Hi there!
I understand your concern and frustrations about YOLO Coin. On behalf of the entire YOLO team, here's what you and the other need to read and understand. Please take time to read even if it's a long message.
And I quote:
You may notice that we are facing a lot of problems in our YOLO development plans. There are lots of things that would hold us back, however, we are not stopping to find solutions for us to these issues we are facing right now. We feel that it is time for us to reveal these issues to the community. After all, the entire community has the right to know what is going on lately with the development of YOLO.
Our development team of YOLO are experiencing these problems which would hold us back from maximizing our true potential in the world of cryptocurrency.
There’s something that YOLO World needs to address these issues, and here are they:
- We have applied to a lot of cryptocurrency exchanges and trying hard to get listed there for at least a few of them, which would integrate Waves-based tokens like YOLO. The three exchanges that we’re hoping to get listed and accepted are Tidex, Yobit and Stocks.Exchange.
Most of the exchanges are accepting mostly ERC20 tokens, We have tried to get listed with Yobit, but it is not what we expected and we got scammed by a certain fake Yobit guy in Telegram. We’ve also reached with Stocks.Exchange, and yes we are accepted. But at what price? They charge us 1 BTC for the listing and needs a certain volume for us to maintain our listing with them.
If we can’t meet their daily trading volume, they would delist us and there is no refund for what we have paid to them, so it is kind of useless. For Tidex, it seems they have ignored us after sending a lot of follow-up emails to them.
There are lots of scammers who are trying to take advantage of YOLO World by creating phishing sites and fake Facebook profiles and pages, victimizing mostly new and inexperienced investors.
Our supply is too big, which is why we are struggling to pump the price up to its true potential. On top of that, we had a lot of dumpers who just wanted to “hit and run” when they made little profits rather than holding it for the long term.
For us to create our exchange, we need to implement another ICO for this.
These are the list of problems that our development team are experiencing that needs to be solved right now. After discussing these problems straightforward, we have found a way to finally end up all of these issues that we are experiencing today.
Solutions
Lowering the supply and increasing the price
How?
The YOLO development team have agreed with one another that we will move back as ERC20 token instead of Waves token.
Why would we move back to Ethereum again despite that we’ve been there before?
Answer?
Yes, we have been in the Ethereum platform before from the start of our ICO last November 2017. However, during that time, we have experienced network congestion that results to higher fees per transfer. It is why we have moved to the Waves platform due to lightning speed and low transaction fees. However, the reality is that Waves are not accepted mostly by well-known exchanges.
Like C-Patex for example, we briefly got accepted and integrated into their exchange. However, they have issues in maintaining the Waves node due to various technical issues in their platform. As a result, they have decided to delist Waves-based tokens like YOLO and Organic Token, even the Waves coin itself.
If we change it back to ERC20 token, we will be having no difficulties to integrate and list our YOLO with them. In fact, transaction fees are now affordable than before.
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- How to lower the supply of YOLO?
The YOLO development team agreed with one another to create a new smart contract under the Ethereum platform. Under the Waves platform, our total supply was 26,888,888,888. However, under the Ethereum platform, our total supply would only be around 43,888,888.
Note: Back then, we are called as “YOLO” coin. But this time under Ethereum, we will call it ad YOLO Cash or YLC
Rebranding....yep!
How will the rebrand happen?
We are using a gateway address for YOLO development team where you will just send your YOLO coin and convert it to YOLO Cash (YLC) and we just need your Ethereum address that is ERC20 compatible and not from an exchange like Coinbase. The recommended wallets would be MyEtherWallet, IMToken and Metamask.
What will happen to the YOLO coins that we’ve sent?
-We have decided to burn it and convert it immediately to YLC. All of them will be replaced by YLC as long we have burned the last of the YOLO coins within the Waves Dex platform.
Okay but since we are currently trading in the Dex platform, can YLC be traded as well?
-We now have 4 exchanges that are on standby to accept YOLO Cash or YLC.
-Once we finish the batch of transfers, we will reveal those exchanges that you can actively trade YOLO Cash or YLC.
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Here are the computations that you need to see:
Before:
YOLO Coin total supply: 26,888,888,888
After:
YLC total supply: 43,888,888
Supply for conversion: 26,888,888
Development fund: 17,000,000
(10 million for projects and 7 million for developers)
For every 1,000 YOLO, you will get 1 YLC. It means if you have 1 million YOLO, you will get 1,000 YLC.
Ratio: 1 YLC = 1,000 YOLO
It means the more YOLO you send, the more YLC you will receive.
Plus additional airdrops for all of the YOLO holders.
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- How will the process go?
It is a very simple thing to do:
A: Just send all of the YOLO that you are holding to the Waves gateway address that we provide.
B: After sending it, you just need to fill up the form:
Full name:
Email:
Waves Wallet address used for sending:
Amount of YOLO sent:
Erc20 compatible Ethereum wallet address:
C: Submit the form
D: Just wait for your YLC to arrive to your Ethereum wallet
What if one user has more than one wallet?
-Let’s say you have 5 different wallets, you should fill up the form five times as well. Simple as that.
What if those who have transferred it and decided to buy YOLO in the Dex platform?
-Just fill up the form again with the same details, only the difference is the number of newly bought YOLO coins
What about those who haven’t created ETH wallet, and how to create one?
-We recommend you create one either in MyEtherWallet, IMToken or Metamask.
-Our development team will be doing a video tutorial on how to create and use the ETH wallet
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Note:
-We have the list of all Waves addresses of the YOLO holders. It means those addresses that we have, we will be sending you all each 0.002 Waves to be used for transferring.
-We will be covering gas fees to send YLC straight to your ETH wallets
-You don’t need to spend a single dime to convert YOLO to YLC
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- What will happen to YOLO.Exchange (YLX)?
-Our development team has decided to disband the YOLO Exchange or YLX, which they will convert it straight to YLC.
What about those who have bought YLX?
-For those who are about to buy, just forget it because YLX ICO will not continue anymore.
-If you have bought YLX with that, we will compensate you in the form of YLC based on how much you have bought from them from your wallet.
-We will send YLC to your wallet in exchange of YLX that you are holding because we have all the list of names and addresses where you bought YLX tokens.
-You will receive these YLC tokens automatically.
- What if we do not immediately transfer our YOLO to YLC?
-That’s fine, take your time, only for those YOLO holders who are not active most of the time in the internet.
-It is important that all of you should be informed earlier so that the transfer or conversion will commence as soon as possible.
-It means those YOLO holders who forgot their wallet seeds, etc., are the inactive ones.
- When will you start the transfer or converting YOLO to YLC?
-We will do it as soon as possible so that all of us can start trading YLC in various exchanges that we will release later on.
-However, you still have time to buy before transferring YOLO to YLC
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- What would be YLC’s price when it hits the market?
Based on our calculations, we will base on the YOLO price in the past ICO last November 2017.
1 YOLO = $0.0001 or 0.005 PHP (based on old total supply)
1 YLC = $0.10 or 5 PHP (based on new supply)
It means, if you have 1,000 YLC (equivalent to 1 million YOLO), you will get around $100 or around 5,000 PHP. However, if YOLO Cash or YLC is integrated to an exchange, it’s possible value would be $0.67 per YLC.
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How to transfer or convert YOLO to YLC?
Before filling up, you need to send YOLO on this gateway address of Waves
Wallet add:
3P7Tap8ZFXFioiTFmaJj24nZYiNyycbHdzo
Note:
You need to have or create ERC20 compatible Ethereum Wallet. I would suggest this:
Web type: myetherwallet.com
Mobile App: download Imtoken
Chrome Extension: Metamask
Convertion Ratio:
1000 YOLO Coin is 1 YOLO Cash (YLC)
Fill up this form below:
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