NoLimitCoin CEO Update — NLC2 Fork 1st February 2019
For NoLimitCoin and No Limit Fantasy Sports 2018 was a year we essentially completed our fantasy platform in terms of adding all the major sports. The platform now has football, baseball, basketball, hockey, soccer and fantasy crypto. For 2019 we will deploy fantasy eSports and finally also add Cricket and MMA.
We had a good year in the NFL season and we were able to grow our player base and explore all the potential player generating channels which allowed us to find good methods of player acquisition. We also perfected many small items to the platform that now makes the experience a very positive one, even for pros. We tried many advertising avenues and finally arrived at a “pay for registration” affiliate marketing company that is able to deliver any amount of players we are willing to pay for. These were all paying players and we did acquire over 1000 new users through these channels. We fully expect to use these services in the future to help us reach high player numbers.
Pro VS Pro and peer-to-peer
We deployed and tested new versions or our Pro vs Pro and peer-to-peer games and they performed very well. These new games are ready to be deployed on a large scale and to all the sports we offer. Peer to peer is the game we are using to talk to land based casinos that are looking for deals to get into online sports betting.
Focus for 2019
The main focus of 2019 will be to continue the platform and raise capital through private placement of company equity. We hope to raise from 10 to 20 Million USD, most of which will be used to acquire new players to reach our goal of 1 million players on our platform in the future.
New Games for 2019
In 2019 we will add eSports, Cricket, MMA and other sports betting games to our platform. We will also develop some demos for land based casinos for the expected deals we will enter into for online sports services as well as fantasy sports.
Debit card in 2019
The debit card is the last major piece of the ecosystem. Once we can offer cards to fantasy players and coin holders and allow people to spend the coin and get cash at ATM via Visa/MC cryoto backed debit card, the coin and ecosystem will be complete.
Problems in 2018
The main problem we had in 2018 was the inconsistency of our credit card platform, which went offline multiple times. We hope to resolve this matter soon which will make a big difference. The other issue we found was that NLC2’s value fluctuation is a turn off for pro fantasy sports players looking to use our platform. To fix this issue we will create a smart wallet and insurance fund.
Low company coin reserves worries
In 2018 the company coin reserves were starting to get low and in order to extend the life of the project and give the company firepower to achieve our goals, we had to take some action and add more coin to our master wallet through a hard fork.
NLC2 will Fork to add coins to the company master wallet to extend current and future operations.
On or around February 1st at Block number 574000 NoLimitCoin (NLC2) will fork to a new blockchain where an additional 389 million new NLC2 coins will be added to the NoLimitCoin company master wallet. Most of these new NLC2 will never reach circulation but will serve to strengthen the company in a very important way so it can reach its full potential.
New coins added to NoLimitCoin Company master wallet — 389,000,000
New Total Supply — 600,000,000
This fork will increase the total supply to 3 times the original circulating supply.
The new NLC2 added to NoLimitCoin Company master wallet will be divided into three parts, most of these coins will never see circulation. The allocation of the new NLC2 will be as follows:
Investor/Stock attached coin block
One third of the new coins will be attached to Company Stock to attract investors as part of the equity raise currently underway. These coins will be locked for 5 years per our company By-laws. This will create a much more attractive investment opportunity for potential investors looking for equity in No Limit Fantasy Sports LLC. If these investors know there will be about 1M NLC2 per 1% of stock in the equity raise, it will add to the value they get if they invest in the company.
Smart wallet merchant processing and dollar peg.
Another third of these coins will be allocated to an insurance fund to allow players to keep their accounts pegged to the dollar. The fund will serve as an insurance fund and cover losses or differences due to coin price fluctuation. If a player has $100 in his account, and the NLC2 USD price changes, we will give him the equivalent in NLC2 when he cashes out. If the price goes down, he will get more coins. If the price goes up, he will get less coins. This will provide a stable coin effect on our games and remove a major issue we saw for pro players and gamblers on our platform.
By putting over 100M NLC2 into this insurance fund, we will also extend such a feature of a stable coin merchant processing with crypto to other platforms. Third party platforms will be able to use NLC2 to run transactions and balances will be kept in dollars but paid in NLC2 at cashout time. There will be limits to this feature to avoid large players gaming the system. We can expect many companies to use our merchant API that we develop. We will charge from .5% to 2% for this type of processing, so it will be its own revenue generating business but at the same time a feature that no other coin has.
Continued Operation and Contests
The replenishment of the main wallet allows the company to continue operating and promote the same as before which was aggressively using the NLC2 to seed GTD contests on our fantasy and poker platforms and help the company continue until investor funding arrives via our equity raise.
Upgrade to New NLC2 Fork Process
First. Backup your wallet.dat file. Open your NoLimitCoin wallet, click File — Backup Wallet.
Select a folder in your computer or a flash drive and save the backup there. Store your backup in a safe place.
Second. Download the new wallet install file from our Github here:
https://github.com/NoLimitCoin/NoLimitCoin-Core/releases/tag/v4.0.1.1
Third. Install the new NoLimitCoin Wallet v4.0.1.1
If on windows you may see a Windows protected your PC warning, Click More Info, and then click the Run Anyway
Fourth. Open the new NoLimitCoin wallet program just installed, let the wallet sync and that’s it.
This new wallet version will load your previous wallet.dat file that has your NLC2 on it.
If on windows you will see a new NLC2 shortcut on your start menu.
Any NLC2 coins stored on our web wallet, fantasy platform and poker platform will be automatically updated after Feb 1, so you don’t have to do anything there.
We have contacted all the exchanges that currently have NLC2 listed and they will be updating NLC2 to the new fork on the 1st of February, so it is safe to leave your coins on exchanges like Bittrex and HitBTC.
Affiliate marketing payouts will be increased to $25
The new NLC2 added to the NoLimitCoin Company master wallet allows us to increase our effectiveness and payouts in affiliate marketing. We are going to increase payouts for each referral from our affiliates from $10 to $25. More details will be released soon and back payments to all affiliates will also be made and doubled as compensation for the long delay in that payment. We also were successful using third party player registration order flow and we expect to keep using them for following seasons of different sports.
Frequently Asked Questions:
How do you upgrade your NLC2 wallet to the new fork on February 1st?
To upgrade your NLC2 to the latest fork and blockchain you simply just need to download the new NoLimitCoin wallet and run the new 4.0 wallet. That is it. The new wallet will be available on our website nolimitcoin.org and on our Github on February 1st.
Can I leave my NLC2 on the web wallet, fantasy platform or poker platform?
Yes all NLC2 coins stored on the web wallet, fantasy platform and poker platform will automatically be switched over to the new forked chain on February 1st.
How long do I have to download the new 4.0 NoLimitCoin wallet to move to the new forked chain?
There is no time limit on this you can download and start using the new wallet at any time after the 1st of February 2019.
Will the exchanges also update to the new fork?
Yes, we have contacted all the exchanges that currently have NLC2 listed and they will be updating NLC2 to the new fork, so it is safe to leave your coins on exchanges. The balances will be the same after the exchanges update the code and they may pause the wallet a few days. Yobit has already put NLC2 wallet into maintenance until after the fork is complete. Bittrex and HitBTC will not need to put the wallet into maintenance.
Will Yobit Exchange be supporting the fork?
Yes Yobit is supporting the fork, they have put the wallet into maintenance in preparation for this and should take it out of maintenance after the fork is complete.
Will current NLC2 holders receive any extra NLC2 after the fork?
No the new NLC2 coins are for the company master wallet only and not existing wallet holders. Your wallets will have the same balance you had before the fork.
After the fork what happens if I send NLC2 to an address that is running the old wallet that is not on the new forked chain ?
These coins will still arrive to the forked chain, as all old addresses are also on the fork. The person receiving the coins will just need to load the new v4 wallet and the coins will be there. However if a person sends NLC2 from the new wallet to an old wallet, to an address that was created on the old wallet after the fork, then that address is not on the fork and those coins would be lost. So double check when sending NLC2 to another staking wallet address after the fork that it is not a new address made on the old blockchain with the old NoLimitCoin wallets.
If you have any more questions please join our slack or telegram where we will be discussing the update with our community.
Summary
We hope and expect 2019 to be the year we can reach high goals in terms of new players to our platforms and thus demand for NLC2. We are aiming to raise money to achieve as large a player base as possible as well as increase the affiliate reward to $25 to also entice our existing player base to bring new players. These new NLC2 added to NoLimitCoin Company master wallet are important for the long term success and growth of NoLimitCoin and No Limit Fantasy Sports and we want thank you for your continued support in us.
Disclaimer
These discussions may include predictions, estimates or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. There is no guarantee results or capital will be available to reach stated goals. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation.
