I may be sounding very negtive here. It's because I feel a little frustrated as I like the basic idea and some of the plans they have. If they wouldn't have this greedy-model I would defninitly invest, despite the fact that I invested in Peerplays. But they keep 10% for themselfes + 2% "for partners" to begin with and then an additional 60% of the remaining 88%. IN TOTAL edgless
GREEDY devs are holding 12% + 66%*88% = 70,08%.
That's just insane!
I respell it for everyone:
In total 70,08% of all tokens and profits are going to the edgless casino team. ffs! Typical casino rip-off tactic if you ask me. UGH.
The project seems really interesting. And its good to see that it is growing pretty well day by day.
it seems clear from the edgeless successful, all this thanks to the edgeless teams who have struggled and worked hard to build a great project to make casino gambling sites, which is very good and active in answering all your questions to participate and invest in projects edgeless.Lol at all the shills posting just for the sake of posting to create posts WITH ZERO information value.
Similar question was asked on reddit:
https://www.reddit.com/r/ethereum/comments/5v7yoe/whats_your_opinion_on_edgeless_crowdsale_funds/Quote:
I totally understand your point, however Edgeless is not a decentralised organisation/ business. It's a casino start-up which uses decentralisation for a randomness generation and transparency. Because we believe that's a significant improvement for gambling experience. Using it, Edgeless can get a strong competitive advantage against traditional online casinos and become really profitable business unit.
Crowdsale method is chosen as a "capital raising" method for a start-up. In exchange for 40% of casino profits. An analogy can be taken from a traditional start-up which is looking for VCs. VCs fund a startup in exchange of shares. Start-up gets capital for further development, VCs expects to earn profit from shares it just bought. Founders are NOT really making money from VC funds. Founders expect to earn money in a future, once a start-up is well developed and scaled business.
In this particular situation, Edgeless team will not make money/ get rich from collecting crowd sale money. All capital will be used for a start-up development in a period of 1 - 2 years. However Edgeless founders expect to turn a casino into really profitable/ scalable business, so they can get paid having 60% profits of the start-up (isnt it fair? after spending several years working on it). Investors get 40% of profits for their early support. Investors expect to earn money because they believe this team and start-up has a lot of potential to disrupt a casino industry.
Using this "capitalistic" approach we can be sure that all parties involved have a strong financial/ value creation incentive to take action. In this case we can make sure that business unit will have fast decision making (because it has only 3 co-founders, not 4000 people voting on decisions) and strong financial incentive to be extremely good product. And that's why freedom + capitalism is so dominant, because it makes sure people have enough motivation to run long and complex project.
Casino DAO is nice idea, however we feel world is not ready yet. And here are several reasons:
- smart contracts are experimental and untested technology. From a DAO hack example we can see that smart contracts are still in a super early phase. It will take many years ahead once we can move to complex smart contract systems. Human error in a contract is simply inavoidable, therefore we need to start building something really simple as randomness generation and only THEN move to complex DAO and decentralised systems. People built calculators first and only THEN moved to artificial intelligence. Not the other way around.
- DAO governance model is still not tested. There is a high chance that it will not perform really good in a technological environment which requires fast decision making and clear direction. And requires founders which are willing to die for their start-up.
- Casino business is extremely sensitive/ dependent on marketing. No marketing means no people on casino and business is pretty much dead. Having 3000 decision makers who are voting on these decisions can harm a business unit really bad. It simply would not catch up with small start-ups which can make decisions really fast.
With Edgeless we aim to build a business unit which is tangible and applicable in today's world, therefore we do not want to OVERPROMISE too much for early investors.
Regarding dev. teams token share - dev. team's tokens will be frozen for a long time. It will not be in use. Also dev. team keeps tokens because it might be that, after 1 - 2 years, start-up needs more capital for further scaling. Therefore tokens will be used to get extra capital.
And one more important note: Edgeless ICO IS NOT GET QUICK RICH SCHEME for token speculators. We do not promise 100000% ROI. We are realistic, making sure that your investment is protected and value creation happens over time. Not in a day.
Also your calculations are wrong. It's not 70% of tokens. Secondly number of issues tokens are growing every day. Also team holds 10%, not 12%. 2% are for bounty participants.
Slack link on first page does not work
try this one
https://edgelessethcasino.signup.team/The bj is live already?
we are still working hard on that, hoping to launch before an end of ICO
Thank you for your write up, you seem to have your feet firmly ion the ground and I'm glad to see you are not trying to create Hype for your project. The concept is an interesting one and if well executed, I believe that the model has a very good chance of disrupting the online gambling/betting industry.
Wishing you and the Team the very best of luck.
Ps. thanks for the Slack link.
