I participated in the 2017 crowdfunding campaign but never created a wallet or claimed my tokens. What can I do now?

I just had the same problem. I transferred a fair amount of XTZ to Kraken, to have some would be ready to trade if the price increased. The price increased yesterday, and when I logged in, I received a "Account Disabled" message.

I am tier 4 verified.

Opened a ticket (ticket 2626651). Got a "we are looking into it" message but nothing else.

If the price falls before I can sell, I am done with Kraken.

Liqui stopped processing TAAS withdrawals for all customers several days before the Q2 payout, which is happening between Nov 1 and Nov 10.

Unless they explain themselves, it looks a lot like an attempt by someone at liqui.io defraud customers of the payout.

Why has the price on Bittrex been so flat in July?

Anybody who has really followed this thread closely, and has looked at what Ohad actually said, should come to the conclusion that Ohad has been honest, and has been trying to do the right thing.

I think Ohad could have handled some things better, and disagree with a decision or two. But some of the accusations here are really unfair.

Ohad is obviously not a business man. Perhaps it would be better if he surrounded himself with businesspeople in order to run a more professional (and professional-looking) organization. But then maybe the Tauchain ICO would be like the current Tezos ICO, with tons of investor interest. As it is, those people that see the potential of an economy based on what Ohad describes as a kind of "magic notepad on which you can only write the truth" have the opportunity to go to Bittrex and buy Agoras at a market cap that's still a fraction of the market cap of Tezos.

I chose to buy some locked tokens in this tentative sale. I know Ohad might never deliver, in which case they will be worth nothing. But I think there's a good chance that he'll deliver -- eventually -- and that my purchase will prove to be the best investment I ever made.

What's more, a more effective way of pushing up the market price, if you really want to do this, would be to burn some unsold tokens.

If you burned say 4.2m unsold tokens, you could fulfill all tentative purchases, at June prices, locked or unlocked, and at the same time push the market price upwards (at least in the long term -- there's no telling what this would do in the short term).

The only downside is that burning tokens would reduce the amount of funds you can raise by selling these tokens in the future. But I imagine you are going to be able to raise far more than you need for you and the project going forward.

Ohad, I honestly think you are mistaken about the consequences of releasing tokens below market price.

Suppose I purchased an option to buy 100 bitcoin at $1 years ago. If I exercise that option now, will it affect the price of bitcoin? Not at all. It will make me a lot of money (at the cost of the seller), but it will not increase the supply of bitcoin and therefore not affect the market.

You are correct however that locking these additional 4.2m tokens, will reduce short-term supply and push the price upwards. But, this all evens out. Since these tokens are only locked temporarily, they will push the price down when they are unlocked in the future.

It's a question of affecting the market now or later. But do you really want to be manipulating the market at all?

In the future, when Tauchain and then Agoras are released, prices will go way way up. We'll all forget the temporary dips in market price.

But what some of us won't forget is that we almost got into Agoras early, but we didn't. We could have bought at $.376, and we were so close, but the terms changed at the last minute, or we chickened out and asked for a refund, and we'll never forgive ourselves.

The generous thing to do here would be liberal in your interpretation of the offer, and let everybody who beat the July 1 in on the June terms, period. Be a little more inclusive, make the club of lucky early-Agoras buyers a little bigger. I think it will help a lot more people than it hurts.

This sort of dilemma won't occur in the future, because a sale like this in the future will take place on Agoras itself, with the rules encoded unambiguosly in a smart contract. We like the idea of smart contracts because it takes human judgement -- which can be swayed by the news and crazy movements on Bittrex -- out of the picture, and is just...fair.

Ohad, it is clear you want to be fair, and look at the big picture and what's best for the project. But I think being moved by what you see happening in the market and second-guessing your original offer is ultimately unfair, mostly to members of this community.

There is concern about fairness to people who bought on Bittrex for a higher price. But if these people lose out, it is *unfortunate*, but not *unfair*. An properly-run exchange is inherently fair. You offer to sell at a price, I offer to buy, we exchange funds as agreed. As long as the rules of the exchange are honored, fair is fair.

What is unfair is if rules are set, and then not respected, at the gain of one and loss of the other.

Keep in mind also that prices on the market could fall tomorrow to $.20. If that happens, not honoring the contract would be incredibly unfair to those who purchase from you at $.66c.

No matter what you decide, and no matter what the market does, there will be winners and losers. But if the original price is not respected for those of us who tentatively purchased in June, the losers will be people like me that have actually been following this project, and scrambled to get some Bitcoin together so they could buy in bulk directly from you in June before the deadline July 1, only to see the rules changed. So it will be unfair *and* mostly hurt people on this forum.

Who would the winners be? You could argue that existing token holders (which I am) will benefit because by raising the price for this tentative sale, we reduce the # of tokens sold (since there is a fixed # of bitcoin sent to the tentative sale address), and therefore reduce supply and put upward pressure on the market price.

But I think this is doubly wrong, if you really think about it. It's an attempt to manipulate the market and raise the price by not honoring the purchase terms originally offered. Plus it probably won't work. It will result in ultimately a very small # of tokens compared to the total supply, so the affect on the market will probably be minimal.

I think the most fair thing for you to do is totally ignore the market, and try to emulate a smart contract.

Ohad, agree we need to weigh it against the consequence of releasing a lot of unlocked tokens -- which will probably result in the market price falling.

But this will happen regardless of the price for which tokens are sold. The affect of the new unlocked tokens on market price is a function of the number of tokens released, NOT the price.

Selling the tokens for below market price benefits the purchasers (and conversely, hurts the seller). But once sold, the original price is a sunk costs as economists say, and all that matters is the *number* of tokens released to the market.

Now I admit there will probably be a small psychological effect, where people who buy well below market price might be encouraged to take a profit now instead of waiting. But this should be a small effect compared to the affect of simply increasing supply.

For that reason, I think it makes sense to offer an especially large discount for buying locked tokens (but of course, at some point those have to be unlocked, and they will affect the market).

But I still think that it's bets for everyone if you sell the limited number of tokens you are going to sell at the June prices.


BTW, you also didn't clarify whether the discount rates for bulk purchases would apply. I think that to be fair, they should.

Hi Ohad,

New poster here, though I have been a follower of the project and an Agoras token holder for several months.

I want to clarify the discount factors that will apply to bulk 'tentative' token sales, and ask you to reconsider the final price.

In your post in this forum on June 29 about solving the crisis, you made it clear that any purchases at the tentative address may be refunded if the tentative tokens sold out. But you did not make it clear that you might increase the price. Indeed you mentioned in previous posts that bulk purchase at the prices shown on the Google spreadsheet would be available until the end of June.

It appears that the tokens reserved for 'tentative' purchases did not sell out. So I think that you should honor the June price of 37.6c for any purchases who sent tokens to the tentative purchase address before July 1 at midnight.

Now, maybe we have no right to complain or make demands. We are being sold tokens for below market price, so that's great!

However, those of us who believed in this project enough to purchase early deserve the full benefit of that. It's unfair that those of us who bought tokens in late June instead of early June are subject to an arbitrary price increase.

Refunding purchases to honor your commitment limiting the tokens sold is fair. Raising prices beyond what you previously offered in June is not.

I sent a lot of bitcoin to that purchase address based on my trust in you, and observing that you had always kept your commitments in the past. I think not honoring the prices offered for June is a bit of a disappointment to the community.

So I'd ask that you reconsider your decision from earlier today, and honor the prices in the below spreadsheet for all tentative purchases made in June.

https://docs.google.com/spreadsheets/d/1EjW1s66T75vnWh7WSzuP0vxcx1vdwlqCm2JOmlVlPOg/edit#gid=0