Update on Kexcoin ICO offering: I've bought in!

Previously I did a post introducing Kexcoin.

I've bought in the ICO and feeling really good about it. My experience using Bitshares to trade BTC for Kexcoin was very simple and easy. There are a couple of points I want to make though.

First, my initial assumption was they were going to sellout of the 8.5 million tokens up for sale in a matter of minutes, as there aren't a lot of crypto projects out there backed by such a solid, existing business as Kexcoin working with Kexgill. But actually you can easily purchase Kexcoin with virtually no competition at all at the minimum price of 0.0025 btc. I bid slightly higher initially just to ensure I get in. However, no only have they extended it past the initial 48-hour ICO window, but they've extended it to several weeks due to the slow uptake of purchasers. Currently we're sitting at 26 days until the end of the ICO.

Initially there were some pretty outrageous buy orders such as this one:

They've purchased 48,943 Kexcoins at 0.0025 btc each for a total of 122.3 btc which currently will be worth about $476,970 (assuming 1 BTC = $3900).

If you view the purchase page:
https://bitshares.openledger.info/market/KEXCOIN_OPEN.BTC

You can see a constant sell order sitting there waiting to eat up any buy order that comes through at the minimum 0.0025 btc. price per kexcoin.

The second point is they say they are at about 13% of their milestone. From the screenshot above you can see there are about 8,428,379 Kexcoins up for sell from the original 8.5 million. Since they've sold 71,621 tokens then it means their next milestone is to hit about 1million additional token sales.

The Good News

I hope the project continues to get additional funding. I don't think there was much invested by way of advertisements besides a few YouTube video interviews leading up to the token sale. But there is still more than 3 weeks to get the work out further. However, for the people who've invested thus far, just know that at the end of the ICO, all unsold tokens will be burned and thus all remaining tokens will drastically increase in value since scarcity will have increased.

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