Dear BullToken community,
It’s been a great ride. BullToken was launched as a way to get exposure to new and exciting projects within the crypto-community. In 2017, when the idea behind BullToken had its inception, new projects were launching left and right. These projects usually offered investors a stake in their projects through ICOs. However, not all ICOs were created equal, and our idea was to utilize the knowledge and due-diligence from the community to create the world’s first investment community for ICOs. Through our pre-sale we were able to secure funding for the creation of the platform, and through our main-sale our first community was created, called BullToken. While a few important parts of the project never reached the level we had ambitioned, most importantly the karma system, we were able to deliver on the most critical elements and successfully launched the community in 2018. Unfortunately, the times had already changed since we came up with the idea.
Around Christmas time 2017/2018, cryptocurrencies went into a lasting bear market. Prices were falling, investment interest fell to a fraction of what it had been during the 2017 bull run, and the ICO market collapsed. Many projects weren’t able to deliver on their promises, and thus the whole concept of ICO started to be questioned. In BullToken, we had used the funding received in the pre-sale to develop the platform, and spent countless amounts of unpaid hours finishing the project. When the BullToken Community Platform went live, the market was in a terrible state, so after a public vote the community decided it would be better to wait for better market conditions before attempting to reinvigorate the community. Unfortunately, this did not work out as planned.
In 2019, the market conditions started to improve. However, it was still hard to acquire more funding for a project of this kind, and every hour spent on the project during 2019 and 2020 has been unpaid. The ICO market changed – fewer new projects are launched, and new projects nowadays are usually launched as IEOs. In addition, our own community in BullToken had lost much of its early vigor. We take part of the blame for this – as the communication had been lacking from our part, and not much had happened during parts of the bear market. When we attempted to reignite the community during late 2019 and early 2020, we noticed the interest was very low. The crypto-space has changed much in three years, and our business model now seems to be outdated. While we believe there is an untapped potential in the market for crypto funds, the way the BullToken investment community is structured makes it very difficult to tap into this market. Very few new projects have been suggested on our community platform, and while there are a few heroes in our community who have spent a lot of time and effort on this project, most members of our community seem more interested in a passive exposure to new cryptocurrencies rather than taking an active part in the choosing of these projects.
Considering these developments, as well as the current market conditions, we believe it is time to end the BullToken investment community and pay back the AUM to BullToken owners. The ETH-price has increased significantly these last few months, which makes the timing great. The developing team will burn all of their tokens, thus removing any claim from their side on the AUM. We will create a poll on the BullToken community platform, starting 02.09.2020, about ending the BullToken investment community and repaying the AUM. We highly recommend voting for closing down the fund and paying back the AUM. Furthermore, we recommend everyone with questions to first read the terms and conditions in the project, and if you have further questions, contact us on email. We will answer every email we receive as soon as possible.
All the best,