We would like to update you on the Bit-Z vote status.
Intense Coin (ITNS) is no longer going to be participating in the Bit-Z ‘Rock the Vote’ contest. We have been working closely with the exchange for weeks to establish terms upon which ITNS would be listed at Bit-Z. Lately, the agreement has been revised unexpectedly and frequently by Bit-Z.
It was communicated to us over the last several weeks that Bit-Z would allow “all users who are registered by the link and finish the 2nd-level certification at Bit-Z can get some VTC.” They have since gone back on this agreement by requiring users to instead provide 3rd-level certification in order to vote and receive VTC. Due to the privacy and security concerns associated with providing level 3 certification via proven passport documentation, this was something we were not comfortable requesting from our community.
It is worth noting that in usual Bit-Z fashion, this requirement has been amended once again and it would seem they are now accepting 2nd-level verification for voting. Nonetheless, the damage was already done, as many users that registered at Bit-Z solely for the purpose of voting witnessed the 3rd-level requirement on voting launch day. These users were confused and upset.
Furthermore, Bit-Z reneged on our established agreement of a 1 BTC listing fee and then demanded that the Intense Team provide a 10 BTC deposit fee to act as a market cap risk and management fund for at least a 1 year period. This fund would act as a mechanism to guarantee certain levels of volume on the Bit-Z platform. This requirement is not in line with our ideals; we only want to support and be listed on exchanges that will report accurate volume to reflect the actual ITNS trading volume.
Because of these issues and others that will go unmentioned in the interest of time and professionalism, we have lost confidence in Bit-Z’s ability to continue a working relationship with our team. The actions taken by Bit-Z are likely foretelling of tumultuous relations in the future, and it has become clear the Intense Team and community have significantly more to lose rather than gain from this relationship. We worked diligently for weeks to make this happen and are as disappointed as you probably are about this development.
Despite our differences, we still wish the Bit-Z team the best.
