In response to a massive investor push back to the planned KEOS:NEWS token swap, the KEOS developer team have provided a solution that they think will be a good compromise to all parties involved:
[Official notice regarding the vote on KEOS and migration issue]As we have informed you last week, we will be holding a vote to gather holders’ opinion regarding the future direction of KEOS.
The vote will be closed this Sunday (January 20, 2019).
You can find out more, in particular, further information regarding airdrop timing and ratio (to EOS holders) and token lockup in the PUBLISH’s official channels.
Also, in the case you may not want to migrate your KEOS to NEWS even after the scenario where the closure of KEOS becomes official, you will be offered an opportunity to have your KEOS refunded via EOS with 1 KEOS fixed at 1 KRW value after the IEO at a designated date, which we will announce shortly following the vote.
*Vote here - https://goo.gl/Pk6RQm
*PUBLISH Official Channels
- PUBLISH medium page - https://medium.com/@PUBLISHprotocol
- PUBLISH telegram announcement channel - https://t.me/PUBLISH_announcement_KR
Quote taken from Official KEOS Telegram group post
KEOS investors now have a choice between these two options:
Swap KEOS for NEWS at rate of 5:1 (old rate was 10:1)
Exchange their KEOS with EOS at fixed buy price (1 KRW per EOS)
KEOS developer team have effectively setup a price floor of 1 KRW per KEOS by guaranteeing to redeem all KEOS tokens at this price for EOS. The news has instantly provided support for the exchange rate price, which has jumped from 0.0000400 to 0.0001300 in a matter of days.
The cryptocurrency community has bad experience with price floors as many remember the Paycoin and GAW Miners scandal with the disappearing $20 usd PAYCOIN price floor. That little debacle ended with GAW MINERS CEO, Homero Joshua Garza going to jail for 21 months.
Although Chris Sung claims the community was united behind the decision to end the KEOS project, the truth is that we found many users, including Chinese, Korean and international investors, who were still voicing their frustrations in the official telegram channel.
As the developers own the majority of the KEOS in circulation any vote will be a landslide victory towards a full KEOS token swap with NEWS PUBLISH at the rate of 5:1. The new token supply will be 10,000,000,000 NEWS and there are plans for another cash grab ICO as well. If however all the drama and token swap mess leaves many investors feeling disillusioned, then they should probably take the 1 KRW per KEOS as promised instead.