Bingus Token’s Beginning and its 2nd AMA
Last week Bingus 2.0 launched with community sourced funds. It was a quiet launch, but its first week has been anything but.
In short Bingus is a cryptocurrency focused on animal welfare. 1% of all transactions are sent to a wallet used to make donations to Animal rescues and shelters that desperately need them (1% is also burned and deleted forever and another 1% automatically given as interest to holders). So far we have donated about $6,850 in ETH & BTC to 4 different shelters around the world with plans to do much much more in the short term.
Last night we held our second AMA, first since our rapid rise. It went on for about 2 hours and MJ (now doxxed Mike), one of our community leaders, stayed on until every last question and concern was addressed. We also maxed out the discord audio chat limits. The following is the notes from the AMA, future AMA’s will be recorded.
1. NEW SURPRISE DONATION TO JerseyAnimalRescue.com
Their focus is on saving cats and finding them homes across southern New Jersey. They are a very small operation and were in pretty desperate need of a helping hand. We were happy to be able to give them 2.5K USD in BTC.
2. MJ showed his face and doxxed. https://www.instagram.com/mjcerisano/
He is not listed on the website currently, as he is waiting to talk to a lawyer on Wednesday.
3. Chat questions answered and short version of the answers:
- Is this a rug?
If it is we are doing a really bad job. Liquidity is locked and the only money the team has made has gone right to 4 different animal charities.
- How do we verify the integrity of the charity wallet?
Watch the sells. So far we have actually donated more than we have taken out as some of our initial donations have come from the founder’s own wallets. This was done to project the price of the coin in the early days when it is most vulnerable.
- Why are there so many large bingus wallets?
These are bingus 1.0 holders who were the only ones told about the fair launch. Most are community moderators or involved in a non-official capacity with the project (by non-official I mean just on the website, they are all over the chat). As far as I know, if sell, they plan on selling slow and soft, however, I obviously cannot guarantee that. I take their lack of selling when we had the big pump as a sign of faith in the project, however. They had their chance to sell at a big profit, however, they trust what’s coming down the pipeline. However this is a huge issue for every low cap coin…. most just have their whales dump at launch, rather than hold. So it’s admittedly a short term risk but one I’m not all that worried about.
- What is the use case for this?
As of right now, it’s simply donating to animal charities. As we grow we can explore more use-cases and partnerships with animal welfare organizations.
I look at it this way. Traditionally when companies start they make a product then go public and offer stocks. We are doing the reverse. We have coins and now we are finding the usecase later, other than saving animals of course. With the people that we have lined up to partner with, that should not be an issue. That said I am very proud of the money we have donated so far, we are actually saving lives.
- What is the longterm future for this project?
Personally, I know its insane but I want to crack the top 100 coins on CMC. I want to be, and I think we can be, the animal-focused cryptocurrency. It’s ambitious but I think we are very well positioned to do just this.
- How will you solve the liquidity issue?
So we have a voting system coming that allows for those holding LP (liquidity points tokens) to vote for the charity we will donate to. This is a process that includes using the Bog RNG (random number generator). There is also an NFT element to it where a random wallet who voted for the winning shelter will win a 1 of 1 NFT commemorating their vote that helped this shelter so much. We hope this will incentivize people to provide liquidity while staying far away from any legal issues with gambling laws.
I spoke to a financial fraud specialist from wall street that made a few things clear and made it a massive concern. This is why we moved away from a lottery liquidity fix which could have worked as well. The one thing I am not willing to do is to risk the long-term health and very existence of Bingus over what I think will be a short-term problem like liquidity.
- When are you being listed on exchanges
That’s a hard question to answer as I cant give you a hard date, but know that it’s something we want to do asap as we find that pancakeswap is a barrier to entry for many people. It is why we have filed all the paperwork to become an LLC in the next few days.
- What do you think the ultimate marketcap for this is?
Again this is also a very hard question. I think in the first week, at an 8 million dollar market-cap we were honestly over-valued. Going into this week, if all goes as hoped, then by the end of the week 8 million will be under-valued by a ton. But it’s a hard question because crypto is volatile, relatively unpredictable, and sometimes irrational.
I can tell you what I want. I want to unseat Poodl, Hoge, and finally Doge. I know that sounds insane but I and the other core member of the team come from a Hollywood background. That’s what we are using as a resource along with all the crypto knowledge and friends I have picked up from being heavy into bog since the beginning. There’s a different background on this team than I expect is behind other animal coins and I see that as an advantage.
- What’s the update on the YouTuber who was supposed to promote us ?
Should have a call with them in the next few days, hopefully tomorrow, to set it all up. (It happened. A long term project is happening. This is going to be news in the next few days. ) Should be a 10k donation they will use to build/help animals in a video posted to their channel that does about 5.5 million views a month with 2.3 million subs, 200l. It’s not a crypto related youtube, just animals.
We see that as a way into the public consciousness. Most coins like us die after a few weeks, it’s just the crypto hype cycle. The ones that make it out break out in some kind of way to the world outside crypto-related youtube accounts/twitter. We are of course working on the normal avenues of crypto promotion. However, we also are laser-focused on getting buy-in from influencers and public figures from the animal welfare community. We think that is integral to the long-term growth and health of Bingus. We have another one we should be talking with soon, they have a shot on discovery+. We have a connection with the manager and are reaching out.
-When will there be a Roadmap/whitepaper?
I find many other projects that are competitors in the space to be a little bit disingenuous with their “WhitePapers” and their roadmaps.
Bingus is working on a LitePaper right now. Something that can be more directly focused on the mission and need for Bingus within the world of animal welfare. We are not NANO, IOTA, or VeChain. We aren’t a groundbreaking technological revolution. We are a fun meme-coin with a very real mission to help animals across the world. That’s to start. So we will get one out soon and it will follow those lines. It will be to the point, pretty and fun.
As for a roadmap that is something we want to have out Friday. However again we are not looking to just slam buzzwords into Q1, Q2, Q2, Q4 columns. I’m pretty certain that’s what many of our competitors and contemporaries do. We will look as far ahead as we reasonably can, and give plans for what we would like to be doing. Do we want world domination by the year 2050. Yes. Is it going on the roadmap, no. :)
Finally, a few things to list. We will be making a nice explainer video/how-to for the website as that is my background. Bog is adding ads for bingus to their charting tools and we can’t be more grateful. We are looking into merch, more specifically dog and cat merch. Lastly, we are working on a new logo and there as been some spectacular designs, we are blown away. We love the little guy we have now, but we are looking for something a little more abstract and easily recognizable. If you think of something, shoot it our way for a chance to win some bingus.
that’s all the big stuff folks! Thanks for hanging out. It was an absolute blast… Until next time.
Mike
