https://www.graft.network/2018/06/26/ico-airdrop-clarification/ICO AIRDROP CLARIFICATION
Dear GRAFT Community,
We would like to take this opportunity to clarify the promise we made to the ICO participants to do an airdrop if the price doesn’t recover to the ICO level within nine months.
Why did we do it?
As you might imagine, we’ve never before carried out an ICO, less so an ICO based on a live mineable blockchain. As such, we came up with coin pricing based on what we assessed to be а fair market value (very conservatively at that, comparing to other similar projects). One thing we didn’t know was that the price of the coin would be immediately driven down by ASIC miners, creating a large disparity between the ICO and mining price levels. As project leads we felt compelled to make it right by the ICO participants and to rectify this situation.
Terms of the Airdrop
The following are the terms of the airdrop:
If the price of GRFT doesn’t recover to the ICO level (0.0000262 BTC) prior to November 18, 2018 (9 months from the end of the ICO) for a reasonable period of time (24 hours cumulative, according to CoinMarketCap), GRAFT project team will airdrop the difference in GRFTs to the ICO participants in good standing. The effective price at the time will be determined based on a 10 day moving average.
Example 1 ; October 20 GRFT price is 0.0000262 BTC or higher – no airdrop will take place
Example 2 : October 10-18 GRFT price avg 0.0000262 BTC or higher , no airdrop will take place
Example 3 : November 10-18 GRFT price avg 0.0000131 BTC , each ICO purchase of 1 GRFT will receive ONE additional GRFT via airdrop.
The effect of potential airdrop
The actual number of GRFT’s issued for the airdrop will depend on the price difference between the airdrop and the ICO price (in BTC). Currently, we estimate that no more than 50M GRFT’s are at stake. The funds will be provided from the undersold ICO funds, and since all the ICO funds were earmarked for circulation, should not result in an increase of the circulation supply.
Conclusion
We understand the controversial nature of this offer and value community’s opinions and feedbacks. We try to make decisions that are fair to all our supporters, while carrying on the mission of the project. Your support is highly appreciated and valued.
Best Regards,
GRAFT Team
Dear Team,
I have never felt compelled to register on this site and answer your Airdrop clarification as ever before. As a miner that supported your network with all my rig's hashpower, giving stability and security to your network and contributing to the blockchain record keeping; I honestly feel betrayed to hear that you are planning an airdrop to "ICO Investors!!??!!". I started mining your coin from the get go, including when your network was under attack right after the fork, I was bearing over $500 USD per month in electricity charges since January. Now, I could've spent that money to purchase the damn coin and subsequently benefit from a senseless airdrop!
There is always a risk when you make an investment of any sort and investors fully understand that including myself who invested in electricity and building minig rigs. If coin "buyers" are to benefit from an airdrop, there is nothing fairer than extending the courtesy to miners as well since I have just explained to you the extent of the miner's investment in your project.
I truly feel that the remaining ICO coins should be burnt as everyone understands the risks associated with cryptocurrency investments.
Kindly, rethink your announcement and do not dismiss Miner's input. Without miners you have NOTHING and if your network hashrate drops significantly, not only you will suffer from 51% attacks and the further fragmentation of your blockchain, but you will also loose credibility since your network will not have any support!
Warm Regards,
Miner
Agree with you. I mine and buy about 50K graft. But nothing for me as air drop. I still keep 50K and this will be more in near future.
It is totally inequal for all kind of investors.
Graft Team,
Please answer the above concerns, I would like to hear it from you first hand!
Regards,
Miner
Miner.
We appreciate your support and we had not intent to make you or anyone else feeling betrayed.
The team have committed to the airdrop ( a few weeks from he end of ICO) .
Although the current airdrop terms might not in your personal favor we will follow through with our commitments to the community.
We will follow through with our commitment to ICO investors.
Dear Team,
Thank you very much for your direct and honest answer. Your support for ICO Investors over miners is loud and clear and remember, ICO investor already spent their money and there isn't much more they can do whereas miners continue to support your network and there is a lot they can still do. I was so exited about the concept and the idea that I was considering taking GRFT as a payment for my consulting services and advertise it on my website. I am sadly going to stop minig your coin as I do not agree with your actions. Good luck to all!
Regards,
Former Miner
The way you are wording it is worded in such a way. Its basicly making it look like they have to choose between miners and and ICO Investors instead of allowing them to choose both.
ICO Investor spends 500 usd gets 1500 graft
You say you got 50k In earlier posts from mining for 6 months spending about 3 grand in electricty. If you spent that on graft during ICO you would have 9k graft.
I have no doubt you would be on the opposite side complaining.
If the ICO Investors had outright bought 50k graft they would have to have spent 50,000totalgraft/1500graftpurchase = (33.33purchasesx500usd) for a total of 16,667 usd
16,667 usd where you only spent 3k in electricty to mine 50k.
Now under normal circumstances I would say this was a risk to investors they chose to take.
However, ASICS hit at the same time Tradeogre NINJA LAUNCHED which means that the ICO price of around 30 cents fell to 3 cents Literally off just a handful of trades!
This made the 500 usd of 1500 graft worth about 1500x0.03cents= 45 dollars....
So where you spend 500 dollars in one month and recieved probably the bulk of your 50k at least 1/6 of it.. those that spent 500 usd now have 45 dollars.... worht of graft...
So yes I see nothing wrong airdropping it back up to 500 USD from 45 USD worth of graft because they bought 500 USD worth of graft and the next day it was 45 usd.
Couple that with this.. what if they would have sold at ICO 3 cents to begin with then 500 USD would have been provided the same amount of graft they have determined they will airdrop to bring up to ICO price anyway. If they would have sold 500 usd at 3 cents each they would have recieved 16,666 graft instead of 1500 graft. and we wouldnt be having this conversation right now!
Now lets throw those numbers into the network we have now at 20 megahash and a price 0.01518 USD each graft... then with 1 kilo hash the average price of v7 coins is
1. Citadel (Rp. 14924) ($1.07)
2. IntenseCoin (Rp. 14042) ($1.00)
3. Stellite (Rp. 13006) ($0.93)
4. Electrodump (Rp. 12908) ($0.92)
5. Graft (Rp. 12852) ($0.92)
6. MoneroV (Rp. 12670) ($0.91)
7. Monero (Rp. 12558) ($0.90)
8. Elya (Rp. 11298) ($0.81)
Which means graft is well within its price point for the network difficulty at current price. Which means if you were mining graft you didn't lose any money if you chose not to mine something else and continued on graft... as sometimes it was 1.07 other times 80 cents per kilohash per hour.
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They were not wronged by graft but graft is making up for it. No one wants graft to succeed more then the GRAFT TEAM itself I think. They are hte ones who have the entire project to lose.. as of now you miners are way ahead of the ICO investors.. THE ICO INVESTORS made this project a reality. This team isnt just forking a coin they are making NEW CODE for RTA. Therefore alot of time seems to have been spent toward it.
The Point is that ICO INVESTORS had 500 usd for 1500 graft for what equated at the time to 45 dollars.
Miners could spend 500 in electricity in January and get practically 10x that,
if you look at the math.. there fore bringing them from 3 cents to 30 cents.. is what 10x
IF the miners could spend 500 in electricity and get 15,000 graft the first month... why is it fair for the ICO investors to spend 500 and get 1500 Coins.. 3cents to 30 cents
This allows for 500 in electircyt for 15,000 graft the first month to miners
Ico investors spend 500 and get 15,000 graft in ICO.
I get your concerns but as of now miners recieved far more graft then ICO investors in electricy costs vs ICO purchase
The math adds up.
EVen still this doesnt factor in.... the fact that graft is gonna be closer to ICO price anyway in 3 months. So if they are 25 cents of 30 cents.. they are only gonna get a small amount.
An airdrop is usually free coins. This isnt giving anything past the initial purchase price they paid in usd measured in BTC.
Basicly graft was saying had we known it was 3 cents we would have given 10x as much graft per 500 usd.. which would have made it equal to what the miners spending 500 in electricty made. I have no doubt you made at least 15k in the first month of mining out of the 50k you had.
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