Presently this campaign is 5% hero members, 17% senior members, 27% full members, 19% members and 32% junior members. Assuming the campaign is filled at roughly this rate, it is promising to pay out 1.1765 BTC every week, for at least 6 weeks, and if absolutely no payments are made until the end, as is the current plan, OP will owe a debt of 7.059 BTC. Newbies who ask for a loan of 0.001 BTC with no collateral or escrow are always turned down. This one is looking to owe upwards of $20,000 at once. The project's budget says that advertising will be paid with 5% of the money raised in the ICO, meaning only after raising $380,000 of ETH will this campaign be sustainable without changing the budget.
Furthermore, the minimum the contract will allow without refunding all investors is the sale of $110,000 worth of tokens. What happens if this goal isn't met? The campaign can't be paid for because all the investors were refunded already, meaning everyone wasted their sig space for 6 weeks, at least. Also, the ANN thread only has 2 pages.
Join with caution!
Hello Taras.
My name is Jade and I am the lead developer of Social.
We understand that some people may be hesitant about of signature campaign, and we can definitely understand why. If the ICO does not get over its minimum of 250,000 SCL sold, then it will not be paying out. We are very clear about these risks within the OP. In saying that, all other signature campaigns are the exact same. They promise X amount of their tokens for bounty, although if they do not get over their set minimum then the participants do not receive anything. We are in no way different from other signature campaigns besides the fact that we are offering to pay out in BTC instead of our native coin.
We decided to pay out in BTC instead of our native token for many different reasons:
- Signature campaigns are abundant now, so we had to be competitive if we wanted to get users on board.
- We are attempting to only give away a maximum of 5% of our tokens so that we can a large majority of the tokens in circulation have been acquired by real funds to provide a solid market capital foundation.
- We know that participants prefer BTC other than a token they know nothing about.
- Giving away loss tokens reduces the chances of a day one dump.
We're hoping that the ICO is a huge success. Depending on how the Pre-ICO it goes, we may make our payouts weekly to ensure all campaign participants are satisfied.
We are a legitimate business with years of hard work already behind our existing product. We would in no way want to criticize this by having a bad reputation on the platform or coin. By the looks of the analytics and traffic data, we are predicting a successful pre and main ICO.
If you have any questions or concerns I'd be more than happy to answer them.
