Thanks for your answers, is a pity that the Russian Chapter, not also well works as you.
There are some guarantees that 10% of premine (this 2100000 IoP) cannot be brought to market any minute?
You have to understand my concern, and looking at your rank you have to remember 1001 cases when it happened to different coins. Not all people are honest, unfortunately.
Therefore, the community has to know this information to be sure.
Hello LiskQH,
In the beginning of our beta-early-mining phase we follow the model of the survival of the fittest:
You can claim a spot and gain the right to mine. If the Chapter President is not answering to you, or giving relevant expression how to get things sorted out, I am willing to let more driven and committed people replace them.
Later, when we open the gates to the whole world, this will not be guided by us, but the people inside of the chapters rule their president and leaders.
Please get in touch with me directly, we will look into your issue with Russia and find a solution.
People willing to do something more than ordinary, investing much time now, asking right Questions and proving to help the community are precious. So we will sort it out. I think you are referring to the russian OP. We will change this to a more resposible person, if that helps.
So, now to your questions:
Yes, a huge chunk of 10% pre-mining was paid in hard Dollars. You can't imagine this maybe, as we don't advertise such things, but we had times with more than 20-30 thousand dollars in wages per month for the over 120 people involved in this project. Not to mention those that were joining for smaller tasks, those over 180 in slack, etc... We have a semi-public ledger, where members of Fermat can look into and control all payments, each wage, each payment, for every member and for each month over the period from 2014 till 2016. Every cent is listed in this.
So I can guarantee you, that, while we are (remember, we started in 2014 !!) in the not-so-popular-anymore-pre-mining scheme – because of all of this scams in the last years – we are one of the very few maximum transparent and fair out there.
Not one investor is able to cash all tokens out and run away. The time locks are set to 6 months, 12, 24, 36 .. months. The time locks are written in the blockchain (everybody can proof) and this is in public in our github repository, check it out yourself if you like to know how we have done this.
Ok, then, why still people are dumping them? Who is doing this?
One third of the people contributing to this gigantic project have been Venezuelans and Argentinians.
Especially the Venezuelans have 1500% Inflation because of their extrem crazy Socialism.
The Shop owners don't count the money anymore, they are weighting it! So with less than 1$ you can survive the day!
Now imagine, what would you do, if you have 2000 IoP and your money is nothing worth?
You start selling every day 5 - 20 IoP, no matter what price, you know you could easily survive the next 1-2 years doing so.
Also some of the new miners do the same. We are aware of that.
But if you look, with 2-5 BTC trading Volume, there is no large scale dumping. So we decided internally not to buy them out. We could. But we let the free market do it. Even if those 10-20% dumpers sell all their Tokens for 0.01$ - we won't care. This is good for the market. By the way, we really cannot speak from dumping as it is by this time of speaking several $ worth! :-)
Now let us look into the near future:
We are going professional with connecting to FinTech business in 2017.
Imagine what happens, if just one big investor is buying IoP for, lets say 10.000 Bitcoin? Or less, let's say 500 Bitcoin?
I can tell you: There are no cheap Tokens anymore on the Market! Because the Majority of the token Holders don't sell cheap.
Now imagine what happens, if I tell you, that we are already talking to some bigger whales and pioneers in this area...
What happens if they buy in and leave us with no Tokens on the market... but 150 Miners with one precious mining licence each bringing a small constant flow of fresh rare tokens? I mean, we are not talking about dPoS way of dumping Tokens to the market by forging...
TL;DRThose how jump on now, try to gain 100 Followers in Twitter from Zero, study blockchain, learn Fermat's IoP and maybe struggle a bit in the beginning of 2017 ti get this all sorted, they will be recognized as IoP experts in their field by end of 2017 - and only them where mining till the point we open up to the world!
From here I will leave this open and up to your fantasy…
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