Proposal Status Update

Posted by The Bullex team on Jul 30, 2019, 10:55:08 PM
The Bullex team

Dear DCORP community member,

The last two weeks or so have been quite tumultuous. If you are reading this, that means you are still with us! Thank you:)

Proposal Update

As you probably know, two weeks ago we have presented you with a proposal for running and growing Bullex. Many things have happened in the meanwhile and many discussions have been held. While we were not always happy to read all of your comments, we are happy that we have now got a dialogue going aimed at making DCORP and Bullex a success.

However, before we continue our discussions regarding this proposal for growing Bullex, we feel like we have reached quite a critical point in time.

Over the past two weeks, it has become clear to us that some of you are (very) unhappy with the current situation and that there seems to be a significant amount of distrust regarding the (operations of the) DCORP and Bullex team. We want to acknowledge that some concerns that were raised and that some questions that were asked are very valid. However, we also want to let you know that we have been unhappy with some of the remarks and accusations that were made regarding the DCORP and Bullex team. These comments have made us doubt about the willingness of (some of) the token holders to continue with us and about the ability of DCORP as a whole to be one (positive) force that is going in the same direction, together. We believe that if we want to make DCORP and Bullex a success, we have to stick together and trust each other both in good times and in bad times!

However, besides the challenges that we hope to overcome within DCORP, there are unfortunately some other recent developments that we want you to be aware of.

As you might know, we have never been very happy with how things with our exchange software provider have gone. Ever since we have started working with them, things have not gone very smoothly. In the past, we have often been unwilling to put the spotlight on them when we encountered troubles and instead have taken the responsibility ourselves. However, the fact remains that to date our exchange software provider has not been able to deliver their service at the level that we need from them to be able to run a safe and successful exchange. Unfortunately, our confidence in our ability to have a safe and successful exchange up and running within a reasonable timeframe, with our current software provider, has diminished in the recent weeks. While we still see several opportunities to make this work in the future (even in the short-term future), our current assessment of the Exchange part of Bullex is less rosy than it was two weeks ago.

However, while our view on the short-term viability of the Exchange part of Bullex has become more negative, we are still very positive about the Store that we have created. The Store runs on software that we have created ourselves and we see many possibilities to make the Store profitable while looking for ways to still make the Exchange work over time. Moreover, there still might be other ways to continue building out the Exchange successfully.

Unfortunately, we have some more negative news. After the release of the proposal, our payment service provider has let us know that they have canceled our contract. They have explained to us that they were not happy with the role that the token holders play in the funding and decision making regarding Bullex. However, there are alternatives out there. While this is definitely a setback, we believe that we can overcome this and still make things work.

However, before we continue our discussions regarding a proposal for growing Bullex, we believe it is best to first have a vote regarding the willingness of the token holders to continue with DCORP. We want to give you the possibility to continue with DCORP (hopefully as one positive force) or to stop and get a partial refund of your initial investment. We want to do this because we want to  be one positive force if the majority of the token holders DO decide to continue, and because we want you to know the facts and prospects as they currently are.
We hope to continue with DCORP as one team (the ‘working’ team and the team of investors)! However, in order for all of us to be able to do this, we (the ‘working’ team) need to know where you stand regarding both your trust in us and regarding the current situation.

Let's Discuss

We understand that this is not nice for you to hear, and we are also not happy with the current situation. However, we wanted to provide you with the facts for as far as we are able to up until this point. We understand that you need more information to base your decision on. Therefore, we will provide you with more information later this week. This will include more information regarding what happens if the majority of the token holders decides to stop with DCORP, but more importantly more information on the possible paths forward in case the majority decides to continue.

We will most likely provide you with more information in the form of a separate document, since this will include too much information to put into a blog post. The goal of this document will be to get you informed and to serve as a guideline and reference point to have a meaningful and fruitful discussion between all of us. Since it is in the best interest of all of us to have the information available quickly and get the discussion going, this will not necessarily be the most aesthetically pleasing document. This document will include more information on the risks and possibilities for continuing with the Exchange and the Store and more information on the questions and concerns that were raised during the discussion of the funding proposal. We want you to know that there are many possibilities to come to an agreeable solution for many different aspects of the funding proposal. This is important for you to come to a good decision for the vote about whether you want to continue with DCORP or not.

Before we provide you with this document, we hope to already get a constructive dialogue going and to answer some of your questions. We will try to be available on Telegram as much as possible for this. Also after we have provided you with more information, we hope to continue the discussion, on Telegram or through other channels.

Updated Timeline

We aim to start the vote about whether you want to continue with DCORP or not on or around the 10th of August. The vote will then run for 7 days. For now, we would like to let you know that while we might have to temper our enthusiasm a bit, we believe there are still many ways to make DCORP and Bullex a success. Moreover, if you decide to continue with us, we hope that together we can come to the best way to do this!

Closing Remarks

In case you missed it, you can find our last update here and the feed of all our recent updates here!

If you’re interested in learning more about DCORP and Bullex and would like to join our community, please subscribe to, or join, our social channels:

Thanks for reading and happy trading! Love Bitcoin, join the Bull.



Topics: Bullex, Crypto Exchange, DCORP, proposal