Hard Fork - Action required
You need to go to Karatbit, make a choice with your KCB coins and make that choice before midnight, 4th January 2020. Here's why...
Karatbars are under an obligation to let the market know what the final circulating supply of new KBC needs to be after the hard fork and within a certain time frame so that they (the market-exchanges) can properly make the hard fork transition from ERC20 tokens into new Mainnet tokens.
I get that this all sounds hugely complicated but that's Crypto for you.
This hard fork process takes time. At least 2 months in reality to go through so that no exchange gets missed or, indeed, miffed. The process was announced to the market on 15th September to start on 15th December. So the process now needs to be done with some haste and we need to make sure that we, internally, aren't holding it all up.
This process is required so that 3rd party exchanges can ready themselves properly to carry out the fork correctly thus allowing the KBC held on these other exchanges to convert properly into the new Mainnet coin.
Because of this we within Karatbars need to get ourselves sorted out first because we are the only people that have this other element called KCB. Remember KCB was never launched publicly so we have a primary step that we need to carry out that merges KCB into the existing KBC.
And before the final number of circulating (NEW) KBC coins can be known, Karatbars need to know how many KCB will get converted into the original KBC first and thus they have to set a deadline to get this figure set.
If they do not set a deadline, this process will just go on and on forever and the exchanges will simply give up waiting and people on those exchanges will lose their holdings. These are exchanges outside of Karatbars control of course, not the Karatbit exchange.
You probably know how difficult it is to get some people to take action; as evidenced by the fact that, even now, I know of people who have not even linked their Karatbars accounts with Karatbit - let alone moved their coins on to the exchange. To those people I say go to my resources area in (link below) and look at the videos displayed on there to see all you need to see with regards to "moving your stuff around".
In addition, to ensure that people don't feel railroaded in anyway to accept the offer on the table of 2.54 KBC for every KCB they hold, the company have come up with a second option or choice. This allows you to convert all or part of your KCB into vouchers that will be worth the original value of the KCB coins (i.e. €0.14 per coin).
You will be able to turn these vouchers into shares in the company once the IPO (Initial Public Offering) is ready to go live and all full details are known. What is absolute and known now is that every KCB you hold, including those given as bonuses, will be worth €0.14 in future share value.
I don't think there is much doubt that most people would prefer to be holding an asset that is fully controlled in a fully regulated market (shares) over unregulated assets but that is for the individual to decide. You can have 2.54 KBC's for every KCB you hold, or €0.14 in share value for every KCB coin you hold. You get to choose but choose quickly.
This (conversion to vouchers) will be the default situation if you do not make a choice at all by 4th January.
It has to be this way because then there can never be any argument about value. Your KCB, by choice (and no action is a choice), will be converted to vouchers worth every euro-cent you paid for them plus. Hopefully by reading the stuff above a few times you will also understand why the company needs to tell the market how many new (Mainnet) KBC coins there will be.
As you know, pretty much all KCB coins came with bonus coins. And, typically, they were between 50% and even 200% of the starting number. So, if we use 1,000 KCB coins as an example, most people would have been given 2,000 or maybe more and in some cases less (depending on the package and the incentive etc.). The entire value of these coins can be converted into vouchers between now and 4th January 2020. Once GSB (Gold Standard Banking) are public
I am assuming here that you know by now that the Gold Standard Banking Corporation (the company that now owns Karatbars) is going public starting with Frankfurt and then other stock markets.
Now I cannot tell you what to do here, it really must be personal choice. In all probability when I have properly considered my choices I will do a bit of both.
As to how to make the conversion, there is now a video on site that my colleague Seon Braithwaite kindly put together. Look at that and you will fully understand what you need to do. Just click on "do this before 4th January 2020"
With that I will leave you to your Christmas Festivities. Have a fabulous holiday season, sort out your stuff on karatbit and then relax!
All the very best
John
Ps, there was other information of course that came out in Madrid - I will leave that to Brian McGinty to explain - you can see his newsletter (and past ones) here:
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