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Author Topic: Chandler Guo Terminates ICO For New Mining Pool  (Read 540 times)
mynhpark (OP)
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April 13, 2017, 03:46:17 AM
 #1

An initial coin offering to fund Chandler Guo’s mining operation that would have signaled support for Bitcoin Unlimited has been called off.

According to reports, the EXX/XBTC ICO for the largest global project in Ethereum Classic history is being terminated due to its inability to achieve the set target as only about 16.47 percent of the set-out target was reached.

As a result, all the funds that have been generated so far (about ¥33 mln) will be returned to senders’ original accounts.

This comes after the second stage of the ICO that started March 9 and ended on April 8.

Do you think this is good news for Segwit and Bitcoin?



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April 13, 2017, 04:16:36 AM
 #2

An initial coin offering to fund Chandler Guo’s mining operation that would have signaled support for Bitcoin Unlimited has been called off.

According to reports, the EXX/XBTC ICO for the largest global project in Ethereum Classic history is being terminated due to its inability to achieve the set target as only about 16.47 percent of the set-out target was reached.

As a result, all the funds that have been generated so far (about ¥33 mln) will be returned to senders’ original accounts.

This comes after the second stage of the ICO that started March 9 and ended on April 8.

Do you think this is good news for Segwit and Bitcoin?

I don't think it really means that much for Segwit since chances are the mining ICO didn't succeed because people want to see more faster and valuable returns than the typical return rates that mining would bring, to my knowledge. Having raised around $300k USD, that's a decent number but likely not big enough to be massively competitive with the rest of the mining network.

Personally it doesn't matter to me as I had no stake in it. It's more likely everything just didn't work out in the way they intended, and them supporting BU was likely a minor issue compared to the overall. I don't know that, however.
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April 13, 2017, 05:47:20 AM
 #3

An initial coin offering to fund Chandler Guo’s mining operation that would have signaled support for Bitcoin Unlimited has been called off.

According to reports, the EXX/XBTC ICO for the largest global project in Ethereum Classic history is being terminated due to its inability to achieve the set target as only about 16.47 percent of the set-out target was reached.

As a result, all the funds that have been generated so far (about ¥33 mln) will be returned to senders’ original accounts.

This comes after the second stage of the ICO that started March 9 and ended on April 8.

Do you think this is good news for Segwit and Bitcoin?

I don't think it really means that much for Segwit since chances are the mining ICO didn't succeed because people want to see more faster and valuable returns than the typical return rates that mining would bring, to my knowledge. Having raised around $300k USD, that's a decent number but likely not big enough to be massively competitive with the rest of the mining network.

Personally it doesn't matter to me as I had no stake in it. It's more likely everything just didn't work out in the way they intended, and them supporting BU was likely a minor issue compared to the overall. I don't know that, however.

Yes, the issue here was its failure to generate adequate cash for the ICO offering and not because they are for Bitcoin Unlimited. That means had they got what they want then they would have pursued the project. However, the leaning towards BU may have been a factor why there was such a cold reception from the market. Anyway, they can repackage the project and then offer it again as a fresh ICO and hope that they could get it the next round. I have no stake on this ICO so this is just my opinion.
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April 13, 2017, 06:48:41 AM
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Do you think this is good news for Segwit and Bitcoin?

This can be good news but this can't be enough to build support for segwit. There are still few crooks who have made block size debate as their political playground. Bitcoin Community is divided  Angry
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April 13, 2017, 07:07:08 AM
 #5

He have made two big mistakes with this ICO.
1. He created token using ETC, which is already a minority chain splitted from ETH.
2. He wanted to support BU , which could be another minority chain splitted from BTC.  Grin

Happy to see this crowdfunding failed. Crypto community doesn't support both ETC and BU.

 
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April 13, 2017, 09:35:40 AM
 #6

Just the market speaking, there is not enough support for Bitcoin Unlimited outside a small group of miners and a few very rich bitcoiners, the industry in general doesn't see Bitcoin Unlimited as a viable path forward.

Or it was simply a bad deal. Cheesy Cheesy

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April 17, 2017, 06:06:54 PM
Last edit: April 17, 2017, 06:30:24 PM by mynhpark
 #7

Good points, we will see during the next months how things will come out...



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mining1
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April 17, 2017, 09:00:26 PM
 #8

This probably showed him how small he really is. This guy always seemed to overestimate his importance / influence.
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November 16, 2017, 07:45:37 PM
 #9

We need time to see how the things will go...
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February 04, 2018, 10:05:54 AM
 #10

He have made two big mistakes with this ICO.
1. He created token using ETC, which is already a minority chain splitted from ETH.
2. He wanted to support BU , which could be another minority chain splitted from BTC.  Grin

Happy to see this crowdfunding failed. Crypto community doesn't support both ETC and BU.

It sounds like a good one to miss out, you can't make those kinds of mistakes!

Take a look at KPR Coin's Australian ICO in progress though on:

https:/www.kprms.com

It's currently in it's highest KPR Coin's earning ICO stage and also still taking on new referrers!
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