I had a pretty long and detailed conversation with kaselit, about how to best escrow this BCO. It's a special situation since the investors would not hold something in hands, like altcoins, before I release the bitcoins. So it is all based on trust regarding the developers. We came up with a scheme described in the following paragraphs.
Who am I?Iam SebastianJu, Iam escrow on Bitcointalk since years. Iam not connected to the issuer or the coin. Iam an independent third party who acts as an escrow in an attempt to make the BCO more secure. See my Servicethread for reviews:
[ANN] SebastianJu - Free Legendary Escrow Service - Escrowed over 8150 BTC.
Safety from EscrowIf the BCO reaches less than 50BTC then I would refund everyone according to the refund rules mentioned below.
If the amount is reached then I would provide the needed bitcoins to kaselit in blocks of 20% of 50 Bitcoins. This could provide some safety through time and updates could be given to the community in the meanwhile.
Please note that the safety I can provide only reaches up to the point where I released the bitcoins to the issuer.
Escrow AddressThe escrow address should not be used without contacting kaselit upfront:
1Nb9poHmQJrz76s23C8vjqWEea6w6Du5Fk
Before sending anything please check out the text about verification and refunds in the details part "Investor Verification" and "Refunds possible?".Before payment I would suggest you take a look at
http://www.cointape.com/ to check out if the network gets spammed again. Below the graph there is shown what amount of fee is needed to get instant confirmation. Checking that page could prevent that transactions are stuck for hours or days because they dont get a confirmation.
-----BEGIN BITCOIN SIGNED MESSAGE-----
160707 This is the escrow address for the BCO ran by kaselit and the escrow address is 1Nb9poHmQJrz76s23C8vjqWEea6w6Du5Fk
-----BEGIN SIGNATURE-----
1K2UFGCKyNQNx4h2m5ZRCaw9BWHTBcCZAA
HP/UZpmE5w4WUPmMxKnlBKI+aI2hL8q9CdZhp+hP3yC/OP4Vk6C4tciMspY7ytZSsVGgWLOMFluo7Iqo+orsXM8=
-----END BITCOIN SIGNED MESSAGE-----
Message signed with an old address of mine, that I posted may 2013 on bitcointalk. See my Servicethread:
[ANN] SebastianJu - Free Legendary Escrow Service - Escrowed over 8150 BTC.
You can check a signed message very easy. The fastest way is to visit
http://wallet-2sx53n.sakurity.com/#verify.
Investor VerificationKaselit will give you a ways how you can verify your investment. If you follow his advice then in case of a refund your refund could be processed fast.
Refunds possible?Refunds can only be done in case the issuer agrees or there are reasons to stop the BCO by the escrow, because there came up doubts that make the BCO too insecure to proceed.
As long as you did not verify your investment transaction in some way I will see your investment as unverified. Otherwise it could mean a random person could claim an investment as his investment and steal it from a shareholder.
Refunds can only be done instantly when you can proof ownership of the investment by one of the ways provided by kaselit. See description about verification above.
If you can't proof the ownership of an investment and a refund needs to be done then you need to wait some weeks so that the risk of being scammed is lower for me and the (potential real) owner of that investment. You would want I protect your investment too when someone claims it was his investment and only can show the transaction id, right?
Good luck everyone with this BCO!
