLON Vtach, [18.11.20 20:20]
and the community has 90%
PYLON Vtach, [18.11.20 20:21]
We have verified this on coingecko and after the checked it they updated accordingly
Trading Benjamins, [18.11.20 20:22]
[In reply to PYLON Vtach]
Is this 10%, coins you farmed yourself I assume? Is there any plans on what you will do with these coins? or are they just basically an investment and you’re free to do what you wish.
Trading Benjamins, [18.11.20 20:23]
yourself meaning the PYLON team not you personally
PYLON Vtach, [18.11.20 20:23]
[In reply to Trading Benjamins]
Yes we either farmed, or bought them ourselfs. Its an investment for us, we do not plan to sell because we know how much mines can generate per year
PYLON Vtach, [18.11.20 20:24]
with the inital seed of 1million alone in a snapshot of the bearmarket period we were in we will be able to buy back $324,000 in pylon every year
PYLON Vtach, [18.11.20 20:24]
and thats not including the market moving to bull
Trading Benjamins, [18.11.20 20:24]
[In reply to PYLON Vtach]
this is fair
PYLON Vtach, [18.11.20 20:24]
or us increasing the size of the mine
Trading Benjamins, [18.11.20 20:25]
What is the expected average APY, as of now?
PYLON Vtach, [18.11.20 20:25]
[In reply to Trading Benjamins]
yes 10% is the entire pylon team combined including the owner
PYLON Vtach, [18.11.20 20:26]
[In reply to Trading Benjamins]
expected APY is 33% as of the snapshot we took a few weeks ago in the bear. Obviously we are seeing the rise of ETH recently which will increase this, the BUYBACKS increase the price of PYLON which increase the APY as well
PYLON Vtach, [18.11.20 20:27]
after doing this from 6 years we have consistently seen ranges from 25% TO 260% APY
PYLON Vtach, [18.11.20 20:27]
and thats realistic good returns, no savings account and certainly no farm with nothing behind it can provide anywhere near that
PYLON Vtach, [18.11.20 20:27]
thanks for that question benji!
Trading Benjamins, [18.11.20 20:28]
My bank account gives me 1% 🤣
Trading Benjamins, [18.11.20 20:28]
1% on nothing is still nothing though 😉
PYLON Vtach, [18.11.20 20:28]
The thing people need to understand about DEFI is alot of these farms and lend/borrow are smoke and mirrors
PYLON Vtach, [18.11.20 20:28]
the money is not coming from anywhere
Trading Benjamins, [18.11.20 20:28]
yes and not sustainable
PYLON Vtach, [18.11.20 20:29]
GPU mining has a verifiable income that will churn out $$ regardless of investors coming or not
Trading Benjamins, [18.11.20 20:29]
Well said!
Trading Benjamins, [18.11.20 20:29]
great point
Trading Benjamins, [18.11.20 20:29]
[In reply to PYLON Vtach]
Sorry to back track a little, but can you dumb down what GPU mining essentialy is? I realized we should probably explain this to everyone. I got a little excited with other questions first lol.
PYLON Vtach, [18.11.20 20:31]
[In reply to Trading Benjamins]
Yeah for sure, So GPU mining is essentialy a computer processor (the most effienct thing to use is a graphics card because of versatility in programming and power) is validating/confirming transactions on the block chain
PYLON Vtach, [18.11.20 20:31]
this can be dont with many cryptos BTC, ETH, ETC, Ravencoin and 100s more
PYLON Vtach, [18.11.20 20:31]
but we mine ETH because right now its most profitble
PYLON Vtach, [18.11.20 20:31]
everytime you send or trigger a transaction on the ETH network it charges you gas fees
PYLON Vtach, [18.11.20 20:31]
we get those
PYLON Vtach, [18.11.20 20:32]
Hopefully thats a easy explanation
Trading Benjamins, [18.11.20 20:32]
I’m a boomer and I think I understand. Thank you
Trading Benjamins, [18.11.20 20:33]
Do you have any plans to mine other coins than eth?
PYLON Vtach, [18.11.20 20:34]
Right now ETH is the most profitable so we stick with that, but if that every changes, since we program all our own Miners, its as simple for us as changing a few lines of codes clicking a few buttons and boom we are in buissness
Trading Benjamins, [18.11.20 20:36]
Nice, I like that it sounds easily adaptable to profit where ever is best fit.
PYLON Vtach, [18.11.20 20:36]
Exactly
Trading Benjamins, [18.11.20 20:37]
You already spoke about the dividends above but I don’t think you said, how often they will be paid out?
PYLON Vtach, [18.11.20 20:37]
Dividends and buybacks will be weekly for the lifespan of a build which is approximately ten years
Trading Benjamins, [18.11.20 20:38]
compunded weekly is huge! people shouldn’t under estimate this when it comes to investing!
Trading Benjamins, [18.11.20 20:39]
Do you have an audit? If not are you planning to get one and where if so?
PYLON Vtach, [18.11.20 20:42]
The vaults primary code is forked from YFI and repurposed. I’ve been talking to a few auditors, right now im wary about their promises as weve seen what happen recently with a big firm giving the seal of approval only for millions to be stolen
Trading Benjamins, [18.11.20 20:43]
Yes, we have seen with many coins audits don’t neccesarily mean “funds safu”
Trading Benjamins, [18.11.20 20:44]
How will you account for errors that go on in the mining farm?
Example, computers go down, power outage, is there protections in place?
PYLON Vtach, [18.11.20 20:45]
We have multiple layers of protection
PYLON Vtach, [18.11.20 20:45]
As a buissness we obviously have our equipment insured
PYLON Vtach, [18.11.20 20:45]
we dont keep all sites in the same area when we do new builds so there is not one catostropic failure for any reason
PYLON Vtach, [18.11.20 20:46]
we are hooked directly into the power grid, and have backup generators at sites
PYLON Vtach, [18.11.20 20:47]
Security is also at each site
PYLON Vtach, [18.11.20 20:47]
cant forget the muscle lol
Trading Benjamins, [18.11.20 20:47]
What are the plans for expansion?
I need to hear the scalability approach as more entrants mean lower APY. At what point do you need to scale to make it worth it?
We are talking long-term, safe guards in place to appeal to potential demand spikes
PYLON Vtach, [18.11.20 20:49]
[In reply to Trading Benjamins]
For expansion we already have measures in place. First we have partners that we either help build projects or collaborate for popups. anything we generate from that goes to PYLON
PYLON Vtach, [18.11.20 20:49]
This is one way we offer to partner, but weve done many different ways
PYLON Vtach, [18.11.20 20:50]
We collaborated with Timeminer, Based.Money, YAKUZA DFO, Nerdquarters and a couple projects not complete yet
PYLON Vtach, [18.11.20 20:51]
for instance nerdling.finance is a DRC fork, it farms other projects and dumps there token
PYLON Vtach, [18.11.20 20:51]
part of the profits from the dump goes to the GPU mining fund
PYLON Vtach, [18.11.20 20:51]
https://etherscan.io/address/0x289026a9018d5aa8cb05f228dd9460c1229aaf81
PYLON Vtach, [18.11.20 20:51]
You can track the fund here
PYLON Vtach, [18.11.20 20:52]
The FDI vaults just like yearn charge a small fee as well that all go to GPU mining fund
PYLON Vtach, [18.11.20 20:52]
We dont charge anymore then YFI and provide a more consistent value in the long run
Trading Benjamins, [18.11.20 20:53]
Wow, that’s a nice list of colaborations!
Is their screening done when choosing new partners/colaborations or can anyone partner with you?
PYLON Vtach, [18.11.20 20:53]
Yeah, whenever we do anything we make sure the terms are agreeable on our end, meaning if we help you build the farm or whatever you need, we are controlling code and burning admin keys once we verify it works
PYLON Vtach, [18.11.20 20:54]
I also look at track record and history of partners
PYLON Vtach, [18.11.20 20:55]
thanks for that question
Trading Benjamins, [18.11.20 20:55]
I noticed you were having some gas issues previously. has this been addressed or are there plans in place to lower this?
Trading Benjamins, [18.11.20 20:56]
PYLON Vtach, [18.11.20 20:57]
So the vaults we noticed after more users were joing the gas was increasing, yCRV vaults YFI vaults etc had these same type of gas fees for staking and unstaking
PYLON Vtach, [18.11.20 20:57]
the thing is we told ALL pylon holders they could get dividends so for the person that only has lets say 1 pylon this is too much
PYLON Vtach, [18.11.20 20:58]
we did not see this on our kovan test because it did not have this number of users
PYLON Vtach, [18.11.20 20:58]
Our dev is able to fix this
PYLON Vtach, [18.11.20 20:58]
and we are going to redeploy the contract so its afforable to EVERYONE
PYLON Vtach, [18.11.20 20:58]
not just people with a lot to use one gas
Trading Benjamins, [18.11.20 20:59]
[In reply to PYLON Vtach]
Based!
PYLON Vtach, [18.11.20 20:59]
Yeah its worth the cost to redpoly the contract to ensure everyone gets in
Trading Benjamins, [18.11.20 21:00]
Holy it’s already been an hour, Didn’t even notice I can talk about this all day lol. I’m going to ask one more question and if you have time maybe we can get to a couple quick questions people DMed me if that’s ok?
PYLON Vtach, [18.11.20 21:00]
We belive this will be fixed by Friday btw, our Dev already identified what made the gas high
Trading Benjamins, [18.11.20 21:01]
[In reply to PYLON Vtach]
Definitely worth it to keep everyone happy!
PYLON Vtach, [18.11.20 21:01]
hes going to refigure logic of contract test and redeploy
Trading Benjamins, [18.11.20 21:02]
[In reply to PYLON Vtach]
You heard it here first PYLON holders and future holders fixed by Friday (tenatively)!
Trading Benjamins, [18.11.20 21:03]
Ok my last question… I think. Then quickly DM questions!
On your website it explains how the Pylon vaults work to generate revenue. But it says: “Additionally, there are 2 other vaults which take in fees that go toward constructing new mining farms to help the Pylon project grow.” What are these vaults and how do they work?
PYLON Vtach, [18.11.20 21:03]
So the PYLON vault does not take any fees at all, you can stake PYLON and PYLON/ETH this is to reward holders
PYLON Vtach, [18.11.20 21:05]
The FDI vault is a little different, users cannot unstake, as funds are offramped to build out mine. ROI begins without delay however because the owner of the GPU buissness has fronted the build already.
PYLON Vtach, [18.11.20 21:05]
Some of these tokens you can deposit may never be higher then they are at a given time
PYLON Vtach, [18.11.20 21:06]
so depositing them for ten years of guaranteed returns is attractive to ensure a return
PYLON Vtach, [18.11.20 21:06]
we know this is true because for the last 6 years clients would essentially do the same thing with USD
PYLON Vtach, [18.11.20 21:06]
The thing with them is they would have to wait for construction to be complete to see returns
PYLON Vtach, [18.11.20 21:07]
FDI users will begin getting returns immediately with no of the maintenance cost, programing, construction or tax implications
PYLON Vtach, [18.11.20 21:07]
The other vault has not been released yet 😄
Trading Benjamins, [18.11.20 21:08]
Damn I’m glad I saved that one for last people going to need to process that one haha.
Very well described by the way!
Trading Benjamins, [18.11.20 21:09]
I’m going to quickly ask some question I got DMed then I’ll alow you to go. I know you are very busy!
Trading Benjamins, [18.11.20 21:09]
First DM question
“Do you know the specs of the machines you use?”
PYLON Vtach, [18.11.20 21:12]
[In reply to Trading Benjamins]
We use the Latest XFX cards
PYLON Vtach, [18.11.20 21:12]
we do not use asics at all, they are kinda like macs where they force you to rebuy for upgrades and have a short lifespean
PYLON Vtach, [18.11.20 21:13]
you can see a glimpse of these in the video i linked
Trading Benjamins, [18.11.20 21:13]
“How will the transition from proof of work to proof of stake effect the Pylon mining operation?”
PYLON Vtach, [18.11.20 21:15]
[In reply to Trading Benjamins]
ETH 2.0 if you look at their roadmap is a few years away from fully completing a transition
PYLON Vtach, [18.11.20 21:15]
even then their have been talks about a hybrid system because they are not 100% sure how it will pan out. Vitalik and co had a lot of time to develop eth 1.0, what they did not anticipate was the gas fees
PYLON Vtach, [18.11.20 21:16]
so now they are scambling to get out another option before competitors like polkadot can make a claim
PYLON Vtach, [18.11.20 21:16]
So we have a few options in mind, we can mine ETH in the hybrid system and Stake in 2.0 for essentially compounded rewards
PYLON Vtach, [18.11.20 21:17]
there are also other crypto’s that have similar profitablity for validating we can switch to altogether
PYLON Vtach, [18.11.20 21:17]
if for whatever reason all the sounds 1000’s of cryptos are no longer profitable to mine which is highly unlikely
PYLON Vtach, [18.11.20 21:18]
we can also sell computational power in a decentralized fashion for revenue
PYLON Vtach, [18.11.20 21:18]
Projects like RLC are already laying the foundation to make this possible
PYLON Vtach, [18.11.20 21:18]
Hopefully that answers that question
Trading Benjamins, [18.11.20 21:19]
Not going to lie that was a way better answer than I ever expected. Well thought out and put!
Trading Benjamins, [18.11.20 21:19]
“Are you on any other exchanges other than Uniswap? Do you have any plans for getting listed on new exchanges in the future?”
PYLON Vtach, [18.11.20 21:21]
We like Uniswap, its simple, and safe. Bilaxy and coinpark did list us but that was on their own, so i wont necesarrily endorse them.
Major exchanges have approached us but their asking price to list is about 1–3 BTC
PYLON Vtach, [18.11.20 21:21]
We figure any money we spend would be better to go to the community or directly to improving project
PYLON Vtach, [18.11.20 21:22]
as we grow, as our MCAP gets larger, most exchanges will list us for free
Trading Benjamins, [18.11.20 21:22]
[In reply to PYLON Vtach]
I would tend to agree unless you’re geting on one of the major exchanges… Binance, Coinbase, etc. the rest are just smoke and mirrors.
Trading Benjamins, [18.11.20 21:23]
Last question I promise
“I know the team is anonymous but do you have any prior projects or experience in the space that you could share to help instill trust in your project?”
PYLON Vtach, [18.11.20 21:25]
[In reply to Trading Benjamins]
We knew that if we wanted to be anon we would have to compromise to earn trust since we are new in the crypto space
PYLON Vtach, [18.11.20 21:25]
most of us have been around since 2017–18 range
PYLON Vtach, [18.11.20 21:26]
but as investors or observers
PYLON Vtach, [18.11.20 21:27]
what we decided to do was be transparent as possible, launch in a fair manner and just do whatever we can in general to be trusted. We have launched 7+ farms since PYLON for partners as pop up farms or for ourselves
PYLON Vtach, [18.11.20 21:27]
we always launch the contract, verify its ok and burn admin keys within hours of it being live
PYLON Vtach, [18.11.20 21:28]
the founder @thedeathfleet and myself are always in pylon chat answering in depth questions, and letting people know whats going on
PYLON Vtach, [18.11.20 21:29]
Our github is public
PYLON Vtach, [18.11.20 21:29]
Its also a major reason we did no presale, premine or team allocation
PYLON Vtach, [18.11.20 21:30]
we could not be anon and do any of that, it just would not have worked
Trading Benjamins, [18.11.20 21:30]
[In reply to PYLON Vtach]
Love it always available for the people. Because I clearly can’t even ask you everything I wanted to in 90 minutes lol. So that’s awesome!
Trading Benjamins, [18.11.20 21:30]
Before I let you go, is there anything else you would like to say or address first?
PYLON Vtach, [18.11.20 21:31]
First, thanks for your time the community and yourself @TradingBenjamins the questions were really genuinley good
PYLON Vtach, [18.11.20 21:32]
second, join our TG ask questions and observe. There is no need to ape into our project, once you learn about us and our track history you will see our ambition and value
PYLON Vtach, [18.11.20 21:32]
we want to build a long term community, those who are with us now are incredible, the often will help guide others just as much as us
PYLON Vtach, [18.11.20 21:33]
only other thing i have is for everyone now your coming in at the point were the project is coming full circle
PYLON Vtach, [18.11.20 21:34]
we had a few phases from Septembers launch, Token generation, Funding the mine and finally where we are now the complete construction of the mine and vault release
PYLON Vtach, [18.11.20 21:34]
we are still young in our journey and I have PR scheduled for the next 3 weeks
Trading Benjamins, [18.11.20 21:35]
[In reply to PYLON Vtach]
We will definitely keep our eye open for that!
PYLON Vtach, [18.11.20 21:35]
[ Video ]
Thanks again we are excited to start reaping that ETH
Trading Benjamins, [18.11.20 21:37]
Thank you so much for your time today, and thank you for coming to our ama anyone who is here watching. Please check out PYLON at the following links
Website: https://pylon.finance/
Telegram: https://t.me/pylonfinance
Announcement Channel: https://t.me/joinchat/AAAAAFkTrrI9NwbErMSjxw
Twitter: https://twitter.com/pylonfinance
Discord: http://discord.gg/m5zSFsA
This concludes the AMA, I will be adding it to our AMA directory for everyone to view at any time, along with all the other past AMAs.
Chat will be unlocked in 5 minutes
deX, [18.11.20 21:41]
Just something i wanted to mention to everyone as things to lookout for, while pylon and JAFAR are not similar projects in regards to product, they are similar in regards to the fact that they could technically make money without the need of a coin. The difference here is pylon has taken many steps to show the product they have and how it works and what they will do AND they held no presale, meanwhile JAFAR claimed to have this incredible bot that did x y and z but had nothing to show for it and needed presale value somehow. These are prime examples of things you guys can look out for and how to do research and you can use similar questions from this AMA to ask devs aswell, dont just APE guys always do research i know alot of you were interested in JAFAR and wanted in before they scammed. Pylon is a prime example of how a coin like this should be done and everyone should learn from this.
