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GemBites FUD disclosure

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May 22nd, 2021
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  1. GemBites FUD Disclosure
  3. In order to grow as a project, we cannot hide our shortcomings. They have to be exposed for everyone to see, so that we can fix them.
  4. In this post, I will be publicly disclosing and addressing some of the FUD that is going around GemBites. Some true, some false. We want to tell the full truth.
  6. Social media presence, and deletion of discord server history -
  7. If you look at our social presence on Telegram or Twitter, there have not been much activity. We want to apologise for this. We did not understand the importance of our social presence on multiple platforms and want to improve on that in the future. Till now, we have been most active on discord. Speaking of discord, some of the earlier investors know that the server's entire message history was deleted. Some accuse us of hiding allegations made against the project, but that simply isn't the case. We were asked multiple times by our members to create a more organized server structure, so we deleted all the channels and made new ones from scratch (We only had one channel in the past. It was the wild west)
  9. Deletion of subreddit -
  10. This is probably a major red flag. However the reason for the suspension of our subreddit was not because we posted scam content. A while ago, we hired someone for marketing on reddit, and they made multiple spam posts about GemBites on the subreddit. Due to this, it was flagged and suspended. We will be appealing this ban ASAP.
  12. Pushing back deadlines for nearly a year -
  13. We can't provide an excuse for this. You guys believed in us and invested in us, and we let you down. The only thing we can do it offer you our most sincere apology. In the past, we did not have a very competent dev team. Most developers bailed on us, slowing down progress alot. However things have changed. We have a full dev team, led by a skilled Lead Developer, a Statistician, multiple Solidity devs and a Unity dev. The team is fully anonymous, including our founder @GemBites , but although this is not finalized, @GemBites plans on doxxing himself eventually. We can't tell you to trust us, so just wait and see. When you invested in us, we did not make a promise to deliver just any product. We made a promise to deliver one of the highest standards, and we will live up to that promise.
  15. Lack of transparency regarding token sales -
  16. This is the most shadiest part of our past. We understand and we want to apologise for not addressing this sooner. You deserve to know, and we simply did not let you know. Do not worry, because now we will fully disclose the details of the token sale and amounts sold
  18. $0.0025 - $10,000 (3.5mil tokens) (August - December)
  19. $0.004 - $16,000 (4 mil tokens) (August - December)
  20. $0.005 - $12,500 (2.5 mil tokens) (April - May)
  22. Tokenomics -
  23. (IN GBTS. NOT USD)
  24. 60mil (10mil sold) token sale
  26. 25mil for liquidity - 10 on exchange , 15 ULP
  28. 10mil (4mil provided as developer allocation. Vesting/lockup TBD) dev fund - for paying devs
  30. 5mil marketing - marketing campaign
  32. As of today we have raised $40k since the beginning. The funds have been used to pay the developers, designers and we are just starting to spend on marketing
  34. We are addressing some of the issues included here :
  35. We are open to discuss anything further. Just ask!
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