Gate.io Celebrates Bitcoin Pizza Day and launches 20% Discount BTC Sale on Startup

In January 2009, the genesis block with a 50 BTC reward was mined by Satoshi Nakamoto, Bitcoin was thus created. A year after, on May 22, 2010, Laszlo Hanyecz spent 10000 BTC and successfully purchased two pizzas from Jercos, which was the first purchase of a good with Bitcoin. To commemorate this revolutionary transaction, May 22 has been dubbed “ Bitcoin Pizza Day”. Today, the price of Bitcoin is over 4 million times more than the price back then, and one pizza only cost 0.0022 BTC.

Here at Gate.io, we take pride in our work and we are honored to be one of the members of such innovative and game-changing industry. To thank our users’ continuous support, Gate.io will sell $1,600,000 USD worth of BTC with a 20% discount on Startup.

The purchase rules are as follows:
1) Time: UTC4:00 – 6:00, May 26.
All the orders placed within these two hours are treated equally.
2) The amount and the price of the BTC for sale will be calculated at a random time within the 1 hour prior the sale. The data will be updated accordingly to the Startup Platform.
3) Participants can purchase with GT. All the GT received will be stored in GT Safety and Law Fund.
4) Participants should be VIP2 and above.
5) Purchase price: The price (in GT) and the number of orders will be set 3 hours prior to the sale. Each order is worth about $150 USD. Users can place one or a few orders according to the individual purchase limit.
6) Purchase limit: The individual purchase limit will be calculated based on the average holdings of GT (including asset in Lending/Borrowing Market, and the GT bought with USDT borrowed from Margin Trading; however, GT borrowed from Margin Trading is not included) 14 days prior to the sale. Users with no GT holdings cannot participate in the sale. Participants can have a higher purchase limit with more GT holdings. Below is chart that shows the purchase limit based on different amount of GT holdings:



E.g. User X is VIP2 (monthly total trading volume ≥ 6BTC). He or she has never held GT, but purchases 14,000 GT the day before the Startup Sale. Therefore, user X’s average 14-day GT balance is 14000 GT/ 14 days= 1000 GT. Thus, user X has met the requirements of holding GT (tier 1) and being a VIP user. User X can place up to 10 orders in the Startup Sale.

7) Users can place orders from UTC 4:00 to UTC 6:00. Order placed by qualified users within these 2 hours will be treated equally.
8) Users need to ensure there is sufficient balance (exceeding the purchase value) in accounts for the purchase after placing the orders. An insufficient balance will result in the cancellation of the purchase order.
9) Each KYC account can only purchase once.
10) After UTC 6:00, we will collect all the qualified orders and distribute the tokens according to the individual purchased orders: total purchased orders ratio. The final result will be announced at UTC 8:00 each day.
The distribution calculation rules are as follow:

F (distribution ratio) = Daily BTC supply limit ÷ Total BTC supply limit
P (actual individual purchased BTC) = F × qualified individual orders
M (actual payment amount) = Startup Sale Price × P

E.g. BTC daily supply limit is 100 million. The ordered BTC is 200 million. User X has placed an order to purchase 100 thousand BTC.

Thus:
F (distribution ratio) = 100,000,000 ÷ 200,000,000 =0.5
P (actual individual purchased BTC) = 0.5 × 100,000 = 50,000
M (actual payment amount in GT) = 50,000 × Startup Price in GT

We sincerely appreciate your continuous support. Stay tuned for more innovative products from Gate.io!

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Gate.io
May 17, 2019