Bitcoin Forum

Hi guys,

It would be great to have a feedback on a project we’re working on and it’s pretty much ready to be announced.

Would you invest in a token knowing that not only can make you make money but it has a feature that allows you and the community to help those in need.

HOW IT WORKS?

10% fee on each transaction.

- 5% redistributed to the holders
- 5% goes to a CHARITY wallet

The charity wallet will be used EXCLUSIVELY for donations to Onlus, foundations and people in need.

We want to really help India that is having a hard time with Covid, provide funds to support cancer research, and many other projects. The community will also be able to vote on which projects we will send the funds.
We can make the difference!

Please let us know your honest feedback,

Thank you

EDIT: Your feedbacks are extremely important therefore we're evaluating to decrease the transaction fee to 7%:

- 4% to the Charity Wallet
- 3% redistributed to the holders

Thanks

It's better if you are making it as a part of governance that the holders of your token will be able to vote about how much commission that will be going to the charity wallet.
Is not it too early for you to determine how much fees will be divided into the holders and charity? Build your platform first and you must see how many interests on your platform.
When you are making your token as a governance and it will be working just like submitting a proposal for charity purpose, distribution for the fees to the stake holders or something else.
The holders of your token will be a party who can vote it whether they are agree with your proposal or not.

the 10% fee will be taken based on total transaction? or it will just taken from transaction fee that we paid to miner?
i hope it's from the transaction fee because if it from total transaction it will make people don't use your token anymore?

No, I won't if I want to give money to charity, I will do it myself because there are many hidden benefits there that most people do not know. You are doing good and putting smile on people's face but also can help to reduce your tax, speak to your lawyer on how to use this charity thing to your advantage, it is a win-win, instead of giving it to government that will mismanage your resources

So the more you transact, the more you can kind of "donate"?

I think it's a great idea, and maybe it could add an integrated thing with staking? Perhaps if you have those rewards, then they could be deposited into the charity account and that distribution that is needed or something.

Additionally, maybe you could work with the Bitcointalk Charity (https://bitcointalk.org/index.php?topic=5124375.0) or something.

If your ultimate goal is fundraising then why take such time, I understand that Covid-19's past days are a disaster in India. But the idea of ​​a project like this does not help them much, just prove that you are serious for this and make sure that the money will be used to help to will to send a sum of money.

I guess I will just look away from such a project that focuses on fees for a percentage payment for both holders and charities. Because there are no clear cuts for this payment, my advice is to focus more on the development and implementation of the road map and once that is achieved the team can then allow holders to stake their tokens and get returns on the staking amount.

The intention is good but it can't take away the chance that the case in India is being taken advantage of by those fraudsters.

Your team can help India without involving such features where investors will also make money.

Organize a campaign drive in your area or region. That's a great start not by creating a standalone project, crypto-related or not. Remember, your project involves "investment" and offering a profit in return to your investor.

Even though if it is legit and created for a good reason people may not be interested because 10% fee is too huge so a user almost lose all their capital when they do transact 10 times of their capital amount.

I don't think this is enough if this is the only usecases of your token/coin. In my own opinion in order for you to find or attract investors, the goal of the project must be unique, you have new idea, have a realistic goal, and very  promising project that will definitely be one of the next big thing. But if just these two usecases of your coins I don't think it will become popular because it seems lacking.

I think the helping the poor part is very interesting and anybody like myself that's got the heart for the needy people around the world and looking for means to help would definitely want to invest in a project like this, but the fee part of what am not sure about, 10% fee on every transaction might be too much for some individuals to pay, some won't even understand that 5% of the fee is going to charity, with the emergence of high transaction fees on Ethereum network, the average person is already tired of the high fees and this is why binance Chain came and won many hearts.
So my own suggestion is that if you want people to really get interest in the project, don't base your raising fund for charity on fees users pay, rather I suggest you donate to charity from the profit the company makes, (this is what I will do if it was me), this will help the platform's fee stay at a minimal level which I believe will attract many users.

Of course not, simply because many many crypto projects that claimed to be helping others through charity always end up being a scam I have invested in such projects in the past and they have all failed me, the fact is we don't need charity crypto projects because these things can be done offline, we all know the right way to help people that are truly in need

Thanks everyone for the initial feedback.

When it comes to the fee:

- Yes, it applies on every transaction (buy/sell)
- Some comments mention that the 10% fee is too high:

Just reminding that Safemoon has the same 10% fee (but no charity) and exploded.

- 5% is redistributed to the holders so the more you hold the more you accumulate
- 5% is collected in a wallet dedicated exclusively for charity projects

It is built on BinaceSmartChain

Please keep commenting
Your feedback is highly appreciated

Thanks

It is such a good idea for a fund raising drive that may help those who truly in need if there are no hidden agenda by the moderator or the fund raising drive manager. it could really help indeed but as long as the project moderator can present a legitimacy of their project then i wouldn't have any second thought to give a donations either. It is a good deed indeed but however the corruption thought in the people may also be there, it is given to have a second thought especially when money involved.

Maybe you are too early to plan for a charity-based investment. For myself I prefer to project more successful first and then after getting successful I can cut a few percentage points to charity. this would be better than the original concept just for charity

It's going to be amazing how a project could plan that it would help those in need while investors are also profiting from the project. If these two are achieved, it may really be that interesting as it would improve everyone's lives.

You are going to find it hard to convince anyone with that introduction to your proposal though, it needs detailed information before you can make people join the noble cause.

a very extraordinary project.
but how do you convince everyone to join your community and support your project?
is it only based on the conscience? I guess it will get a bad response from everyone.
We've seen a lot of scammers on crypto forums. there are many ways that scammers do. we have started taking care of every transaction.
I am not accusing your project of a scam. but I wonder how do you convince everyone to follow you?

And how would this token make me money in the future? Besides this 5% charity donation, what would it be the usecase for this coin?

10% fee is simply too high this thing alone already such a turn off for most of people but what I wonder is whether the 5% that goes to charity gonna adds to the dumping of this kind of coin or not since I assume once the coin received by the charity and when they need to convert it to cash they'd surely gonna dump it first whether to ETH or BTC since these two are mostly paired against altcoin and it could add the weight to this coin so the coin could hardly pump, after all an investor always seek profit so if there's any coin that are meant for charity to gain success it needs to take into account how to make the coin sustainable and attract demand while also able to contribute to the charity.

In my opinion, such token would need to be safe enough, have other useful features and purposes (aside for helping the need), to  keep it sustainable... otherwise I'd instead use the established cryptocurrencies/tokens like Bitcoin to help those in need in secure/fraud-proof manner. .

The objective of your project seems sincere but you can't simply encourage people to invest into your project to help others. I mean, there are a lot of ways sending those who are in need even without putting up any project. It will just resulting to raised fund but the doubt of the people will not be prevented especially on this one.

Also, 10% transaction fees are quite high. But if it is for a great cause then maybe we can reconsider it.

Thank you all,

There are definitely a lot of feedbacks mentioning the 10% fee is high.

It's important to remember also that 5% (50% of the fee) gets redistributed to holders, so the more you hold, the more tokens you accumulate (similar to SAFEMOON)

And when you decide to transact, the other 5% (remaining 50% of the fee) goes to a wallet that will help those in need funding real, concrete projects.

PS: We don't want to just randomly donate to some kind of onlus, we want to see the final result of those donations.

When it comes to the "utility" of the token, we can consider this as a "shitcoin" as most people would say - but honestly the purpose of this project is way more important than most other established coins.

I am happy with one of your goals and your team in creating projects to be able to provide charity to the country of India which is experiencing
difficult times due to COVID-19.  And also provide funds to support cancer research, but because the goal is good, the method must also be good.
Not by charging a 10% fee on each transaction, this is very burdensome to investors who are interested in your projects. Try doing research
and surveys first regarding transaction fees, after that you can lower it again according to a reasonable transaction fee to apply.

If its a good investment then why not beside, you’re not just investing here you can also help many people through your money while earning some.

You just need to make this form of investment a more legit so you can get the trust of the public since we all know there are so many ponzi scheme project out in the market and investors are afraid on investment like this. You also need to introduce the services that you offer in the public, it should not only be about the charity you should have a good purpose.

Thanks everyone for the feedbacks

Many comments mentioning that the token should have also other goals.

This is a SHITCOIN. It’s a better alternative to SAFEMOON that charges the exact same fee but without any charitable options.

Thank you.

I don't know if the OP is serious about this, but I just wanted to share that no matter how great the end goal is, the idea of ​​achieving it is so bad it won't be of any help. OP should get serious and rethink this.

How do you explain the success of SAFEMOON ?

It is an interesting concept you have there. The fees will be the source of charity. That is really a noble concept and that you were able to work it out on getting charity using the transaction fee. My question would be this, who is responsible in getting the value of the coins intended for charity. Is it an automatic process that leads to the charity being delivered to another address automatically or this one address where the transaction goes to is managed by a human who is responsible of ensuring that the money will be received by the charitable institutions?

I mean it is great since we can help through donations just by buying the mentioned token.
Only thing I am kind of worried about in these projects is its value depreciating because of people dumping it, unless you have the means to stabilize the value of the mentioned token.

I think I've met the idea of a charity project in cryptocurrencies before. There are always people out there who will be interested in this kind of project and it means there is always an opportunity for those projects to succeed. However, because it's also aiming for humanity, I think you need to really prepared with transparency like audit, etc cause people's eyes would be more focused on your moves. Don't be anonymous cause the project needs to be faithful for people to invest. I'm grateful for this kind of noble project.

That is lovely feedback, very encouraging - Thank you.

Yes, we agree that it should be 100% transparent, that's the only way to make it work.

Good point, we will have a strong roadmap as well as raising funding to be listed on various CEX.
We expect to see a high volume of transactions therefore the first donations will be done in the first month with the goal to also obtain press with it.

What exactly is the point of this token aside from the charity aspect? We don't need any more 'utility' tokens or pump and dump coins. If you want to help a charity then just hodl bitcoin and donate whatever amount you feel is necessary. There is literally no reason why creating a new token is necessary to help people in need.

Yeah im in, i feel sorry for India because of severe covid-19 outbreak recently.
Actually, 10% fee is not too high as long it goes into the right place. Beside, holders will get the part of that too.
With 10% already, the tax will become too high if the liquidity fee applied on it, but i think this token doesn't need liquidity fee.

For me personally, i would only invest for return or profits from my investment and then when i cash out from my profits, i'll do the charity seperately.
Doing charity in cryptocurrenct investing is still taboo for me, but it's a great project for starting something like this.

We should people who are transacting need to pay for charity and for the holders FROM their each and every transactions; this is completely not making any sense at all. Honestly this is sounding exactly similar to ponzi schemes because only there new people need to spend money for paying early people.

In my opinion holders do not deserve any share from transaction fees. Transaction fees should be paid only to the miners (which is same for the case of POS as well).

No.  10% tx fee is a total ripped off to the investors.  I would stay away from that kind of scheme.  Helping other people is good but if you wanted your project to help others then why not help them with your own wallet first.   Just put a donation address so that people will voluntary send their donation.  I hate it when a project set a compulsary donation on their investors.  People get in to trading to profit not to do charity that is the reality.  Help yourself first before helping others, how can we maintain the charity works if on the first step of our investment we already lost 10% of our holdings.

Guys thank you so much foe your honest feedbacks.

A lot of comments are against the fee even though we have mentioned that thanks to your feedback we may decrease it, but....

ARE YOU AWARE OF SAFEMOON?

They charge the exact same 10% FEE without the charity part (and our roadmap etc) and still having more than 1million holders in a month

Thank you

You can try and see.  It is your strategy better carry on with it.  What we stated here isn't what the majority of the investor think, we are just a small percentage of possibly interested people out there.  If you think it gives much better option that safemoon then go on with it, but having a better option does not necessary means that people will choose it over the earlier launched cryptocurrency  as we have seen already on Bitcoin and other much more advance altcoin and at the end of the day, it is your project and you alone can decide the possible path for it.

That’s a great point, thanks for the feedback.
We listen and read the comments and evaluating to use a lower fee rather than 10%, more like 7% with 4% charity and 3% to holders

Yes, why not. if that could be of any help. but I also have to see how profitable the project is. otherwise it is meaningless. if my investment could help others I would be more than happy to do so. provided I don't get bad things like big losses or other things. I am happy to help others. if in this project we can do a little charity, I will be happy to invest.

If there is a good project to invest in but if it also helps the needy it will usually depend on the projects. Also investors will become much more profitable there are a lot of people who have made a lot of money by investing in crypto and the next step is to move on many of us start investing long after we start earning start investing from a young age to get more profit. The earlier you start the higher the return successful investors do a lot of research on market fluctuations different investments savings plans.

I think it's a good that you are taking input from the community. The new transaction fee sounds better, and giving a higher percentage to the Charity is a great too. India needs a lot of help right now. The pandemic will have huge negative impacts for whole country and economy. The corona numbers are going through the roof with no end insight. The international community should also step in and help out India, if we can do our part with a new project it is very honourable.

First point of consideration will be your total circulation and then we can consider the percentage charge on transaction fees as you can not possibly charge a whooping 10 percent on transaction fees if the total circulation is way below the regular billions. your total circulation has great influence on the percentage charge for fees.

I don't think it is a good project. Even I prefer to donate to the needy people, I cannot donate from each and every transaction I will make. Because that will become a burden for me. I may prefer to donate once in a week or once in a month but not on daily basis. So, I'm not ready to believe in this kind of donating from transactions is kind of things.

Donation should be individuals' preferences and you should not enforce them to give away on regular basis. Instead of innovating something new and afresh, people are going like this and I believe this will not definitely help a project to flourish.

Why not right, i mean I bet everyone here in crypto community have already a good profit that has earned and giving a little from it to the needy people can make a day for them to live.
But if we will going to talk about donation then it should be a free will of a person to give and shouldn't implemented in every transaction to eb mandatory.
Maybe they should inform us that they are conducting such charitable works and asks us if we want to give rather than obligate us to give without our free will.

I completely agree, making all token holders have full voice in every decision that is taken. it is too early to determine the amount for charity, isn't it better to just provide donation services on the platform you build. Token holders will not be burdened by determining the amount of donations that must be issued and they will be more willing to make donations because it is in accordance with their own conscience.

I understand that this is a shilling topic and everyone is shilling something. However utility and use case is the number one reason why coins go up, and that is usually not enough it needs to do a huge marketing and if I am hearing that coin for the first time ever here, that means the marketing sucks and it could never be big.

The only coins that go super high are the ones that everyone knows, you can choose to ignore it and not buy but if you heard about it that is enough. Most of the coins shilled here are stuff I am hearing for the first time ever, that is not a good start for you guys, try to shill it on twitter with huge influencers, it will cost you about 50k+ total and it is a lot of money but from experience if you do not have that kind of money, then do not start a project, it usually ends with a fail and upsets everyone involved.

Yeah, that is something like that, and since the intention is good but not sure if the project will be good as well. Hmmm...isn't leaving the doubt that might OP uses such HELPing tactics in order to attract investors in the other not like giving a huge profit to the investor. So it still needs for the investors to take a look at the background of the said project that OP has to present otherwise we just fall into his/their traps.

wow .. I really like programs like this. and this is really amazing because we can help people who are in need of our help. but my advice is in distributing it not only to one country because we here come from various countries in the world. and I hope that this project will run smoothly because it can help anyone and wherever they need help.

And one important question is, will the funds really go to the deserving ones? We have seen a lot of projects that are using charity as one of their attractive feature. However, when they are already doing good in the market, it seems that mission has also thrown out of the window. And also, I wish they are more objective in selecting which charity they want to help. I prefer those that badly need their attention as some of them are already forgotten by their own government.

Building a new project is not easy, let alone the intention is only to help other people, this is indeed a very good job but building a new project always requires initial funds to start it so that the project can be more successful and trusted by many people, so there is no need to choose a more complicated job if you just want to help other people, because there are lots of easy ways that can be taken to help everyone here.