Henry JenkinsICO team member replied on 17 Jun 2018
I sincerely thank you for taking the time to review our ICO project.
I appreciate the opportunity to respond to your questions.
Q: the team looks strong at a opeerational level but not so strong on the legal side.
A: Our Lawyer, Mr. Tawanda Chiurayi is a partner from the oldest and largest Law firm in Zimbabwe.
In addition, we’ve recently brought on Mr. Roger Royse and Jennifer Han of Royse International Law which you can now find listed on our website. They are all working together to ensure our compliance as a unique offering in the blockchain space
Furthermore, we have already met with the Government’s Investment Authority as shown in the video on our website; whereas they are happy with our business model. In addition, we have met with the Zimbabwe Reserve Bank and they have taken the position that we are not breaking any law and we are operating in an unregulated area. Thus, in their recent court filings; they did not mention Goldma but rather other companies that operate in the Crypto space such as Golix and BitMari. I took the time to plan, organize and work with the government institutions so as to add obvious value to the community, our employees and the government at large (within the law).
Q: I dont really see the blockchain use case and why this is an ICO raise v a traditional equity risk raise.
A: The blockchain use case for our project is as follows:
1. Since Zimbabwe’s 2008 historic hyperinflation event the banking infrastructure has collapsed; thus there are no trusted means to remit dividends to would be investors. Goldma uses the blockchain as a secure and transparent means to remit funds anywhere, anytime and across national borders worldwide.
2. Traditional/Institutional investment firms have high thresholds to meet in order to invest in gold mines in Zimbabwe. Thus Goldma addresses this issue by using the blockchain to provide an ROI and distribute royalties, lowering the investment cost and democratizing investment access
Q: Using the waves platform I think will restrict investment as investors are not familiar so much with waves at ETH and ERC20 and it would appear waves has been chosen to get DEX listed which may be putting the cart in front of the horse.
A: Although I respect and understand that you are entitled to your opinion regarding the waves platform. However, the facts are:
1. ERC20 smart contracts have been compromised one too many times to the detriment of investors who rarely recover all their tokens
2. It is well known that the Etheream platform has a scaling issue that has yet to be resolved.
It's true that the Waves DEX gives us the ability to list our token on (a decentralized exchange) day one after the end of the ICO. Put simply, we like this. :)
Q: Not so clear how Zim exchange controls may impact the ability to pay token holders and risks of local costs changing due to zim inflation.
A: Zimbabwe exchange controls do not impact our business model because we are paid in cash by the Zimbabwe Reserve Bank who is funded by the renown Rand refineries company.
Q: Will gold be sold to local bank and if so will eth have be bought locally with the africa premium ?
A: We do not sell to the local bank, we sell to the Zimbabwe Reserve Bank. They are funded directly from Rand refineries. Furthermore, we are not subject to the “Africa premium” of purchasing tokens. In fact, we get a great price on tokens because I am a registered investor and I’m entitled to take out cash as long as its registered. And we access lower prices because we consistently and often buy tokens.
Q: How does the zim central banks banning of dealing with crypto companies affect the project ?
A: As previously answered we have already met with the Government’s Investment Authority as shown in the video on our website; whereas they are happy with our business model. In addition, we have met with the Zimbabwe Reserve Bank and they have taken the position that we are not breaking any law and we are operating in an unregulated area. Thus, in their recent ‘ban’ court filings; they did not mention Goldma but rather other companies that operate in the Crypto space such as Golix and BitMari. And we do not use banks to convert crypto to fiat but rather the opposite - we use fiat to purchase crypto.
Thus, I plead with you to review your rating in light of this new information that I provide. In addition, I welcome you to ask me any other question or feel free to visit our mine. For example, one of ICObench’s top experts - Giovanni Lesna Maranetto
had some doubts regarding our operations and platform. Here, https://medium.com/@goldma/goldma-host-world-renowned-ico-expert-and-advisor-mr-giovanni-lesna-maranetto-f7fb206ae14b; we were able to show him first hand our operations, team, gold mining operation, and tested business model. Although, he is now our advisor; he is an honorable man and would tell you truthfully about the development of our project. This is why our team, vision, and product should be rated among the highest of any ICO due to our compliant licensing, cash flow, proven and existing business operating for over four years with the same team. I look forward to your reply and prompt review of your rating. Thanks again.
I appreciate the opportunity to respond to your questions.
Q: the team looks strong at a opeerational level but not so strong on the legal side.
A: Our Lawyer, Mr. Tawanda Chiurayi is a partner from the oldest and largest Law firm in Zimbabwe.
In addition, we’ve recently brought on Mr. Roger Royse and Jennifer Han of Royse International Law which you can now find listed on our website. They are all working together to ensure our compliance as a unique offering in the blockchain space
Furthermore, we have already met with the Government’s Investment Authority as shown in the video on our website; whereas they are happy with our business model. In addition, we have met with the Zimbabwe Reserve Bank and they have taken the position that we are not breaking any law and we are operating in an unregulated area. Thus, in their recent court filings; they did not mention Goldma but rather other companies that operate in the Crypto space such as Golix and BitMari. I took the time to plan, organize and work with the government institutions so as to add obvious value to the community, our employees and the government at large (within the law).
Q: I dont really see the blockchain use case and why this is an ICO raise v a traditional equity risk raise.
A: The blockchain use case for our project is as follows:
1. Since Zimbabwe’s 2008 historic hyperinflation event the banking infrastructure has collapsed; thus there are no trusted means to remit dividends to would be investors. Goldma uses the blockchain as a secure and transparent means to remit funds anywhere, anytime and across national borders worldwide.
2. Traditional/Institutional investment firms have high thresholds to meet in order to invest in gold mines in Zimbabwe. Thus Goldma addresses this issue by using the blockchain to provide an ROI and distribute royalties, lowering the investment cost and democratizing investment access
Q: Using the waves platform I think will restrict investment as investors are not familiar so much with waves at ETH and ERC20 and it would appear waves has been chosen to get DEX listed which may be putting the cart in front of the horse.
A: Although I respect and understand that you are entitled to your opinion regarding the waves platform. However, the facts are:
1. ERC20 smart contracts have been compromised one too many times to the detriment of investors who rarely recover all their tokens
2. It is well known that the Etheream platform has a scaling issue that has yet to be resolved.
It's true that the Waves DEX gives us the ability to list our token on (a decentralized exchange) day one after the end of the ICO. Put simply, we like this. :)
Q: Not so clear how Zim exchange controls may impact the ability to pay token holders and risks of local costs changing due to zim inflation.
A: Zimbabwe exchange controls do not impact our business model because we are paid in cash by the Zimbabwe Reserve Bank who is funded by the renown Rand refineries company.
Q: Will gold be sold to local bank and if so will eth have be bought locally with the africa premium ?
A: We do not sell to the local bank, we sell to the Zimbabwe Reserve Bank. They are funded directly from Rand refineries. Furthermore, we are not subject to the “Africa premium” of purchasing tokens. In fact, we get a great price on tokens because I am a registered investor and I’m entitled to take out cash as long as its registered. And we access lower prices because we consistently and often buy tokens.
Q: How does the zim central banks banning of dealing with crypto companies affect the project ?
A: As previously answered we have already met with the Government’s Investment Authority as shown in the video on our website; whereas they are happy with our business model. In addition, we have met with the Zimbabwe Reserve Bank and they have taken the position that we are not breaking any law and we are operating in an unregulated area. Thus, in their recent ‘ban’ court filings; they did not mention Goldma but rather other companies that operate in the Crypto space such as Golix and BitMari. And we do not use banks to convert crypto to fiat but rather the opposite - we use fiat to purchase crypto.
Thus, I plead with you to review your rating in light of this new information that I provide. In addition, I welcome you to ask me any other question or feel free to visit our mine. For example, one of ICObench’s top experts - Giovanni Lesna Maranetto
had some doubts regarding our operations and platform. Here, https://medium.com/@goldma/goldma-host-world-renowned-ico-expert-and-advisor-mr-giovanni-lesna-maranetto-f7fb206ae14b; we were able to show him first hand our operations, team, gold mining operation, and tested business model. Although, he is now our advisor; he is an honorable man and would tell you truthfully about the development of our project. This is why our team, vision, and product should be rated among the highest of any ICO due to our compliant licensing, cash flow, proven and existing business operating for over four years with the same team. I look forward to your reply and prompt review of your rating. Thanks again.
