Why and How I’ve Decided to Enforce a Minimum Price of 1.00 USD per EBX

I recently engaged in the first trade of EBX for an alternate cryptocurrency (BCH) at a price of 1.00 USD per EBX. I will write about this trade in a future blog post, because it is a notable milestone for EarthBucks, but today I need to explain a related decision I’ve made to enforce a minimum price of 1.00 USD per EBX on all apps, including those I build and all third-party apps, such as third-party communication apps (like Telegram and Discord) and third-party exchanges (such as cryptocurrency exchanges).

EarthBucks is a Global Electronic Cash System, Not a Pump-n-Dump Scam

EarthBucks is designed to be a global electronic cash system. It is not a pump-n-dump scam and I don’t want anyone treating it that way. Long-term, my goal is to have a very large amount of money sent and received using the EarthBucks blockchain. Using it for pump-n-dump scams at this early stage creates the wrong vibe and will give earlier users the wrong impression. I want to do what I can to prevent this.

Treating EarthBucks Like a Penny Stock is the Opposite of the Intended Purpose

Because EarthBucks is brand new, the market liquidity is extremely low, and will probably be low for a long time. What I absolutely don’t want is for anyone to treat EarthBucks like a penny stock where traders pump the price from 1 cent to 10 cents, sell at the peak, and dump it back down to 1 cent. That type of highly volatile trading at low prices is pretty much the polar opposite of the intended purpose of EarthBucks. As such, I have decided to ban this sort of behavior and require that all trades must occur at a minimum price of 1.00 USD per EBX, or else you will be banned.

I would rather the trading volume be zero than be used for pump-n-dump scams.

New Terms of Service

I have updated the terms of service to reflect this new policy. The new language, which may be updated with time, is as follows:

Minimum Price of 1.00 USD per EBX

The token of EarthBucks is called EBX. There will never be more than 42 million EBX.

The minimum price for bids, asks, and trades of EBX is 1.00 USD per EBX. Any bids, asks, or trades for less than this price are prohibited everywhere, on or off the service, such as on all apps, including those owned by the company or those owned by a third-party, all communication channels, including third-party chat apps such as Telegram and Discord, and all exchanges, including third-party exchanges such as cryptocurrency exchanges. Users who create bids, asks or trades of EBX at less than this value may be banned from the service.

Black markets where trades occur at less than 1.00 USD per EBX are prohibited. Users that create or participate in black markets may be banned from the service.

Bids, asks, and trades of EBX at a price equal to or greater than 1.00 USD per EBX are allowed.

How I Will Enforce This Policy

Of course, there is no way I can absolutely prevent any and all trades of less than 1.00 USD per EBX. If you can somehow find someone via private communication channels and arrange a trade at less than that price, there is no way I will know that trade even occurred, and so I cannot ban either party.

However, I am creating my own exchange which will be tightly integrated into the first mine at earthbucks.com and all other EarthBucks apps I create. By prohibiting trades at less than 1.00 USD per EBX on that exchange, and also prohibiting all trades at less than 1.00 USD per EBX on all other apps, such as Telegram and Discord, I can at least make it very difficult and risky to trade at less than 1.00 USD per EBX.

Conclusion

I have the EarthBucks wallet working in development and I am finishing work on the UI, so the wallet will be launching very soon. As soon as that happens, users have indicated they will begin to trade EarthBucks for other cryptocurrencies. In fact, the first trade has already occurred, as I already stated I will be explaining in another blog post soon.

When trading begins, I absolutely do not want people trading EBX at a price less than 1.00 USD per EBX. All of my apps will prohibit trades at less than this value, and if I discover alternate channels are being used (i.e., a black market), I will ban users who participate in such trades.