Risk and reward are the yin and yang of investing, be it in traditional instruments or modern-day virtual currencies. And the more you speculate on Bankroll Vaults (VLT), the more tokens you earn, says Taylor.
VLT token was recently launched by Bankroll, a popular Dapp platform that touts itself as a high dividend provider of social games on the Trom blockchain. Taylor launched Bankroll a year back.
So, Bankroll, according to Taylor, now gives one basically two options to earn—by directly earning tokens via speculation on vaults that’s a high risk option or by getting into the relatively low risk Dapp, which will also get one VLT token but at a slower and steady rate.
In a rare interaction on discord recently, Taylor explained how profits are added to liquidity through trading of VLT token, the official store of value for the Bankroll network. “The more one uses the VLT token, the more liquidity is added to the blockchain solution,” he said. Powered on uniswap, there are only 1.8 million VLT tokens. At the time of publishing this story, the contract held 628 ETH. Cost of one token with 628 ETH in the contract is 0.0025 ETH or USD 0.57.
“Basically the token contract itself is capturing liquidity with the fees and always pushing up the floor. So, there’s always just built-in upward pressure and because of this, the token contract will never take profit and once Life is added that’s going to put that whole process into overdrive.
The token contract itself will capture liquidity with the fees and always push up the floor price. There will always be that built-in upward pressure
“And this is because what Life will do is to provide both eth and vault rewards and the vault rewards are going to be created by basically doing a buyback with some of the inbound fees to Life,” he said.
On the old Trx contracts, Taylor emphasised on how the contracts will continue stimulating more transactions. Some in the discord conversation predicted that the new Credits added to the bankroll space will simulate up to three million coins. Eventually, Bankroll is anticipated to grow to a 10 million USD platform, some say. This is because though there are currently fewer than 1,000 weekly users of Bankroll, they are dedicated as they make over 32,000 transactions over the same week period.
In his discord interaction, the Bankroll founder also talked about his academic background and about his transition from a traditional financial background into the crypto space and how some millionaires mentored him.
“I was born in Philadelphia, went to MIT, and started my career in financial services. I worked for half of my career at State Street in Google Market, worked on foreign exchange trading systems, and then the other part of my career was at Fidelity in personal investing space. But before I joined Fidelity, I worked as the chief technical officer at Cockpit Safe,” he said.
Taylor said that he, in fact, got into the crypto space nine years back by starting to mine Bitcoin, but an interaction with Roger Ver, an early investor in the world’s leading digital currency, later that year in New York transformed him forever.
“I first got into crypto in 2011 and built my own Bitcoin miners. I was then mining one Bitcoin a day. I was at the first Bitcoin international Bitcoin conference in New York City in December 2011 and had lunch with Roger Ver,” he said.
The name of the founder is Bankteller, not Taylor.