Reorganising the budget after the ETH crash


#1

Hi Adam!

Wanna ask you about how difficult it was to reorganize budget after ETH drop from 1300-1400 deep down after ico and post ico finish? Which parts of budget you totally cut off (not technical part we remember Apple monoblock! :smile:)

Thanks for opportunity to ask you something directly!

Artem!


#2

Ya the crypto crash was brutal! Literally one day after our ICO everything fucking collapsed! Then it stabilized a bit and started rising again and we did our post ICO token sale and then ETH crashed again immediately afterwards. We ended up selling 1200 ETH at $600 which I wasn’t happy about doing but it didn’t look such a bad price a week later when it was $350 and at least now we have enough cash to guarantee that we can launch the product. We kept the rest of the ICO and post ICO funds in ETH as we said we would.

Yes it sucks that our ETH is worth a third of the price it was when we got it but we still have enough money to cover all development and marketing costs for the rest of the year which means we will definitely be launching the Digitex Futures Exchange on time in Q4. Admittedly, we won’t have much, if any, money left by the end of the year (if the price of ETH doesn’t go back up at all in the next year) but at least the product is guaranteed to get built and as long as that happens the DGTX token’s value increases significantly and that bails us out.

With a DGTX token price of only 10 cents it doesn’t matter if we’ve run out of ETH because we have the option of selling some DGTX tokens to cover the continued funding of software development and marketing. We may only need $1m to cover dev and marketing costs for another year which we could raise by selling 10 million DGTX @ $0.10. I’ve personally got 40 million DGTX so if I have to give up 10m of them to keep things going then obviously I’m going to do that. And after that we can start the new token issuance system as planned in the whitepaper and from that point on the exchange can run with zero commissions indefinitely. At that point the Digitex Futures Exchange can generate its own revenue through new token issuance and it is the community of DGTX token owners that vote on how many new tokens get issued and when.

So the goals are still the same and while it sucks that we have much less money to spend on reaching those goals, we can and will still achieve those goals.


#3

Appreciate the transparency here, I think you made the right call either way.

Now let’s hope ETH pumps over the next few months to give Digitex a lovely runway with the remaining bag it holds.