So last week, I put out a post looking for feedback from LBI token holders. The fund holds close to 40K of its own token, which were bought back off holders wishing to sell out. Since then, we have moved to new admin, and a plan for those tokens is needed.
I thank @filotasriza3, @trumpman, @oldmans, @ammonite, @lammbock, @bozz, @dagger212, @tbnfl4sun, and @preparedwombat for providing feedback and opinions on the topic.
Pretty much everyone was either in favor of burning the tokens, or holding them to be revisited in the future. Over the course of the week, I have considered these views, and have come to a conclusion that I don't really think will upset too many people.
Here is why:
This caps supply, meaning there are no tokens that can enter supply and dilute anyone's share of the fund.
While those tokens are in circulation, there is always doubt that they could be used to disadvantage existing holders.
We have a decent sized fund, (Worth over $20K USD) and almost 200K circulating supply. Trying to raise more funds should not really be necessary.
The revamp plans include a small weekly "buy back and burn". Why bother with that if we are just going to add to supply in other ways?
Net asset backing per token can steadily climb, if assets grow each week and token supply slowly declines, the value per token can grow faster.
It just removes a layer of uncertainty.
So, here goes -
And, now they are gone.
Thank you to all who gave feedback. Even if you would have preferred they were held on to, I hope you are ok with this outcome.
The other part...
Now I would like to formally request @spinvest and @silverstackeruk carry out a "mint and burn" on the remaining LBI tokens that are not issued into circulation.
Once @spinvest has minted these remaining tokens, and transferred them to @null - LBI's supply will be hard capped with no possibility of new tokens entering the supply.
So there you go, LBI has just burnt over 15% of our token supply, and hard capped the supply of LBI. Slowly over time, a small number of tokens will be bought and burned each week, slowly but steadily pushing the LBI Asset Backed Value up.
Thanks for checking out this post
Cheers,
JK
@jk6276
To learn more about what LBI has been doing lately, here are some more posts that may interest you: