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May 05, 2016, 06:37:42 PM |
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As you may or may not be aware, someone pumped BITZ heavily at Bittrex some time ago. This effectively killed off BITZ as it ended up with someone holding a very large shares of BITZ and this is against what the crypto was intended for. I may have been somewhat naive when deciding on a 2 mill. coin and not providing proper support in terms of exchanges etc. and allowing the pump to happen. BITZ was conceived with the best of intentions and was intended to be widely distributed. This is no longer possible as the top 5 on the rich list holds about 50% off all the coins. I know that many people probably wanted BITZ to go and they may have been acting in the pump on Bittrex. I don’t know. What I know is that the road map and the planned development is just not possible with a handful of people holding 50% of the coins. I am not going to invest in development of BITZ to benefit the top 5-10 holders of BITZ so that they can dump as some point in the future.
This is why MOJOcoin was conceived and executed in the way it was and this is why MOJOcoin has a much wider distribution and the coin supply is significantly higher. MOJOcoin will take over as our main project and become what I originally imagined for BITZ.
Therefore we will no longer offer support for BITZ and we will no longer develop BITZ for the reasons explained above. I realise that this is not the desired outcome for anyone.
We will now focus entirely on making MOJOcoin a premier crypto and learn lessons from the BITZ project. MOJOcoin is more resilient and will not be taken down like BITZ. This does not imply that I consider the BITZ project failed but I consider it sabotaged with intent to make a profit for a few actors.
The network is still running, exchanges are up and you can still trade.
There is no point in trying to discuss BITZ in the MOJO thread.
If anyone wants to discuss the BITZ project, start a new thread.
From PMs:
Quote from: jahras on April 25, 2016, 07:27:55 PM
Only because at the moment that's better for me.
If it were you what choice would you make...
I don't understand your offer. Why is it not better for me?
I really think you could do more to sustain relationships with those who have come to trust you.
I am now having second thoughts about buying into Mojo because I think your offer is not fair and you are not being fair.
Are you sure you want to abandon Bitz? oh ye, forgot you will not discuss
Anyway I'm sure you don't give 2 hoots... don't even know why I bothered writing this.
You have been around for a while so I will discuss it with you.
I know you have been following BITZ for a while and I do care, it's just not sustainable anymore to develop BITZ, i.e. I could not afford to do it. Everything was paid out of my pocket and I don't have a large stash of BITZ. What took it over the top and ultimately resulted in the MOJO ICO was the massive pump-n-dump on Bittrex where someone pumped the price and crashed it again. The result in short; I would have to work for free to develop value for a few people who gained massively on the pump. So, my choice was stay with BITZ and hope that I would be able to finance the project and hope that the whales would not strike again or raise funding for another coin that I could develop with the experience from BITZ. I have lost on the BITZ project and I have paid out from my salary from my day job to keep it going and I have spent countless hours trying to progress this. I also lost a key member of the team who got a permanent job in the Bitcoin space and I was not able to raise any funds (I tried) and there was very little support (I know you supported the project). Taken all together I believe that it would have been near impossible to expand the way I Intended and bring this forward. We all knew the risks involved and I have lost more than you and more than most on this.
The network is still running fine and BITZ can be traded and I would suggest as I said in the OP that the whales get together and bring this forward.
lordoliver was responsible for the downfall of BITZ by pumping BITZ on Bittrex and then grabbing hundreds of thousands of coins so that he could make a profit at my cost. The above explanation will suffice. lordoliver is bitter as his master plan failed and he is left holding the bag after his actions destroyed BITZ.
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