[2014-06-04] Novello starts $4.2m Indiegogo campaign for "ultra low cost" ASICs

[Bit_Happy]

So far they have raised some $5,997, out of the $4.2 million required. That is around 0.1% of the target. Still 25 days are remaining.  What will happen if the target is not reached? Will the funds be sent back to the contributors?

I don't see the correct answer posted yet, unless I missed it.

Indiegogo.com offers a "Flexible Funding" option and they will get every penny donated even without reaching the goal.
Under $10,000 might look lame, since they had a huge target, but it's over $5K with plenty of time left. Not too shabby, if they are living/"working" in mommies garage.

[kjlimo]

So far they have raised some $5,997, out of the $4.2 million required. That is around 0.1% of the target. Still 25 days are remaining.  What will happen if the target is not reached? Will the funds be sent back to the contributors?

I don't see the correct answer posted yet, unless I missed it.

Indiegogo.com offers a "Flexible Funding" option and they will get every penny donated even without reaching the goal.
Under $10,000 might look lame, since they had a huge target, but it's over $5K with plenty of time left. Not too shabby, if they are living/"working" in mommies garage.

So you're saying the people posting this received funds for a project requiring $4.2M and if the funding target isn't reached, the people still get the money?

What do they do then?  Put it into a CD and wait 8,000 years before starting the project?  Or use it for a purpose not even related to the initial post?

That's laughable...

[Bit_Happy]

So far they have raised some $5,997, out of the $4.2 million required. That is around 0.1% of the target. Still 25 days are remaining.  What will happen if the target is not reached? Will the funds be sent back to the contributors?

I don't see the correct answer posted yet, unless I missed it.

Indiegogo.com offers a "Flexible Funding" option and they will get every penny donated even without reaching the goal.
Under $10,000 might look lame, since they had a huge target, but it's over $5K with plenty of time left. Not too shabby, if they are living/"working" in mommies garage.

So you're saying the people posting this received funds for a project requiring $4.2M and if the funding target isn't reached, the people still get the money?

What do they do then?  Put it into a CD and wait 8,000 years before starting the project?  Or use it for a purpose not even related to the initial post?

That's laughable...

Kickstarter (the sight that made crowd-funding "famous") has the all-or-nothing model that people are used to seeing. Indiegogo has that option, but for a higher % fee you can choose "Flexible Funding" and keep anything that comes in. Novello chose that option, knowing that several million Dollars was going to be hard to get.

[Ron~Popeil]

"A fool and his money are soon parted."

Hmmm... that is probably what happened. Another one to the long list of Bitcoin-based scams. But this time there is a difference. I think that most of the investors were hearing about ASICs / Bitcoin for the first time. (Experienced Bitcoiners will readily recognize it as a scam).

If that is the case it is even more shameful.

[bryant.coleman]

Indiegogo.com offers a "Flexible Funding" option and they will get every penny donated even without reaching the goal.
Under $10,000 might look lame, since they had a huge target, but it's over $5K with plenty of time left. Not too shabby, if they are living/"working" in mommies garage.

If it is so, then I am 99.99% sure that this is going to be a scam. They will write off the $6K or $7K which is already collected in to some shabby expenses such as project viability study or field trip.

[LiteCoinGuy]

Indiegogo.com offers a "Flexible Funding" option and they will get every penny donated even without reaching the goal.
Under $10,000 might look lame, since they had a huge target, but it's over $5K with plenty of time left. Not too shabby, if they are living/"working" in mommies garage.

If it is so, then I am 99.99% sure that this is going to be a scam. They will write off the $6K or $7K which is already collected in to some shabby expenses such as project viability study or field trip.

yeah, i thought the donators get their money back too.