Hello Community, hope you are all doing fine!
We need to talk about something very important.
Around 4 Months ago we have made the SWAP on Proof Of Stake and we added 10 Millions reserved for a feature IPO that after more analysis and discussion with a Lawyer was impossible to be done for us due to regulations and lack of a budget to get such an IPO done.
After we did the SWAP with new Website, New Electron GUI Wallet, new daemon and everything fresh i hoped that the Project would grow exponentially and we would be able to create a Foundation for XTA where we could have gather a budget with the help of the community to start working on our Shopping Private App as it was planned without a IPO! But that unfortunately didn’t happen at all, actually the price remained on 1 2 3 Sats all the time, and unfortunetly the community didn’t helped us economicaly at all, so no change at all.
The reality is that i couldn’t afford to maintain the Project Anymore therefore i had to make a choise, either to abandon it or to do something extrem, i decided to not leave the project die out, and as we all know we have spent 2.180.345 XTA on Marketing, Airdrops, Crex24 Faucets, Trading Competition, and the rest of IPO coins i pushed them on the market at price of 1 and 2 satoshi to gather some budget so that i can keep the project up and running, plus the idea was that if more and more people will have XTA at a low price more people will get interested in XTA and join us, the effect was quite positive and plus i used most of the budget gathered from selling XTA at 1 and 2 sats to buy back and get the price slowly up, but budget finished quite fast as there were many dumpers i couldn’t sourge the price above 6 sats and i was left with almost no IPO coins nor btc from selling the coins, so it didn’t wen’t as i tought it would, i tought a push would surge the interest in XTA but it didn’t happened, after around 2 months from the SWAP i had to make a new Harfork to lower the PULSE BLOCK REQUIRED SIGNATURES from 7 to 4, because in real world with weaked servers the service nodes weren’t able to produce a valid block within 1 minute with 7 valid signatures and most of the time the blocks were delayed so that was a problem, that of course got succesfully fixed! Now i wanted to add 25 Millions XTA for WXTA DEFI and make a sell to gather capital to get more devs on board and start the works on our main product Shopping Private App but again another mistake was made by me when i pushed the wrong commit (
https://github.com/italocoin-project/italo/commit/ad0fbb7ae45e7d7e1715ec4s077e6eb5a8623fe1d) and the commit that had to mint 25 million XTA was instead the commit that i made tests on testnet that would generate 252.000.000 XTA and i discovered the mistake after the hardfork when i saw in the Development Wallet 252 Million coins instead of 25M as planned, now the mistake was done and i couldn’t revert it, as it would mean that we would have to go back with the chain and all the transactions from 2 3 days would got lost and that’s not a solution.
The coins that got generated are in block 135760 v17
https://explorer.italo.network/block/135760Now with 252 Million XTA in the wallet i didn’t knew how to tell people about this mistake, before i found out about my mistake my initial plan was to announce about the 25 Million coins that was planned to be minted and to explain in what this coins will be used meaning using them in WXTA to gather a budget for the Shopping App and make a WXTA / XTA decentralized exchange, 2 birds with 1 stone!
The problem was again the LAW! If i would have sold privately the 25M coins privately that’s called Security and it would give us problems with the LAW, again the plan failed!
Without a plan the project was going bad, i thought that this is it, the budget that i’ve got from selling the IPO coins at 1 and 2 sats was almost over when i tried to surge the price and get more people to be interested in ITALO, so i had to think of a way out again, after failing and failing again and again i decided to make the last move, and in a span of 2 months i sold at 1 and 2 sats 20 millions XTA, i was sure that with more coins in peoples hands it will get them more hyped and join ITALO for sure! And the truth is that the plan quite worked extremely well, the buy wall was moving up and more and more people and investors joined ITALO as never before! Many investors became interested in ITALO the community is starting growing and all good.
I have gathered a budget for at least 1 to 2 years to maintain ITALO with no issues, but on 04/24/2021 ITALO surget like crazy finaly and i helped with pushing the price up from 22 sats to 34 sats, i’ve spent 0.2+ BTC and got 1M+ XTA back from the market, i had made from pushing 20M XTA on the market around 0.3BTC so i am left with 0.06BTC that i plan to keep it to pay the hosting bills for a while.
But there was a problem, people thought that in circulation there were only 17.8 Million coins + the 2.180.345 Million coins that were used from IPO initially for marketing and crex24 faucets plus trading competition, giveaways and more… But as you now know, there were 10M + 20M + 17.8M (that were already in circulation after the swap) = 47.8M XTA in circulation, now i felt bad i didn’t knew how to tell the community that trusted me and believed in me about the IPO coins plus another 20M coins that got in circulation. The truth is that the move that i did helped ITALO extremely! Of course it was a bold move and I apologize for that but all what I did was for the best for the ITALO project and its survival!
Oh where are the rest of 252M coins then?
They are safe. I will share the ViewKey of the wallet with 230M as 20m were sold at 1 and 2 sats.
ViewKey: ( 20dc6e8fe3f4737893059fb85e06c2cc358c77800d23eead606fbbbfd64ebb09 )
With this Viewkey you can check any movement of these 230M coins so it’s 100% transparent and you won’t need to trust me or anyone else at all!
On the Next HardFork we will burn all 230M coins, until then for transparency anyone can check the wallet with the above ViewKey to see that the coins are there and can be monitored that none of them will be moved!
So how many coins are in circulation?
there are 10M + 20M + 17,8M = 47,8 Millions XTA in circulation.
Now its you to decide what you want to do, go along with me or abandon the ship, cause you might think that OH SCAM, the reality is that i’m not doing this to get rich, as i maintained the project for more than 3 Years without making a dime, i had to pay all the Hosting Bills and work on everything by myself, i did all of this because i really like and believe in this project that i made but i realised that without a budget we can’t grow at all, and my OWN JOB was not goin so well and lack of time with Work and ITALO project i couldn’t sustain it anymore, and that’s why i needed some budget and cut some work hours to move on with ITALO project!
Why didn’t you told us about your plan before you did it?
Because i wanted to show you the results of my plan before i announced as many might have thought that i am trying to scam or take advantage of my position in this project!
We will buy up all the coins that people want to sell at 2 and 3 Satoshi!
YOU DO THIS ONLY TO GET RICH!
No, but if I become rich you all the supporters and hodlers of XTA Project will become rich along with me!
Kind Regards,
DEV.
