This is a very important sector, so thank you to bring this question out. We believe in an high transparency, this is why we will post monthly reports of all our financial operations and results, available to all the investors. Biggest investors will also have access to the financial panel, to be able to see in real-time how the website is looking.
About the escrow, we chose to do not take one because of the future allocation of the collected funds, your next question. The biggest part of the funds will be used to face the expected huge wave of new players that will come with the time of the ICO and the future huge promotions we are planning regularly. A part of the collected money will go to fund those competitions, but that will be somehow minor. The second biggest part of the funds will be used to developp new features, which is very time and money costing. In investors interest, we chose to not use an escrow because funds would be needed to truly make BetOpen the best sportsbook out there. Also, escrow is most of the time used for ideas, vague projects or concepts. Thus, considering BetOpen is already established, is a working product where lots of time and money has been put in, and here to last, we chose to not take one. But of course, any money spent from ICO funds will be announced to all the investors on a private Slack channel, so that you can really know how your money is used, because transparency is something we believe in.
I think your plan and this ICO is not a good one. No offense intended. Because basically you mean, that you will just get poeple's money to further improved your bitcoin sportsbook, (Why not use your own money?). No escrow, means you can use the funds whenever you like, (How about if even after you improved your sportsbook, still there are no big or many players out there interested on the sportsbook?.)
How about if the your sportsbook, suddenly become bankrupt and gone, means the coin doesn't have value anymore, since you are not operating anymore.
It seems, that you want to improve the site and market it, but you don't want to risk anything and even want to get money out of many people.
if its only for dividends, I don't get it, What is the difference of it on like opening your sportsbook site to people who wants to invest on the sites bankroll?
As per the transparency, monthly reports is not enough because it will come from you, and there's a chance of fraud as well. And not only the biggest investors have access on the financial panel, all the investors should have. Better rethink your way of how to be transparent to your investors, because for example me, there is no way that I can verify that your monthly report is true and not altered.
I hope you get my points, since I am interested in gaming currencies as well, But I want it to be fair for all. Too many ICO's this days are bullshit. And as per your plan and your project, its the same bullshit. Sorry for the harsh words.
Thank you for discussing our project, debate always makes things improve. We already have a working sportsbook, so if we need money, that is simply to enhance it. Like any major companies in the world, at some moment, to progress we need external funds.
You are talking about the escrow, but what would it change ? After ICO has ended, it would simply release us the funds, we would be in the same situation than previously, without escrow. Plus, that would put sportsbook into danger because we would be facing many players without greater ressources.
In case there is no increase in the sportsbook traffic, that would of course be very sad, for both us and the investors, but there is nothing we can do about it, and anyway it seems very unprobable. When compared to other ICOs where there is absolutely no waranties, ours is rather safe, because backed by something real and already live.
If we become bankrupt, that would mean that we would have lost or spent all the funds coming from the ICO, this is very unlikely. At least we can not have both no players and bankrupcy, so if we have bankrupcy, we have many players, so this very unlikely situation will not last a long time. If we have not a lot of players, we can not have bankrupcy, because of the great reserve of funds we would still have.
You are telling that we want to get something big without taking risks : this false. We are in fact taking much greater risks by conducting a public fund collect, because any error means our reputation will be destroyed. But those risks all have been seriously evaluated, and there is only a very few chances that we fail. Of course you could say that we are not sure of us or I do not know what, but I would tell you this is the inverse : we know that we are not assured to success, but we also know that there is great chances that we do. We are simply honest and we do not want to lie to anyone. There is no investment without a risk, we know that.
You also mention about the sites bankroll, in fact this is what we are doing, but we chose to do an ICO for several other reasons, including an obvious publicity, as well as a greater userbase target. People also have the opportunity to profit twice, from sites profits and from the possible increase in term of price of BETOP.
You are pointing the potential uneffectiveness of our monthly reports, telling this is not enough, because coming from us. You are so suspicious about our honesty, and we are very sad of this. We are a blockchain company, using bitcoins, so this is obvious that our reports will be safe as the Bitcoin blockchain is. Monthly reports will so simply be based on our address, with explanations of what do mean the coming and going transactions. We could obiously post it more often, but considering this will be incredibily time-costing and that we are a sportsbook that has the passion of sport, betting and competitions rather than financial datas one, we will do it at this frequency. We will probably hire someone dedicated to this if we become truly huge, but we do not want to promise something that we are not sure of, so as or now, reports will be posted monthly. The financial panel can not be accessible to anyone for privacy reason, considering one which will have access to this will be able to see anyone bets and results, but we will have an internal thinking about this to maybe open its access to more people.
In the hope that we enlighted your concerns.
