Dear Swap community, I hope you are well. I am going to cut straight to the chase. The time has come that we must begin to focus on the next steps. This includes preparing the legal documents that are required for us to pass the FIT report Bittrex requires. Let us not make waste of the wings that seem to be guiding us forward. The truth is, even this FIT report is only the first step. Once we have acquired this report, we must turn our focus upon acquiring a Howey letter so that we can be accepted in the United States. There is no other way to say this; it will cost money and it will require the effort and participation of many, no bullshit.
Behind the scenes, the team and active members of the community have been engaging legal teams in the Malta jurisdiction. I have already had talks with several attorneys and we now have a full grasp of what is necessary to be done. We have not yet picked who we are going to use, but we are accumulating the data to make an informed decision and working to provide them with the documentation they require. We cannot afford to mess this up as the truth of the matter is it will require community funding to accomplish this and the responsibility for this management has fallen upon my shoulders.
The End of Month report is coming directly on the heels of this message. It is a powerful statement as to what we are trying to accomplish. In many ways, I wanted to wait to release this after I had put out that letter but I feel that I need to keep hitting certain metrics in my own performance, so I am releasing this now. Once you read the EoM you will understand.
The direct legal fees for a possible listing on Bittrex are going to run in the realm of $5,000 to $10,000 USD. We do not know the exact fee yet because we have not yet selected an attorney, but we have been compiling a list along with their fees. Obviously, we want to pay as little as possible, however, my experience has taught me that many times you get what you pay for. I want the best shot of us achieving our goals, so we are working hard to identify the PROPER attorney to handle this matter for us. Cost is definitely something that is being taken into account, but it is not the overriding factor for a decision.
We have been informed that due to our status as a privacy coin, there might be some other issues dealing with the General Data Protection Regulation that took effect last year in the European Union. The team is investigating this and doing our best to perform due diligence in our work. We want to leave no stone unturned, so we have no surprises to derail us at a critical time.
We have created new donation addresses for this cause. These funds are expressly ONLY for legal fees. Our first step is the FIT letter for the Malta jurisdiction. Once we have completed that task, I will turn my attention to the Howey letter necessary for a US exchange-based listing. I have no clue what that will cost but I would assume that we are going to be in the same ballpark. This means we need to raise at the minimum $10,000 USD and possibly up to $20,000 USD. This is not an insignificant amount of money. It is a considerable sum, however, when we look and see a market cap of over 2 million dollars, we are talking about one percent. If every single person who owned swap would donate ONE percent of their holding, we would be fully funded for our legal goals.
One percent really isn’t a lot. However, let’s be honest, the number of you who will actually donate is minimal even though through mutual cooperation we all succeed. Most are here just for the profit, which is OK too after all this is a free market. Some of you I’m sure are ready, waiting to be able to donate for such a cause. Others of you need more proof. Take some time. Go back and read everything you can about this project. Make sure you read this month’s EoM when I release it. Things have changed, I can literally feel it.
In order to be fair and just in regard to this fundraising campaign, I need to set out the guidelines by which it will operate. It can be totally anonymous. You can message me the txid and the amount you sent. At some point, I will write a thank you letter that will be immortalized on our website. If you want to be mentioned and have donated, send the txid. The funds will be auto-converted to BTC and then to USD as they come in. The market fluctuates too much to attempt to hold it. That technique is just as likely to shoot yourself in the foot as it is to make any gains. If it is a large swap donation, it will not be market dumped but rather slipped in. In fact, in order to prevent slippage, if there are private investors who would like to purchase the donated Swap OTC directly from me at market rate, contact me.
I also plan to refund whatever balance is left over in the kitty once we are done. I can’t refund what I don’t know occurred. I won’t refund someone who can’t prove their assistance. It’s kind of a catch 22. The other option would be to take any leftover funds and move them to the marketing fund and use them for bounties etc. I believe that anyone who donates should get a say in this matter and we won’t actually pick what to do until you’ve had a voice. I want to leave that open for the 1.5 million block community meeting that we are going to hold Saturday, August 3rd at 12 PM NOON GMT -6 CST w/ daylight savings.
Swap now has an official pool at pool.xwp.one. The official pool charges a 1% fee. This fee is to help with project funding. As you all should be quite aware, there was no pre-mine and there is no governance fee. Operations cost money and we are paying out of pocket for all the services that exist. We encourage you to support Swap by using the official pool. Help us help you. It really is that simple.
I feel we’ve been called to do something good for mankind. The EoM I keep referencing will explain more of it. It’s good stuff. We can’t do this without you. We are nothing without you, just as the team is nothing without each other. The team has seen exceptional inner growth over the last month. It hasn’t been easy, and some things have been downright hard, but here we are. We know we have something special and we are all ready to face this monumental task that lays before us, we just hope you can help gives us the push we need to break free.
The donation addresses are as follows:
Swap: fh49WCGMeiDVd1uaCf9JWZHwyzosdbEv1JnAxkV1GRGBhDJ8mY8esAqhEeMPBTG9k4g7qLmcqpFeS7BKxh1Gzvyx2vJZerYJ2
BTC: 16gcYSSotN6AJAfPkKUxegULavJSgcRe2d
