What happened to the 10% buyback of BKB tokens every 3 months? It now says this:
Quote
If you opt in to sell a percentage of your BKB balance will be traded for Bitcoin on November 1st 2018 at the BKB price and Bitcoin exchange rate on November 1st. Half of monthly site profit will be bought back in total. Everyone who has opted in gets equal percentage of total amount to be bought back. Prices shown above are estimates.
I've Opted in, but I don't think anything happened on November 1st. Is the 10% buyback entirely off the table now?It is now:
* Monthly buybacks where half of the site profit is used to buy BKB
* Quarterly buybacks where the minimum bought back would total to 10% for the past 3 months
I'd like to add a link, but can't find the email online. I'll quote the full email in code tags:
Code:
Latest news, rebranding and BKB changes
Latest BKB changes
We have tweaked the BKB buy back model.
Each month we will take the total profit BetKing makes from bankroll profit commission, trade fees on the exchange and 3rd party commission for licensing software.
Fifty percent of this profit will be used to buy back BKB at the current buy back price.
The tokens we buy back or earn in fees over the month will be burned.
The buy back price is determined by:
Previous months BKB price + (monthly site profit in $ / total BKB supply)
BKB was snapshotted at $0.099 on 2018-10-21 00:00 with 20 million of 100 million tokens burned, leaving 80 million.
What can BKB be used for?
The token can be used to get 50% discount on Bankroll profit commission when you invest BTC, ETH or LTC in our Dice game bankroll.
BKB can also be used to get 50% discount on trade fees on the BetKing exchange
BKB can be used to pay for withdrawl fees when withdrawing BTC, ETH or LTC to your wallet.
BKB can also be used to play Dice and get rakeback and prizes in our leaderboard contests
BKB can be traded on our exchange for Bitcoin
Future of BKB and BetKing
BetKing will be moving away from gambling and rebranding to become a Bitcoin bank, exchange and payment processor.
We have already began work on this and we will launch in q1 of 2019. See https://bitsafe.io for more details and a working demo of the app.
Once the new site is live BKB will be converted to BTSC (BitSafe Coin) automatically using the exchange rate of both tokens at the time.
BTSC has similar utility to BKB in that it can be used to pay trade fees, merchant fees and any other fees on the BitSafe platform.
BitSafe will also use 40% of it's quarterly profit to buy back BTSC on the BitSafe exchange.
We believe these changes are best for BKB token holders and our future success together.
Latest BKB changes
We have tweaked the BKB buy back model.
Each month we will take the total profit BetKing makes from bankroll profit commission, trade fees on the exchange and 3rd party commission for licensing software.
Fifty percent of this profit will be used to buy back BKB at the current buy back price.
The tokens we buy back or earn in fees over the month will be burned.
The buy back price is determined by:
Previous months BKB price + (monthly site profit in $ / total BKB supply)
BKB was snapshotted at $0.099 on 2018-10-21 00:00 with 20 million of 100 million tokens burned, leaving 80 million.
What can BKB be used for?
The token can be used to get 50% discount on Bankroll profit commission when you invest BTC, ETH or LTC in our Dice game bankroll.
BKB can also be used to get 50% discount on trade fees on the BetKing exchange
BKB can be used to pay for withdrawl fees when withdrawing BTC, ETH or LTC to your wallet.
BKB can also be used to play Dice and get rakeback and prizes in our leaderboard contests
BKB can be traded on our exchange for Bitcoin
Future of BKB and BetKing
BetKing will be moving away from gambling and rebranding to become a Bitcoin bank, exchange and payment processor.
We have already began work on this and we will launch in q1 of 2019. See https://bitsafe.io for more details and a working demo of the app.
Once the new site is live BKB will be converted to BTSC (BitSafe Coin) automatically using the exchange rate of both tokens at the time.
BTSC has similar utility to BKB in that it can be used to pay trade fees, merchant fees and any other fees on the BitSafe platform.
BitSafe will also use 40% of it's quarterly profit to buy back BTSC on the BitSafe exchange.
We believe these changes are best for BKB token holders and our future success together.
I recall from memory many promises around BetKing's ICO, and many of them have been broken (for instance not reselling BKB tokens after buying them back, the quarterly buy backs, the promises to add more games, and more). I didn't believe the math behind the (lack of) details in the whitepaper from the start, but all details are fragmented in many different topics on this forum, and I don't have the time to dig it all up now.
If I look at betking.io now, the chat is gone, the site looks worse than it ever looked, and it doesn't look anywhere near what was promised in the BKB ICO.
My guess: Bitcoin dropped so much that BetKing can't afford the buy backs anymore, since the BKB price is fixed in dollars. Spending half the profit on buy backs is a joke, the site barely has any players.
I remember Dean wanted something new when he closed BetKing, because he was tired of dealing with it. The site was profitable and trusted when it closed.
It looks like Dean finally found a new project to work on, but he's largely destroyed his reputation in the process.
Sad. This marks Dean/betking.io moving into actual scam territory. The BKB token was an instrument that allow Dean to speculate in bitcoin price: He made a personal profit/loss from the buy back scheme depending on the current crypto prices compared to the ICO price. While I know people were a bit upset when the price of crypto (especially bitcoin) sky-rocketed but the token price was still fixed to USD -- however it was always defended as fair because had crypto prices dropped -- the tokens would still have the buy-back scheme and still priced in USD and Dean would be taking a personal loss.
So he's been happy arbitrarily changing the terms, reaping the benefits when it was in his favor (even offering accelerated buybacks when bitcoin price was high) and now that BTC price is slightly lower ($4250 USD vs $4596) instead of taking a loss, he's just telling investors to fuck off. "Half the profit" thing is insulting, especially when he's pretty much sabotaged any potential for the site to make money and done ridiculous things like adding *another* investor-funded instead of using ICO funds like it was intended. (and the site is pretty much dead anyway)
On a personal note, I kind of dodged a bullet here. Dean spent quite a lot of time recently giving me extremely attractive offers to buy a large amount of BKB. I never accepted it, as the terms were so much in my favor it didn't make sense (compared to he could've had the same exposure for a fraction of the price by going on bitmex) and when I asked him how low btc price would need to get before he could no longer do the the buybacks , and he insisted that it could never happen and even if bitcoin price went down to $1 he had systems in place to sell btc to ensure he could always make investors whole. Now it's pretty clear the whole thing was in bad-faith, and the second things turned against him he pulls the plug.
Oh and to top it all off, this part really me laugh:
Quote
Once the new site is live BKB will be converted to BTSC (BitSafe Coin) automatically using the exchange rate of both tokens at the time.
...which is currently significantly less than half its "buy back price"
Man, investors really got screwed here pretty badly. But if anyone feels left out from this reverse-gangbang at least he's offering a new ICO to get into. 
