The Bgogo Exchange platform token, BGG, is officially online and it has already been subject to Ethereum’s price volatility. Currently, BGG’s price shows a state of steady increase. The Bgogo Exchange provides 30-minute high-frequency rebates and uses 100% of its trading fees to repurchase the platform token daily. It has attracted investment from 21 prominent institutions from around the world. Can Bgogo become the hottest exchange after Fcoin? Can Bgogo really exceed Fcoin and continue to provide trade mining techniques? Can Bgogo achieve to “take down Binance in six months” as the CEO Max said?
By 5:00 PM on September 18, 2018, I had utilized all the money that was supposed to be for my child’s baby formula to purchase BGG. Here are five reasons why:
1. Deflationary Repurchase Model
Yesterday was the first day Bgogo conducted repurchasing of BGG. The platform repurchased and burned more than 86 million BGG tokens, depleting the current liquidity by about 10%. Why did they buy back so much? The total trading fees collected for the first day of mining was 2095 ETH. In addition, to celebrate the listing of BGG, the platform brought out 2000 ETH of its own fund (considerate team). The purchasing power of 4095 ETH corresponded to the BGG price of 0.000047 ETH per token.
Furthermore, Bgogo has repurchased more than 110 million BGGs on the second listing day. On the first day, it destroyed more than 200 million tokens, and the total circulation dropped to 670 million. Therefore, we can see Bgogo’s circulation is in a decreasing trend.
Another major discovery is that if the BGG price falls the next day, the purchasing power of the collected fees from the previous day will increase a lot (because they are collected and calculated using the higher price from the previous day). Therefore, Bgogo managed to buyback and destroy 110 million BGG tokens! Such an action will continue to deplete the circulating supply of BGG. This led to a steady increase in the price of BGG on September 18, 2018. If the price of BGG falls, the purchasing power of the trading fees collected increases, the number of tokens repurchased and destroyed increases, the circulating supply decreases, and the overall price of the token rises, vice versa. This is a self-adjusting mechanism.
2. BGG Total Circulation Supply is Small
The Bgogo platform has a mining cap for every day and every hour. Only 20 million minable BGG tokens are released every day. This is the most reliable release of tokens I have ever seen after participating in several projects. The 20 million BGGs are worth about $130,000 at current prices, less than one million yuan a day. It has not only activated the miners, but also increased the trading activity and liquidity of the platform, and limited circulation in the supply of BGG.
The most important thing is that the platform only had a total of 670 million BGG in circulation totaled $4.4 million USD. Wow!
There are 21 supernodes each holding 33 million BGG with half of them unlocking is about 16.66 million BGG tokens. According to today’s official update, there was almost no sale from supernodes. There were several bastards that sold, which accounted for about 300 million BGG tokens.
How many have been mined in the past few days? Let me calculate for everyone!
150 million Genesis Mining + 90 million first day + 20 million second day = 260 million BGG
There are 660 million BGG in total circulation, including the 300 million belonging to the supernodes, and the total output of trade mining to date equals 260 million BGG, including 100 million tokens reserved for the Bgogo operations and ecosystem development.
OK. What did you find? The actual circulation is 2–3 billion BGG. Current price as I am writing this is $0.0068. The total real liquidity is only between $1.4 million and $2 million USD.
Really?! The total circulation is about $1.5 million USD?!
This is too little. This is really the project with the smallest size among all projects I have participated in. Newly added minable BGG worth less than $200,000 USD and 100% of the daily trading fees will be used for repurchase. The result is only one word, rise! But I hope that BGG will rise slowly, this way the miners will be very happy.
3. Supernodes Haven’t Sold, They’re Buying More!
From the supernodes announced on the Bgogo platform today, only three assholes selling their positions, namely Creation Capital, Amber AI and DKB. Whoever knows these three supernodes, say hi to them for me.
On the other hand, there are four supernodes that are fattening their BGG wallet, namely Sky9, IMO, Utopia and Dfund. I have to mention Dfund because I didn’t really have a good impression on its CEO but this time I really am a big fan of him.
Sky9 Capital is not a familiar name for me so I had to do some research. It turns out their boss is Cao Darong, his portfolio includes Binance and BTCC.
As of now, Sky9 Capital has increased its BGG holdings to 73,333,333, ranking first among the 21 supernodes.
The first 21 super nodes have widespread influence and reputations for excellent returns in the industry. Take Pantera Capital as an example. After the establishment of their digital currency investment fund that’s been running for five years, after expenses, their return on investment is still reached an amazing level of 10,136.15%.
Based on the current BGG price, Pantera’s BGG holdings amount to about $230,000. For a fund with a vision of $800 million, Bgogo has considerable imagination.
4. The Miner Model Has Been Formed
With the steady increase in BGG price, the release of 830,000 BGG per hour will be mined in a matter of minutes. The miners are very active!
There is only one common theme in the entire mining industry today, it is BGG!
The Bgogo platform is very cleverly designed. Every KYC verified user can only mine $1,000 a day. This account mining cap sets a great limit on the quantitative trading team. There is also a release hard cap for every hour, less than $150,000 USD a day. Such release is equivalent to a daily ICO of $150,000, then 105% refund within 30 minutes (5% bonus). Subsequently, the raised ICO funds will come back to repurchase.
The only result is up! I hope that it will slowly rise. As more and more miners and users participate in mining, the trading depth and activity of the platform will increase significantly. The platform should speed up the pace of the currency and engage in some quality assets!
5. CEO Max Is My Idol
Bgogo’s CEO is Max Wang, a genius in Silicon Valley, and the founder of the former Facebook crypto syndicate. Max wouldn’t give up the high salary of Facebook and tens of stock options for $3.5 million USD worth ICO to join Bgogo. Plus, the fact that he has the capability to convince dozens of institutions to invest in Bgogo. I don’t believe he would be satisfied with $3.5 million USD.
Invest is to bet on investing, I choose Max this time. He is an easy-going person that often communicates with the community and provides live videos demonstrating the process of repurchasing and burning BGG tokens. I admire his courage and the transparency he provides.
I just leave a say a few words to Max, do take down Binance within 6 months! After all, I hold plenty of BGG! BNB increased over 200 times, what about BGG…