On November 1st, 2017, CEO and Co-Founder Mike Kayamori did an AMA on Facebook Live in which he made some very important announcements.
This is a summary of the main points from Mike’s AMA:
1. QASH Token Sale period will be shortened to 3 days only, from 6–8 Nov
We will shorten the QASH Token Sale period to 3 days only from 6–8 Nov, ahead of the hard fork around the 15th of November.
Everyone interested in participating in our QASH Token Sale, please register your QRYPTOS account, fund it and buy QASH within these 3 days. All who participate in the QASH Token Sale during these 3 days will still get the 20% discount.
2. The Public Sale cap will be reduced by half from 500m QASH Tokens to 250m QASH Tokens (or 250k ETH)
Because our QASH Token Sale period is only going to be 3 days — we will reduce the cap by half to 250m QASH tokens or 250k ETH.
Since 250m ETH will be available for sale, only for 3 days, our QASH supply could be oversubscribed, so we will ensure it will be prorated if you purchase within 6–8 Nov.
3. What will happen to the remaining 250m QASH?
The nature of our business is Liquidity. Because we are connecting with >15 exchanges and we are required to put deposits in each exchange (e.g. $10m per exchange = $150m total) — it isn’t enough just raising from public markets alone. We will keep the remaining 250m QASH as liquidity reserves and allocate it to strategic partners who will add value to the LIQUID platform.
These institutional purchasers and strategic investors are long term holders of the QASH Token and are completely aligned with our vision to build liquid crypto markets. Total supply will be the same. We will distribute 1bn QASH. Because of the hard fork, we will only offer 25% in circulation. Over time, remaining 250m QASH will be sold to institutional investors / long term holders at market prices with a slight discount.
The QASH listing date will be tentatively Dec 1st. We will have Bitfinex, Binance, etc to list QASH on first day of trading. Tokens will be sold at market price (by that time, QASH token will be listed) with a slight discount.
4. Please be aware of scammers who offer QASH at deep discounts
We are solving a real problem with real platforms. Our platforms are already used in QUOINEX and QRYPTOS, so we have eliminated product development risk. We are solving a fundamental problem the token economy has, and that is LIQUIDITY. We are very different from other ICOs that require people to offer deep discounts to sell. Please do not worry that we need to give deep discounts to sell QASH. We do not have to do that.
5. The bounty program will go on until December 1
The relationship between us as a service provider and our customers very close. We want everyone to use our platform and service. Having a robust community is extremely important. Even after the QASH Token Sale, we will continue the Bounty Program. I want our community to be the best in the world and most qualified, having great discussions about crypto. We are also looking to integrating our Telegram community with our trading dashboard, so stay tuned for that.