[ANN][ABT] ArcBlock - BORN FOR BLOCKCHAIN 3.0

[jimmywh]

Alright so let's structure this a little bit:

* Their ICO was sold out within minutes. This had to be expected.
* With 60Gwei and 200,000 Gas limitation, it was pure luck whether or not your transaction would arrive on time
* If it arrived on time, then you're fine now. You'll get your ABT. If not, your funds are under Arcblock's control until they decide to refund you
* They now have way more funds than they intended to raise. This could or should have been done differently (using a smart contract for example)
* My transaction took more than 11 hours with 60Gwei and 200,000 Gas. I knew of the risk but wanted to try it anyway.
* They say that there is a minimal chance for contributions that arrived too late to still be counted. I don't expect mine to be among those so I'll now have to wait until they are done with all their calculations.
* It's possible that contributions that arrived too late will still be counted purely because they are putting a penalty on those who went over the limitation of 60Gwei and 200,000 Gas. As far as I understand, these funds are going to be refunded minus the 20% penalty, thus opening spots for pending transactions.
* The intent was to prevent a "Gas-war" where investors would pay horrendous fees just to get into the ICO on time. By putting a penalty of 20% they wanted to prevent this which of course did not work. A lot of people still went over the 60Gwei, 200,000Gas limit.
* As a consequence, Arcblock is now sitting on a ton of funds they don't need. People did pay them probably millions without getting anything back. Plus they dare to keep 20% if you went over the Gas limit. Even if they refund all the transactions that did not arrive on time, they will keep a huge amount of ETH as a penalty. I think this is unacceptable.

I can totally understand the motivation behind this 20% penalty. ICOs have become really hard to get into. But I don't think that a company should be in a position to penalize people in that way. They just don't have the right to do so. I'm not criticising the project itself, just the ICO and this is yet another example for future ICOs to look at and do better.

I recommend the Arcblock team to be as transparent as possible about this and state exact numbers of how much funds they collected, how much will be refunded and how much they will keep as a penalty. And then maybe consider just giving people these 20% back. It's just not okay to keep it if it's not needed for the project itself.

1. Sort out who didn't follow the rules.

2. Initiate a refund.

3. Find someone who played by the rules, and transfer tokens to him.

4. Repeat thousands of times.

Do you think this comes for free? 20% is too much, but who else should pay the people who does this' salary if not the people who abused the rules and gave them this huge amount of extra work? To state an example they should actually keep all your funds, convert them to fiat, and donate them to a NPO.

[Dayx]

The crowdsale has  just started and have not even raised up to 60 ether.

no, actually it was already sold out with only 19 minutes, it's sold out too fast than i predicted. it's a war.

[bcmine]

The crowdsale has  just started and have not even raised up to 60 ether.

no, actually it was already sold out with only 19 minutes, it's sold out too fast than i predicted. it's a war.

my tx went 10 minutes after ico start in, but its not executed.

i would like to know, if i am in or not, but guess not.

[cryptothreads]

I think all investors should wait for the latest announcement from the project as I also invest in this project and are waiting to get back the ETH because I also did not buy ABT in Crowdsale. I hope ABT is fair to everyone because the potential of the project is huge and we want to ABT than ETH

[CurrencyMaster]

The crowdsale has  just started and have not even raised up to 60 ether.

no, actually it was already sold out with only 19 minutes, it's sold out too fast than i predicted. it's a war.

my tx went 10 minutes after ico start in, but its not executed.

i would like to know, if i am in or not, but guess not.

even i did the same and the eth is now stuck for 4 weeks itseems.. they sold out like wild fire..its around 1900 abt for 1 eth they said so its better o catch and make 1900 coins for 1 eth and keep it

 sir would u mind helping me how to earn or get this merit system.. can u guide me to the article .. i am confused of it.. i have asked few people as well about it.

[SimpleMan]

Man this is insanity. How can this thing sell out in 19 minutes? I haven't been part of the ICO but probably a lot of people know more than me about this.

[Ale88]

Man this is insanity. How can this thing sell out in 19 minutes? I haven't been part of the ICO but probably a lot of people know more than me about this.

Various ICOs in the past sold out much quicker than this, I mean of course 19 mins is a very short time, but it's not a record.

[Shinryuu0]

So they really accepted contributions with higher gwei and gas limit as they set with just a 20 % penalty? Mine transaction needed 36 minutes with their set limits even I was as fast as I could.

As I can't access the telegram chat anymore, I would appreciate if someone could have us updated here on bitcointalk 

[fx666]

So they really accepted contributions with higher gwei and gas limit as they set with just a 20 % penalty? Mine transaction needed 36 minutes with their set limits even I was as fast as I could.

Do you think that they can decide to accept the funds of violators exceeding the gas? Only 20% will be deducted from them.
This contradicts the FAQ.

Please DO NOT contribute over the limit. It will cause the failure of participation. Your ETH/CMT contribution will be returned with additional 20% PENALTY. It will be processed in 5 weeks after the token release.

[Kevlar]

Well, it was ICO ArcBlock. The impressions are controversial. It seems that the organizers well done - the site did not fall, for each given an individual address. But manual processing of transactions is a big mistake in my opinion. Now I and thousands of other participants were left without an etherium, because the transaction did not pass, and the etherium has not been returned (and when they return it is unclear). And this despite the fact that I sent the etherium in the first seconds of the beginning of ICO! I do not know what and how I could do better, apparently I had no chance of getting there ... No tokens, No our ETH... Nice!

[podlodkin]

No tokens, No our ETH... Nice!

The same... With equals transaction price - it's simple lottery..  

[VAGR]

As I can't access the telegram chat anymore, I would appreciate if someone could have us updated here on bitcointalk  

Last news from telegram

【ARCBLOCK News】Cheers!!!! We sold out our ABT public sales!!!!! (We timestamp the CMT ends)

Thanks for everyone’s supporting!!!!!

Our official website only:
arcblock.io
Both private sale/public sale have ended

Please only follow the @krypitalnews channel or our official website for announcement.

:no_entry_sign:Be alert to scammers!!!! No more accepting any funds:no_entry_sign::rotating_light:

Only ask questions in public in the group if you can and don’t PM, which helps to avoid scammers as well!!!
We don’t private message people!!!!!

Stay alert to fake website/fake admin/fake emails

:on:PENDING status or zero transaction are in data analysis and we will make official announcement soon

:on:We are in calculation to get statistics data now so we can differentiate the pending status::battery:

1. Refund will be as soon as possible if you are in line to be over the total hard cap
But we need to get data after statistic first to give estimated time of refund process(NO Penalties to regular purchase):sweat_smile:

2. Refund to the people who did not follow the rules, it will take longer time, and we will make analytic review to make final adjustments based on the conditions.( We will listen to communities):pray:

3. Refund will be automatic done by our system after we get data analysis.

4. We have received around 1000 ETH change requests before sale started which will be taken care of in next couple days.

As we mentioned earlier, this address you registered in your account is very important, since it will be the only address to receive refund or ABT tokens deposit. We will make changes after we get data of the people who participated the purchase. And please double check your address in your account after you get change notice.

Best regards,

Arcblock Team

[ololajulo]

 A simulated scam website was made and a phishing mail was sent to some whitelisted subscribers. What are ICO doing the year to contain the ICO scammed deceit. Scanning the website ether wallet address they raised 20 ethereum. Something out of no thing

[warda1989]

This project looks very nice and interesting, very proud. many items that make it easy for someone to know this project, like a platform makes it easy for anyone to quickly decentralize apps.

[Serenar]

Actually--just analysed a few of over hyped icos and their current market value. Looks like most them are less than ico price now. This makes me feel very relaxed and actually by missing ABT token...I guess I did not miss anything. If there is anything..I could buy it at etherdelta at less than ico price. So folks relax.

[panadone]

I put 99gwei and 500,000 limit. I got my tokens in 1 minute!

[Roberttran]

I put 99gwei and 500,000 limit. I got my tokens in 1 minute!

They are reviewing those who break the law. and will return eth or cmt to those who break the law. and will spend the rest for those who are pending.

[vk279]

Man this is insanity. How can this thing sell out in 19 minutes? I haven't been part of the ICO but probably a lot of people know more than me about this.

That is my thought too.  Its very disappointing that I have been waiting for this and then send the ETH right in the first few minutes.  The don' t get any token allocation.  Didn't see many people posting here saying that they got in.

[vk279]

I put 99gwei and 500,000 limit. I got my tokens in 1 minute!

But according to rules 60 gwei and 200,000 are the limits.

[jimmywh]

I put 99gwei and 500,000 limit. I got my tokens in 1 minute!

Yes, but they are locked which means it's not yours yet.
You will get a refund of your eth in 9 weeks with a 20% deduction in the eth you transfered. Good job and congrats on your wise business decision.