Greetings StatCoin community.
We want to start by thanking the hundreds of StatCoin supporters.
We are at a crossroad with StatCoin so we've decided to ask the community of StatCoin holders to decide where we go from here.
When we started this project we wanted to create a utility token to facilitate payments between survey participants and consumer researchers.
Ultimately, we planned to list StatCoin on crypto exchanges but this goal will not be possible at this point due to 2 main factors.
1. SEC compliance. The SEC has not yet given clear guidelines in regards to digital currencies. Currently, coins that want to be compliant must file their coin as a security and pay between $150,000 - $1 million for this filing.
2. Crypto Exchange Transparency. As we have monitored every major exchange (Bittrex, Binance, Poloniex, even Coinbase) we have noticed significant flaws in transaction calculations, accounting, consumer fairness, and general operating transparency. Today it can cost over $500,000 just to apply for listing on an exchange. Then most exchanges want a significant fee on top to "promote" your coin.
Because we believe in creating a legal and legitimate coin, we are not prepared or willing to enter the current landscape.
First, anyone who purchased StatCoin with USD can choose to receive a full refund of their StatCoin purchase. Bitcoin's value has fallen almost 70% since we sold StatCoin so the good news is that StatCoin remained a USD valued coin. So you could say we beat the crypto market by a significant margin. If you had put that same money into BTC you may have lost that value.
Second, anyone who helped mine will get a small return on the StatCoins they now hold ($0.0025 / StatCoin roughly).
Anyone who received free StatCoin but had no involvement in mining or the StatCoin community... well, nothing lost and nothing gained.
In the new year (January) we will be sending out an email to all StatCoin accounts that paid for StatCoin or mined for at least 1 hour. At that time you can:
1. Cash Out all or some of your coins into USD
2. Hold your StatCoin for potential future developments.
3. Donate your StatCoin to the Statistic Brain Research Institute college scholarship fund.
At this point we will wait to see how the general community of StatCoin responds before we move forward with any more StatCoin development.
Thank you for being a part of our little digital currency experiment.
Sincerely, The StatCoin Team