Our today’s post shall definitively start in big friendly letters since we are to calm everyone down and reassure every dime collected by the campaigns on our platform is taken into account properly.
As many of you have noticed some campaigns currently running on KICKICO.COM a little time ago started to show the raised funds shrinking, of which many have reported with concern. Now let us settle it all down and make sure everyone sees why this happened: as one could easily see, the Bitcoin market is extremely volatile now, and in the light of SegWit2x being called off the Bitcoin rate started to plunge. Since many projects are raising their funds not only in ETH or KICK but also accepting pledges in BTC, BCC and many other cryptocurrencies, as well as fiat wire transfers, on our platform all the contributions have to be unified and merged into one progress bar. The progress bar on KICKICO happens to show everything converted to ETH, which turned out to cause no glitch while the exchange rates were more or less stable a bit more than 2 weeks ago, and caused no worries when Bitcoin was rising since converted to ETH it only showed the collections increasing further, but now for the last several days we could observe the progress decreasing as if the ETH collected was somehow taken away piece by piece.
Of course, this is impossible and the decreasing bar was simply a result of BTC and some other currencies falling over the ETH exchange rate, upon which everything is calculated on our platform. So now, even though the funds are being raised and increased, their ETH value could continue to go down. This is no reason for concern since the ETH value is only there to unify and standardize, while the contributions gained by the campaigns are recorded and fixed in time. Thus, even though one could assume his or her pledges were at some risk of disappearing, nothing wrong was actually happening: a backer contributed his or her support, let’s say, for instance, in BTC, and such transaction was fixed and stored so that the campaign’s tokens could be assigned to each backer in accordance with the exchange rate actual for the moment of transaction.
To make totally sure we have contacted the representatives of the campaigns running currently and we have received their confirmation upon the exchange rate record they use to assign the correct amount of tokens to backers. Thus, we can ensure every backer the only negative effect one would be able to encounter is the visual decrease of the progress bar caused by BTC falling and ETH growing, but no real harm to the campaign token or the amounts pledged.