Bitcoin Forum

90% Reduction in Maximum Coin Supply

Blockbid is pleased to announce that it has reduced its maximum coin supply from 30m tokens to 3m tokens. This decision has been made following investor feedback and to ensure investor confidence.

This will be done by pausing the smart contract once 3m tokens are sold. As before, our soft cap remains at 1m tokens. If this figure is not achieved, all ETH received is automatically refunded via the smart contract.

The initially planned and stated maximum potential coin supply of 30m, if the ICO was fully subscribed, would result in a Blockbid market cap of approx USD$20m, which is higher than justified given our relatively early stage of development.

The original hard cap was formulated to provide adequate supply for a large number of traders to receive free or discounted brokerage on our exchange, as no additional coins will ever be minted.

We also feel it is important to only raise the funds that are required to build the exchange, and USD$2m will be sufficient for this. If further funds are required in addition to USD$2m, they will be raised via private equity.

With a reduced maximum supply of 3m tokens, the highest possible market cap Blockbid can attain based on ICO pricing is approx USD$2m; this figure is commensurate with our current stage of progress.

This will support BID token value upon commencement of trading, which will be shortly after ICO completion on one or more of the many existing exchanges.

Blockbid is and will continue to be highly attentive to user and investor feedback, and one of our primary concerns is to ensure that the on-market value of our tokens meets or exceeds the price paid by ICO participants.

With this adjustment, the maximum market cap and coin supply upon commencement of trading will be 90% lower than stated in our initial ICO announcement.

The whitepaper and all future press releases will also be amended.

If you wish to participate in the ICO you will require an Ethereum wallet such as MEW.

The ICO participation link and Ethereum address to send ETH to can be found at https://blockbid.com.au

Our telegram discussion room can be joined here https://t.me/joinchat/C5go9A9sMT8ss14UOkPIHA

There won't be any remaining tokens - only those tokens sold will ever be created. We will now simply stop accepting ICO funds once 3m tokens have been sold, so only 3m tokens will ever be created.

What soft cap now?

Soft cap remains at 1m tokens

Do you plan to introduce to work of your service the possibility of paying for everyday goods with crypto-currencies? How will this be realized?

Do you plan to cooperate with financial institutions in the future? If so, what are financial institutions that are the most important for you?

That's not really our focus right now, building the best crypto exchange in the world is the focus.

The tokens will provide fee-free trading on our exchange and will also be tradeable on other exchanges.

Well done guys! I think you are succeed.

The project seem neat, but the ANN description is still lacking appeal to attract peoples to get motivated to purchase the coins since the thread is not so interesting to read.
A combination between words and image would be better to look at.

Yes, now that we have amended the number of tokens we will probably start a fresh ICO thread.

Your coin is good, I will buy it. Good luck guys!

What dividends will investors get from buying tokens? Will they be able to use tokens within the service to reduce costs?

What is the total emission of tokens? How much of them will be realized during the ICO and which part will be sent to the reserve?

Exchange of what kinds of crypto-currency will be available in Blockbid? Are you planning to increase the number of available options in the future?

nice info for this project's progress. reducing the total supply can make the total supply limited, and finally it can make the price of this token high.

I think that the team made the right decision. It is better to invest in projects with a limited number of coins. If many coins are issued, then they are practically depreciated. There are a lot of them, they are not interested in speculators.

Hi, devs! What will your development look like after the ICO is over?

We will be listing at least 1000 different altcoins - basically we will list any altcoin with an up to date Blockchain.

After ICO is over we will be into the beta testing phase. The user interface will be released in a week or so.

Live public launch of full exchange platform is scheduled for early Feb

80% will be released to ICO participants, 12% will be issued to founders, and 8% will be for bounties and rewards.

After this all redeemed tokens will be given out for free to the trading community in the form of airdrops and rewards.

Will there be transaction charges in the system? If so, how big will they be?

Without the use of Blockbid tokens, which allow fee free trading, transaction fees will be .1%

The reduction of the coins from 30 million to just 3 million, that is really big change but with that number of the supply, it should have a good exchange value for the coins, that way it will be a good thing for any token holder.

What documents have I to provide to verify my account in Blockbid?

That will depend on what level of verification you choose, similar to Bittrex

What protocols will you use to protect the platform? Is it likely that cybercriminals will be able to access personal information of users?

Will Users that take part in testing the project receive any bonuses in the future? If so, which bonuses are provided?

Good afternoon! Are there any restrictions on the maximum purchase of tokens for the entire ICO period? If so, how many tokens can one person buy?

Will you return the invested funds to the investors if at the end of the ICO the soft cup level is not reached?

Why did you decide to reduce the number of tokens issued? Will it positively affect the further increase of their prices?

what are soft and hard caps now?
what will be done with the unsold questions?

Has the software level decreased or has it remained the same after changing the amount of token emission?

Hello! The cost of one token remains the same or has it changed?

I assume you mean unsold tokens - there will be no unsold tokens. Only the tokens we sell will actually be created. So if we only sell 1m tokens, then our hardcap and max supply is only 1m tokens.

At 1m tokens, our entire market cap would only be around USD$900k.

If the funds collected from the sale of 3 million tokens is not enough to run the platform, how will you find additional money?

Soft cap stays the same at 1m tokens

Can I use the MEW wallet to buy BID tokens on the ICO?

How do you plan to make crypto-currency  trading as much available as it is possible for ordinary traders?

Yes MEW is probably the easiest and best

We have a large network of traditional investors that are interested in providing equity funding if required - but if we sell the full 3m tokens then that should be sufficient

Where can I learn more about asset insurance on Blockbid?

In which countries have you already acquired licenses for legal activities?

But wouldn't it make sense to get the large network of traditional investors on board anyway?

Token cost is unchanged 😀

They are already on board in that many of them are friends that support our project - but if we don't need their money we aren't going to take it just for the sake of increasing our bank balance...

No of course not to just increase your bank balance but maybe you have good use cases for the money and could expand the team and development, marketing and all that stuff. But yes, you know better what to do and how to proceed with your stuff than I do I guess :) Just saying

For our initial business of an altcoin exchange, we don't need any specific license. This of course may change in the future and in order to trade crypto/fiat pairs we will need to obtain an Australian Financial Services License

Do you have funds in the ethereum wallet?

Yes ETH is being received, last check we were about 15% of our softcap

Are you planning to introduce the opportunity of contactless payment using Blockbid mobile app?

Yes we are... NFC is in the roadmap

The decission to reduce the total coin supply will helps in building it's price but will still be needing a good marketing strategy and promotions for the cryptoworld to be aware about your decision and about the project itself.
In that way, it will have the support and adoption of the community.

Yes agree.. although as a serious project we don't want to go overboard on the marketing. Our plan and team and credentials and professionalism should speak loudly enough.

Nice idea, good concept, sure the future is great!)))

Hey was checking by here and saw you answered my post while it seems it didn't work out properly. Empty quote!

Ah so you can't see my response?

Oh you actually responded but in a rather unusual way when it comes to using the quote function on this forum ;) Nevermind!

Hey what happened to this? Neither people nor the dev active on this thread anymore? How comes?

Still here and working!

Most of the activity is on our original ICO thread and Telegram room, which you can join here

https://t.me/joinchat/C5go9A9sMT8ss14UOkPIHA

Perseverance is majestic, because perseverance is honed in every possible way; persistence is sweet, because the dauntless and persistent perseverance has sowed the seeds of victory in the heart. Team refueling!!!!

Every day so many projects, which one is good, which one is bad, the head is dizzy, support the author, I hope the author can make the project successful!!

Ok by the way what is the 90% reduction in coin supply based on? Are those unsold tokens you plan to burn or is it something else?

It's a reduction in the hardcap we originally had of 30m tokens... so it means we won't and can't raise any more money than we actually need, and ensures our market cap stays very low.

Just out of interest: why can't you raise more money than you need? I mean theoretically you could or what is the point?

Raising more money than an ICO needs just inflates market cap needlessly.