So if what I'm reading is correct anyone that isn't happy with the ITO they bought into can sell their BLOCK back within 48 hours after the ITO ends if they wanted to? Is that correct?
Yes - though this is only for those who bought on Bittrex. |
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Has the ITO coins from BTER been returned to Devs or are they still on the site?
Also, how many tokens were sold on BTER before it got taken down?
Bter is back and the sell wall is where it was before. My guess is that they had a temporary technical issue. |
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synechist, I have one question I cannot find or missed maybe...  let's say some will surely sell their block when trex will be open for that 48h after end of ito...where will those block go? to trex or to the team? or will be destroyed, meaning we, who belive in project and hold them, will own more % at the end? keep up the good work & gl cheers They will be treated as unsold BLOCK and destroyed. If enough are unsold for us to not make the minimum of 850 BTC, then all the BTC (and all the altcoins too) will be returned to BLOCK buyers. To prevent this, i think you guys should release the proof of concept before the ITO ends Definetly Yes, or at the very latest, before the 48-hour refund period ends. We're working on it, btw. |
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synechist, I have one question I cannot find or missed maybe... let's say some will surely sell their block when trex will be open for that 48h after end of ito...where will those block go? to trex or to the team? or will be destroyed, meaning we, who belive in project and hold them, will own more % at the end? keep up the good work & gl cheers They will be treated as unsold BLOCK and destroyed. If enough are unsold for us to not make the minimum of 850 BTC, then all the BTC (and all the altcoins too) will be returned to BLOCK buyers. Can you tell us that the minum of 850 BTC including Alts sales is reached now? and how much has been sold in total BTC till now? Thank you. I think so, but the past few days' FUD has put my calculation of these figures on hold. Also, since Bittrex customers will be able to buy back their BTC in the 48 hours after the ITO ends, there's a chance that we will not end up with 850 BTC even if we have it now. (On the other hand, the 48 hour refund opportunity means people can now buy BLOCK with no risk of loss, since they can sell if, after the ITO, market sentiment is not positive.) |
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Question for the XC Team.
If this has been asked and answered I apologize ahead of time.
Will a public ledger be posted with schedules for disbursement of funds and to whom as the project moves forward?
If this has not been addressed at all yet, I suggest it be so. You have an opportunity to tighten up how things are run. Obviously due to the FUD and otherwise unflattering posts, along with an ITO release perhaps not as fully thought through as was needed this needs to be done and advertised quite loudly.
You've got a great opportunity here with Blocknet and if you don't lock down the details and make them crystal clear it will hurt everyone involved.
As an aside, I think the team needs to take personal responsibility to protect the asset value of XC holders. XC is a Gem in an otherwise bland and shady community of coins, it's up to you guys to keep that Gem polished.
Synechist said the wallet are going to be public and transparent about on what and when they spend it. I'd like to see WHO is getting funds. Not only will that drastically increase confidence in Blocknet, it will show the community that funds aren't being extracted all to the same person or persons. As a group of investors fronting a minimum of 850 BTC I think that it is our right to expect and to demand this. If someone decides that their identity is too precious to have their identity revealed to us then they have no business taking OUR funds as payment for anything. I say this not to be hostile but to make sure both our interests and the interests of Blocknet are protected. Yes we will be releasing information on who will have access to the funds - and equally importantly who the third party functioning as co-signatory will be. Bear in mind though that if Foundation board members rotate then the people with signing powers will change too. We're working to try get these details all ready asap. |
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synechist, I have one question I cannot find or missed maybe... let's say some will surely sell their block when trex will be open for that 48h after end of ito...where will those block go? to trex or to the team? or will be destroyed, meaning we, who belive in project and hold them, will own more % at the end? keep up the good work & gl cheers They will be treated as unsold BLOCK and destroyed. If enough are unsold for us to not make the minimum of 850 BTC, then all the BTC (and all the altcoins too) will be returned to BLOCK buyers. |
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This also does not explain why the charts yesterday on bter showed a dump of 8000 coins, but the market history did not reflect the sale.
Which leads to my question I have been asking for hours now that has yet to be answered:
Where has the ITO gone on bter??
The coin is not present in their api either.
We are currently unaware of why the BLOCK:BTC pairing at Bter is unavailable. We're investigating it and will report back as soon as we hear from them. No reason to edit my post out of your quote regarding management being ultimately responsible for the exchange fiasco. The specific bter disappearance issue falls under management as well. I noticed it over 6 hours ago and at that time it had been 24hrs since I checked it. It would seem management/pr would have been all over this and letting everyone know not to be alarmed and that it was under control. So when did it get delisted from bter? I am sure it didn't happen right before I checked it. And when did you reach out to them regarding the issue? Oh, so by "coin management" you were attributing blame to us? Anyway, perhaps if I weren't sick with a cold/flu I would've been online today and on the ball. Go on, give us hell. I'm past bothering to retort. Good night everyone. It's 1:13am here and I need a weekend's rest. |
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I would also like to clarify that Poloniex enabled trading in accordance with their agreement with us and has not acted unethically.
Furthermore they are legally obligated to keep trading open during the ITO: to fail to do so would put their customers who have open positions at a disadvantage.
Given that Poloniex were in fact clear to the people who set up the pairing that trading would be enabled, we take responsibility for this and offer our apologies.
We are thankful that Bittrex's 48 hour buy wall following the ITO will restore fairness across exchanges.
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Expect tech and escrow-related news from us soon.
So at the moment there is no escrow / independant progress review / auditor set up. Will these be setup before the end of the ICO? Yes that is the intention. |
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This also does not explain why the charts yesterday on bter showed a dump of 8000 coins, but the market history did not reflect the sale.
Which leads to my question I have been asking for hours now that has yet to be answered:
Where has the ITO gone on bter??
The coin is not present in their api either.
We are currently unaware of why the BLOCK:BTC pairing at Bter is unavailable. We're investigating it and will report back as soon as we hear from them. |
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Hi all An announcement from Bittrex regarding the ITO: BlockNet ITO - What happened and next steps.
First off, let me thank all our users for their patience on the matter. We are actively working with everyone to ensure the best outcome for all parties. Before we get started, I want to provide a little background. BlockNet was the first ICO we agreed to do where we didn't have complete control of the coin supply. We've learned our lesson, we will not be participating in any offering where we are not in a position to enforce agreed upon terms.
Somewhere along the way, there was a miscommunication and BLOCK coins were released for both trading and staking. By enforcing the escrow terms, we put Bittrex users at a disadvantage. To remedy this, we will put up a buy wall at the ITO price for 48 hours after the ITO ends on November 5th. We will not allow deposits or withdrawals during this 48 hour window. This will allow any users wanting a refund to receive one. Once this window closes, we will pull the buy wall and evaluate the escrow terms. If everything checks out, we will release the funds to the developer and open the wallet and market for trading.
This will rectify the unfair conditions imposed upon Bittrex traders due to trading being enabled at Poloniex. I would like to clarify that this is unrelated to the recent FUD, but is purely due to the different rules on Poloniex and Bittrex. Finally, this entails that you are all free to buy BLOCK on Bittrex without risk of loss, as you'll have a chance to sell it again if market sentiment is not positive when the ITO ends. Expect tech and escrow-related news from us soon. |
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And we are currently w8ing for more info concerning the escrow, the proof of concept, etc! You said you had been working on it, I think new investors will be much more positive when you release all that new info
Very true. We can't wait. |
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Benthach, you don't have the first idea of what XC Inc even is.
First find out what it is before posting that it presents some kind of issue.
Go and discuss it on a relevant thread.
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and your buying your own ito aswell, right?
Would be stupid if you didn't.
Who me? Of course. I got up early in the morning and bagged the 10% discount. :-) ... What's to stop you buying up your own coins indefinitely? It's your Bitcoin you're buying it with. All of my palms. That's pretty much the point right? Anyone can spend their bitcoins on Blocknet tokens. Doing so means that your BTC will go into escrow and be spent developing the Blocknet's tech. In other words, nobody (not even Dan) will be able to pay bitcoins to themselves by buying Blocknet shares. All of the funds raised go into escrow and will be spent based on voting by the Foundation board (which, in turn, represents the community here and is accountable to them). The only possible incentives for both insiders and outsider to buy BLOCK is that - they'll be worth more someday. - they'll create in incredible technology P.S. For the record, I'm neither paid nor employed by the Blocknet. |
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Bentach, stop spamming this thread.
I've asked you to pursue your line of discussion on a thread with a relevant topic.
Please do so.
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So how much has been raised so far?
I'm also intrested to know how much has been sold. Also, if the IPO fails, where will you put the buy wall ? We'll be releasing details on this asap. It's selling pretty well, so the ITO has not failed. |
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Those who would like to rehash a conversation on XC Inc can
- dig up the discussion about it on the XC thread
- continue discussion on xctalk.com
You're in the wrong thread.
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