Author Topic: [ANN] Introducing Kexcoin - BitShares Powered Real Estate Crowd Funding Project  (Read 6416 times)

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Offline MarketingMonk

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Kexcoin is a user issued asset on the BitShares network.

We selected BitShares as the platform to power this project due to the processing speed and the built in exchange, two features that will make the user experience smooth.

Kexcoins are cryptocurrency tokens that will be sold to participants in our crowdfund on 15th September 2017.
The funds we raise will then be used to buy investment properties in the student accommodation market, a market that brings reliable returns.

Using the rental profits from the properties we buy, we will begin a process of buying back Kexcoins and burning them. This will have the affect of making Kexcoin increasingly scarce and naturally more valuable.

If you are familiar with the OBITS project this is the model they originally adopted.

Our vision is to build a new funding network through the use of the blockchain, making it available for almost anyone in the world to participate, in any amount, large or small.

We are unique in the business as we are already supported by an existing infrastructure. Kexgill, an associated company to Kexcoin has been investing and growing their European portfolio for almost 39 years.

With an experienced team, they are an award winning student provider, owning almost 3,250 beds throughout the UK and 360 multi-family apartments in Germany.





Key Information

When will the ICO be launched?
You can place buy orders now for fulfilment at 15:00 UTC 15th September 2017

How long will they be on sale?
30 days (15 September 2017 – 14 October 2017) or until we sell out, which ever comes sooner.

How many are being sold?
8,500,000 KEXCOIN

What is the rate/value they will be sold at?
0.0025 BTC = 1 KEXCOIN

How to connect with us
You can get in touch with us via Facebook, Twitter, Telegram, Bitcoin Forum, Bitshares Forum.

How will participants benefit?
Once per quarter on a pre-announced date, we will take 50% of the net profits generated by the rental income from the properties and use it to buy back as many KexCoins as we can.

Participants will be able to offer their KexCoins for sale on the market and we will buy them back starting with the cheapest first.

Once the buyback budget has been exhausted, all KexCoins purchased within that budget will be permanently burned. This reduces the total remaining supply and increases the scarcity of the coins that remain, thus inflating the price.

The remaining 50% net profits will be reinvested in further investment property to speed up the buyback process.

What does the KexCoin team get out of this?
10m KexCoins have been created. This is the total number that will ever exist.
10% of this amount (1m KexCoins) will be retained for the core team.
An additional 5% (500k KexCoins) will be retained for contingencies.

The remaining 85% (8.5m KexCoins) will be sold to participants during the token sale.
In order for the KexCoin team to profit, KexCoins must be worth something. This will only happen if the project is a success.

When a core team member wishes to take some profit, they would have to sell their coins on the market in exchange for Bitcoin in the same way as an ICO participant does. The core team are not allowed to sell or trade their Kexcoin for a 1 year period after the ICO.

What happens if you don't sell all the coins during the ICO?
Any coins that are left unsold when the crowd funding period closes will be immediately and publicly burned.

Useful Links

Website
https://kexcoin.com/

Whitepaper
https://kexcoin.com/wp-content/uploads/KexCoin-Whitepaper-Final-10-08-2017.pdf

Step-by-step guide to participate
https://kexcoin.com/wp-content/uploads/How-To-Buy-KexCoins-Step-By-Step-Guide-v1.04.pdf
« Last Edit: August 17, 2017, 06:48:42 pm by MarketingMonk »

Offline yvv

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Are you going to use the same flawed buyback model as OBITS uses? OBITS is traded below the ICO price and it falls more and more. Please do something to guarantee that investors will be able to sell their tokens at at least ICO price. Set a price floor for buybacks or something like that.

Offline MarketingMonk

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The price falls when tokens holders are willing to sell for lower and lower prices.
The way to guarantee a profit is to hold until the price is above the price you paid.

This is the same for any cryptocurrency you buy. The difference here is that, as long as the properties are rented out, there is a consistent flow of new demand coming into the market combined with an ever decreasing supply of coins.

Offline yvv

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The way to guarantee a profit is to hold until the price is above the price you paid.

Which means that you buy a token and watch how its price goes down forever, like OBITS. Thanks, leave your shit tokens to yourself.

Offline lafona

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Cool Project, I think this is an excellent use case for bitshares tech. Also I personally prefer the buyback mechanism as it is more favorable for taxes here in the US.
BTS Witnesses: delegate-1.lafona     Witness Thread: https://bitsharestalk.org/index.php/topic,21569.msg280911/topicseen.html#msg280911
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This announcement is lacking so much essential information that I can only advise everybody to take extra care in applying their due diligence.
Please vote for my BitShares witness "cyrano" and for my STEEM witness "cyrano.witness"!
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Offline fav

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Cool Project, I think this is an excellent use case for bitshares tech. Also I personally prefer the buyback mechanism as it is more favorable for taxes here in the US.

yup nothing wrong with buyback and  burn.

This announcement is lacking so much essential information that I can only advise everybody to take extra care in applying their due diligence.

? it's an ANN, there are links to website and whitepaper.

what's up with the hostility here?
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Offline edward freeman

Great Job MarketingMonk!
I like the project, great idea...
KexCoin

It is true that OBITS price is interesting to say the least...  how do you say low
What is possible for OBITS, increased price, increased volume, increased availability, monthly share-drops...
OBITS...  its a good thing

I am heading-up a Project to develop the Java Trading/Wallet client for the HEAT platform  based community-crypto-union project to provide crypto-banking to the more than 2 billion un-banked in the world today...

freemanfinicum.github.io

Offline yvv

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yup nothing wrong with buyback and  burn

There is no problem with buybacks. The problem is that they set it up such a way, that they are able to buy their tokens back cheaper than they sold them during ICO, which means that you will not be able to sell them at higher price than you bought. Same as OBITS. And there is no way to control how much will they buy back from themselves, driving the price down.

Quote
The way to guarantee a profit is to hold until the price is above the price you paid.

Bullshit! The only way to guarantee a profit is to stay away from this scam.
« Last Edit: August 16, 2017, 11:04:53 am by yvv »

Offline paliboy

The problem is that they set it up such a way, that they are able to buy their tokens back cheaper than they sold them during ICO, which means that you will not be able to sell them at higher price than you bought. Same as OBITS. And there is no way to control how much will they buy back from themselves, driving the price down.

It's in shareholder's best interest if a company buys back cheap. The real problem is the later point you mentioned... they will own some tokens so they can buy back from themselves.

Offline yvv

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It's in shareholder's best interest if a company buys back cheap.

No, it is not. If they buy cheap, this means that you will sell cheap. How is it in your interest?

Quote
The real problem is the later point you mentioned... they will own some tokens so they can buy back from themselves.

Yes, they leave 15% to themselves and who knows how much more will they buy from themselves during ICO. They leave themselves a HUGE spaces for all kind of manipulations.

Offline paliboy


It's in shareholder's best interest if a company buys back cheap.
No, it is not. If they buy cheap, this means that you will sell cheap. How is it in your interest?
Quote

It depends on whether you are a short-term or long-term shareholder (some call them speculator vs investor).

Offline yvv

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For those who have not enough brains to distinguish between good buybacks and bad buybacks here is a little example: bitAssets also use buyback and burn model. But guess what is the difference? Tip: bitAsset investors are protected by forced settlement and they are guaranteed to sell their tokens at face value no matter what current market price is.

What is offered here is a bullshit. Investors are tricked into a guaranteed loss. No, people, you have to buy back your tokens at no less than you sell them during ICO. I don't know how to do this, it's your job to come up with a way. Until then  you may stick your tokens into your butt.

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This announcement is lacking so much essential information that I can only advise everybody to take extra care in applying their due diligence.

? it's an ANN, there are links to website and whitepaper.

what's up with the hostility here?

Why do you sense hostility when I'm only advising caution? :-)

Neither the website nor the whitepaper provide important facts.

For example, what's the legal/jurisdictional framework for this ICO?
Where is the business plan? (Hint: the whitepaper is not it.)
What prevents them from paying themselves high salaries, eating up any potential profits?
What prevents them from selling their 10% of the $80M they'll be raising after 1 year and leaving the company? (Hint: in real estate you can usually assume ROI after 15-20 years!)
How soon do they plan to raise any profits? (Hint: How long does it take to buy and let houses worth $80M?)
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Offline kexcoin

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What important facts are missing and what would you like to know? I'm happy to explain?

1) We are based in the UK and governed by UK law
2) We have been successfully providing student accommodation for almost 40 years (winning multiple awards) why would we need a business plan now?
3) Why would we leave the company after 1 year? The idea it to build up the company to generate more profits and increase the size of the portfolio? The company is the value not the Kexcoin that we receive in payment for many, many, years of work?
4) The core team get 10% (prorata) of the funds raised not 15% and nothing else. No salaries for the full time. If anything it's too little.
5) We aim to be as transparent as possible and everything will be accounted for and audited for public viewing. We will be using a well known international firm for this.
6) We expect the first buyback to be performed in 3-6 months.
7) I'm unsure why it's a flawed buy back or why the price would go down? As we buy back and destroy the Kexcoin they become more finite? With regular buybacks from regular profits we expect the price to increase. As you know you can set your sell orders on the exchange at higher prices and wait for them to be filled.

Let me know what you want to know and I'll provide what I can.

Offline fav

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what turned me off is the 15 year buyback cap. real estate is a long term investment, yet after 15 years you just stop buyback and own everything.
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Offline paliboy

1) We are based in the UK and governed by UK law
Name of the company? Link to the public registry so that we can verify?

2) We have been successfully providing student accommodation for almost 40 years (winning multiple awards) why would we need a business plan now?
Because this is a new company. Although the experience of team is very valuable, we would like to see revenue projections, cost projections, risk assesment.

3) Why would we leave the company after 1 year? The idea it to build up the company to generate more profits and increase the size of the portfolio? The company is the value not the Kexcoin that we receive in payment for many, many, years of work?
You never know why you might leave... We all are mortals and your kids might not be interested in running this business or you might not have kids or...

4) The core team get 10% (prorata) of the funds raised not 15% and nothing else. No salaries for the full time. If anything it's too little.
If it's too little, why are you doing it?  ;) It's up to investors to decide if your compensation is fair, not you.

5) We aim to be as transparent as possible and everything will be accounted for and audited for public viewing. We will be using a well known international firm for this.
Name of the company? How often will you report back to investors? Montly? Quarterly? Which channel will be used for reports?

6) We expect the first buyback to be performed in 3-6 months.
Are you really able to start generating revenue that fast?

7) I'm unsure why it's a flawed buy back or why the price would go down? As we buy back and destroy the Kexcoin they become more finite? With regular buybacks from regular profits we expect the price to increase. As you know you can set your sell orders on the exchange at higher prices and wait for them to be filled.
Because we already experienced it with other buybacks ;(

8 ) Core team receives 10% of tokens, what will be other 5% used for? Contractors? What if you need to hire a new full-time employee?

9) What costs are associated with your business? How big are they?

10) Is Kexcoin company 100% decoupled from Kexgill? What guarantee do we have that you won't be buying properties from Kexgill?

11) You mentioned that Kexgill has 120m GBP in assets, you forgot to tell use how much it has in liabilities. I would expect it to be highly leveraged.

12) It tool you 39 years to build a company with 120m GBP in assets, now you want to build similar company with about 70m GBP in assets in couple of months. Isn't it too ambitious?

13) Are you able to use these 70m GBP to buy properties in reasonable time (1-2 years?)

14) Since you already have a successful company, why didn't you bring also some fund to Kexcoin? When this ICO is successful, Kexcoin will have debt to assets ratio 100%.



Offline kexcoin

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Fav, how would you have done it differently? Longer buy back?
Our modelling showed that using the 50% net profits a 15 year period was long enough.

Offline kexcoin

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After careful consideration and feedback from multiple sources, we have taken the decision to increase the length of the buy back process to 30 years!
 

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1) We are based in the UK and governed by UK law


IANAL, but according to https://www.fca.org.uk/consumers/crowdfunding, FCA regulations apply to your offer. Did you register your project with them? Was there an independent review, possibly publicly accessible, that confirms that you meet the regulatory requirements?
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Offline kexcoin

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Take a look at the website www.kexcoin.com
If you read the white paper and terms and conditions all of the information is there.
We've done our due diligence and have worked closely with a specialist legal team specific to crypto.
 :D

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Can't find anything relevant. Deep link?
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Offline MarketingMonk

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[member=38641]paliboy[/member]

You can just search for Kexcoin Ltd on the UK company registry:
https://beta.companieshouse.gov.uk/

Offline MarketingMonk

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8 ) Core team receives 10% of tokens, what will be other 5% used for? Contractors? What if you need to hire a new full-time employee?
That 5% is for unforeseen expenses, this is quite typical in an ICO.
We also plan to use this for marketing and incentives i.e. social media competitions etc

The Kexcoin team is lean because we only have to manage the crowdfund, reporting and the buy back process. Kexgill will be providing the labor to source and administer the properties.

Thus there is no situation that I can see where Kexcoin would need a new full time employee.
The leaner we keep it the more funds we have left for buy backs.

Offline MarketingMonk

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9) What costs are associated with your business? How big are they?
Referring back to my previous reply, the costs associated with Kexcoin are very lean because it's main purpose is to administer the buy back and burn process.

Quote
10) Is Kexcoin company 100% decoupled from Kexgill? What guarantee do we have that you won't be buying properties from Kexgill?
They are separate legal entities yes. They are each their own private limited companies.

We did think about buying properties that Kexgill already own to speed up the acquisition process and start the buy back asap, however the sale of the asset would attract the significant expense of capital gains tax, which is just money that is instantly drained out of the system. Not good.

Quote
11) You mentioned that Kexgill has 120m GBP in assets, you forgot to tell use how much it has in liabilities. I would expect it to be highly leveraged.
Kexgill post their financials on http://kexgillgroup.com/

Quote
12) It tool you 39 years to build a company with 120m GBP in assets, now you want to build similar company with about 70m GBP in assets in couple of months. Isn't it too ambitious?
The growth was not linear it's more exponential.

Imagine what 39 years of continuous improvement does to the process of sourcing, negotiating, buying and managing properties.

This is the 'secret sauce' in the project, the highly refined formula Kexgill have developed over nearly 4 decades. You don't get that from a startup.

Kexcoin is starting from year 39 if you think about it.

Quote
13) Are you able to use these 70m GBP to buy properties in reasonable time (1-2 years?)
Richard Stott, Kexgill Group managing directory is always researching new deals and will waste no time after the ICO in putting the money to work.

Quote
14) Since you already have a successful company, why didn't you bring also some fund to Kexcoin?
Kexgill have put up all the working capital. That's how we have financed this whole thing so far.

Quote
When this ICO is successful, Kexcoin will have debt to assets ratio 100%.
Could you expand on that i.e. how do you see this as a problem?

Offline CryptoBrit

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Hi,
Can you please tell me.
1. If the Gross Yield will be 8-12% What you expect the profit % to be (to calculate buy back value)?
2. If a property is disposed of, will the money go back into the fund for buying new property?

Thanks

Offline kexcoin

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Hey CryptoBrit,

1) Gross Yield - we have purposely been very conservative on this figure in order not to mislead. Gross yields are generally from 8% to 15% depending on the type of property purchase (PBSA or HMO) and can be higher in certain circumstances. As we are not using bank funding you could expect the net profit to be around 25-30% less than the gross. Please also note that this is now. Over time and as rents increase, both the gross and net figure will increase substantially.
2) We are unlikely to dispose of property however, if we did sell property (say for strategic reasons) the funds would be used to purchase more property - so yes!

Offline CryptoBrit

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Hey CryptoBrit,

1) Gross Yield - we have purposely been very conservative on this figure in order not to mislead. Gross yields are generally from 8% to 15% depending on the type of property purchase (PBSA or HMO) and can be higher in certain circumstances. As we are not using bank funding you could expect the net profit to be around 25-30% less than the gross. Please also note that this is now. Over time and as rents increase, both the gross and net figure will increase substantially.
2) We are unlikely to dispose of property however, if we did sell property (say for strategic reasons) the funds would be used to purchase more property - so yes!

Thanks for that reply (x2)

What is a reasonable figure to use as a % year on year rent rise?

Offline kexcoin

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There are too many factors that effect the rental prices to give you an accurate figure.
Looking back over the past 15 years, rents have trebled in price.

Offline crypto_taurus

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Hi, this project is very interesting to me (As such, I have a lot of questions)!

I'm sorry people have been so negative so far :(
There's always reason to be cautious and ask thorough questions, but there's no need to jump to conclusions and start spreading distaste!

Quote
Quote
10) Is Kexcoin company 100% decoupled from Kexgill? What guarantee do we have that you won't be buying properties from Kexgill?
They are separate legal entities yes. They are each their own private limited companies.

1.) How will the interaction of these two work in regards to property ownership and finances?
  • A) Will Kexgill or Kexcoin own the properties purchased from the ICO?
  • B) Kexgill will be managing the properties, so how will the profits from the Kexcoin properties be distinguished from Kexgill's properties' profit?
  • C) Are there checks in place to ensure that the costs towards managing Kexcoin properties are not inflated? i.e. unreasonable employee salary boosts, which would decrease the amount of profit generated from the Kexcoin properties, decreasing the amount of Kexcoins bought back from the community? (While still benefiting Kexgill)
  • D) Where are the profits that are not burned held? (until they can be reinvested) In a bank account in Kexcoin's name?

Quote
Quote
11) You mentioned that Kexgill has 120m GBP in assets, you forgot to tell use how much it has in liabilities. I would expect it to be highly leveraged.
Kexgill post their financials on http://kexgillgroup.com/

2.) Anymore details available than what is in that 2016 Financial Brochure thing?
I'd love to see a company breakdown of expenses, liabilities, and revenue. I also understand that you guys are a private company and may not provide that information (if that's the case just tell me I'm SOL )

3.) Say the ICO does really well; you guys acquire a healthy $80+ million in real estate. The money starts coming in, and things look stable. Would you guys consider doing another coin offering and starting the process anew? If you did that, you would have to do a new, different coin correct? Otherwise the Kexcoin market would get flooded with new coins, defeating the purpose of burning.

4.) Follow up to 3: if it really takes off, are there plans to expand outside the UK?

That said, I'm very interested in the project. I really like how, you're basically just bypassing the banking system with a crowdfunded loan (where the payments are dictated by the market, NOT THE BANK!). Excited to see where this goes!

« Last Edit: August 18, 2017, 12:58:55 am by crypto_taurus »

Offline paliboy

Quote
13) Are you able to use these 70m GBP to buy properties in reasonable time (1-2 years?)
Richard Stott, Kexgill Group managing directory is always researching new deals and will waste no time after the ICO in putting the money to work.
How big is an average deal?

Quote
14) Since you already have a successful company, why didn't you bring also some fund to Kexcoin?
Kexgill have put up all the working capital. That's how we have financed this whole thing so far.

Quote
When this ICO is successful, Kexcoin will have debt to assets ratio 100%.
Could you expand on that i.e. how do you see this as a problem?

It's not a bad thing per se, just investors should be very cautions when investing to such a project. Basically you have nothing at stake (except of you time/effort). In the worst case scenario the company bankrupts, you sell all properties and split the money among kexcoin holders. Investors loose and you get either nothing (if you had sold all your 10m kexcoin) or some small amount (if you still own kexcoin). This is very unbalanced. You should understand it after doing business for 39 years ;)

15) Are you keeping BTC until the very last moment or will you exchange it to fiat immediately after ICO? Will you use DEX and OpenLedger fiat gateway for this exchange?

Offline kexcoin

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Thanks for your interest. We like questions as it helps get our message across.  :)

Quote
1.) How will the interaction of these two work in regards to property ownership and finances?
  • A) Will Kexgill or Kexcoin own the properties purchased from the ICO?
  • B) Kexgill will be managing the properties, so how will the profits from the Kexcoin properties be distinguished from Kexgill's properties' profit?
  • C) Are there checks in place to ensure that the costs towards managing Kexcoin properties are not inflated? i.e. unreasonable employee salary boosts, which would decrease the amount of profit generated from the Kexcoin properties, decreasing the amount of Kexcoins bought back from the community? (While still benefiting Kexgill)
  • D) Where are the profits that are not burned held? (until they can be reinvested) In a bank account in Kexcoin's name?

1A) Kexcoin will own the properties from the ICO. Kexgill will have no ownership of the funds raised, they will be providing management services.
B) Kexgill will charge a management fee to Kexcoin (as it already does with a small portion of managed properties). These fees will be published on the website for transparency and will be the general market rate so could not be inflated.
C) As above, everything will be published to keep things transparent.
D) Yes - they will be held in a bank account in Kexcoins name. Kexcoin and Kexgill will be ran as two separate businesses except for management services.

Quote
2.) Anymore details available than what is in that 2016 Financial Brochure thing?
I'd love to see a company breakdown of expenses, liabilities, and revenue. I also understand that you guys are a private company and may not provide that information (if that's the case just tell me I'm SOL )

Detailed accounts can be obtained at https://beta.companieshouse.gov.uk/

Quote
3.) Say the ICO does really well; you guys acquire a healthy $80+ million in real estate. The money starts coming in, and things look stable. Would you guys consider doing another coin offering and starting the process anew? If you did that, you would have to do a new, different coin correct? Otherwise the Kexcoin market would get flooded with new coins, defeating the purpose of burning.

We have no plans to do this however, hypothetically, if we did any other project it would be set up independently from Kexcoin. There are currently 10m Kexcoin in existence and this will only go down. At no point will any more be created.

Quote
4.) Follow up to 3: if it really takes off, are there plans to expand outside the UK?

Kexgill already have property in Germany (not shown on the government accounts site above). There are no plans to buy outside of the UK with Kexcoin.


Offline kexcoin

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How big is an average deal?

There isn't an average deal size. Recent deals with Kexgill have ranged from £100k to £13m

Quote
It's not a bad thing per se, just investors should be very cautions when investing to such a project. Basically you have nothing at stake (except of you time/effort). In the worst case scenario the company bankrupts, you sell all properties and split the money among kexcoin holders. Investors loose and you get either nothing (if you had sold all your 10m kexcoin) or some small amount (if you still own kexcoin). This is very unbalanced. You should understand it after doing business for 39 years ;)

We actively encourage participants to be cautious and to do their due diligence. There are so many scam coins out there that it is easy for people to loose money. We believe that those of you that do your research will see us as the safest and best option.
I don't see how the worst case scenario would be going bankrupt. Usually this could only happen if the banks foreclose on you and as you know we are not using the banks. My personal opinion is that the worst case scenario is, a property does not perform as planned for some reason. If this was the case we could dispose of it and reinvest the funds back into new property?

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15) Are you keeping BTC until the very last moment or will you exchange it to fiat immediately after ICO? Will you use DEX and OpenLedger fiat gateway for this exchange?

We will exchange to fiat, to purchase property, as soon as possible and to ensure the preservation of value. We will not hold in the hope of increased value or to play with participants money. We will be using a specialist law firm to do this to ensure it is done at "arms length" and again to ensure transparency.

Offline paliboy


1A) Kexcoin will own the properties from the ICO. Kexgill will have no ownership of the funds raised, they will be providing management services.
B) Kexgill will charge a management fee to Kexcoin (as it already does with a small portion of managed properties). These fees will be published on the website for transparency and will be the general market rate so could not be inflated.
C) As above, everything will be published to keep things transparent.
D) Yes - they will be held in a bank account in Kexcoins name. Kexcoin and Kexgill will be ran as two separate businesses except for management services.


How will you prevent conflict of interests? E.g. when you find a good property that you would like to buy... how can we be sure that you will buy it for Kexcoin and not Kexgill?

Offline MarketingMonk

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How will you prevent conflict of interests? E.g. when you find a good property that you would like to buy... how can we be sure that you will buy it for Kexcoin and not Kexgill?

That's scarcity thinking. There are more property opportunities than we can ever take advantage of even with £70m. If we had £100m or £200m we could still find enough property deals to put it to work.

As I think I said in another thread, Richard (managing director) is not so much limited by opportunities but by the amount of capital that is available.

Offline kexcoin

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How will you prevent conflict of interests? E.g. when you find a good property that you would like to buy... how can we be sure that you will buy it for Kexcoin and not Kexgill?

Both companies will be purchasing property going forward. There are lots of factors as to who would purchase but let me first point out, there are more than enough properties for both companies.
Should the token sale be successful then the main aim would be for Kexcoin to spend the funds as quickly as possible, while still being diligent and mindful of a good deal.
The main restricting problem is finance. Financing property through banks is a very slow process. As an example a recent large transaction made by Kexgill took almost a year to finalise and complete on. This being the case, if a deal was time dependant then it is likely that Kexcoin would take it as we could move quickly. Also cost of the property being sold would be a factor. Potentially Kexcoin will be able to purchase much larger projects or even companies, where as Kexgill are limited as to the amount that they can borrow from the bank. Later down the line this would likely be the inverse as Kexcoin would only be able to buy smaller projects from generated profits.

Offline kexcoin

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We're looking at the idea of offering a bounty at the end of the 30 year buyback. Is this something that the community would approve of? I would assume so but I'd love to hear your feedback?

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We're looking at the idea of offering a bounty at the end of the 30 year buyback. Is this something that the community would approve of? I would assume so but I'd love to hear your feedback?

Can you elaborate on this?

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Can you elaborate on this?

Over the 30 year buy back period we expect all/most of the property to appreciate substantially in value with inflation etc. What if we split this property price inflation 50/50. It would be one huge payout. Makes the token sale more appealing?

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Can you elaborate on this?

Over the 30 year buy back period we expect all/most of the property to appreciate substantially in value with inflation etc. What if we split this property price inflation 50/50. It would be one huge payout. Makes the token sale more appealing?

As a last bagholder payment? Sounds good
► How-to Buy BitShares: https://goo.gl/i9j2YZ

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A few more questions..

1. The buyback ends after 30 years but 30 years from when?.. the ICO, the first buy back etc. Will there be 120 buybacks in total?
2. Is ALL the money from the ICO put into property purchase or will there be other expenses that come from it?
3. 50% of profit is put back into buying property, but how long on average does it take for that profit to start generating revenue?

Thanks in advance.

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A few more questions..

1. The buyback ends after 30 years but 30 years from when?.. the ICO, the first buy back etc. Will there be 120 buybacks in total?
2. Is ALL the money from the ICO put into property purchase or will there be other expenses that come from it?
3. 50% of profit is put back into buying property, but how long on average does it take for that profit to start generating revenue?

Thanks in advance.

1. The 30 years would start from the end of the ICO on the 14th October. We aim to perform the first buy back within 3 to 6 months so there would be somewhere in the region of 120-119.
2. No, that's unrealistic / impossible. There will be other costs such as legal fees, searches, property improvement and other business expenses that will need to be covered before profit is generated. This being said, these costs would be regarded as small / minor compared to the bigger picture.
3. This all depends on the property that we purchase and the size of it. If it is tenanted when we make the purchase then it generates income immediately.

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2. No, that's unrealistic / impossible. There will be other costs such as legal fees, searches, property improvement and other business expenses that will need to be covered before profit is generated. This being said, these costs would be regarded as small / minor compared to the bigger picture.

Are these costs included in the 25-30% of gross figure you gave me earlier?

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Are these costs included in the 25-30% of gross figure you gave me earlier?

I think you have some confusion as to the day to day running costs against the actual set up.
In order to begin the project we need to purchase the properties. There are a number of costs to doing this such as legals ect. We would regard these as set up costs and should be seen as one off costs.
Once the properties are purchased they then start to generate a profit and require management / costs which we referred to earlier. These costs are ongoing as you would expect.
The percentage return that we generate on a certain property will depend upon both of these costs (set up costs and ongoing costs). Gross profits would take into account the one off costs and net profit would take into account the management / reoccurring costs.

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Are these costs included in the 25-30% of gross figure you gave me earlier?

I think you have some confusion as to the day to day running costs against the actual set up.
In order to begin the project we need to purchase the properties. There are a number of costs to doing this such as legals ect. We would regard these as set up costs and should be seen as one off costs.
Once the properties are purchased they then start to generate a profit and require management / costs which we referred to earlier. These costs are ongoing as you would expect.
The percentage return that we generate on a certain property will depend upon both of these costs (set up costs and ongoing costs). Gross profits would take into account the one off costs and net profit would take into account the management / reoccurring costs.

Thank you for the clarification. Would you be able to give a rough estimate of that setup cost either as % of the ICO receipts or a £ figure?


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Thank you for the clarification. Would you be able to give a rough estimate of that setup cost either as % of the ICO receipts or a £ figure?

A rough estimate would be around 3% for Legals, valuations, finders fee (if property comes through an agent), small improvements etc.
In addition to this there is then SDLT (stamp duty / land tax) that is 4%, so 7% in total as an estimate. These costs would vary depending on the size of the property purchased. These figures are also taken into account / included when calculating the gross return.

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Thank you for the clarification. Would you be able to give a rough estimate of that setup cost either as % of the ICO receipts or a £ figure?

A rough estimate would be around 3% for Legals, valuations, finders fee (if property comes through an agent), small improvements etc.
In addition to this there is then SDLT (stamp duty / land tax) that is 4%, so 7% in total as an estimate. These costs would vary depending on the size of the property purchased. These figures are also taken into account / included when calculating the gross return.

Thank you!

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Important update
After listening to the community we have great news to announce!
In addition to the buy back and burn policy we are now also offering a profit share to anyone who takes part in the ICO or that holds Kexcoin at the end of the buy back / burn period. If you do both, you benefit twice!
So how will it work?
When the ICO ends, we will take a snap shot (within 48hrs of ending) of all of the accounts that hold Kexcoins on the bitshares network making note of the account and the sum of Kexcoin held.
The ICO will be deemed to have ended either by selling out of Kexcoin or reaching the end date (14.59 UTC 14th October 2017).
In order to qualify you must hold Kexcoin on account at the time of this snapshot.
OR
You hold Kexcoin at the end of the buy back / burn period (again a snap shot will be taken).
If you hold Kexcoin at the point of both snapshots you will benefit twice.
What is the profit share?
The profit share will be calculated as 50% of the increase in property value from the initial purchase price.
Simple example - if £50m of property is initially purchased and by the end of the buy back period the said property is valued at £110m the sum paid back to ICO participants and Kexcoin holders at the end of the buy back period would be £30m (£110m - 50m = £60m x 50% = £30m) Please note taxes and costs of sale would be deducted.
How will this be distributed?
The number of Kexcoin sold at the ICO and the number held at the end of the buy back period will be added together and the profit share will be divided equally by this number. It will then be paid to the accounts noted on the snapshots.

This is our thanks to all that support us and participate in the project.
 

Offline CryptoBrit

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Important update
After listening to the community we have great news to announce!
In addition to the buy back and burn policy we are now also offering a profit share to anyone who takes part in the ICO or that holds Kexcoin at the end of the buy back / burn period. If you do both, you benefit twice!
So how will it work?
When the ICO ends, we will take a snap shot (within 48hrs of ending) of all of the accounts that hold Kexcoins on the bitshares network making note of the account and the sum of Kexcoin held.
The ICO will be deemed to have ended either by selling out of Kexcoin or reaching the end date (14.59 UTC 14th October 2017).
In order to qualify you must hold Kexcoin on account at the time of this snapshot.
OR
You hold Kexcoin at the end of the buy back / burn period (again a snap shot will be taken).
If you hold Kexcoin at the point of both snapshots you will benefit twice.
What is the profit share?
The profit share will be calculated as 50% of the increase in property value from the initial purchase price.
Simple example - if £50m of property is initially purchased and by the end of the buy back period the said property is valued at £110m the sum paid back to ICO participants and Kexcoin holders at the end of the buy back period would be £30m (£110m - 50m = £60m x 50% = £30m) Please note taxes and costs of sale would be deducted.
How will this be distributed?
The number of Kexcoin sold at the ICO and the number held at the end of the buy back period will be added together and the profit share will be divided equally by this number. It will then be paid to the accounts noted on the snapshots.

This is our thanks to all that support us and participate in the project.
 

WOW. That makes things really interesting.

I'm trying to figure out what the formula is for what you have described above. As far as I can tell it is....

Myshare = ((myICOKexQty + myKexQtyPostBB) / (TotalICOKex + TotalPostBBKex))  X (PropertyIncrease / 2)

Is that right?




Offline kexcoin

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WOW. That makes things really interesting.

I'm trying to figure out what the formula is for what you have described above. As far as I can tell it is....

Myshare = ((myICOKexQty + myKexQtyPostBB) / (TotalICOKex + TotalPostBBKex))  X (PropertyIncrease / 2)

Is that right?


Yes this would be correct as long as your TotalICOKex + TotalPostBBKex excludes the kexcoin held by the core team or the contingency.

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Thanks for your assistance so far. I am trying to estimate what the total property portfolio could be after 30 years.

With the current price of bitcoin of around £3300, if all kexcoins sell in the ICO at the minimum price that gives a portfolio of around £70m

Given a gross yield of 11%, costs at 27.5% of yield and rent increases of 4% p/a I've calculated a total portfolio value after 30 years of just over £600m

I just wanted to check, am I way off or is this in line with your forecasts?



Offline kexcoin

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Thanks for your assistance so far. I am trying to estimate what the total property portfolio could be after 30 years.

With the current price of bitcoin of around £3300, if all kexcoins sell in the ICO at the minimum price that gives a portfolio of around £70m

Given a gross yield of 11%, costs at 27.5% of yield and rent increases of 4% p/a I've calculated a total portfolio value after 30 years of just over £600m

I just wanted to check, am I way off or is this in line with your forecasts?


While it is impossible to tell the future, your figures are certainly possible. Some research into property price inflation over the past 30 years may show that this is on the low side. Also researching some of the properties that Kexgill have owned for more than 30 years and sold recently would project figures far in excess of your figure.

Offline CryptoBrit

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While it is impossible to tell the future, your figures are certainly possible. Some research into property price inflation over the past 30 years may show that this is on the low side. Also researching some of the properties that Kexgill have owned for more than 30 years and sold recently would project figures far in excess of your figure.

Thanks for your quick response. You've been so very patient!

Yes I see my mistake. You said that the yield increases over time because rents go up but of course the yield is calculated on the original purchase price not the current market value of the property. Would you say that rent prices are pretty much following the property value increase over time? IE rents go up by the same % as the property value or do they outstrip even that?


Offline kexcoin

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Thanks for your quick response. You've been so very patient!

Yes I see my mistake. You said that the yield increases over time because rents go up but of course the yield is calculated on the original purchase price not the current market value of the property. Would you say that rent prices are pretty much following the property value increase over time? IE rents go up by the same % as the property value or do they outstrip even that?

No problem, happy to help!
You like the impossible questions don't you? Look at it this way:

1) A standard landlord would set their return rate depending on the value of the property that they purchased and the amount that they pay back to the banks (through interest rates set over and above the Bank of England base rate / LIBOR). We don't have to do this and are much more free / unaffected by interest rate rises. Individual Landlords would be free to accept the return rate that they see fit and the market price / return could be very much competitor dependent.
2) Each year we would still look for the same return. For example, if we purchased property in Year 1 we would be looking for gross returns (obviously as high as possible) but lets say 15%. In year 25 we would still be looking for the same return (or higher - market dependent). Obviously by year 25 the return rate on the year 1 property would be huge as it would be commanding the same rents as the property purchased in year 25 but the purchase price would be significantly smaller (like for like).
3) Like Bitcoin property prices go through steep rises in price and sudden falls in price however, this is usually over a much longer time frame and is therefore not volatile in the same respect. Rent prices tend to increase with property prices but not necessarily with the falls in price.

In answer to your question, rent prices do tend to go up with property prices and they can also outstrip this.

Offline kexcoin

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We are pleased to announce that the kexcoin token will be accepted as payment towards rents in all Kexcoin and Kexgill group properties, available from the moment the ICO finishes. By giving kexcoin a usage as a commodity we hope to expand the transaction volume and liquidity of the token, with the aim to roll out this payment system across other student service providers.

Offline MarketingMonk

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A new version of the Kexcoin whitepaper v1.08 has just been released. Kexcoins are now spendable by domestic and international students for their rent payments.

Here's the announcement:
http://bit.ly/2eLckT6
« Last Edit: September 01, 2017, 02:43:48 pm by MarketingMonk »

Offline davidellison

Hello Kexcoin!  Did I read somewhere that you were going to post a model analysis here on bitsharestalk.org?  I quickly read through the thread and didn't see it.  Please excuse if I missed it.

Thanks!
David

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Hello Kexcoin!  Did I read somewhere that you were going to post a model analysis here on bitsharestalk.org?  I quickly read through the thread and didn't see it.  Please excuse if I missed it.

They have been completed and will be available shortly.

Offline davidellison

Thanks!

Offline MarketingMonk

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You asked for it, now here it is. #Kexcoin Financial Model - Demonstration / Mock Projections:
http://bit.ly/2eHd3aU

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I notice in the financial model document that you have calculated the rent increase based on the previous years gross return which in turn is calculated from the property value including property inflation.

As far as I can see this would give a rent increase of 3% over the rate of property inflation (6%) giving 9+%. Was this intentional?
« Last Edit: September 05, 2017, 05:54:49 pm by CryptoBrit »

Offline kexcoin

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I notice in the financial model document that you have calculated the rent increase based on the previous years gross return which in turn is calculated from the property value including property inflation.

As far as I can see this would give a rent increase of 3% over the rate of property inflation (6%) giving 9+%. Was this intentional?

Yes this was intentional. Obviously rents and property inflation are not a straight or linear line and tend to go up in "steps and stairs". We have used a low level for property price inflation as mentioned in the documents and rents generally outstrip property price inflation. For example, there are restrictions on student property in a number of towns (look up Article 4) which means while the value of the property could be seen to increase in line with national and local price inflation, rents can go up considerably more depending on supply and demand. Again our 3% airs on the cautious side.

Offline CryptoBrit

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Yes this was intentional. Obviously rents and property inflation are not a straight or linear line and tend to go up in "steps and stairs". We have used a low level for property price inflation as mentioned in the documents and rents generally outstrip property price inflation. For example, there are restrictions on student property in a number of towns (look up Article 4) which means while the value of the property could be seen to increase in line with national and local price inflation, rents can go up considerably more depending on supply and demand. Again our 3% airs on the cautious side.

Thank you for the clarification. One more.. If half the profit is being used to buy more property should the 19% tax be calculated on the full amount? Apologies if this is a naive question.

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Thank you for the clarification. One more.. If half the profit is being used to buy more property should the 19% tax be calculated on the full amount? Apologies if this is a naive question.

Yes that's correct. As you can see from the table, the Net profit has tax taken from the full sum. The remaining profit after tax is then split 50% for the buy back / burn and 50% for reinvestment in property which increases the portfolio size and the size of the buy back for the following quarter / year.

Offline CryptoBrit

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Thank you for the clarification. One more.. If half the profit is being used to buy more property should the 19% tax be calculated on the full amount? Apologies if this is a naive question.

Yes that's correct. As you can see from the table, the Net profit has tax taken from the full sum. The remaining profit after tax is then split 50% for the buy back / burn and 50% for reinvestment in property which increases the portfolio size and the size of the buy back for the following quarter / year.

Ah. I didn't realise you would pay tax on 'profit' if it was used to buy more property within the same financial year.

Offline MarketingMonk

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Less Than 48 Hours To Go! And Kexgill Releases New Property Flipbook PDF



Full details:
http://bit.ly/2x0erKE

Offline MarketingMonk

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Mike Kubera's #Interview with myself and Richard Stott » https://www.youtube.com/watch?v=0h7A8Er73q0

Offline MarketingMonk

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Boxmining interview with myself and Richard

https://youtu.be/8qqw2p9DcZM

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Todays the day of launch and Kexgill have been nominated for Best Landlord of the year again!

http://www.nwpas.com/nwpas-2017-shortlist-announced

Offline MarketingMonk

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Less Than 2 Hours Until The Kexcoin ICO Goes LIVE!



http://bit.ly/2y3gOLW

Offline MarketingMonk

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Security Update: Cold Storage Transfers 1 & 2 Complete
http://bit.ly/2xsXHh9

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Kexcoin Has Raised $707,514 So Far (183.77 BTC From 73,035 Kexcoins Sold)
http://bit.ly/2fDaOCM

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Kexcoin Now Listed As An Asset On CoinMarketCap.com!
http://bit.ly/2hsiI1X

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Check out this episode of The FOMO Show featuring an interview about Kexcoin:
http://bit.ly/2fQolGX

Offline MarketingMonk

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As per the Kexcoin terms, all unsold coins have now been burned. Proof of burn visible on the BitShares blockchain at:
https://bitshares.openledger.info/account/kexgill-ico/overview

Burn calculations:
https://docs.google.com/spreadsheets/d/e/2PACX-1vR0FJGwtvWapeurQBA8arNEQ65w8kzigZ0zUxQKhn95GqW3FohdCEdmHSUh9l-f1I60HjJloasxIRMF/pubhtml?gid=0&single=true

Stay alert for upcoming posts.

Offline paliboy

It's much better to post exact block with burn because account history in OpenLedger will disappear soon.

http://cryptofresh.com/tx/c035703cb520cfae7200f8f53371369a2ecfd0ad

Odoslané z E5823 pomocou Tapatalku


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« Last Edit: October 23, 2017, 11:17:42 am by MarketingMonk »