Addressing the Koda FUD/ Conspiracy in black and white.
Dear stakeholders of KODA (and surrounding projects).
This is a document intended to address the FUD conspiracies (“Fear Uncertainty and Doubt”) that have been circulating for some time. Please note none of this is new information, however, areas have been expanded upon to cement the response in black and white.
Everything has already been explained in an open to all public twitter spaces and partly in a recent public YouTube announcement. However, it has become clear that these have not been seen by everyone who is aware of the conspiracy theories circulating.
It is apparent that some of the community, and particularly one individual (who shall remain nameless) has become very disgruntled with KODA and this is having a detrimental impact on the KODA price and therefore those invested. For this reason, (the impact on the loyal community) we feel it necessary to address the points raised in this document. For the purposes of keeping the identity of this individual’s identity hidden we shall not disclose it.
To note at this point, the company does not rely on the fees from KODA, the price of KODA has no effect on our activities, the FUD only causes investors holdings to reduce in value, which is why it is particularly important for holders to realise who is indeed responsible for the price action this year.
- …was an investor in KODA and had an interest in being a positive influence on the project in the earlier stages of 2021.
- …as far as understood has seemingly little relevant technical understanding.
- …often displays bullying behaviour towards other investors before and after the change of attitude towards KODA.
- …takes information without valid research or credibility checks and claims ‘truth’.
- …fell out of love with KODA based on some of this information.
- …is attempting to brainwash investors about KODA however is the main catalyst for the falling KODA price in 2022.
- …is deploying threatening behaviours which has resulted in police being contacted.
Accusations resulting from the conspiracy theories (already addressed) are as follows-
- “Pulling out a million when moving to v2”.
It is publicly visible that half of the liquidity went to v2 back in November 2021. The remainder was to be kept for the following reasons-
- Provide some to the pending arrival of our own SummitSwap as liquidity (which happened).
- Provide funds to develop our supporting projects, build the staking model, develop our NFT ambitions etc.
In hindsight the announcement of this could have been more celebrated, however, the focus was on delivering v2 and other parts of the project.
Note: This move, had the impact of making the token more volatile, however, it did NOT directly reduce the price, only sells did this.
Further to this, KODA since its launch upto v2 was intended to provide a revenue stream through fees, this was never activated, the amount that should have come to support the project for this was far higher than what was taken at this point. The decision to not sell tokens and instead take the liquidity was taken to benefit the community more at the time. The FUD resulting from the individual and those involved, combined with the market conditions is responsible for the decline.
At this point it is worth noting that I have what many would consider a pretty successful business portfolio. I am aware of articles on the internet which attempt to investigate this, and seem to suggest that this is not true- the article is laughable. Whilst it is almost irrelevant and frustrating to feel pressured to comment, I am happy to comment as follows, anyone who knew me before KODA knows of everything that I have achieved, my business/s combined give over 120 people (at current count) full-time employed work. The comments in said article suggesting the worth of my business/ assets are simply ludicrous and anyone reading anything on such articles should consider the source before just believing what they read on the internet.
This article in fact was in response to a previous article from a small London paper article which was a clear manipulation of my words. To comment on this article, the interviewer came out in one of the hired cars with me back at the Koda ‘launch’ event (this is important as everything said was at that time). For example, my house value (which I did say) and the fact that I go on multiple holidays, were all from a conversation about what someone in my position spends his money on. Money which was ALL earned prior to KODA (and crypto full stop).
To this date, since the beginning of KODA, I have not cashed in profits for my benefit and continue to fund the project, any revenue earned has been used to pay to continue developing, recycled into market making/ other parts of the project.
Side note, it is true that I intend for the project/s to one day provide a solid revenue stream to the business and become a profitable entity. What project in the whole world, crypto or not, is this not the case?
- “Stealing funds from ByeBanX to fund a bored ape”
Part of the initial vision for KODA was to introduce people into the crypto space, and an extension of this is NFTs. NFTs are art pieces that can provide additional utilities. They are ‘illiquid’ which means they are only worth something if someone wants to buy them from you. (Opensea is the leading marketplace for this type of activity). Minting any project, as for ByeBanX, is to make money to fund future project ambitions, and gauge interest from the respective community.
ByeBanX launch was a success, but secondary volume was somewhat non-existent (we believe down to the fact that our community for the most part were all so new to NFTs). Using this information we have continued to develop our NFT’s project/s. And we are very excited coming up to the latter stages of development, but anyone who is versed in the space will understand the fierce competition and the need for taking time in developing ideas and delivering them properly.
The costs for our NFT project developments outweigh the amount taken from the ByeBanX mint (66 eth) by approximately 10 to 1 at the current price (this gives some hint of the level of investment into our upcoming launches). Note part of this was promised to KODA staking (coming to this later). Also note the cost of producing the art (subcontracted to our partner FST on this occasion), website, development, socials management for ByeBanX v1 alone, is a significant part of this too- I need to stress- It is normal practice for projects to use these funds to pay back/ fund these costs, and then use the rest for future project development costs. There is no difference in what we did.
Following on, it is true that funds raised from this were then withdrawn to the main company wallet (which I use for the NFT portfolio, the same wallet that originally deployed the KODA contract) and the decision was made to bolster “my NFT portfolio”. As mentioned before the intention (and anyone who worked here last year would be aware) was to integrate with the existing solid NFT communities for multiple reasons, 1, to integrate them with my following and our own community, and 2, to live the roadmap of these projects, get involved personally with their own highs and lows to understand not only what they do right, but what they also do wrong, and learn from it for our own project/s.
This was publicly done. Everything was very vocal, every purchase was publicly announced in the NFT ‘bull run’ time period last year, and of course, it’s no secret that everything is also etched into the blockchain. I was able to settle into part of the BAYC community, Goblins, Hapes, and others, and learnt something from every single one. The suggestion that this was stealing is simply crazy and outrageous.
Not a penny (or cent) of crypto or NFT earnings has paid for a single item in my life.
At the inception of KODA, it was promised that KODA would be funded by my company, ‘JG Environmental Ltd’ (JG), the promise was kept, and KODA activities were in the main, including development costs, staff, events paid by JG/ personal funds. Not to mention the setting up of KODA, the office build, equipment, websites, and the competition cars (of which only one was given away but another was given up to prevent a large holder dumping the chart- at a cost to JG). To partners I mentioned a commitment of £1m over the first year- this was well exceeded and is continuing.
Other (not KODA) projects under the umbrella were to be funded in other ways, partly from the liquidity, the surrounding project raises (including ByeBanX), and more recently third-party services.
It is true that certain fees were promised to the staking model. Initially, my intention was to have a staking model that was not inflationary. There was a fair bit of hype around the staking model, and we (management at the time) felt pressured (from community and internal relationship management) to deliver something. The model then ended up using tokens that the business held and effectively having an inflationary impact (against my better judgement).
We pushed the saying “Passive is Massive” and this is what we have been working towards, but it is only ‘passive earnings’ in a positive manner when in a deflationary token set up. This is what we have been working on this year, and we are due to announce this with our restructure/rebrand. I am excited to announce the details of this, but the community needs to understand that we will no longer deliver anything until we are ready. The environment is very fast-paced and we have been prone to under deliver previously because of outside pressures. Not this time.
The system behind our staking is smart, adaptable and ready for evolution. This will form part of our rebrand, and intended KODA revival which is imminent. I for one am very much looking forward to seeing KODA become deflationary again. I can now confirm the plans around all this will be announced next month.
Back to the promised funds, for example from ByeBanX, with the staking model in its current inflationary state, rather than feeding yet more tokens into it, the decision was to make buybacks to inflate the liquidity pool (and price) instead, we announced some of the manual ones in telegram (pre ‘market making’ automation).
Attached (Appendix 1) is a list of various ‘buybacks’ from 2022 (the process of buying back tokens as the business, and either using them for staking or burning), of which the ByeBanX funds are included. (Please note there were many buybacks in 2021 also. The analysis only covers early 2022). Note: More recently buybacks have been happening through our ‘market making’ system which is still being developed and is documented in the forthcoming whitepaper. Note that buys are done in this manner to prevent obvious opportunities to manipulate by traders and to promote trading volume.
In conclusion, the business and projects we have here are very complex, the information available publicly is a fraction of the story, it can be misunderstood, manipulated and misconceived. It is advisable to not believe everything you hear on the grapevine and from non-credible sources on the internet.
I set out for the whole process and the project/s to be fun, to allow the opportunity for individuals in support, the opportunity of making gains and building a fun supporting community.
At no point was it meant to be a quick bang, good things take time, and we are since our restructure, taking time, our team is bigger than ever, but in the form of developers and artists, not a hype team. The hype will naturally come back, but when the time is right.
I am and always have been an honest businessman and person. I am not afraid to admit that some mistakes were made at the beginning and to a lesser extent more recently.
After all, life’s (and in my experience business) greatest lessons are learned from mistakes.
We have spent a lot of time and money attempting to fix and improve from mistakes, and we are motivated with our next steps to bring delight to the KODA holders. There is the transparent truth… again.
The KODA revival is coming.
I trust this sufficiently addresses the majority of the accusations and circulating FUD.
Thank you for the continued support,