The new Token is for the crowdfunding Smart Contract and for the rewards only -- not for loans in the App. Sell your ELIX tokens to me i'll buy them from you.
If they issued a 2nd token vs consolidating everything to a new token, what would the 2nd token be used for exactly? Would it have a purpose? Do you think people would dump it and just by more elix with it? Personally I like the sounds of 1 token. The dev team has already done a few conversions already so they must have the process down pretty well.
Although I'm one of the people on the TME NovaExchange boat that bought a few thousand TME coins early on. I'm currently waiting to get dealt back in later, so everything is kind of out of my hands right now. I've been sitting on the sidelines watching it grow from 3 cents to $1.25 now. It's been a very impressive growth to watch.
I don't currently own anything I can sell. There were about 20-30 of us that had coins stuck on NovaExchange so we missed out on the TME to Exor conversion. ElixDev has all of our information. They've logged into our NovaExchange accounts and verified our TME and have taken a future MyEtherWallet Elix address to deal us back in. I'm not entirely sure how they are going to do that yet. Based on what they said in the AMA thread it looked like they wanted to go to a new token to limit the supply. They seemed to suggest that Elix would still exist but they'd expect everyone to want to convert to the new token.
From the AMA thread:
Wowowow, whats all this about a new token? What will be the max supply? Ratio of conversion? Will Elix even be used or needed later or we will move slowly towards the other token? Please explain the new token as clear as possible because this is confusing for Elixir holders. And frankly it shouldnt.
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elixirdev2 5 points 2 months ago*
The new token will be used to interface with the actual lending contracts, and will be optimized for this process as well as having the capability of being updated. Its max supply will be dictated by Elixir. A conversion ratio will be determined to scale down the total supply of the currency, but no user will be losing any of their Elixir or its value. Simply put, if you have 1000 Elixir and convert it into the new token, you would receive 500 of the new token in return (with an example conversion ratio of 0.5). This is just scaling the total max supply down from Elixir's potential 60 million, into 30 million (again, with a ratio of 0.5 as an example). There will be a no time limit to convert from Elixir to this new token. When transferring Elixir into the mobile application, the conversion will be handled automatically for you.
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mkultra33 1 point 2 months ago
Will the original Elixir token still exist or be of any use? And can we convert to and from the new token back to Elixir, if it'll still exist? Thanks
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elixirdev2 3 points 2 months ago
It will still exist and be continuously traded, but its best use will be to convert into the new token, which will also be publicly traded.
If they keep both tokens and make the new one a reward system, I'm not sure how that will work. In a way it will increase the overall supply vs limit it because now you effectively have more coins. There will also be additional developer/costs work to manage both coins.
If they were to convert the coins with the intention of everyone moving to the new one they will achieve the supply limit they were going for and it will be a process they are already familiar with (as they've already done 2 conversions). However they'd have to give the coin a new name/symbol and probably update a ton of stuff (exchanges, website, screenshots etc...).
Maybe there are alternatives such as keeping it Elix, and somehow burning some of the supply to increase the price. They could compensate the long time TME NovaExchange people buy dealing them back in from the burn pile. Assuming this is even possible.
