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bitseedmike
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July 13, 2016, 11:19:28 AM |
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Seems like if there was a fixed amount of BTC needed for a budget, it would have been better to sell the tokens at a fixed price, like 0.0000125 BTC each for a total of 1K BTC for 80,000,000 tokens sold, and just let the ICO run until they are sold out. A minimum of 1K BTC needing to be raised wasn't mentioned in the OP or ICO terms, guess I'd have to dig through a bunch of posts to see where it was first mentioned as a requirement to move the project forward.
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wavespump
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July 13, 2016, 11:21:04 AM |
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Seems like if there was a fixed amount of BTC needed for a budget, it would have been better to sell the tokens at a fixed price, like 0.0000125 BTC each for a total of 1K BTC for 80,000,000 tokens sold, and just let the ICO run until they are sold out. A minimum of 1K BTC needing to be raised wasn't mentioned in the OP or ICO terms, guess I'd have to dig through a bunch of posts to see where it was first mentioned as a requirement to move the project forward.
looks good but already running, so it may work for the other ICO if the first ICO doesn't meet the requirement. |
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Krushang (OP)
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July 13, 2016, 11:24:57 AM |
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The ICO looks to be getting a respectable amount of interest. Sorry if this has been asked and I missed it. Is there a minimum target amount of btc needed to proceed with the project? How much is needed to finance Nicolas Dorier to work on this project. And is there a time frame for for when this work will be completed or is it open ended? I take it that nothing has been started yet at this time and that the ICO is needed to fund development. I'm trying to understand when any work towards this project will likely start and when we could expect a release of any kind. Not an exact date but at least some kind of timetable would be nice. If enough isn't raised for Nicolas Dorier to perform the work is there a backup plan to enlist other developers? Hey, just to confirm it here, I will work on Stratis Bitcoin full node implementation if Stratis manage to raise enough for financing my work.
This will be a bitcoin full node, based on NBitcoin. Easier to debug, compile, and change on your own.
There is not official minimum amount. However, no less than 1000 BTC would be required to develop this platform and to build our sales, business development and marketing team. This is the minimum amount required to have the capabilities required to make this project a success. In the unlikely scenario that we did not exceed this amount, we would refund all investors. I am confident that we will exceed this amount. The end to end platform will be complete in November. Correct, Nicolas is ready to start working asap. I guess it would be easier if we was just cloning someone else's code. We will release a beta wallet based on Bitcoin Core, within two weeks after the ICO closes. This will allow people to withdraw their Stratis tokens from the ICO platform and hold them in wallet, removing the need to trust anyone with your tokens. This wallet will not include our private chain tech, which will be available in our Full Node framework, when its released. I dont see it as an option to utilize other developers to complete Nicolas's work, you only have to Google Nicolas to see that hes a top blockchain developer. I would not have the neccesary trust in anyone elses ability outside of Bitcoin Core development to complete this delivery. I dont think it has registered for some, but outside of Ethereum, I dont see any other projects with such talent on the team. First mentioned on the thread on 24 June and on our slack |
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Bl4ckw00d
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July 13, 2016, 11:27:02 AM |
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Seems like if there was a fixed amount of BTC needed for a budget, it would have been better to sell the tokens at a fixed price, like 0.0000125 BTC each for a total of 1K BTC for 80,000,000 tokens sold, and just let the ICO run until they are sold out. A minimum of 1K BTC needing to be raised wasn't mentioned in the OP or ICO terms, guess I'd have to dig through a bunch of posts to see where it was first mentioned as a requirement to move the project forward.
This seems like a decent idea. Running the ICO until tokens are sold out may not be in everyone's best interest though. Especially in a case where it may extend the ICO period significantly. From an investors perspective I would much rather Invest in an ICO with a concrete open and close date so I can feel a little more comfortable knowing I will have access to "My Investment" at a specific time. Where as an ICO that runs until sell out can drag out for months and have investors BTC tied up for long periods of time and create cranky investors (Nobody likes those) |
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Krushang (OP)
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July 13, 2016, 11:28:38 AM |
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what other ICO?
There will certainly not be another ICO. |
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Krushang (OP)
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July 13, 2016, 11:30:59 AM |
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Only 48 hours left to receive a 5% bonus. |
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bitseedmike
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July 13, 2016, 11:38:30 AM |
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Seems like if there was a fixed amount of BTC needed for a budget, it would have been better to sell the tokens at a fixed price, like 0.0000125 BTC each for a total of 1K BTC for 80,000,000 tokens sold, and just let the ICO run until they are sold out. A minimum of 1K BTC needing to be raised wasn't mentioned in the OP or ICO terms, guess I'd have to dig through a bunch of posts to see where it was first mentioned as a requirement to move the project forward.
This seems like a decent idea. Running the ICO until tokens are sold out may not be in everyone's best interest though. Especially in a case where it may extend the ICO period significantly. From an investors perspective I would much rather Invest in an ICO with a concrete open and close date so I can feel a little more comfortable knowing I will have access to "My Investment" at a specific time. Where as an ICO that runs until sell out can drag out for months and have investors BTC tied up for long periods of time and create cranky investors (Nobody likes those) Yes, might be better to have a refund option during the ICO for those who feel it is taking too long. Another option is to have a deadline to meet the minimum funding threshold, like Kickstarter. In any event, the 1K minimum for Stratis needs to be put in the OP and ICO terms. I would not have tied up the funds if there was a possibility of the project not going forward because there was a minimum funding requirement and having to wait for however long refunds might take, would have instead waited until near the end of the ICO to invest when sure that it would go through. |
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altcoinrich
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July 13, 2016, 11:47:54 AM |
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what other ICO?
There will certainly not be another ICO. How about your project failed to get 1000 btc fund? If extension still can't get that amount and i think you will refund us? so all of your tough job will be void if you won't host a new ICO? |
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bitseedmike
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July 13, 2016, 11:54:31 AM |
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A problem I have with this is that by choosing this method of ICO where investors split a fixed amount of coins, investors assume the risk of not knowing beforehand what % of equity they will receive, along with the upside they may end up with a larger position if the total raised is smaller, while the project assumes the risk of not raising as much as they would like, along with the upside of possibly raising a lot more than they would with a fixed price and total distribution. By introducing this minimum threshold after the ICO has started, they are limiting their downside at the expense of the investors who in turn are having their potential upside limited. So adding this option of cancelling the project comes at the expense of the investors, with an accompanying potential opportunity cost of not having access to their funds until refunded if the project is cancelled. This possible outcome should have been in the original terms of the ICO.
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btcnoob85
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July 13, 2016, 12:24:56 PM |
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Currently 219 BTC invested. Krushang, is it really necessary to have 1000 BTC. Will be even with a longer period difficult to achieve.
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░▒▓▓▒░ THE MOVEMENT DAO | UNSTOPPABLE ORGANIZATION ░▒▓▓▒░ |
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minerbit hill
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July 13, 2016, 12:40:50 PM |
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an alternative solution could be DEVs take extra 5-10 million tokens for development if 1000 btc is not reached.
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trademark
Legendary
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Activity: 1932
Merit: 1003
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July 13, 2016, 12:44:04 PM |
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an alternative solution could be DEVs take extra 5-10 million tokens for development if 1000 btc is not reached.
I was thinking the same thing. If dev's have faith in their project, the extra Stratis will be worth way more than the remaining btc's needed to meet the 1000btc. |
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Krushang (OP)
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July 13, 2016, 01:09:29 PM |
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Thank you for your suggestions. On the 26th July we will have a clearer picture on the amount invested. We truly believe in this project and will do all in our power to successfully launch Stratis.
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minerbit hill
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July 13, 2016, 01:13:16 PM |
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an alternative solution could be DEVs take extra 5-10 million tokens for development if 1000 btc is not reached.
I was thinking the same thing. If dev's have faith in their project, the extra Stratis will be worth way more than the remaining btc's needed to meet the 1000btc. Definitely. If everything goes functionally correct then the marketCap could be $10 million or more with time. |
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trademark
Legendary
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July 13, 2016, 01:23:05 PM |
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Thank you for your suggestions. On the 26th July we will have a clearer picture on the amount invested. We truly believe in this project and will do all in our power to successfully launch Stratis.
I am pretty sure if you made an announcement within a few days that the project will go on regardless of the amount of btc invested, there will be much more investing in the project by July 26. People are currently hesitant to invest because they are do not want their btc tied up due to an extension. Consider supplementing the additional btc needed via Stratis tokens would be the best solution to keep this project moving. |
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Bl4ckw00d
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July 13, 2016, 01:30:43 PM |
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Thank you for your suggestions. On the 26th July we will have a clearer picture on the amount invested. We truly believe in this project and will do all in our power to successfully launch Stratis.
Look forward to it  . Hopefully I can get out of some loss positions in the upcoming week to find a bit more BTC to invest. |
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shapeshiftscam
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July 13, 2016, 02:01:04 PM |
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Thank you for your suggestions. On the 26th July we will have a clearer picture on the amount invested. We truly believe in this project and will do all in our power to successfully launch Stratis.
people don't have ico mania now, not like 1 month ago, people grabbed ico coins, and those projects like dao, waves, rise are over funded, so they broke ico price and screwed their investors. now they don't have so much passion on ico now. that's why your project is not popular. it is not your fault |
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Master_dandosha
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July 13, 2016, 02:26:44 PM |
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Thank you for your suggestions. On the 26th July we will have a clearer picture on the amount invested. We truly believe in this project and will do all in our power to successfully launch Stratis.
people don't have ico mania now, not like 1 month ago, people grabbed ico coins, and those projects like dao, waves, rise are over funded, so they broke ico price and screwed their investors. now they don't have so much passion on ico now. that's why your project is not popular. it is not your fault that is true people fed up after many over funded ico hope faith will return again here |
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vlight
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July 13, 2016, 03:07:29 PM |
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Thank you for your suggestions. On the 26th July we will have a clearer picture on the amount invested. We truly believe in this project and will do all in our power to successfully launch Stratis.
people don't have ico mania now, not like 1 month ago, people grabbed ico coins, and those projects like dao, waves, rise are over funded, so they broke ico price and screwed their investors. now they don't have so much passion on ico now. that's why your project is not popular. it is not your fault that is true people fed up after many over funded ico hope faith will return again here It's unfortunate that this project doesn't get as much investment. But like others said, it may be wise to just allocate more tokens for the devs, instead of canceling ICO and refunding BTC. |
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