We are pleased to announce our next AMA on April 1st 2021 at 06:00 PM UTC Time: Satoshi Club x BasketCoin
⚠️Click to see the hour
⚠️Total Reward pool: $500
⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join BasketCoin Telegram group
We will have the following structure:
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. BasketCoin Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about BasketCoin
For more details:
BasketCoin Website – basketcoin.io
BasketCoin Telegram – @bskt_global
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Gas fees on the Ethereum blockchain are currently very high. Do you have any plans to address this problem through the use of a side chain, or other similar measures?
The initial supply of BasketCoin tokens has been set at 21 million (21,000,000) and the final supply will be 10% of that value, or 2.1 million (2,100,000) BSKT.
Is there a way for us to track the BSKT supply levels and How long will it take for the BSKT supply to reach its final stage?
BasketCoin, $BSKT, is regarded as the first deflationary token secured by basket of cryptocurrencies. What are the crypto assets that are used to secure $BSKT and how secured are the individual asset found in the basket of tokens? And since $BSKT is not a stablecoin and these basket of assets are not intended to make $BSKT a stablecoin, what specifically will be the role that will be played individually and collectively by the tokens in the basket and what type of security do they offer $BSKT?
You have two Telegram communities: One is a Polish group and the other is a global group. However, the local Polish community is more active and have more participants than your global community. Is BasketCoin project focus more on Poland? How do you intend to create more marketing and partnership interaction across a global level to drive widespread adoption? Are there further plans for community grant or reward event which could help build a more dynamic ecosystem and also ensure the community are carried along in your project?
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?
Since BasketCoin is Deflationary, How can $BSKT survive in the long run?
Czy potrafisz mnie przekonać że Wasz projekt będzie użyteczny do jakichś celów ?do jakich?
Jakie korzyści może osiągnąć inwestor trzymający wasze tokeny ?
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 thesame? 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 NFTs token be issued to investors? What type of investors will be able to benefit from this NFTs and what privilege does having such exclusive NFTs grant them?
BasketCoin encourages its users to connect their wallets and lock at least 10000 BSKT tokens on a “special” staking platform, when I read “LOCK” it comes to me a lot of questions, first: what benefits will I get? second: for how long will be this lock and what happens if I want to exit the process? third: Will be any type of punishment for withdraw this money?
From what I could read, you have not yet established a proper governance system, DAOs and governance based on community contributions have become popular lately, what power does BasketCoin plan to give to your community? Will you launch a token just for this function?
Investors with at least 10,000 BSKT on the betting platform will earn passive income in the form of a suitable and percentage-defined redistribution of tokens in the wallet of the rewards pool. Will the BSKT team buy BSKT tokens? In this way, trying to increase or decrease the amount of tokens available in the market?
The deflationary model is based on charging a fee for each transfer made. All operations involve a fee of 2% of the value of the transaction. Half of this fee, i.e. 1% de facto of the total value of a given transaction, or 50% of the transaction fee, is transferred in the form of BSKT tokens to a previously created management portfolio. Where do you direct the second part of this fee charged?
90% of the proceeds will be used for buyback and depletion, while the remaining 10% will be used for ongoing and necessary expenses related to the execution of the project. Is that to say that as a result of these assumptions the price of the BSKT token rises and the number of tokens available for sale is continually limited?
The basket of coins mentioned above will be filled with the funds collected during the BasketCoin sale, and the sale itself will take place in several stages. Once the sale is complete, how are these funds distributed? I read that they have the support of important and outstanding cryptocurrencies, can you mention what they are and what contributions do this alliance offer to the community?
Focusing on your sales groups. Detail your Tokenomy to know if it is profitable to invest in this mitigating project? How is the transaction fee distributed?
I understand that you want to develop decentralization through management tokens of subsequent possibility for investors to influence the change in the cryptocurrency basket and make other decentralized decisions about the project. How do you exercise the limitation on the number of tokens On circulation?
What are the security guarantees offered by this platform to investors who support the network with the so-called POS method? Is it completely decentralized, are the rewards distributed automatically?
How expensive is it to provide liquidity through uniswap? Are there other methods to evade those ethereum fees? Have you thought about working with cheap networks like BSC?
You mention that NFTs are 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 NFTs?
The BSKT token aims to be secured with a basket of 7 currencies, among them: BTC, ETH, DOT, SKEY, YF-DAI, USDC and finally BSKT, I find it interesting to know the fundamentals by which you chose these currencies and they were assigned certain percentages for each one, could you explain how they were selected and why?
Your project shows the $ BSKT token with many advantages such as being deflationary, with collateral-covering its value, options for staking and others, but what about the disadvantages of using the Ethereum protocol? And the most painful one: tha gas fees? How will you make reliable to transfer and make transactions with your token?
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 in 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?
How did you make the selection of the currencies that secure BSKT tokens, what features do they have in common that made them qualify as the best to keep a deflationary environment?
The BSKT model of securing it’s token value by ensuring constant and stable increase with a basket of seven cryptocurrencies is quite eye catching. As a deflationary token, don’t you think the value of your tokens are rather given a “shadow-like” peg to these seven cryptocurrencies, making BSKT behave more like a stable coin rather than exhibiting the deflationary functions for which it was built?
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 community continues to grow and adoption increases? How will token allocation, staking and investment play a crucial role in this?
It is written on your whitepaper that there are going to a daily dose of 10,000 BSKT for the first 100 days shared between investors providing DEX liquidity. My first Q1 is how can someone be an investor and the second Q2 is how will someone support the liquidity and also provide it.
How many price tracking websites are you listed on
Please the link to your whitepaper in the website doesn’t load, is there another link to get the whitepaper.
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
Is the proof of stake platform used to stake $BSKT because it seems confusing to me starting from the burn fee and other even nobody talked on the APY when you stake.
Congratulation on your public sale, i will like to know how much was gathered during your public sale
As said on your website and i quote “I am aware of the loss of the right to withdraw from the contract due to the supply of digital content and the situation where the price of available services depend on fluctuations in markets over which Service Provider has no control” explain this part well for more understanding?
Can we call the first pop-up they shows up on your website a form of term and conditions or we just need to read and understand if alone as per risks it is.
I will 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.
One method of removal of tokens from circulation is through staking whereby attractive staking reward will be issued to investors who have placed at least 10,000BSKT on a special platform. What % of 10,000 BSKT will attract this reward and on arrival of your governance token, will possible changes be allowed in the amount an investor can place to attract staking rewards.
According to your website, we can receive rewards for supporting the network by placing BSKT on the platform or providing additional liquidity on DEX. Is there a minimum amount of $BSKT to place in order to receive rewards? Can you explain more about the mechanics of receiving rewards in your platform? As a Liquidity providers,how much percentage can be received as a reward? Thank you
Immediate bonus for BSKT hodlers is token’s growing price due to deflationary nature. What other use cases do you see for BSKT other than hodl, do you plan to use hodl as a payment token on different platforms?
BSKT is based on the basket of 7 tokens. How will BSKT value grow if, let’s imagine, value of the underlying 7 tokens remains static? And similarly, if the 7 base tokens drop in value, will it cause BSKT to loose value as well?
ETH fees are a killjoy. Do you have plans to expand to other chains in the future? BSC, Polka etc.. I imagine that would make many BSKT hodlers very happy! 🙂
BasketCoin is a deflationary token, can you describe how is the mechanism from BasketCoin token that makes your token deflation? And also can you tell us about tokenomics from your token?
I just check your site that BasketCoin project have an airdrop with reward total of $2000 in $BSKT token, thats really big reward. Can you please tell us what are the requirement to join in your airdrop? Do all community include new user possible to participate?
In 2021 Q3 / Q4 you will implement a platform and the governance token, but is there any way that users can participate in the voting today?
Researching about the BSKT token, I noticed that it is not listed on platforms to provide information like CoinGeko and CoinMarketCap, why is BSKT not listed on these platforms? Do you plan to list the token soon? Also, do you plan to list BSTK on Exchanges as Binance?
On your website you say that Non-convertible NFT tokens under the flag of BSKT are a limited and exclusive treat for Investors. What kind of NFT’s do you offer to users? How can a user purchase an NFT?
What is the reason why you implemented Proof-of-Stake (PoS) in the project? Considering that there are other options like PoW, why did you decide that PoS was a better option?
I would like to know a little about your memberships with other companies or projects. Do you have news about commercial relationships with private entities that are interested in Basketcoin?
Can you tell us a little about the security you provide to users? What technology does Basketcoin adopt in its infrastructure to combat hacker attacks and other situations?
BasketCoin Investors with at least 10,000 $BSKT on the staking platform will earn passive income. How can hodlers recieved the rewards? Where should they store their $BSKT and how to claim the rewards,? is it automatically distributed?
The BSKT token is secured with a basket of seven cryptocurrencies that cover its value. Do this set of assets can be replace or it is permanently on the basket? Is there an option on your part to add other coins on the basket?
BasketCoin Smart Contract assumes that a total of 90% of all BSKT will be burned. Supply will decrease from 21,000,000 to 2,100,000. What is the estimated years before reaching 2 million supply? When that time comes, the burning process will stop or not?
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 of including USDC and BSKT into the basket of BSKT token?
This first quarter of 2021, you entered the financing phase, how do you evaluate this first stage and what balance can you give us after this quarter?
A great opportunity for investors is the possibility to acquire unique NFT Tokens, I would like to know, under what standard is the BSKT based, the older standard that would be the ERC721 (each token requires a smart contract) or the newer standard ERC- 1155 (multiple tokens with a single smart contract)?
Governance is constituted as a primary and important issue for the development of any project on the blockchain and for it to remain over time. What is the approach that BasketCoin developers have, in terms of decentralization functions that will benefit the project and its users in the future?
When does basketcoin launch on Uniswap?
Your roadmap indicates that you will be launching governance token in Q3/Q4 this year. How exactly will governance work on basketcoin?
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?
Your website states that if LPs provide additional liquidity on Uniswap, they will receive additional tokens for the first 100 days of BSKT’s release on Uniswap. How are these additional tokens distributed, as in how is the reward calculated?
How did you selected the tokens of the basket?
What value can BSKT really give to NFTs?
Regarding the BSKT management tokens, I assume eventually changes to the basket tokens will need to be done, what are your plans and vision to make a suitable platform for the community to actually make an impact on the basket?