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.
