Genesis block 2019 statement
This is an announcement to reiterate The UltraNote Team’s position about the 18 Billion Genesis Block Coins.
Recently in an effort to grow UltraNote’s community we have been receiving questions from aspiring members about the 18 Billion Genesis block coins and the risk of XUN Devs dumping them when if one day price goes up. I am writing this statement to update you about the Genesis Block Coins.
As you can verify on UltraNote Block Explorer the circulating supply is http://explorer.ultranote.org/q/circulatingsupply and our total supply is http://explorer.ultranote.org/q/supply which results in 98% of Deposited Coins and a market available supply of 267,153,864 XUNs (26th October 2019). Simply put the difference between Supply & Circulating Supply equals into Locked Coins. As long as the 18 Billion Coins are NOT available in Circulating Supply **It is simply IMPOSSIBLE to move them anywhere to Sell/Dump them**
** The 18 Billion Genesis Block Coins are locked on the Blockchain to secure the network **
When we launched XUN in November 2017 The cryptocurrency market was thriving and XUN was price at approximately 1 Cent. If you refer to this blog post https://blog.ultranote.org/ultranote-genesis-coins/ you will understand that our vision was to first launch XUN and then work with the Genesis Block Coins to run Charity Donations, Promotional Campaigns and build the XUN Community.
Unfortunately market’s behavior since January 2018 has not been favorable to anyone of us and thus did not provide enough room for XUN team to go ahead with any of our initial plans. We would for sure be looking like idiots donating 100M UltraNote Coins to a charity which are worth approximately $4,000 without them having anyway to use or spend the UltraNote Coins decently. Since then time passed and things changed. UltraNote Coins circulating supply has grown and thanks to dumpers we have been able to buy enough coins for cheap on exchanges (with our own personal fund) to have a good reserve to run any event we think worth it in the future.
The GOOD NEWS is that the 18 Billion Genesis Block Coins are **LOCKED FOREVER**.
I am not sure if you realize it but we have **No Reason** to **Dump 18 Billion Coins** on the market. Ask yourself Why would XUN Devs dump 18 Billion Coins to crash a project we invested everyday of our lives over the past 2 years to build with our personal hard earned cash.
Do you think Bill Gates ever thought of dumping Microsoft shares just to cash out; make a few bucks or you think he build Microsoft to be a company he can be proud of?
It is important to remind everyone that UltraNote Devs never did an ICO or ever raised funds from any community member to finance any development.
As presented since the launch of XUN soon 2 years ago these coins are for the sole purposes of securing the blockchain over the multiple decades to come for UltraNote. Our BlockExplorer is available 24/7 at http://explorer.ultranote.org/ and you can at anytime review the UltraNote’s network traffic to monitor the 18 Billion Genesis Block Coins.
I am inviting all of you to check out the link & understand the Explorer functions. The more you know about XUN the more confident you will be about being part of the UltraNote Community.
Wish you all the best