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Hi there
I do have a couple of questions:
1. According to your white paper, you are distributing the tokens in three different ratios depending on what time the participant sent its Ether. Above the question was asked: "What will happen with unsold tokens?" and your answer was "Unsold tokens will be burned".
But - it's impossible to have unsold tokens the way you framed your ICO. Every token will be distributed according to the ratio. Can you please explain?
2. For clarification. What is the exact amount of tokens that will be distributed to the ICO participants?
Is it 4'500'000 due to the allocation of the development team or is it 5'000'000 with a total amount of 5'500'000 in circulation?
3. If I read the white paper correctly, you are raising an indefinite amount of money. You could end up with very few Ether up to millions of dollars worth of Ether (e.g. competitor vDice raised 1.8$ Million worth of Ether).
Could you elaborate on how much money your planning to spend on the different phases?
Thanks and best wishes
I do have a couple of questions:
1. According to your white paper, you are distributing the tokens in three different ratios depending on what time the participant sent its Ether. Above the question was asked: "What will happen with unsold tokens?" and your answer was "Unsold tokens will be burned".
But - it's impossible to have unsold tokens the way you framed your ICO. Every token will be distributed according to the ratio. Can you please explain?
2. For clarification. What is the exact amount of tokens that will be distributed to the ICO participants?
Is it 4'500'000 due to the allocation of the development team or is it 5'000'000 with a total amount of 5'500'000 in circulation?
3. If I read the white paper correctly, you are raising an indefinite amount of money. You could end up with very few Ether up to millions of dollars worth of Ether (e.g. competitor vDice raised 1.8$ Million worth of Ether).
Could you elaborate on how much money your planning to spend on the different phases?
Thanks and best wishes
Thanks for expressing interest! These are some great questions and I'd love to clear things up for you!
1. If there is no ETH contribution to convert to iDice tokens, those tokens will remain unsold. Everything will be handled automatically by the smart contract; there is a specific burn function on the smart contract that automatically burns tokens that have not received an ETH contribution. The smart contract also automatically handles the conversion rates of the tokens to ETH. There is no human involvement in the token conversion process, it is all done by code.
2. There is a limited supply of 5 million tokens. 500,000 of them will be allocated to development team, thus 4,500,000 will be distributed to the ICO participants.
3. We really wish we could raise an indefinite amount of money!
Unfortunately, we have a limited supply of 5 million tokens, so raising an indefinite amount of money is impossible. Even at the lowest conversion ratio, the maximum amount of money we can raise is 5million/130=38,461.5 ETH. You can find our how we plan to spend our money on our Use of Funds section on our whitepaper (https://crowdsale.idice.io/idice-whitepaper.pdf) This projection is based on our estimate of raising 1,000,000 USD. ...
Hi
Thanks for answering some of my question. Although something is clearly not right here! Please answer!
My first question:
I raised the concern that you are "raising an indefinite amount of money" which is clearly the case, the way your whitepaper is framed! You are talking about "ratios" and "proportionality" regarding the token distribution! The way you answered my question, your whitepaper should say:
"First hour: 1 ETH = 200 tokens" and not 200:1 ETH
"First 7 days: 1 ETH = 170 tokens" and not 170:1 ETH
"Last 7 days: 1 ETH = 130 tokens" and not 130:1 ETH
Tokens that are distributed "proportionally to the ETH contribution" and "in ratios" are something completely different than tokens that are being distributed equally.
What is the case here??
My second question:
You answered number two of my questions saying "500,000 of them will be allocated to development team, thus 4,500,000 will be distributed to the ICO participants."
You went on to answer the my third question talking about 5,000,000 tokens again, rather than the above stated 4,500,000. You contradicted yourself within 3 sentences.
Please clarify!
Thanks
He's got a point. How could you not know the exact amount you could raise? If 10% of the tokens are reserved for the founders, why are you including them in that calculation?
