Which is why I suggested getting community feedback before making decisions. What we're seeing now is the devs changing the rules during the middle of the pre-sale because they're listening to investors who are only looking out for their own self interest. They don't care about the coin or the community. Only themselves. This is a dangerous practice for a dev team.
Can you provide any example of a rule being changed during the pre-sale, after we posted the final updates on the 9th? ( https://bitcointalk.org/index.php?topic=654463.msg7758487#msg7758487)?The only thing being discussed now after multiple community requests is the max-cap, which actually benefits the current buyers.
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Investor risk notice: More than 120BTC has been invested in Crypti on Bter.com. Invest with caution! https://bter.com/trade/CRSALE_BTCEdit: Meaning... why would you provide escrow services and then post a notice like that?!?!? Bter had to post this disclaimer, due to the high demand of the pre-sale.
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Actually I don't understand why you chose bter as escrow, there are potential policy risk in the BTC things in China especially IPO.
As was explained in past, this is not an IPO but rather a pre-sale of the Crypti to buyers. Also, Bter has done their own checks, before joining the pre-sale.
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I know you are from DEV team, I read all of your posts, all you can do is call your mother's name. @all investors , do you really believe a dev team like this can make a good coin?!
I'm not sure where from you have this idea, the current full team roster is listed in the ANN OP.
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I have concern, in case IPO in bter outlawed by China government, we will get our BTC back from you dev team, correct?please answer me directly.
Please note that Bter holds all the BTC raised through them in escrow, until we have a proven distribution of Crypti to buyers. Hence in a case of a such very unlikely occasion, Bter will be the address to inquiry regarding the matter.
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I really think a pre-sale cap will suit investors, you don't want the IPO to become too diluted as no investor will profit out of it. Don't forget you will still have the 15% of the pre sale left for development, so if you only need 500 BTC from the IPO why not put a cap on it?
EDIT : Don't forget some whale could single handedly drop over 500 BTC into this IPO and render our investments useless. This is the same problem Ethereum faced and they seem to be implementing a cap on their future IPO as well
The max total cap is currently under discussion. There is a max cap per buyer of 2%, that is aimed to prevent the described whale behavior.
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Thanks for your suggestions, finishing the pre-sale once target hit or the period has ended is indeed an obvious solution that is worth considering and I will raise it to our discussion.
It really doesn't look good to change the rules after things have started though. ;(
What? Important changes in the middle of the pre-sale? You don't know what you want. (Well you know it - money) But can anybody respect your word?
To be more clear, I've only mentioned it in the light of the repeating community requests for the max cap, as there won't be any sense to keep the pre-sale going if the said max cap is reached. That said, if we do set a max cap and reach it, and the community will prefer to keep the original period going, we will respect it.
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I appreciate the effort your whole team has put into organizing everything. It already looks better than most of the IPO's out there.
As stated before, my only concern is that while you have optimized most of the things fairly well, it seems an important piece is still missing from the IPO puzzle.
The dev team has agreed that 500 btc would cover the necessary requirements for the dev fund fairly well. However, given the situation, I expect Crypti to raise at least between 800-1000 btc. Now it seems obvious that there should be a point where because of too much investment Crypti will be over diluted and over priced, and it will certainly not be good if Crypti would reach that point starting from the IPO. Further more, I think the dev team interest along with the investors interest should be among the most important things to keep in mind while deciding the IPO rules.
That said, I'm not sure why the IPO is set to last one whole month. A better option would be to set a cap of lets say 1000 btc(or whatever reasonable sum you decide) or if the cap is not reached you have an open time limit of 1 month. The idea being that after 1000 btc(or whatever sum) the IPO will go against the best interest of its investors because of over pricing and over dilution. If this should happen, both the early investors and the late investors will suffer in the process. Maybe some kind of upper cap limit(2x-3x of what is actually needed for development) could be proposed and added to ensure a basic safety net for the investors who are looking forward to joining and contributing to the project.
Any thoughts on that?
Thanks for your suggestions, finishing the pre-sale once target hit or the period has ended is indeed an obvious solution that is worth considering and I will raise it to our discussion.
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Will there be +30% for early investors?
Yes for the duration of today, and then it will be linearly lowered by 1% every passing day.
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So this is not a 1btc = a set amount of crypti right?
Indeed, it's only a purchase proof token, which later will be used to distribute Crypti. What actually counts is how much has been raised both via Bter and via Maxmint. You can see the formula here: https://github.com/crypti/crypti-docs/blob/master/presale.md#crypti-allocation-formulaThere was a very good suggestion here to start a FAQ, we will do it later today and add the formula there.
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It really doesn’t ! What the sell price (that bter posts) for 1 CRSALE will go up by 1% each day or what? If not how you will figure out when I bought my CRSALEs?
Bter will provide us with a date and time for each purchase. You will be able to see this soon in a public ledger, listing all pre-sale purchases done.
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Its way more interesting to make the statement and watch the walls crumble around those who are foolish and those foolish enough to even get used by the developers as a legitimate front. Oh that's you by the way.
Say goodbye to whatever reputation you thought you had...
As said before, I'm all ears to hear why do you think it's a scam.
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Yep that's what was said. Although, I don't think it starts reducing until day 21.
This is correct as well.
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You meant a buy order which one could sell into? Sorry i wanted to clear it up
to be explicit, does this mean there will be a buy order at the purchase price which people can sell in to? one which reduces in price over time?
Indeed.
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How will the purchase get refunded? Do we have to open a ticket?
A sale of CRSALE will be available soon, so you could just sell CRSALE and get your BTC back.
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You know this is a scam people, right? Yes it is I, Gorillajam, finder of scams, defender of the innocent!
I'm all ears why you think so?
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Awesome, I have quite a good experience working with BitPay and know their team, hence any their product of theirs will get bonus points in my book .
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@Devs, please take note that this is only a suggestion, I'm not saying you must must do it, but it would help build a lot of trust from the community In the efforts of transparency, I believe that the devs could use a Multi-sig wallet like : https://copay.io/ to keep funds raised from the IPO, and include a trusted third party to oversee the transactions and approve transactions & spending of the IPO funds. Thanks for the suggestion, we indeed planned to use a 3rd party multi-sig service like https://www.bitgo.com/ or https://api.trustedcoin.com, will check this one too.
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