I have been doing some calculations relating to Golden Fleece's token buy back and burn:
The total supply of GFL is 500,000,000.
There remains in the Smart Contract:
349,989,096 GFL
That means there is currently:
150,010,903 GFL in circulation
(100,000,000 are reserved by the team )
so that leaves:
50,010,903 GFL in the public's hands.
https://pbs.twimg.com/media/DWLdgKfVMAAGSyz.jpg:largeAs far as I can tell, no more GFL will ever leave the smart contract as the price to buy them is 50x higher than the market price. So they will remain there forever.
Golden Fleece have said they will use 30% of their mining profits to buy back GFL from the market and burn it.
Their current mining capacity is:
9 GigaHash LTC
1300 MegaHash ETH
A quick calculation shows that they are currently making:
LTC = $6,168.32 / month
ETH = $2808 / month
----------
TOTAL PROFIT = $8976 month
30% = $2700 / month
The current GFL price is 0.04 USD.
= GFL burnt per month = 67,500 GFL
= GFL 810,000 / year burnt
if they really get 3 HDMU's running and x3 their current profits, then they will burn:
GFL 2,430,000 / year.
I mentioned this to the team and they suggested that 2,000,000 tokens burnt per year sounds very low. They predict it to be much higher.
So let's see. If they can burn 3 or 4 million per year. Maybe with their new incentives to payout 2% per month to people holding more than 20,000 GFL, maybe that can create some more scarcity for the token too.
Currently they are offering 2 options for GFL staking:
Option 1 - minimum stake is 20,000 GFL - you get paid 2% per month in GFL dividends.
Option 2 - minimum stake is 50,000 GFL - you can get up to 6% per month in GFL dividends.
That is pretty juicy, if say 1000 people all stake 50,000 GFL - then that's 50,000,000 GFL all gone.
There are only 50,010,903 GFL the public circulation remember.
That could pump the price up considerably.
Let's a very conservative look:
There are currently 23 Token holders that have 20,000 and over.
We can guess that they will all stake there 20,000 GFL
There's also about 22 holders that have betwee 50,000 GFL - 100,000 GFL, so we can guess they will stake too.
That's about 2,000,000 GFL staked.
So if the team manage to burn 4 million per year we could possible see the following:
GFL in circulation:
YEAR 1 - 48,010,903 GFL
YEAR 2 - 44,000,000 GFL
YEAR 3 - 40,000,000 GFL
Maybe we will see a 25% rise in value of GFL in 3 years.
Of course this is crypto so as soon as GFL gets on a decent exchange the price can go much higher.
Especially as this token has a 2% dividend each month.
[my figures are probably way off - but just to give a very rough idea]
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