Vote for partial refund or continuation

Posted by The Bullex team on Aug 8, 2019, 7:06:25 AM
The Bullex team

Dear DCORP community member,

As we have let you know on July 30th, we will soon be having a vote about whether to refund the remaining Ether in the smart contract or to continue with DCORP and Bullex. This vote will take place on August 10th because shortly after this date we have to renew, sign or cancel contracts with third parties.

Vote for partial refund or to continue

This is a vote about whether you wish to receive a partial refund of your original investment, or whether you want to continue with DCORP (and Bullex).
If you vote ‘yes’ on this proposal, this means that you vote to dissolve DCORP and divide the remaining Ether (after reserving a part for serving out contracts and dissolving Bullex NL B.V. and her foundation) among all token holders that make a claim within the claiming period of 8 weeks. The part that is needed to serve out contracts and dissolve Bullex NL B.V. and her foundation is €355,000. €355,000 divided by the Ether rate at the start of the vote will be reserved in case the majority decides to dissolve DCORP. At the current rate, that would be about 1775 Ether. This means that there will be about 6847 Ether that will be distributed amongst all token holders that make a claim within the claiming period of 8 weeks.
If you vote ‘no’ to this proposal, this means that you do not wish to dissolve DCORP and that we will continue working on and voting on a revised version of the original proposal. A 'no' vote does not mean that you agree on the revised version. It means that you do not wish to dissolve DCORP and have a partial refund. From there, we can discuss the next proposal.

Of course, trading systems and cryptocurrency exchanges are complex businesses with many variables, many of which are outside of our control. Investing in a cryptocurrency startup is a risky endeavour in and of itself. However, when running an exchange, you have to be 100% ready and the system has to be 100% functional. Unfortunately, the last 5-10% turn out to be much more difficult than expected and we have to rely on the services of third parties. We believe that there is still a chance that we can get the last bits to work and subsequently make Bullex a success, but we want you to be aware that there is also a real possibility that we will not be able to get the exchange part of Bullex working as it should (within a reasonable timeframe), in which case there will be properly no (substantial amount of) funds left for anyone. 

We are currently working on a solution with third parties but up until now don’t have a solution for all open issues. That means that any new investment is high risk and there is a substantial possibility that you lose your investment entirely. We feel that is our duty to point out these risks so that you can make a well-informed decision.

Basically, you are now making a decision to take your loss, limit your downside but forgo any potential upside, or take a risk with a large upside but the risk of completely losing your investment.

If the majority of the community votes to continue, we will proceed with the original proposal submitted on July 18, but we will together revise the proposal. The three major points that can be revised are: 

1: The DRPU necessary for the services of Ami and Nadav. For this, we have several options to make that possible:

  • The community will loan the DRPU to Bullex, instead of the core team, and receive interest over the principal of the loan. However, the price at which the DRPU will be paid back will be capped; or
  • The core team will loan the DRPU to Bullex and receive interest over the principal of the loan. However, the price at which the DRPU will be paid back will be capped; or
  • DCORP will create new DRPU tokens for Ami and Nadav; or
  • Bullex will buy DRPU for 90% of the current value and use this to pay Ami and Nadav. The core team is also willing to sell their DRPU to Bullex at 90% of the current value.

2: The loan provided by the core team. For this, Frank has agreed to be repaid his 20,000 euros of the loan out of the future revenues made by Bullex. Moreover, Hansco has agreed to be repaid 70,000 euros of the loan out of the future revenues made by Bullex, and the other 70,000 euros from the VC smart contract funds.

3: The release of the marketing funds. Regarding this, we could decide that Ami and Nadav will continue working on the marketing plan, but that we would only make the marketing budget available once the community has agreed to do so. We will have to wait for approval of the community. This would mean that no marketing budget would be made available until the Exchange and Store are ready to go live and until the community is satisfied with the state of the exchange. We could do this through the use of a vote.

As Ami has mentioned in the #marketing channel in Discord, he has proposed to have a small Zoom call where he can answer more questions that relate to the marketing plan and where he can provide some further details.

The team will be available for questions and discussions in our Discord channel. We will also be able to provide quicker updates in there. If you have any more questions or would like to have more information, we invite you to join us in our Discord channel (https://discord.gg/c7cB6n8). Please mind you that in order to be able to take part in our discussions, you will need to have a verified account on dcorp.it.

Kind regards,

The DCORP and Bullex team

Closing Remarks

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

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

 

 

Topics: Bullex, Crypto Exchange, DCORP, proposal