MAPX Very Important News for Members

map10k (61)in #crypto • 4 years ago (edited)

As has been announced in previous posts, MAPX is winding down on Steem. This is not all bad news for members as there is a nice pot of HIVE to also distribute.

So here, as simply as possible, is what happens next.

Members have two options:

Plan A is to exchange MAPX for MAXUV tokens;

Plan B is to sell MAPX tokens at our set price.

MAXUV will continue running on Steem and will airdrop such MAXUV tokens into a new MAXUV-Hive token once Hive-Engine is fully operational. This should be soon, but we have no date for this.

As the MAPX token includes staking, please unstake your tokens as soon as possible. They only take 2 days to unstake, during which time you can decide what to do next.

Plan A

Under this token-swap plan, I am willing to offer 1.2 MAXUV tokens for every 1 MAPX token.

This can be done very quickly as is just a token-swap. You, the MAPX holder, must let me know this is your option by either leaving a comment or (possibly safer) coming to our MAP FinTech discord channel.

You must then send your MAPX tokens to our @map10k account on Steem-Engine - please note, the issuer is "map10k" and not "mapx". Once I have verified this transfer, I will send you the equivalent amount in MAXUV tokens, and will inform you once it is done.

You will also receive the same number of MAXUV-Hive tokens once we set that up on Hive and Hive-Engine.

The advantage of this token-swap plan is that it is quick to implement and you get double the MAXUV tokens.

Plan B

Under this option, we are prepared to buy back your MAPX tokens at 1.1 STEEM each and you will also get 90% of that STEEM in HIVE tokens.

We are able to do this because we received about 90% of the MAPX fund in the HIVE airdrop.

The STEEM value offered is slightly under the current ABV, but that value has included tokens held that may end up being worth very little. It is also in STEEM rather than STEEMP, so there are no withdrawal fees from Steem-Engine.

The advantage of this plan B is that you receive liquid coins, but the disadvantage is that you will have to wait for an orderly power-down on both Steem and Hive.

Paying Attention

If we had thousands of members, then this would be a highly complex operation, but we don't - there are fewer than 100 usernames and far fewer actual individuals. So this can work quite smoothly, albeit slowly, so long as everybody gets in touch.

Instructions will be processed on a first-come basis, and very large holdings will be processed in batches.

A couple of issues are bound to crop up, so let me deal with them here.

If you wish to swap your MAPX tokens for MAXUV tokens and then sell those, that's fine and your choice but you won't get the MAXUV-Hive airdrop. The token snapshot for that new token will be taken a day or so before it happens. I will be taking token holder snapshots every day, just in case any systems collapse, but they are only to be used in such emergencies.

Also, I cannot speed up the power-downs. The reason we have been able to achieve such good votes is precisely because most of the fund was powered up. Once there is a queue for the plan B option, then I will keep everyone informed once each power down takes place. You may, if you wish, speed things up by going through the token-swap and then sell your MAXUV, but as mentioned above, you will then not receive the HIVE bonuses. The choice is yours and that third option has already been taken into account.

And lastly, the reason for not doing a token buy-back on market is the same as mentioned above - we simply don't have enough STEEMP to make that anything more than a token gesture. Doing this manually at the STEEM level also means saving two sets of transfer fees.

Any questions, please ask below or, better still, get in touch in our MAP FinTech Discord room.

On a personal level, MAPX was the first vote-bond I designed and is now fully sold out, save for a few tokens left in the issuer account to keep the market within sensible bounds. Indeed, MAPX reached an important landmark in that the value of the fund in STEEM grew to be larger than the number of tokens. Although this is really a service-token, the price would henceforth have risen slowly but steadily. Looking back at the price chart, I see it reached a peak at about 1.4 STEEM. this means that the current deal of 1.1 STEEM plus 0.99 HIVE (or 1.2 MAXUV plus 1.2 MAXUV-Hive) is really a nice profit to those investors who put their trust in what was an experimental token.

Thank you to all MAPX members for your support. I hope to see most of you in MAXUV and on both chains.

@MAPX

We have opened up a former MAP channel on Discord for anyone seeking advice or more information regarding any MAP FinTech program. You can find us here.

Building Steem's Fintech