Coin Information:
BitGold is a long term currency made with everybody in mind. The aim for it is to let everybody win. Many coins these days have premined massive amounts which the devs stash away so usually they can sell them later on the open market to make money, the problem with this is that it crashes the coins price and leaves investors holding the bag. A prime example of this is EarthCoin. When the coin launched it had a very high price. The coin was trading in the high hundreds of satoshi’s. The coin was then thought to have later been slowly dumped on by the developer who help a big premine, now the price is around 20 satoshi’s… How are investors going to recoup their money when they may already be down x10? The idea behind BitGold is that this coin still needs money to constantly be bringing out new things for this coin. To achieve this without having an unnecessary premine we decided to go with an IPO. Having an IPO means everyone gets the chance to buy into BitGold without worrying about these things going wrong. Because of the high number of IPO scams recently we have decided to go with a trusted escrow site which will be posted with more info below.
The Plan:
As previously stated the plan for BitGold is to make a currency that no one loses on. Everyone who plays the game wins. This sounds too good to be true though doesn’t it? Well BitGold has been coded specifically for this point. Investors don’t lose because this coin is a proof of stake coin, meaning that just for holding coins you receive more over time. This means even if the coin loses value you will get more of it! As for miners, they will profit of not only mining this coin and selling/holding but also from other plans which will be outlined below. Early investors (IPO) will make money simply from buying and holding the coin as it goes up in value, because it is a rare coin it is likely to have a high value from launch.
Then first part of our plan other than development is launch. We plan on having a completely smooth launch this time around. We will have the client pre uploaded in a password protected file as well as have the source uploaded to github securely before launch. When it is time for launch we release the link and the pass file along with direct downloads on our website. This enables a smooth launch for everyone to take part in.
First two weeks
The next part of the plan is the first few weeks. During the first few weeks we plan on getting this coin on an exchange fairly quickly to give investors a chance to buy this coin safely and get started on the gold rush. This will get the coin circulating quickly before everyone has all there IPO funds. This also may give miners a higher reward due to more transactions being done (tx fees). As well as this we also plan on getting various services set up such as games and faucets.
Long term
The final part of the plan for BitGold is to get some big things in progress. We have many ideas currently in the works that will help get this coin up and going as well as increase the price. The first one being creating a multipool that pays out only in BitGold. This will help the coin immensely as every day approximately 0.7 BTC (At IPO prices) will be introduced on to the market. With the multipool we estimate to be buying at least that much every day to pay out miners. This means we can easily make a stable and always rising currency. Another big idea we have is to build a BitGold exchange with BitGold as one of the major trading pairs. This will help the coin as it will bring high amounts of volume to the coin as well as the possibility of introducing it to more people. One of the aspirations we have for BitGold is that it can one day trade equal to a pairing in real gold, whether it be a gram or an ounce or even a Kilogram.
IPO
BitGold will have a two part “real” IPO. The two main parts will be broken up into old and new investors. Old investors are classified as to those who invested in the former Gold Bars or who invested before the announcement these people will get a better rate on investment than others due to putting up funds earlier which have further been used to develop and make things for this coin. New investors will be given a similar rate which will be reflected below. These investors are open to use escrow through Coin Swap which will be detailed below.
The reason this will be a real IPO is that we will do what many true stocks do and offer a % of shares at an initial fixed price. Our rates will be underpriced to ensure we have capital to keep this coin alive and going long after launch, this is also done to be fair to investors and give them a good chance to make some real money.
Rates
The rates used by the Bit Gold IPO have been determined by multiple factors. These include comparison to other coins. The main coin we have compared this too is BitBars. Bitbars are currently valued between 0.1 to 0.05 BTC. The reason we compare BitGold to BitBars is they are both rare and scarce coins with some similar features. We believe BitGold can easily be worth more than BitBars though with an active community and ongoing development. As well as this we have valued BitGold towards other coins that have similar features etc. one being MintCoin. As of now writing this MintCoin is worth 0.00000020 with a total of 70 Billion coins this means if we do the math BitGold should be worth at least 0.028 if not much more with ongoing development.
With this in mind we have priced BitGold’s IPO prices at 0.006 BTC per coin for new investors and 0.004 for old investors. This may seem a little high to some people but rest assured this is a low price for the potential this coin will have (We may consider raising the prices if this proves to be popular) with this price there will be more than enough chance for investors to make a hefty profit. It may not be 1000x overnight but it will be enough to leave you happy in choosing BitGold. BitGold will have a maximum of 20,000 to make sure it is low in comparison to some of the coins already out.
Distribution
BitGold will have a fair distribution plan to ensure the coin succeeds. This is done to stop investors dumping onto the market straight away which in turn leads to the crash of many coins. In doing this we are setting up the coin for the long term. Distribution will be done over the course of 10 weeks. It will work by us sending out 1/10th of all the IPO coins to escrow each week who will in turn distribute the coins to each investor and in return providing us with 1/10th of the funds. This is great news for you guys as it stops us having the motivation to leave this coin once we have some money, we have to stick with it to make is succeed and we hope you will to.
How to join in
There are two ways to get in on this IPO.
To get in on this IPO with escrow all you have to do is head over to
https://coin-swap.net/ipo/join/Yqje93sK which is our escrow provider. They will deal with most issues or inquires you have. If you are an old investor all you have to do is come up with proof of this such as PM or E-Mail screenshots and possibly send an email or PM to verify the account. As to people already in all you need to do is PM me or email how much you put in along with tx id etc. and I will get in touch with the people hosting escrow.
To go direct to us (In case escrow does not work out for some reason or you want to send to us) all you need to do is send any amount of BTC over 0.1 BTC to 19hFULGNdmsomnCAMTqACzqZh7zZrKkKV6 and then PM us with the tx id etc. (If there is a conflict we will require you to sign a message) then all you have to do at launch is provide us with your BitGold address to receive the Gold!
if there is enough interest we will run a raffle for everyone who pays to us for a GPU. This will likely be a 270/280/290 depending again on interest and payments of this type.
*Rates subject to change and may go higher or lower depending on demand.
How can you trust us?
To be honest you probably can't although there are a few things showing we are legit. Firstly we are using escrow. Secondly our plan is so that we need to stick with the coin to get any BTC. As well as this we have done a coin launch before (As to why there are previous investors) which you can check out in my previous posts.
Also picured below will be the BitGold 1.0 client. (We are looking at doing some qt design on it in the future.
