UPCYCLE YOUR BAGS: Announcing Ethereum Token Built for ICO Market Victims

As the cryptocurrency world continues to grow, even those “outside” the community are beginning to see that there is a lot more to talk about than the potential of Bitcoin. Of course, while there are now countless altcoins on the market, very few have a long-term plan. In fact, many have no rhyme or reason for their existence at all, which is leading all of these of directionless coins to the same fate.

Upcycling is all about taking something unwanted or without value and turning it into something that people want.

With Bags, upcycling means taking low-value tokens, mostly from abandoned projects, and giving crypto traders something new in return–the BAGS token!

Beat The Bear Market

Whether you have invested a few dollars into cryptocurrency or thousands, all diversified investors have dealt with the same frustration. So many projects raise millions in their bull run, but then the bear market comes along and, the token value drops to nearly nothing. They can’t pay their employees and, they have to put a stop to their project’s progress.

This situation can lead to countless “zombie” tokens decaying in your wallet — and some of those zombie tokens still have traders. While the project’s progress has come to a halt, and perhaps even if the project’s founders have dumped their tokens, active traders may still be out there using them.

Zombie tokens create a significant problem for investors like you. You have two options:

  • Hold on to it with your fingers crossed that it will someday regain value.
  • Sell it at a 99% loss.

Both of those options suck, but so many traders have to make this same decision. So, that’s precisely where the BAGS token project identified a problem.

The Third Option

Say you have a token that you don’t think is going up anytime soon, but you don’t want to sell it. BAGS gives you an alternative. By joining BAGS community, you will not have to sell your current tokens, but you will still be able to get new ones!

We call it upcycling. BAGS is a token created as a reward and deflationary store of value for ICO tokens. We were inspired to invent the BAGS token following the broken dreams of the 2017–2018 ICO token rush.

How It Works

Our platform utilizes “Proof of BAG” The Third Option method, which has each user send just 0.01$ value of token from their BAG to receive their reward of new BAGS tokens. In other words, we take just 0.01$ value of token for verification purposes. You get to keep all of your other tokens, and you get BAGS tokens, too.

This upcycling makes the BAGS community an excellent option for long-term holdings, especially if you pair this opportunity with crypto fame. Here’s an example to help you better understand how this system benefits you:

Say that you have -90% ROI (Return On Investment) tokens from an old ICO (Initial Coin Offering). These tokens are currently valued at an all-time low, so you’d like to exchange them for new tokens. Previously, you would have to sell your tokens on the exchange and take a massive loss. Any investment you can recover could then be put towards buying new tokens.

That’s a less-than-perfect solution for anybody. No one wants to sell at a loss, especially during an all-time low. So, that’s why BAGS allows you to hold onto your bags of tokens. You’ll only have to give up $0.01 worth of your tokens as a “Proof of BAG” verification. In return, you will receive a brand new BAGS token, which is deflationary by design.

Essential Details About The BAGS Project

As an avid trader, we know that you have some right questions in mind about the BAGS project. First off, note that only 1,000,000 BAGS tokens will ever be in circulation. Additionally, while upcycling tokens is the primary way people will receive BAGS, we will have the opportunity to open for people to earn BAGS tokens in community bounties.

BAGS token will have its progressive deflationary system: a yearly halving deflationary burn fee for transactions over 10 tokens. For the first year, every transaction with an amount larger than 10 BAGS tokens will burn 2% for the transaction. In the second year, the deflation fee will halve to 1%. In the third year, it will split gain to 0.5%. In the fourth year, it will split yet again to 0.25 %, and then it will stay fixed at 0.25% forever.

This deflationary system is designed to follow the token growth curve, benefitting smallholders and small transactions who are protected from excessive deflationary fees levied by other deflationary tokens (like BOMB) when transferring small amounts. If you send up to 10 tokens to exchange or another user, you will not be charged with a deflation fee.

As far as upcycling goes, the BAGS platform will be accepting Ethereum ERC20 tokens, to begin with. Later on, we may expand to receive other tokens for upcycling. We will accept any ERC20 token that you have lost money on because you bought near or at their all-time high.

See For Yourself

Our mission is to find crypto traders and investors just like you. People who have tokens from old ICOs that aren’t currently performing as you expected. Rather than giving up and losing your investment, hold on to those tokens, and join the BAGS community.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store