Keeping it short. Ico’s found a new way to fuck you in the butt. Meet the latest scam.
Mainnet migration supply dilution. Supply matters. Markets rotate around supply and demand. Trends are nothing more than supply-demand imbalances. A influx of fresh supply, printed out of thin-air affects the scarcity value. This is called inflation.
Insolar mainnet swap supply dilution
If you bought insolar before Mainnet, congrats, you overpaid by 100% (2x) . Insolar doubled the total supply without your consent.
The mainnet-swap isn’t 1:1, instead they decided to print another 500,000,00 XNS’s tokens for Enterprise Incentives, Network incentives, App Developer incentives. Now 1x INS token is worth 10 XNS instead of 20 XNS.
Instead off taking the supply from the INS ecosystem or buying it back from the market, they decided to print the supply at your expense. Literally, doubling the total supply. You literally paid double the price for INS token, in otherwords INS has to double in dollar value for you to break even.
When the token is still in ethereum testnet as a erc-20 token, supply can be changed with a few lines of code. Tokens that migrated from testnet to mainnet are final, all changes are final and permanent. Sparkster ICO got caught, they altered the smart-contract that allowed them to secretly print more tokens out of thin air.
Not only has Insolar doubled the supply, now they are tricking their ”investors” in locking their supply. Read further….
But XNS is trading at $1 on Kucoin. Yep ,correct but there is a catch.
1 INS cost $0.14 and each INS token can be swapped for 10 XNS tokens and 1 XNS token is currently trading at $1.04 on Kucoin. That is a return of 900% right? Yep, correct. But here is the catch, once you swap your INS for XNS, your tokens will be locked for 3 years.
Except the token-swap, locks your XNS tokens for 3 years.
Meanwhile Insolar is selling off their OWN supply, while you are forced to baghold. You can’t sell at $1, you swapped therefore you locked your supply, remember?
It’s literally a pyramid game if you think about it.
If you’re new to this crypto-game, read the following articles.