PART 1. Introduction of BasketCoin project and community questions.
Hello, Satoshi clubbers and guests of this site. We are happy to present you a new project.
BasketCoin the first deflationary token secured with a basket of cryptocurrencies with the possibility of staking and management.
The plan of AMA session:
- Part – Introduction and preselected questions.
- Part – Live questions
- The Quiz about BasketCoin
The reward pool is 500$
Leading the AMA our clever and fun admins:
Gold Rocket | Satoshi Club – @GoldRocket27
Andrés M. | Satoshi Club – @AndresM77
The Representative of the project:
Marcin | BasketCoin.io – @Kryptoboom83
Introduction of BasketCoin project.
Andrés m. | satoshi club:
Welcome to the last ama session from today. Basketcoin project is here 😃
Marcin | basketcoin.io:
Welcome everyone. Thanks for having me on
Andrés m. | satoshi club:
How is going your day? It’s an honor for us to have you here
Marcin | basketcoin.io:
I’m having great day today. As always 🙂
Andrés m. | satoshi club:
Great my friend, I’m happy to know that😁
To begin the ama, could you give us a short introduction about you and Basketcoin project?
Gold rocket | satoshi club:
Hello and welcome to satoshi club, @kryptoboom83 !😀🏀 we are very glad to conduct ama with basketcoin!
Let’s start! Introduce yourself. How did you get to be involved in crypto & Basketcoin?🏀
Marcin | basketcoin.io:
BSKT is a token designed in the Ethereum ecosystem (erc20) and its basic characteristics can be briefly presented using the following wording:
- deflationary,
- with the system of repurchase and burning of tokens,
- with collateral – covering its value,
- with options for staking,
- with fair, transparent and well-constructed tokenomics,
- with the subsequent implementation of management tokens.💪
We do have prima April day, but BSKT is not a joke at all👌
Marcin | basketcoin.io:
I’m in crypto since 2016. Started with a cryptocurrency mining farm. Then I started thinking about starting a new project. Caple years later and we have Basketcoin 🛒🛒🛒
Andrés m. | satoshi club:
Why did you choose to create a deflationary token?
Marcin | basketcoin.io:
There are not many deflationary tokens on the market, most of the coins are inflationary and I wanted to create something new -> overall supply will be decreasing over time and it shall provide more value to deflationary tokens 👌
Andrés m. | satoshi club:
I agree with that idea. So, before to go with our first question, could you explain to us how did you choose the name of the token? Why basket?
Marcin | basketcoin.io:
That’s a great question, thank you. Basketcoin just because our token consists of Basket of 7 cryptocurrencies which cover its value 💪
Andrés m. | satoshi club:
Wow, which cryptos?
Gold rocket | satoshi club:
This is a forward-thinking decision! 👍
Marcin | basketcoin.io:
The BSKT token security basket looks like that:
Bitcoin (BTC) – responsible for 25% of the value of the coverage,
Ethereum (eth) – responsible for 25% of the coverage value,
Polkadot (dot) – responsible for 10% of the coverage value,
Smarkey (SKEY) – responsible for 10% of the coverage value,
yfdai.finance (yf-dai) – responsible for 10% of the coverage value,
Usd coin (USDC) – responsible for 10% of the coverage value,
Basketcoin (BSKT) – responsible for 10% of the coverage value.
🛒🛒🛒🛒🛒🛒🛒
Andrés m. | satoshi club:
Is posible to add more coins to the basket in the near future?
Gold rocket | satoshi club:
A very interesting concept😊
Marcin | basketcoin.io:
We will add governance token in near future and those with a management token will decide on the creation of another basket of cryptocurrencies, and if one were to be created – also on the selection of cryptocurrencies included in it with their percentage allocation 😊 decentalization is the key 👀
Andrés m. | satoshi club:
Amazing 😁, after of that incredible introduction, are you ready to know our first question?
Marcin | basketcoin.io:
Yes. Sure. We respect the voice of our community 💪💪💪
Preselected questions about the BasketCoin DeFi project.
Andrés m. | satoshi club:
That’s the key to success I think 👏
Q1 from telegram user @rioliandaro
I understand that Basketcoin’s goal is to have a fixed number of coins so there is no risk of (hyper) inflation.
What I want to know is, is it technically possible for a cryptocurrency to have a fixed target inflation rate?
For example, the European central bank has an inflation target of 2% (in my opinion) which is expected to both stimulate growth while avoiding excessive inflation.
So I guess my question boils down to:
Why are all popular cryptocurrencies deflating?
Is it an unsolvable technical problem or is there some other reason why it’s designed this way?
Gold rocket | satoshi club:
And it is right! Community is the blood of the project! A strong community is what drives you to success🚀
Marcin | basketcoin.io:
There is not such a word “inflation” in our dictionary💪 we are not setting deflation on a particular level, it all depends on many things, but there you have a summary:
In order to achieve deflation, the initial supply of BSKT tokens has been set at 21 million (21,000,000) and the final supply will be 10% of that value – 2.1 million (2,100,000).
In the case of deflationary cryptocurrencies, the constitutional assumption is to gradually reduce the existing number of available tokens by eliminating them from the market in a process that is generally called burning.
The token elimination process can be achieved through the following actions:
* burning a certain percentage of available tokens, each transaction made using BSKT is subject to a fee of 2% of its value (1% is burned out, the next one goes to the stacking platform).
* buy-backs of tokens and then burning them, the company will allocate a large part of the profits from staking cryptocurrencies covering the value of the BSKT token for repurchase and burning.
*removal of tokens from circulation through staking, attractive staking rewards for investors who have placed at least 10,000 BSKT on a special staking platform.
Marcin | basketcoin.io:
Yes, we are on the same page 🚀 community is the key 🚀🚀
Gold rocket | satoshi club:
Sounds a little complicated, but very tempting nonetheless! 👍 Thanks for the answer! Want to add something or are you ready for the next question?
Marcin | basketcoin.io:
It may sound complicated just at the beginning but it’s really simple.
Ready 🚀
Andrés m. | satoshi club:
Q2 from telegram user @neverencryp
I tracked the contract address and I know you have a total of 393 holders, I would like to know how the gas fees are not affecting them or maybe you have a plan of waiting for optimism (the Ethereum 2 channel) for we that cannot cover the gas fees. Or maybe there is another way to hold $BSKT token.
Marcin | basketcoin.io:
We do have another 160 ppl with the biggest bags, but it is not shown on etherscan, because they delegated BSKT tokens on our staking platform.💪 we do know that fees are very high, but right now we must wait for Vitalik to do the right job 😂
Andrés m. | satoshi club:
How are you dealing with high fees?
Marcin | basketcoin.io:
We can only wait for cheaper gas fees. We can’t really do anything about it 👍
Andrés m. | satoshi club:
Completely agree. Ready for the next question? 😃
Marcin | basketcoin.io:
Yes 🚀
Andrés m. | satoshi club:
Q3 from telegram user @kosku21
You mention that NFT s is an exclusive gift for investors, what will be the benefit and purpose of these? And what type of investors will be selected to receive these NFT s?
Marcin | basketcoin.io:
NFT s won’t be gifts, we will launch the possibility of buying them on the NFT marketplace. We are currently working on developing them, and sadly we are not able to bring any sneak peaks about it. We will provide more information about it in q2 or q3, it will be a surprise for our community 💪
Andrés m. | satoshi club:
We will be expecting for that
Gold rocket | satoshi club:
Don’t forget to share with satoshi clubbers😉
Marcin | basketcoin.io:
For sure we will💪
Gold rocket | satoshi club:
By the way, share your roadmap. Please.
Marcin | basketcoin.io:
Gold rocket | satoshi club:
Thanks a lot! Ready for the next question? 😊
Marcin | basketcoin.io:
Yeah 🙂
Andrés m. | satoshi club:
Q4 from telegram username @highpee
You have planned NFT development and implementation for q2/2021 and I have read that $BSKT can serve as NFT and DeFi token. How is that made possible considering that fungible and non-fungible technology are not exactly the same? In addition, you are also going to have some non-convertible NFT tokens which will be reserved for an exclusive treat for investors. What makes them non-convertible and how will these NFT’s tokens be issued to investors? What type of investors will be able to benefit from these NFT’s and what privilege does having such exclusive NFT’s grant them?
Marcin | basketcoin.io:
Our NFT will be launched on another platform – the NFT marketplace, not on our own. You will be able to buy them on one of these marketplaces. We can’t talk much about incoming NFT, because it will highly integrate with our project and we don’t want to spoil great news for our community too soon. I hope you can understand the lack of details provided now, I can only tell NFT s will be connected with governance tokens. 🛒🛒🛒
Andrés m. | satoshi club:
We understand, but maybe you can give us an easter egg about what’s coming 😁
Marcin | basketcoin.io:
Well, we already did – NFT s connected with governance tokens. But all right, just for you guys – there will be more than 1 kind of NFT token and we are currently preparing them, but shhhhh 🙊🙊🙊
Gold rocket | satoshi club:
🤫🤫🤫
Andrés m. | satoshi club:
Of course, 🤫, thank you so much for your confidence
Gold rocket | satoshi club:
Thanks for the answers! Are you ready to proceed to the next question? 😊
Marcin | basketcoin.io:
Indeed, I ‘am 😃
Andrés m. | satoshi club:
Q5 from telegram username @victorogb
Another area of unique development for the team is making BSKT also a governance token with plans to make it’s functionality and distribution equitable to this model. How will BasketCoin determine the specific responsibilities of those saddled with various management functions, especially as the community continues to grow and adoption increases? How will token allocation, staking, and investment play a crucial role in this?
Marcin | basketcoin.io:
Any management token holder will be able to object to or support any development changes proposed by the community. In addition, it will be possible to submit its own proposals providing for further concepts and ideas for the development of the project, and then to put these concepts to the vote of the community. Each management token will match one voice, which means that when you have more than one management token in your possession, you will have a real greater impact on the project. The management protocol will help us all to achieve the true potential of BasketCoin and will become the first step towards real decentralization. We would like to point out that, in fact, the possibilities of using the management token are endless, and the possibility of configuration and cryptocurrency basket mentioned above is just one of its future applications 💪💪💪
We can’t really tell the details yet about how will this gov token be distributed, but our community will have enough time to prepare until implementation 👌👌
Gold rocket | satoshi club:
Thanks for the clarification! Do you want to add something or are you ready for the last question of this part? 😊
Marcin | basketcoin.io:
That’s about covers it, at least for now. I am ready!
Andrés m. | satoshi club:
Q6 from telegram username @dudeiebitch
I would like to know the minimum amount to stake when staking with the procedure of staking and the APY when I stake? Most especially is the procedure of staking.
Marcin | basketcoin.io:
The minimum amount is 10000bskt, and we can’t really tell APY because it depends on many factors and it’s not fixed👌
Andrés m. | satoshi club:
Marcin, thank you so much for your answers in this first part of the ama, would you like to give us some extra details about the project? Maybe some useful links to check
Marcin | basketcoin.io:
✅the only official domains are:
🇬🇧 basketcoin.io
🇵🇱 basketcoin.pl
✅ official telegram channels are:
🇬🇧 t.me/bskt_global
🇵🇱 t.me/bskt_polska
✅ official twitter
✅ official medium
https://basketcoin.medium.com
✅ official Facebook
https://www.facebook.com/bsktglobal
✅ official Reddit
https://www.reddit.com/r/basketcoin/
✅ official GitHub
https://github.com/basketcoinbskt
✅ official linkedin
https://www.linkedin.com/company/basket-coin
✅check the address of the contract on official channels✅
❌beware of groups masquerading as BasketCoin, take extra care❌
❌using groups other than those listed on the website will result in loss of funds ❌
Gold rocket | satoshi club:
Satoshi clubbers! Pay attention!👍
Andrés m. | satoshi club:
Satoshi clubbers, let’s join
Marcin | basketcoin.io:
You’re most welcome. Go on 🚀🚀
PART 2.Questions about the BasketCoin project from the live chat of the telegram community.
In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the BasketCoin crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.
Q – 1 from a telegram user @surendra040
Any plan to go public from anonymous by your team in the future?
Marcin | BasketCoin.io:
We are now public. please go to basketcoin.io and have a look on our team section 😎
Q – 2 from a telegram user @cryptofollower
The BSKT token chart contains Bitcoin, Ethereum, Polkadot, Smarkey, YF-DAI, USD Coin, and Basketcoin (BSKT). I understand the first 5, but what is the reason for including USDC and BSKT into the basket of BSKT token?
Marcin | BasketCoin.io:
We have USDC in our basket because we believe that a stable coin is essential in every portfolio. BSKT because of its potential and we strongly believe our token will grow in value over time 🚀🚀
Q – 3 from a telegram user @neverencryp
Congratulation on your public sale, I will like to know how much was gathered during your public sale (new)?
Marcin | BasketCoin.io:
we have raised more than 600 ETH for now (over one million $$$ ). Sale will only last till 6.PM on sunday 4 April
Q – 4 from a telegram user @Indomiekuy
I read from your telegram that BasketCoin have burn and buyback system that different than other project, could u please explain to us how do your burn and buyback system work in BasketCoin platform? What makes it special?
Marcin | BasketCoin.io:
At the end of the sale for the funds raised (excluding 116.66 ETH, which will be used to launch the Uniswap liquidity pool and excluding the marketing part) the cryptocurrency will be purchased in the BSKT basket in the proportions stated in the project assumptions, i.e. the amount of the BSKT basket: BTC 25%, ETH 25%, SKEY 10%, YF-DAI 10%, DOT 10%, USDC 10% and BSKT alone 10%. All listed cryptocurrencies that make up the BSKT basket will be used to generate additional profits on platforms such as:
• crypto com
• YF-DAI
• Swissborg
• and other decentralized profit-generating platforms in DeFi format.
•
Revenues from these platforms will be used in the repurchase process for the redemption and burning of BSKT tokens, contributing to a significant reduction in supply on the secondary market. 90% of the above profits will be used for repurchase and burnout, while the remaining 10% will be used for ongoing and necessary expenses related to the running of the project. The described process will extremely accelerate the deflation of BasketCoin, which was already mentioned is excellent news for all Investors, because in its assumptions it raises the price of the BSKT token while limiting the amount of tokens available for sale.
Q – 5 from a telegram user @piratrabarbar
Do you plan to make a bridge or swap to BSC with the current project or maybe evolve to other cheaper chains? Fees on ETH kills market?
Marcin | BasketCoin.io:
We are thinking highly about this. You will be amazed what we planning in near future.
Q – 6 from a telegram user @alptrader
Let’s assume one of the tokens on the basket has been hacked and its value has gone to zero. will it be possible to change that token with another one? Do you have any token change mechanism?
Marcin | BasketCoin.io:
We have chosen cryptocurriencies which are already settled on the market, stable coins and coins with huge potential. The risk of hacking these particular coins is minimal but if this happens the community will decide to replace any coin by using governance tokens in the near future🤙
Q – 7 from a telegram user @Deleted
Copy from another question
Marcin | BasketCoin.io:
Basketcoin token is designed to secure your investment in such circumstances. During the bull market, its value will grow and in the bear market, stable coin in the basket, deflation, burns, and buy-backs will keep the price on a high level or even push the price up when all the rest is bleeding.
Q – 8 from a telegram user @alice_wonderland12
The final supply of BSKT will be only 10% of the initial supply, as a strategy to produce deflation. Once this strategy is out because the final supply is reached, what will be the impact on the price of the coin, will the deflation still be possible and sustainable? What mechanisms will be developed once that happens to guarantee it? In how long is the final supply going to be reached?
Marcin | BasketCoin.io:
By that time we will already have governance tokens so our community will decide what to do later on. What we can tell you know – when the supply reaches 2 100 000 the BSKT token will stop burning out. We can’t really estimate how long will it take, because of many factors such as the numbers of transactions and bay-backs system provided by the company.
Q – 9 from a telegram user @Korryl
How do I possible to purchase BasketCoin token and make an investment there? are there any presale and public sales for your token? please explain it thanks
Marcin | BasketCoin.io:
You can check it out on our medium
https://basketcoin.medium.com/how-to-buy-add-basketcoin-to-your-metamask-account-4b3949691f41
Q -10 from a telegram user @csgonub
Are there any ways of bringing back the BasketCoin tokens from which are sent to the “eater address” that you call it?
Marcin | BasketCoin.io:
Token once burned is not reclaimable and it’s gone forever.
Part 3 – Quiz about project
In the final part, we tested the knowledge in terms of the BasketCoin project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 300$ was distributed between the winners.
Our contacts for more details:
English Telegram group | Russian Telegram group | Spanish Telegram group | Telegram Channel | Twitter | Website
Our Crypto Partner by this AMA: BasketCoin
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