Red Pulse (RPX) just destroyed themselves - Worst ICO ever!

[MelG]

Hello,

Lots of people have been angry since yesterday regarding Red Pulse (RPX) ICO (Read more here at https://www.reddit.com/r/RedPulseToken/). Especially regarding how the second round of the ICO was concluded. Red Pulse token is Chinese ran operation that uses NEO smart contracts. Lots of people, including myself had been waiting for this ICO for months and preparing for this carefully with following all the steps Red Pulse team had provided.

To participate to this ICO was a lot more complex procedure compared to most ICO's. First you had to pass KYC guidelines and get accepted. Then you had to download specific NEO wallet for the purpose and sync it. Then execute hash script that was provided on the same minute ICO started. On top of that the ICO had two rounds: First round that was announced to start 1:00PM GMT, that users could buy 27 NEO's (1000 USD) worth RPX and second round announced to start 2:00PM GMT with raised investment cap of 1532 NEO's (50 000 USD).

RPX team gave precise instructions to send only up to 27 NEO's on first hour and then up to 1532 NEO's on next hour. They emphasized several times that the ICO will be conluded first come first serve basis. This is where things went bad. RPX team did not provide any timer or block number when the 2nd round would start. The only instruction was the time: 2PM GMT. For this reason most of the people (around 3200 of them), including myself, sent the payment according to RPX team's advise, exactly after 2:00PM GMT. Which was NEO block 1445025 https://neotracker.io/block/height/1445025.

NONE OF THESE 3200 INVESTORS GOT IN! Instead RPX team honored the next block 1445026. So people who paid "late" got the coins that belonged for those who paid exactly according the RPX team's instructions.

Now, I totally understand that for team with no expertise in this area things can go south. But what made everyone even more mad was the official statement received today. While most of us had high hopes for them to fix THEIR mistake and somehow compensate the people who were doing everything according to their instructions but were left out, instead they sent just statement that basically says "Sorry, shit happens!".

While I am happy to know that its solely RPX team's screw up and not NEO related issue, this was a fatal mistake for the Red Pulse. Obviously they have no idea to handle business with this magnitude or company PR in that matter. "Sorry" is not going to cover how unfairly treated these 3200 people feel. What is even worse is that Red Pulse now holds around $30,000,000 USD of investors money that doesn't belong to them. NEO value has already depreciated from 37 USD to 31 USD since the sale and RPX team is saying that it might take weeks to refund everyone. Right now they are earning about 240 GAS (5500 USD) per day just for the extra money they are holding from us. So I am sure, they are not in hurry to refund us.

If you feel like this is not right, please sign a petition at:

https://www.change.org/p/jonathan-red-pulse-honor-the-block-1445025?utm_medium=email&utm_source=petition_signer_receipt&utm_campaign=triggered&share_context=signature_receipt&recruiter=807306595

[JShort]

I understand your worries but to call it the worst ICO ever is a bit over the top, no? I'm sure your money will be refunded and RPX will deal with this (I sure hope they do lol)

[Alcarin]

While I am happy to know that its solely RPX team's screw up and not NEO related issue, this was a fatal mistake for the Red Pulse.

How is it not NEO fault aswell?

THEY HAD ADVISOR in form of NEO CEO!!!!!

Did you miss that? Hongfei himself was advising with this 1st NEO ICO...

No excuses for NEO please!

[silver12si]

Problem is big interest...some other huge ICOs have the same problem (Comsa)...this isnt big problem for me...now look forward, think that all who prepare to this ico have 27 NEO investment...This only first step, important is future of RPX!

[Alcarin]

Problem is big interest...some other huge ICOs have the same problem (Comsa)...this isnt big problem for me...now look forward, think that all who prepare to this ico have 27 NEO investment...

Problem is misleading information, about phase 2 start, stressing its timestamp related and ended up block related.
Problem is email not arriving 1 hour PRIOR!
Problem is contract not released else community could find this problem for them
Problem is announcing inside info at slack!

Its the end for RPX... huge dump.

[silver12si]

Problem is big interest...some other huge ICOs have the same problem (Comsa)...this isnt big problem for me...now look forward, think that all who prepare to this ico have 27 NEO investment...

Problem is misleading information, about phase 2 start, stressing its timestamp related and ended up block related.
Problem is email not arriving 1 hour PRIOR!
Problem is contract not released else community could find this problem for them
Problem is announcing inside info at slack!

Its the end for RPX... huge dump.

Yes I understand, I have a huge pulse to...second investmend canceled before was confirmed, so havant problem with refund. That will dump, is just your opinion...market/people will decided. This problem with ICO is mybe huge advertisment for people...i see potencial, huge interest...

[pawanjain]

That's really a bad situation you went through. That's the down side of investing in ICOs, we never know what comes next.
Although it is their faulty, they are the ones who are benefiting through this situation. You could have used that extra money elsewhere and could have got a better return than to just wait for the refund for those weeks. It feels pity when big ICOs like this face through such issues and that too at the beginning stage. We surely won't know what more we would have to face.

[vlad06]

Y'all need to chill out.

I too am pissed as I sent 73 NEO at exactly 14:01:33 and it was clearly too late. Sombat did not clarify in the Slack if there was a delay with the second hour, he said at 13:57 that the second hour starts in 5 mins which would make it 14:02. This really had me confused, and they had no official timer on the website for the second hour.

Saying that, I'm happy with my 31,500 RPX tokens received for my first hour contribution.

The shit will go 10x easily by the end of the year.

[dennusd]

Missed out as well... I was in the '25' block... But beside this 2nd-round-fiasco the ICO went pretty smooth

[vlad06]

How do I check which block I was in?

[Alcarin]

Just remember...

Advisor for this ICO was CEO of NEO himself!!!

So you guys that are apologizing Jonathan want to say even CEO and creator of NEO could not figure this out beforehanded and let us know?

NEO is becoming worse and worse And not long enough his reign was

[Knepala]

How do I check which block I was in?

Enter your tx or address in the explorer on neotracker.io. You can find this and other information there.

[HardFireMiner]

3200 people lost money, well when shit will hit the fan, I hope you are not around as RPX will fall.

[Keentje]

STOP FUDDING! You didn't get in, to bad for you. Other people got in, why are you trying to ruin other peoples life? It was not their intention, cut them some slack.
You realize what you are doing is giving a bad name to NEO an Red Pulse only because you missed out. And nothing happens to your funds, you just get it back. So in the end what happened? Still alive and you can invest in one of those 'amazing' ICO's on the Ether network.

[Alcarin]

STOP FUDDING! You didn't get in, to bad for you. Other people got in, why are you trying to ruin other peoples life? It was not their intention, cut them some slack.
You realize what you are doing is giving a bad name to NEO an Red Pulse only because you missed out. And nothing happens to your funds, you just get it back. So in the end what happened? Still alive and you can invest in one of those 'amazing' ICO's on the Ether network.

No. No FUD here... it evidently shows great flaws and misleading from mostly RPX team and even CEO of NEO... Hongfei.

He was advisor of this whole fraud!!! And to tell the whole community that punctuality is important and then changing it AFTERWARDS, because their own team either did not know how to make contract work or did it on purpose is just bringing bad name to themselves.

NEO is done for. ICOs will now go more for ETH because atleast ethereum gives refunds straight away... manual refundign in 2017... lolz. But Ok i can accept that because they said upfront, but they LIED to us about phase 2 start... unaccaptable.

And CEO of NEO was their advisor, so this tells me he is ok with lying or even he does not know how ICO on his OWN platform runs!

Big problem. This news is spreading around the globe and dumping of NEO is just starting! Wait for Hong Kong lawsuit now.

[JShort]

STOP FUDDING! You didn't get in, to bad for you. Other people got in, why are you trying to ruin other peoples life? It was not their intention, cut them some slack.
You realize what you are doing is giving a bad name to NEO an Red Pulse only because you missed out. And nothing happens to your funds, you just get it back. So in the end what happened? Still alive and you can invest in one of those 'amazing' ICO's on the Ether network.

No. No FUD here... it evidently shows great flaws and misleading from mostly RPX team and even CEO of NEO... Hongfei.

He was advisor of this whole fraud!!! And to tell the whole community that punctuality is important and then changing it AFTERWARDS, because their own team either did not know how to make contract work or did it on purpose is just bringing bad name to themselves.

NEO is done for. ICOs will now go more for ETH because atleast ethereum gives refunds straight away... manual refundign in 2017... lolz. But Ok i can accept that because they said upfront, but they LIED to us about phase 2 start... unaccaptable.

And CEO of NEO was their advisor, so this tells me he is ok with lying or even he does not know how ICO on his OWN platform runs!

Big problem. This news is spreading around the globe and dumping of NEO is just starting! Wait for Hong Kong lawsuit now.

Why would NEO be done for? I think you're overreacting.

[Gorgeous011235]

That' sad my friend..
i mean we are talking about lots of money coming from so many people..
they should have managed their ICO way better..
i am not sure if they will manage to fix this problem with the best result for the investors..
This could sabotage somehow the development of their whitepaper..
I am glad i didn't make it to apply to the whitelist and missed it.
At least i don't have to worry about my money now  

[dragonares]

NEO ICO is not good, I like Ethereum ICO, which is fast and easy.

[Alcarin]

STOP FUDDING! You didn't get in, to bad for you. Other people got in, why are you trying to ruin other peoples life? It was not their intention, cut them some slack.
You realize what you are doing is giving a bad name to NEO an Red Pulse only because you missed out. And nothing happens to your funds, you just get it back. So in the end what happened? Still alive and you can invest in one of those 'amazing' ICO's on the Ether network.

No. No FUD here... it evidently shows great flaws and misleading from mostly RPX team and even CEO of NEO... Hongfei.

He was advisor of this whole fraud!!! And to tell the whole community that punctuality is important and then changing it AFTERWARDS, because their own team either did not know how to make contract work or did it on purpose is just bringing bad name to themselves.

NEO is done for. ICOs will now go more for ETH because atleast ethereum gives refunds straight away... manual refundign in 2017... lolz. But Ok i can accept that because they said upfront, but they LIED to us about phase 2 start... unaccaptable.

And CEO of NEO was their advisor, so this tells me he is ok with lying or even he does not know how ICO on his OWN platform runs!

Big problem. This news is spreading around the globe and dumping of NEO is just starting! Wait for Hong Kong lawsuit now.

Why would NEO be done for? I think you're overreacting.

Because its evident, that NEO creator who was advisor for RPX ICO, does not know (or deliberatly did not tell us) how his own creation work...

Who would trust a coin when even the creators and ICO issuers have no idea how it works...

Its either huge incompetence or plain fraud attempt... you choose which one.

[MelG]

How is it not NEO fault aswell?

THEY HAD ADVISOR in form of NEO CEO!!!!!

Did you miss that? Hongfei himself was advising with this 1st NEO ICO...

No excuses for NEO please!

The way I see this, there was no problem with NEO network or other technical side of NEO. The block with over 3200 transactions was a bit slower to confirm than regular block (with about 50 transactions). But that is understandable. The real problem was human error and poor planning on behalf of the Red Pulse team. They could have coded a script on the website that monitors blocks and shows timer based on that. Once the first block for the 2nd phase of the ICO is ready to be funded, the website should have showed "the green light" for investors to send their coins. This should have been of course explained in the email a week before so everyone understands the procedure.

Now people who trusted them and followed their instructions were left out of coins, whereas those who send their payments late got the coins that belonged to other people. This was not "first come first serve" but exactly the opposite. That's why people are upset!