Unfair AGIx ditribution system

Hi, I participated in your ICO in 2017 and still hold the token as I believe in the project, now you are trying to dilute us by 50% when you are converting AGI to AGIX on a 1:1 basis but at a 2B AGIX cap. Is that a fair way to treat the ones who believed in you since launch?

The supply won’t expand by the full amount immediately: only 1.5% of the unreleased tokens per month. This has been announced in multiple places & you can see all this & all other related information condensed here:

https://blog.singularitynet.io/singularitynet-phase-ii-launch-sequence-activated-agi-token-to-be-hard-forked-to-10ede4b6c89

By my calculations that’s only 16.6% released in the first year. Hopefully that inflation isn’t so bad considering the increased economic value the Cardano diversification period will bring: especially in that year.

Even if it is 1.5% every month, we should get 2 AGIx per 1 AGI since the doubled the total token amounts from 1B to 2B

I was hoping one of the forum veterans would answer the last comment, because I was not involved in this vote (although watching with interest from the Cardano community). My understanding as a more general analyst & newcomer to AGI is:

There’s no point keeping 100% (undiluted) value of a coin that drops to zero because nobody can use it.

That concept was covered pretty well in the paper explaining what was being voted upon, before the vote: https://rebrand.ly/SNPhase2

… and Ben explained it all very well here in a video release after the votes were tabulated. What you are saying above was taken into account for sure & considered many different ways by thousands of voters:

The consensus as I understand, which is explained in the video very sensitively toward the 9% minority who voted against the change, is that it will be far more beneficial for long time AGI supporters to move forward with a coin & business that will allow the coin value to grow exponentially through use of the Cardano platform. In fact, SinguarityNET is obligated to provide that brighter future.

As a relative outsider, from what I have seen in the uniqueness of SingularityNET’s offerings relative to the other “blockchain AI” companies (integrating open source components, a Cardano based “Domain Specific Language” for smart contracts using AI services, and more), I believe the new Cardano compatible coin will grow at a rate far exceeding the asset’s losing value at 1.5% (gradually reducing) rate per month from the increasing supply.

In fact I am staking my reputation to say that this inflation will be like “a drop in the bucket” … but since you also have issues regarding trust, I believe any further response should be from one of the longer time members of the SingularityNET community, so you can be reassured of the good faith that I have already observed here. :innocent:

2 Likes

Rather than diluting your value by 50%, this move onto Cardano unleashing Open Cog on the world as Hyperon will x5 the current ADA price. AGAX will be the first coin through the Cardano ERC20 converter into the Cardano ecosystem of 45 billion ADA. Wouldn’t surprise me if there is a ADA to AGAX fomo as the Cardano community perform a celebration buy into AGIX. Beyond ADA, the SDAO tokens are now avail to buy and in the dip right now, they are a steal and will x10 once ADAX goes live with the Cardano smart contract drop. Buy SDAO now before the DEFI whales feeding everywhere else afar as well and close, on Cardano’s occam.fi deFIRE and Definity IDOs. I’m buying Defi startups on Polkadot for no as they are about to hit it with parachain activation and just started buying into the Cardano launches. Now SDAO is here and so the journey home begins. SDAO will explode as will AGIX.

Smooth sailing to the moon and beyond! :hatching_chick:

1 Like