After the Poloniex case, the absolute priority for us was to list Coin2 on many exchanges.
In parallel, the Buy Back Program launched on March 19th 2016 worked it's way up. It was initially created to decrease the high number of C2 available on the exchanges, but it's final purpose became more interesting: decreasing the C2 supply to prepare a swap and a reverse split with a 5:1 or 6:1 ratio.
Thanks to the important price fluctuations, the last pump at Poloniex and the price fall following the delisting announcement, we were able to sell 1.7 Mil C2 for about 7.5 BTC and to buy back 11.3 Mil of C2. 10 Mil C2 are stored in a computer wallet (https://chainz.cryptoid.info/c2/address.dws?22480.htm), 50k were used as donation to the Kryptoguru faucet, about 30k were used for the Cryptopia rewards bot and the available balance on the exchanges is about 1.27 Mil.
Regarding the reverse split and the 10 Mil C2 wallet, it's just necessary to understand that we have to decrease and to maintain the supply to 120 Mil before the swap. Most of the Coins from this wallet won't be exchanged against new coins. Only unclaimed coins will be considered as dead or burned coins after the swap deadline. It will be on the basis of the final count only that a part of the reserve could be exchanged.
The BBP continues to run and its actual purposes are to maintain a sufficient C2 balance regarding the inflation to allow a 6:1 reverse split and to accumulate a capital intended for the creation of the Coin2 Foundation. The purpose of this foundation would be to support future developments, to promote Coin2 and to progressively backup the Coin2 value with real money, precious metals and with varied investments.
Now the next steps are:
- A serious reflection about the technology to develop and about the future purpose of Coin2
- An accurate estimate of the global cost
- The fund raising
- The development
- The marketing
- The launch of the new coin