Subscription price adjustment: now 20 USD/month in PING
We respond to recent significant changes to the price of Bitcoin with adjusting the price of subscription to CryptoPing bot service and basing it off USD instead of BTC from now on.
Watching Bitcoin’s recent market movements one can but wonder, will it stop, and if it will, where? Different analysts and experts are suggesting various all-time-high values for BTC before switching to another bearish trend, with most recent predictions ranging from 5,000 to 7,500 USD short-term. All kinds of traders are rejoicing, both holders of BTC and buyers of the dips that have appeared in charts of many other crypto assets.
PING was created as a currency to pay for different services developed within CryptoPing’s ecosystem, and initially we opted for setting the subscription fee amount to 0.01 BTC/month, while Bitcoin price was around 1800–2400 USD. Since then, BTC has nearly doubled in price. We clearly stated that we were willing to adjust subscription price if the price of Bitcoin would change drastically, and now it’s the time for us to act on that.
Starting from August 16, 2017 19:00 UTC, we set CryptoPing’s subscription price to be based on USD instead of BTC, and it is now fixed at 20 USD/month, paid in PING.
Subscription fees will be continued to be charged on a daily basis. The daily subscription fee amount is calculated using this formula:
Sub price for the day = 20 USD * 12 / 365 / [average PING price in USD for the last 24 hours]
We hope this change addresses concerns about subscription price and PING price changes in relation to Bitcoin price movements. At this point we have no other plans to adjust the subscription price but we will continue to observe and evaluate the consequences of this decision.
As a side effect, many users will notice that their estimated active subscription periods have more than doubled in length, and that is intended. While that will decrease the amount of tokens to burn in the short term, we must ensure that our services remain accessible despite Bitcoin’s price fluctuations.