You are 100% right that if they just refund people over $3m, it is sorted, everything is OK.
However in this case the extension announcement was made after someone dropped the ton of waves I believe?
Do you agree that if they don't refund excess money but want to keep the $4.4 million. Sasha should not release the escrow?
Oh yes for sure! I won't be happy if they don't refund people. They have to otherwise they will have people rioting... thats 50% oversold. That's why im not worrying.... they will sort it.
Looks like they are keeping the money and the Waves CEO is in on it.
As an escrow for Waves, I can assure EncryptoTel investors that the additional funds raised after the ICO cut-off time will be used in an appropriate way by EncryptoTel team. The decision to prolong the ICO for 24 hours was quite reasonable, since the investment target was reached through an appreciation in the exchange rates, and many investors were unprepared for such an abrupt end to the crowdsale.’ — Sasha Ivanov, CEO of Waves and escrow for EncryptoTel
https://medium.com/@encryptotel/an-update-on-the-encryptotel-crowdsale-e2c3739f2b4cWaves is still a great project that should do well but this is very dissapointing.
I don't quite follow the logic why it should be returned. This is a freak accident, but no one is hurt through it. Good project receives more money development and creates a better product.
In any case Encryptotel investors will have an opportunity to vote what should happen to that 1 mil. I personally guarantee that if they decide to return it it will be returned, if they decide to keep it - so be it.
How is it disappointing?
All this means is this project has more money to accomplish its goals, stop spreading FUD.
Just read through all those msgs here and in Slack with regards to Encryptotel's ICO's extra $1million+.
it was a sound and logical move to extend the ico due to price volatility and becos of the DDoS and other problems that affected investors. Here are some pointers:
1)
*Measures taken* - terms and conditions are there for a number of reasons. They are not perfect and they usually do not include unforeseen circumstances/situations. They are not to be broken, yet at the same time, its impossible to go by the book 100%. So for Encryptotel, smth completely out of the normal happened. It went beyond their scope/vision/radar and they have to quickly decide what to do next. which brings us to point 2
2)
*It ended when the extension started...?* - did you see what they did right after that extra $1 million? Right here:
https://twitter.com/encryptotel/status/862425841107685376. they immediately closed the ICO, even before 24hrs was in. Did they "WOW! Guys! Looks like we can get EVEN MORE money! lets continue until 24hrs is up, change the cap, come up with some excuse and get to $6-$10million instead!". No. that didn't happened. if it did, Greed and Foul Play would definitely be obvious in everybody's eyes. their move to extend the ICO was sound and logical enough. and returning back the $1million would defeat the purpose of having extended the ICO. because they would be back right at where they were - extend ICO to get a bit more funds due to price volatility. Extending the ICO by 24hrs was okay. But the $1million from 1 person is a problem, yes? then wouldn't returning the full $1million means the Encryptotel Team have to open the ICO again!?
3)
*1 PERSON with $1 million+* - So in the end, the concern would be this 1 person who threw in $1 million. 1 person. yes, its worrying because there is some control, some power over almost everything to do with the project in the Crypto World. I am not well-versed in this area. So i can only place my best hopes in both Sasha and the Encryptotel Team. But in any case, this usually happens during the last few moments of almost all ICOs. And it could have happened without the extension. and if it did, what would the Encryptotel team do? after calculations, send back the extra amount that went over the cap? worth thinking about it if this had happened instead.
4)
*Kickstarter* - it was mentioned in Slack but i shall just include it here for better understanding. The reason why Kickstarter was brought up by Sasha was because, more often than not, projects get overfunded there. But the folks at Kickstarter always did smth when it does - they included new goals, expanded their roadmaps, etc. SO i think its only right that Encryptotel should try to do something with this extra $1 million to get MORE BANG for every investors' buck. And every investor has the right to know what are the new goals and roadmap. 100% transparency. no strings attached.
5)
*Different Scenarios* - Lastly, are you guys interested in an UNDER-FUNDED Project? Because a lot of things are NOT under Encryptotel Team's control and power. Neither are they under Sasha's. Price could have crashed right after the ICO closed. Would they then re-open? because the price tracker shows <$3 million instead of >$3 million before it closed?
All in all, Sasha and the Encryptotel Team are doing their best to address the situation. And the investors are not left out of this at all.
So please do your part to voice out constructively, vote and aim for a solution that best fit for the project and for yourselves as investors.
Remember, this was an unforeseen situation. Time and discussions are needed to deal with this reasonably.
