[ANN] Blockbid: 90% Reduction in Coin Supply

[BlockBid]

90% Reduction in Maximum Coin Supply

Blockbid is pleased to announce that it has reduced its maximum coin supply from 30m tokens to 3m tokens. This decision has been made following investor feedback and to ensure investor confidence.

This will be done by pausing the smart contract once 3m tokens are sold. As before, our soft cap remains at 1m tokens. If this figure is not achieved, all ETH received is automatically refunded via the smart contract.

The initially planned and stated maximum potential coin supply of 30m, if the ICO was fully subscribed, would result in a Blockbid market cap of approx USD$20m, which is higher than justified given our relatively early stage of development.

The original hard cap was formulated to provide adequate supply for a large number of traders to receive free or discounted brokerage on our exchange, as no additional coins will ever be minted.

We also feel it is important to only raise the funds that are required to build the exchange, and USD$2m will be sufficient for this. If further funds are required in addition to USD$2m, they will be raised via private equity.

With a reduced maximum supply of 3m tokens, the highest possible market cap Blockbid can attain based on ICO pricing is approx USD$2m; this figure is commensurate with our current stage of progress.

This will support BID token value upon commencement of trading, which will be shortly after ICO completion on one or more of the many existing exchanges.

Blockbid is and will continue to be highly attentive to user and investor feedback, and one of our primary concerns is to ensure that the on-market value of our tokens meets or exceeds the price paid by ICO participants.

With this adjustment, the maximum market cap and coin supply upon commencement of trading will be 90% lower than stated in our initial ICO announcement.

The whitepaper and all future press releases will also be amended.

If you wish to participate in the ICO you will require an Ethereum wallet such as MEW.

The ICO participation link and Ethereum address to send ETH to can be found at https://blockbid.com.au

Our telegram discussion room can be joined here https://t.me/joinchat/C5go9A9sMT8ss14UOkPIHA

[BlockBid]

There won't be any remaining tokens - only those tokens sold will ever be created. We will now simply stop accepting ICO funds once 3m tokens have been sold, so only 3m tokens will ever be created.

[californybit]

What soft cap now?

[BlockBid]

Soft cap remains at 1m tokens

[_ko33TPas]

Do you plan to introduce to work of your service the possibility of paying for everyday goods with crypto-currencies? How will this be realized?

[coldday]

Do you plan to cooperate with financial institutions in the future? If so, what are financial institutions that are the most important for you?

[BlockBid]

Do you plan to introduce to work of your service the possibility of paying for everyday goods with crypto-currencies? How will this be realized?

That's not really our focus right now, building the best crypto exchange in the world is the focus.

The tokens will provide fee-free trading on our exchange and will also be tradeable on other exchanges.

[romfish]

Well done guys! I think you are succeed.

[Glundung]

The project seem neat, but the ANN description is still lacking appeal to attract peoples to get motivated to purchase the coins since the thread is not so interesting to read.
A combination between words and image would be better to look at.

[BlockBid]

The project seem neat, but the ANN description is still lacking appeal to attract peoples to get motivated to purchase the coins since the thread is not so interesting to read.
A combination between words and image would be better to look at.

Yes, now that we have amended the number of tokens we will probably start a fresh ICO thread.

[b1o1o1h]

Your coin is good, I will buy it. Good luck guys!

[ggcript]

What dividends will investors get from buying tokens? Will they be able to use tokens within the service to reduce costs?

[specialAU]

What is the total emission of tokens? How much of them will be realized during the ICO and which part will be sent to the reserve?

[jager44]

Exchange of what kinds of crypto-currency will be available in Blockbid? Are you planning to increase the number of available options in the future?

[m_nief]

nice info for this project's progress. reducing the total supply can make the total supply limited, and finally it can make the price of this token high.

[Fu.Sin]

I think that the team made the right decision. It is better to invest in projects with a limited number of coins. If many coins are issued, then they are practically depreciated. There are a lot of them, they are not interested in speculators.

[a007mr]

Hi, devs! What will your development look like after the ICO is over?

[BlockBid]

Exchange of what kinds of crypto-currency will be available in Blockbid? Are you planning to increase the number of available options in the future?

We will be listing at least 1000 different altcoins - basically we will list any altcoin with an up to date Blockchain.

[BlockBid]

Hi, devs! What will your development look like after the ICO is over?

After ICO is over we will be into the beta testing phase. The user interface will be released in a week or so.

Live public launch of full exchange platform is scheduled for early Feb

[BlockBid]

What is the total emission of tokens? How much of them will be realized during the ICO and which part will be sent to the reserve?

80% will be released to ICO participants, 12% will be issued to founders, and 8% will be for bounties and rewards.

After this all redeemed tokens will be given out for free to the trading community in the form of airdrops and rewards.