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Oct. 2023
Credit has the ability to build a modern economy, but lack of credit has the power to destroy it, swiftly and absolutely.
- Ben Shalom Bernanke
The BTCMobick project is all about credit. Everyone participated in it because they trusted the issuer albeit with a varying degree. Like everyone else, I also had doubts whether this project would fly. Seeing countless scam projects disappear didn’t help boost my confidence. In hindsight, I should’ve been more bullish. If I had felt the confidence I have today, I would’ve thrown everything into this. But as Steve Jobs said, you can’t connect the dots looking forward; you can only connect them looking backward.
Since airdrops are over, there is no other way to increase my holdings but buying it on the market. Then came the lockup announcement: if you lock up your Mobick coins for five years, you get a right to share newly mined coins. I had to sleep on the idea for a few days since it was not self-custody. However, I think I understand it now.
By locking up as many coins as possible, you can stabilize its price. Mobick’s coin distribution is good enough even today. When you look at the chart for the past several months, there were no major collapses. There were several 50% drops, but they were understandable considering the speed and magnitude of previous spikes. Why? Since the issuer himself holds 3/4 of the total supply, you don’t need to worry about a sudden liquidity influx. Those who find out about this project and decide to invest don’t seem to worry too much because of the fact. And now the issuer wants to make it even better.
Out of 4 million tokens that were airdropped to individuals, 1,615,718 are locked up for five years. It is about 40% of the current circulating supply, which is much higher than Ethereum's 23%. I believe it is enough to please both new investors and existing holders. The addresses of locked up wallets are open to the public. If any of the coins move during the five-year period, the address holders' mining rights get revoked and their shares get to be distributed to other participants. This is to induce them to keep the agreement until the maturity date.
Although the number of available Australian nodes was 40 at first, it has been increased to 61. The project team has allocated 11 more from their own reserve pool, and 10 more from the renewable energy firm pool. The decision reflects the project team's strong will to reward individual holders who try to help the ecosystem grow by locking up their own assets. Bitcoin halving is scheduled in the first half of next year, which means participants will have to watch the expected price rise that will start to unfold before their eyes. Even if they want to sell some of their holdings at higher prices, they have no choice but to wait. The 21 additional nodes are rewards for their anticipated agony.
Whales with more than 4,000 Mo have registered their wallets under their real name, and smaller applicants formed a group to make their combined holdings to be over 10,000. The collected digital wallets are stored in a safe that belongs to a digital wallet manufacturer called ‘Mobickers’ until January 3, 2029, when Mobick is going to be airdropped to early Bitcoin whales. In fact, there are some arguments not to do this airdrop because it will inevitably send the Mobick price to a freefall. As an investor myself, I’m also reluctant to agree with the plan, but it is up to the project team to decide, so I’ll keep my mouth shut.
Newly mined coins will be distributed proportionally to the locked up amount. If you lock up 100, you are expected to receive 113.5 or more when it is unlocked. Given that there are no more major airdrops, it is reasonable return ratio. Of course, some businesses will conduct their own Mobick airdrop events in the future. The number of tokens you can get from a single event, however, will be very small like 0.01 or 0.001 Mo. Participants in the Ray-Ban sunglasses and Glenfiddich whiskey events received approximately 1 Mo and 0.4 Mo respectively, equivalent to the price of the item they purchased, which was around $150. Over 13.5% APR is not something to be taken lightly.
Could this lockup help stabilize BTCMobick's price fluctuations? Let's sit back and observe what its Maximum Drawdown (MDD) is going to be like.
*Lock Up Addresses and Balances
#Mobick #BTCMobick #lockup
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