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
Read the Bitcoin Talk Announcement: https://bitcointalk.org/index.php?topic=2339067.new#new
