Wait... what?

[RonSwanson 577]

Quote

The total coin supply will be upped by 25 billion CSC to solve the funding and liquidity issues. Coding and testing are estimated to take 4 weeks, starting on the 9th of November.

Am I missing something? The team is looking to add an additional 25 BILLION CSC!? I'm going to need someone to hop in the comments section and alleviate some pretty glaring issues that I, as an investor, have with this. 

How are we expecting to see the price climb with utilization if we're diluting the pool by injecting billions of additional tokens?

[jag216 24]

Hate to bear bad news, King Solomon just did a vid covering and he said they laid off all but technical staff, needed the influx to cover.

I came here looking for more details as well.

[RonSwanson 577]

That's what I was afraid of. Creating more tokens out of thin air so they can sell them to cover operating expenses is going to throw an exception and basically include a going concern opinion in their next audit. Not. Good. I definitely feel bad for everyone that traded their entire XRP stack for CSC, or put all their eggs in one basket.

There's obviously still an opportunity to come out of this thing successful, but creating funds to cover operating expenses is not a good look.

Again... if I'm incorrect, I welcome someone to provide more details.

 

[RonSwanson 577]

https://casinocoin.org/casinocoin-foundation-update/

Confirmed that the tokens are for operating expenses.

Edited November 10 by RonSwanson

[Alcar 64]

This is why decentralization is so important; so things like this can't happen.  They are changing the CSC Ledger code to create more supply.  Also, I understand that perhaps John will continue to have a small role, but if all that's left is going to be the technical staff who is going be working to move this project forward to the mainstream?

Additionally, this move is unprecedented as far as I know.  Yes, I know that projects like VeChain increased their supply by a lot from what it was, but they did it for other legit reasons.  And, when they did it they allocated additional tokens to their holders accordingly to offset the change in supply.  Here, they're almost doubling the supply, which will tank our holdings to zero for sure (not that's it's not already zero).  They clearly didn't give their holders a second thought.  I think they're just delaying their demise.  I say that because I think if this project still had legs some of the many "heavy hitters" they HAD on their board would have taken more of a vested interest in the project.   I'm afraid that even if they somehow rise out of the ashes from all this, it won't be in my lifetime.  

This move also doesn't make sense.  Simply creating more coins isn't going to necessarily bring money into the foundation.  Who's going to buy them?  I might be missing something so perhaps someone smarter than me can weigh in here. 

So that my post doesn't come off the wrong way, I knew that a micro project like CSC was a big gamble so no sour grapes here.  I just don't like how they're handling this with regards to the retail token holders holders.  They've been "dark for a while and I think that many of us assumed that it was because they have always touted their "no hype" stance and would only give news when there was REAL news to give.  While I always appreciated that, the fact remains we trusted they had the things they outlined in their roadmap and talked about in the community "in the works".  The reality is that what they've been working on is "jumping ship".  Note that John and Duncan are stepping down with "immediate effect".  Also note they're keeping the technical staff, but their Technical Director is leaving.

As far as what we're to do with our CSC; I guess we can either sell them now for what little they're worth or we can accept the loss and hold them, maybe we'll get lucky.  If you choose that later, their bombshell statement says they'll get back to us in to weeks.     

 

Edited November 10 by Alcar

[Alcar 64]

I forgot to mention that it would go a long way if Daniel (or someone at least) came back to this forum to clarify or at least ease some of the concern.  Kind of like when he and others from the project we're here when this forum first started and everyone was excited.

[CasinoCoin 803]

2 hours ago, Alcar said:

I forgot to mention that it would go a long way if Daniel (or someone at least) came back to this forum to clarify or at least ease some of the concern.  Kind of like when he and others from the project we're here when this forum first started and everyone was excited.

 

I'm very bullish about the new developments. I'm sure @Daniel Keller will be here at some point to clarify things. For any new members that have joined you can read the latest CSC chat on Discord at casinocoin.chat

 

Edited November 11 by CasinoCoin

[777 546]

14 hours ago, RonSwanson said:

https://casinocoin.org/casinocoin-foundation-update/

Confirmed that the tokens are for operating expenses.

All the connections to casino world has gone.  The whole thing has gone to shit.  

 

[xSodax 13]

On 11/11/2020 at 1:05 PM, 777 said:

All the connections to casino world has gone.  The whole thing has gone to shit.  

 

Doen't look good... looks like cashing in?

 

[CasinoCoin 803]

10 hours ago, xSodax said:

Doen't look good... looks like cashing in?

 

Some are cashing out which is understandable. I'm more optimistic now than ever about CSC with the change in leadership. Yes it's a gamble but so is investing in any digital asset. Things will get back on course and once CSC hits a major exchange it's off to the races.

[xSodax 13]

Hope that you are right..

[RonSwanson 577]

On 11/13/2020 at 8:21 PM, CasinoCoin said:

I'm more optimistic now than ever about CSC with the change in leadership.

More now than ever? Really? It's one thing to say that you're still optimistic, but I'm surprised that with everything going on, you'd say that the news of them firing basically their entire team and adding 50% more coins just to sell to cover operation expenses would make you more optimistic. 

Having to literally create money out of thin air, and knowingly be able to sell it for the smallest denomination possible in the crypto market (1 sat), just to operate is a massive red flag. From a professional standpoint (public accounting) this raises substantial doubt in their ability to continue as a going concern. This is likely why they couldn't get traditional funding and why they had to resort to inflating the CSC numbers to pay bills in the first place. From strictly a logical standpoint, everything they're doing right now indicates the failure of the project. From a crypto community standpoint, most hate any project that isn't decentralized, and this is a prime example of why. 

If that's really your opinion, then I guess to each their own. But I honestly can't see how that could be the case.

[777 546]

The basically lied to us.

Check the tx for TT,  CR8 and GFG there is none. https://csc.observer/

No one is using any of these product's. 

 

Cammegh Removed CasinoCoin from there website.  https://www.cammegh.com/news-insights/

[CasinoCoin 803]

@777I'm seeing TT,  CR8 and GFG tx, not many but they are there. Yes you're right Cammegh have removed CC from their site but they've also removed lots of none CC related content too. Cammegh is still listed as a partner on Casinocoin.org. Obviously with coronavirus their operations have been disrupted and I wouldn't imagine CSC is a top priority at the moment. 

[CasinoCoin 803]

On 11/17/2020 at 11:57 PM, RonSwanson said:

More now than ever? Really? It's one thing to say that you're still optimistic, but I'm surprised that with everything going on, you'd say that the news of them firing basically their entire team and adding 50% more coins just to sell to cover operation expenses would make you more optimistic. 

Having to literally create money out of thin air, and knowingly be able to sell it for the smallest denomination possible in the crypto market (1 sat), just to operate is a massive red flag. From a professional standpoint (public accounting) this raises substantial doubt in their ability to continue as a going concern. This is likely why they couldn't get traditional funding and why they had to resort to inflating the CSC numbers to pay bills in the first place. From strictly a logical standpoint, everything they're doing right now indicates the failure of the project. From a crypto community standpoint, most hate any project that isn't decentralized, and this is a prime example of why. 

If that's really your opinion, then I guess to each their own. But I honestly can't see how that could be the case.

I can understand your point of view. The 25billion injection is far from ideal but the way I see it is if they can sort out the funding and the liquidity problems then they're back on track and in a better position than before. Daniel should have been made director from the start in my opinion. Smart, hard worker and the king of multi-tasking. Getting CSC on any one of the top exchanges such as Bittrex, Binance, Kraken etc. would be helpful, target the low hanging fruit instead of going for tier 1 operators who I don't think are ready yet, get CSC integrated on the Nano Leger, get it marketed properly and I don't see why the project can't be successful. 
 

Edited November 19 by CasinoCoin
typo

[LeGonze 1,326]

On 11/19/2020 at 5:38 AM, CasinoCoin said:

The 25billion injection

Is this real??

Is it confirmed they’re gonna inject that much?? When!??... 😟😟
That is just too much!! The original amount was 40B if I remember correctly... 😒😒

[Venom 434]

11 hours ago, LeGonze said:

Is this real??

Is it confirmed they’re gonna inject that much?? When!??... 😟😟
That is just too much!! The original amount was 40B if I remember correctly... 😒😒

[LeGonze 1,326]

8 hours ago, Venom said:

[LeGonze 1,326]

Soooo... CasinoCoin is creating that much coins... But are they also dropping the same % increments to they holders?? Or they just deflate our holdings value?? 🤔

[Cscbin 19]

No airdrop to holders from what I have heard.

Next update regarding the four partners on Nov 30th.

Have you been in the casinocoin discord?

The discord is an Echo Chamber. 

If you are holding a lot, watch out for the news update on 30th Nov. 

 

[Alcar 64]

On 11/20/2020 at 4:25 PM, LeGonze said:

On 11/21/2020 at 1:15 PM, LeGonze said:

Soooo... CasinoCoin is creating that much coins... But are they also dropping the same % increments to they holders?? Or they just deflate our holdings value?? 🤔

 

This from my post above:

Additionally, this move is unprecedented as far as I know.  Yes, I know that projects like VeChain increased their supply by a lot from what it was, but they did it for other legit reasons.  And, when they did it they allocated additional tokens to their holders accordingly to offset the change in supply.  Here, they're almost doubling the supply, which will tank our holdings to zero for sure (not that's it's not already zero).  They clearly didn't give their holders a second thought.  I think they're just delaying their demise.  I say that because I think if this project still had legs some of the many "heavy hitters" they HAD on their board would have taken more of a vested interest in the project.   I'm afraid that even if they somehow rise out of the ashes from all this, it won't be in my lifetime. 

 

They may very well find themselves in trouble (at least in the US).  It's true that holding a coin is not like holding a stock in that you don't have ownership in the company, you don't get a vote, blah, blah, blah....However, that doesn't mean you can screw people raw and there are no laws to protect people who bought the coin.  In my view, we should at least rise up and e-mail the foundation stating our position.  If they don't change their position and at least allocate a potion of the additional supply to offset holders losses that will be created by the additional supply, they will find themselves facing lawsuits, which will destroy them.  And by "they" I don't just mean the CSC Foundation.  I include Caldwell and the others who we're working on their exit while at the same time giving holders false hope.  Other coins have found themselves in deep legal shit for a lot less.  We as holders may not technically have a say, but if CSC wants community support they need to step up.  Let's put the pressure on; we don't have anything more to lose anyway.