Madbyte News - November 1, 2017 (was released on the discord channel)
Madbyte coin first and foremost could be considered as an investment tool. Whatever we plan to do has to have that thought in mind.
So that said.. Our MadFund will be our centerpiece. Everything will revolve around it. In this way the fund is more important than the coin itself. Without the fund the coin would be useless and without any real purpose or value.
The Madfund is an investment fund that is owned by the coin holders and in many ways controlled by the investor. We believe every investor should have a say, though we will have checks and balances to make sure there is no abuse by a large investor scamming the fund to invest in a crap coin for their own benefit.
Most of our premine will be placed into the MadFund and will be released over a several year period. As the premine becomes depleted, other methods to replenish the fund of its mbyt coins will have taken effect.
Each month going forward we will be releasing a small portion of the premine for sale. Any money raised from selling coins will be placed directly into the MadFund. We will keep a watchful eye that we are not depressing the coin with these releases. But ideally, it will be easier for new investors to jump into the coin quickly. These investors would most likely become long term holders. This allows the MadFund to grow in the short term.
Many of you know that NovaExchange will close trading on February 28, 2018. As of a few days ago they put a stop to new customer signups on the exchange. This will affect madbyte in the short term significantly, as new investors will not be able to buy coins without purchasing direct from a mbyt holder. We are looking at different options for short and long term on this front.
Current mining of the coin has not been smooth sailing as we have miners push the difficulty higher and then leave. They return back again to mine hard once the diff is about to drop. Once they have mined they dump all the coins into the buy orders. From the positive side investors get plenty of new minted coins from the miners. But we are also looking at some solutions to address the irregularities of mining… more on that later.
We will also be releasing news on a regular basis on what is happening and what we are up to.
Dream big or go home. Never a dull moment when we dream.
All the best from the Madbyte Team
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