Greetings everyone. This update is to address an issue that has everyone asking questions. I do not need to bring to your attention anymore, that the value of XVP has been down for over two weeks now. I believe you're all already aware of the current price.
This update may have come a little late for which I implore you to accept our apology. The reason for the late response is because from the very moment we noticed the sharp fall in value of the coin, we have held several meetings and discussions to better understand the situation before coming out to address you. Therefore we feel this is the appropriate time to feed you the information you seek.
I will try to make it short and simple since I believe Balvio probably has a better explanation to offer those who want more.
THE SITUATION
1. A swap was held in March (15-25) following the collapse of Virtacoin (VTA), and the development of VirtacoinPlus (XVP) following a consensus by the community.
2. While the swap was ongoing, there was also vote on what should be done with the remaining XVP. The majority of the community agreed that remaining coins should be burnt to avoid a situation that could pose threat to the progress of XVP if dump should ever happen. On the other hand, those against burning believed remaining coins should be used for future development of XVP.
4. The problem however was that the bulk of the financial burden lied on one particular individual (Abledigital) who felt he does not have to spend for a coin that belongs to everyone as though it's his personal project. He was in charge of the swapping process and against all odds, secretly kept 2 million XVP with the view that should he continue to spend on XVP development without the community dealing with the financial responsibility, he'll use the 2 million XVP as an insurance to recover his funds in a situation where things go wrong.
According to him (Abledigital), he kept it a secret since he knew the community opposed the idea of keeping coins since majority want it to be burnt. If he did burn all coins and the community is unable to bear the financial burden of maintaining the coin, we may likely experience the VTA scenario and everyone would be a loser.
3. At the end of the swap on March 25, about 1.5 million XVP was remaining excluding the 2 million XVP kept secretly.
4. Attempt to burn the remaining 1.5 million coins proved to be a challenge according to those in charge of the process with (Abledigital) of course, being the lead. Burnt address provided by the coin developer failed to work and other efforts were resulting in conflicting transactions. However, following an advice to uninstall the wallet with the coins in it and format the computer seemed to have been the solution. It was then announced that 1.5 million coins was burnt.
5. Abledigital continued bearing the financial burden without complaining. Everyone was counting on what they considered as a personal sacrifice from Abledigital, unknowing to them, he has coins kept as insurance.
6. Some time later in October, there was a huge dump of XVP on bleutrade which sent price crashing down. It was observed and later discovered that the 1.5 million supposedly burnt coins reduced to 1.3, 1.2, 904k and on. The question of how comes rent the air with Abledigital left with the task of providing answers since he did the burning himself.
7. According to Abledigital, he has no idea what happened but posited that the developer could possibly have taken control of the coins. He said the developer was the one who handed over the premined to him and as a result, likely has a copy of the wallet file. Abledigital therefore requested that another swap be done to prevent the developer from doing more damage. However, considering the cost of doing another swap, members of the development team were not in support of the idea. For this reason, Abledigital Okoli who felt he has spent so much on maintaining the coin and developing services, decided to dump his 2 million (1.55m) coins in a bit to recover his funds before things get much worse. That was why the value went so low.
8. He did everything secretly until Balvio was able to discover that Abledigital was in possession of 2 million XVP. Abledigital then called a meeting and explained what actually happened and apologized for his action for secretly keeping 2 million coins, and dumping the coins in the market out of fear of not being able to recover the money he spent on XVP development.
9. The current issue at hand is that beside the 2 million coins issue, Balvio also keep insisting that the burnt coins were not stolen, but are also in the possession of the duo of Abledigital and one other member in the community, an allegation denied by both. Balvio's insistence has led to the stagnation of community activities, but some members blame the current challenge to lack of organization from the beginning, and dependent on one individual to bear the financial burden. They are with the opinion that what has happened has happened and people's investments are at stake. Therefore, the most important thing to do now is to work out a solution and move on since much of the coins has already been sold and are in circulation.
This is a brief explanation to what has been going on but if you are interested in a much bigger picture, Balvio may likely fit the bill by providing you with it. However, the fact remains that if we continue to dwell on the problem, we are left with the opinion of either accepting our loss and quitting, or coming together to fix the past. The only reason we will remain where we are due to this unfortunate situation, is to not see the possibility of coming out of it.
I remember saying the low value should be seen as an opportunity to buy more. But now I feel I should apologize to anyone who took my advice in case you are not in agreement with the members who are seeking a solution instead of throwing in the towel.
Abledigital has apologized and assured everyone that there'll be a solution to the problem. More update will be available later when available.
Lastly, he won't continue to bear the burden anymore, but he will be willing to support the coin like every other member of the community.
THIS ANNOUNCEMENT IS BASED ON THE OUTCOME OF OUR LAST MEETING ON CURRENT ISSUES
Thanks for your time.
