As most of you may well be aware, a decision has been taken to extend the ICO period for MB8 Coin till November 5th. This press release will serve to inform you of the facts, background and reasons behind this decision and show why this is, in fact, a benefit to all members and holders of MB8 coin and why it should be viewed as a positive in terms of its impact on the coin value and the time taken to reach this value.
EXTENSION OF ICO – THE FACTS:
The ICO will end November 5th – this is not necessarily true. The ICO will end when the MB8 coin is sold out which may be significantly earlier. Do we not already have regulatory approval from the Maltese government? The short answer is yes. However, we still need to go through the bureaucratic procedure which takes time.
Why has it taken so long and how much longer will it take? We have missed so many deadlines – what is the reason? The reason why this procedure has been prolonged is because MB8 is the first coin to go through this process, so the Maltese government is learning as it goes along. Whilst we may appear stagnant, we have been exchanging information and submitting our paperwork on virtually a daily basis. MB8 coin will be the template or showcase for all other coins to follow so naturally the Maltese government are keen to get it right which obviously means they will not rush the process.
In an ideal world, all the milestones and deadlines would have been met as mapped out in the white paper and we would have had a good long run till the end of August to completely sell out of MB8 coin. After this we would have hoped to be on a few of the leading exchanges. The reality of the situation is that, because we are the first and because there is no set procedure in place for regulation, and even though we have submitted everything in a timely manner, the process is taking longer than any of us had anticipated. This has had the knock-on effect our failing to meet deadlines that we ourselves set for ourselves.
It is important for us to get the regulatory approval as this will ensure the future for MB8 coin both in terms of longevity and value. Whilst it is clear that the delays are consequences of things out-with of our control, in order to give enough time to accommodate for the recess in parliament, compliance with yet another regulatory body we have to deal with – the newly appointed MIA which replaces MFSA for matters regarding cryptocurrency, the official regulatory approval being granted and the subsequent time taken to sell out (approx. 2-3 weeks) of MB8 Coin post regulation we took a decision, based on the collective consensus of both MultiBuy and Blockchain Scotland, with discussion and agreement of all members of the crypto community that we are currently working with, to extend the ICO till Nov 5th.
WHY IS THIS A POSITIVE FOR MB8 AND MEMBERS/COIN HOLDERS?
On the face of it, this would be taken as a setback to most people who were looking forward to the end of the ICO on 31st August. However, this works in our favour for the following reasons:
This gives us the opportunity to sell more coins to individual investors which is the preferred demographic we are aiming for. It also gives members the chance to earn more commissions and also help others take the opportunity to make a life changing sum of money. regulatory acceptance is officially granted, the many larger institutions who cannot invest in unregulated markets, will come in and buy up the remainder of the coins. By nature, these institutions do not transact with any great frequency in proportion to the amount of coins they hold.
Further, it would also give them the power to manipulate the markets which we would prefer to avoid hence our preference to sell predominantly to smaller individual investors. As the value of cryptocurrency is directly related to the number of transactions that are made using it, the more people transacting regularly, even in much smaller amounts, will ultimately boost the value of the coin.
In conclusion, whilst it would appear to be a frustrating delay to the launch of the MB8 Coin on an exchange and the open market, the time lag will serve to improve the value and decrease the time taken in achieving this value. A simple analogy would be: Catch the earlier train that will take up to 12 hours to reach its destination or Wait for an extra hour and catch the express service that will take only six hours for the same journey.