Our situation is a little bit more nuanced than that. Some people will probably sell tokens as they hit the exchanges. But keep in mind:

1. We sold 20% of circulating supply (10% of total) at the preICO to raise money to run the actual ICO.

2. Assuming half of those coins are sold on exchange quickly after the ICO - it is 10% of the circulating supply.

3. That would push the price down, we don’t know by how much, maybe around 10% but it depends on a lot of other factors.

4. 10% price volatility in crypto is a daily thing. It’s noise.

The above argument is not 100% rigorous but helps to put things into perspective.

We would also encourage people to think of the unmet demand that will be filled at the exchange: a lot of people will not pass our KYC (some countries restricted for the initial sale, some people will not be able to provide the right documents, etc). They will probably try to get the tokens at the exchange.

Most importantly, we would encourage people to look at the project long-term, not based on the first few days when it’s on the exchange.

The first time i heard about this upcoming ICO is when Floyd Mayweather advertised about this upcoming crowd fund and i am wondering whether he have any connection with the development team or is he just an investor,either way his social media post has gained much attention now and so is the only reason i came to know about it. So i will be watching closely about the development and the crowd fund in general.

So can I use my 2gb card to mine Ubiq?

Like I have said before, the main people behind the project are me and Alex. I do not work for Reborn anymore.

Antoine is a person I met through work and who offered his help with marketing.
Julien is the same and was thinking about looking at the code to possibly contribute.
Sergii is actually the first developer to contribute some code to the repository on Github.

All three of them have nothing to do with the leadership of the project and with the decision on the ICO. They were volunteers, like all of us, that were considering contributing some of their free time to a project they thought was interesting. Bringing them into this is a new low point, even if I doubt someone will care about your baseless accusations. It is way out of line and if you have any decency as a human being, you will remove the information about them from the thread.

It's unfathomable to me how people here can applaud this kind of behavior, going after people in their private lives, and somehow think they are on the right side of this story. It's disgraceful and I'm deeply disappointed in the community for supporting this attitude even for a second.

So how about you?

Before the ICO, we will present a clear budget, a road map, a white paper, a working testnet and the full team.

I think you could argue whether it's greed or vision. We have concrete plans that need concrete resources. Without fundraising, the project would have died soon. The team has invested a lot of personal money to keep the project going, but at some point, that's not sustainable anymore.

You are absolutely right. This is why we decided to kill off the Jason facade and reveal the team behind the project. We should probably have done this sooner, but the project grew and became serious a lot faster than we were prepared for.

Sunday update:

Veltor will do an initial coin offering in Q3-Q4 2017 in order to distribute the Veltor tokens created by the launch of the new client codebase. The foundation aims to raise between €5 and €20 million (the minimum and maximum will be somewhere in that range). The funds will be used to accelerate development, to sponsor research and to create the Donar Network, a revolutionary blockchain platform.

The Veltor project started as a hobby, but it has since grown beyond what anyone initially imagined. The technology has the potential to transcend the current blockchain disruption. Unfortunately, the vision has become too big to implement with the free time of a handful of people. We need to dedicate serious resources to reach the full potential of the platform.

80% of the tokens will be distributed to ICO investors, while 20% of the tokens will be granted to the foundation, including 5% of the total supply which will be swapped in direct exchange for old Veltor tokens. It will give early investors a chance to keep their initial investment reasonably intact in terms of absolute value. We can't deny, though, that it will significantly dilute their share of the total market capitalization.

We realize that this will upset and disappoint a number of loyal followers and sympathize with their position. Who wouldn't want to discover a promising project early and invest some money? Then, it turns out to be next big thing and generates life-changing money in the process. The reality is more sober, however: the funds invested by early investors didn't go to the project team and most of the early coins are held by miners. Without a serious injection of funds, Veltor cannot move forward as a project.

The conundrum was a difficult one. It's easy to say in hindsight, but the early developers probably made a mistake when they published a working client before implementing at least part of the Veltor vision. This lead to a market that reflected the speculative value of the project's future and thus takes value away from a possible ICO. It was a tough spot, but we had to address the situation. The announced ICO terms should lead the Veltor market to reflect the ICO valuation, which is a much more reasonable state for the old network and the future of the project.

As a team deeply rooted in the community, we are accutely aware of the fragile image of Veltor. This announcement certainly does not instill confidence in a market full of scams and questionable projects. We hope that most people will give us the benefit of the doubt for just a few more weeks. We promise you that we have many big announcements in the pipeline that should put any and all doubts to rest.

When we revealed Jason's identity, it was because we made the decision to take this project further. We want to instill the project with strong values and a solid foundation. We want to be transparent, accessible and open to the community. In that spirit, please get in touch with us if you have any sincere questions. We will do our very best to put your minds at ease.

No matter your decision, thank you for your support.