Captain Bitcoin — Token Upgrade

8th October 2020 — Swap + Upgrade Snapshot

Dear Captain Bitcoiners,

Captain Bitcoin is a community-focused and community-driven company. From day one, we have taken pride in listening to our community and implementing changes at speed when requested by the community members while taking their feedback into consideration, building the product our users want.

One of the major issues of concern from the community with our original model was the huge number of tokens and the constant daily inflation.

On 23rd September 2020, unfortunately, one of our team members wallets was hacked which we were using for providing liquidity on Uniswap — more info here — https://medium.com/capt-bitcoin/captain-bitcoin-uniswap-liquidity-1349f4f42323

We then collectively decided that we were going to carry out a token swap. This allowed us to think about changing our tokenomics to how the community had been requested and we decided to carry out the vote on 2nd October 2020. You can find the link here — https://snapshot.page/#/captain/proposal/QmTWTXonkFoFJ8BfHgKmxhRpeSWMwsNyjM6w9Es7Riw6tu

With 100% of the community members who voted, voting to pass the vote.

Changes -

1. Reducing constant infinite inflation to deflationary inflation where the rate of inflation decreases 21% every 32 days
2. No fixed supply to maximum supply ~5,300,000 CAPT tokens
3. Reducing all community and team tokens from total circulating supply to 1,000,000 CAPT tokens
4. Total CAPT tokens in circulation on 8 October 2020 = 4.965 billion
5. Total tokens in circulation excluding pre-mine = 2.865 billion
6. Delete hackers tokens

For the new tokens, 2.865 billion + 105 million (from ICNQ airdrop) need to convert to 1 million tokens for the token holders.

Why 2.970 billion?

As there was initial pre-mine of 2.1 billion tokens.

So, 4.965bn — 2.1bn + 0.105bn = 2.970bn

Image 1.0

Hence making the ratio of 2970.4680 to 1 (down to 4 decimal places).

Etherscan — https://etherscan.io/token/0x4de25F080E02e8b3fDD450F0B2b9ed22c7e6Cf0A

How the tokens will be distributed -

The snapshot of token balances on our system and Etherscan have been taken and for the Ethereum address linked to Captain Bitcoin accounts, the tokens will be directly distributed on the platform itself and users can withdraw them if they wish.

For the Ethereum wallets holding CAPT tokens not linked to Captain Bitcoin accounts or wallets, the tokens will be transferred to the respective wallets.

• Captain