Before I get into today's message let me just get something off my chest...
I have been responding as best I can to all requests for help concerning the impending DEADLINE for choosing to turn KCB into KBC and I have done all I can now given the time left to us. Sometimes I was unable to help simply because little or nothing had been done by individuals at this stage - for example, the number of people that still hadn't set up or linked their Karatbit accounts has stunned me in truth.
Most of us, fortunately, set up our Karatbit accounts when it first launched or soon thereafter. But some did nothing and ignored everything or, in some genuine cases, literally did not get any emails I have been sending over time. But even those people have had access to "the latest news" section in their Karatbars back office.
I accept the inevitable fact that sometimes emails get spammed or dumped by email service providers or that some people simply don't read them. But to invest in a product and then not pay any attention to the head office (back office) website we are given is, to my mind, madness.
No doubt now I will get emails telling me that it is the "system" that is wrong and not us as individuals and I will be the first to admit that due to a whole bunch of reasons that have all been stated in the past, the Karatbars administration, IT and support has been challenging but it is (and has been) what it is. I have no more influence over that than you do.
I also have to accept that the procedure has always been overly complicated and I can only believe what I am constantly told that it is getting better and will improve.
But here's the thing. Those members/customers/affiliates that have been paying attention generally have not had the problems...
If you haven't completed all the steps you need to by midnight, 13th January 2020 (Set up, linked your Karatbit account and made your decision), your KCB coins will be (ultimately) turned into a voucher that will be worth €0.14 per KCB coin and, as far as we know, then turned into shares into the Gold Standard Banking Corporation - at some point during the next 18 to 24 months.
I know that time-scale seems long but then again the company have goals to get listed on a number of stock exchanges and it makes sense to be certain that everything is done correctly and compliance is attended to properly. Better to take longer than to cock it up. Rant over.
This conversion to vouchers may be what you want anyway in which case, no problem. But if you had it in mind to exchange every (or some) KCB coin(s) into 2.54 KBC coins, then, that will not be an option after the DEADLINE.
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Now to today's cautionary note. I spotted this on Facebook and instantly thought, yes this is something that needs to be said.
For those of you with KBC, once the NEW KBC coin has been properly and officially launched onto its own Mainnet (blockchain) and OLD ERC20 type KBC coins have forked into the NEW Karatbars Mainnet KBC coin it is still quite conceivable that there will be people still holding OLD KBC on some crypto exchanges that were not converted or even, come to that, in something like a MyEtherWallet.
Now, of course, the NEW KBC may get renamed and, in that case, this cautionary note is probably unnecessary BUT if it is still called KBC after the transition (HARD FORK) then pay close attention...
It is also, therefore, possible that those exchanges may still be running OLD ERC20 wallets containing the OLD KBC.
Here's the cautionary note:
IF, post KBC HARD FORK, you find yourself with the NEW KBC and an urge to trade or sell those coins on any external crypto exchange, be very wary - if you were to send NEW KBC (inadvertently) into an OLD ERC20 style wallet, they would simple disappear for good.
To avoid that, always, whenever you send any crypto to any wallet, send a small amount first to test that they properly arrived and then send the balance when you know it all works.
I have been moving crypto around for years - particularly Bitcoin and I have always followed that structure (little tiny bit at first, then the main bit) and, as a result have never experienced that horrible feeling of losing the coins.
That was all, full message done. Hope that it was useful to you and please forgive me for my little rant.
John
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