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SyRenity
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July 10, 2014, 11:58:14 PM |
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Investor risk notice: More than 120BTC has been invested in Crypti on Bter.com. Invest with caution! https://bter.com/trade/CRSALE_BTCEdit: Meaning... why would you provide escrow services and then post a notice like that?!?!?  Bter had to post this disclaimer, due to the high demand of the pre-sale. |
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dzarmush
Legendary
 Offline
Activity: 1806
Merit: 1001
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July 11, 2014, 12:02:55 AM |
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Devs may not deliver.
If they don't deliver... don't send them the BTC. Ok, they deliver but the product is a total crap that is hacked and has zero value a week after the launch. |
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GreXX
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July 11, 2014, 12:04:40 AM |
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Hey Everyone!
Thank you for your interest and sticking with the Crypti team! It looks like the pre-sale so far is going great and we couldn't be happier. Our initial internal talks we wondered if we would even get the 150-250 BTC range required for the minimum developmental milestones, but the more we raise, the more developers we will be able to add to the team and the better Crypti will become.
I know a lot of people have been asking about how the BTC will be managed post launch and I am hard at work on the detailed charter of the Foundation that will be responsible for Crypti's future development.
I would like to post the very very pre early super rough draft of the charter sometime tonight and get your feedback and ideas.
In order to do this and not overwhelm this thread, I am going to setup a personal blog on Blogger or Ghost (any suggestions? i'm testing both) where I can post the current charter as it stands and allow you guys to comment your ideas, critiques, and criticisms.
Stay tuned for a link later on today. I'll send it out on my twitter as well. I really want as much input as possible in regards to the Charter. The Crypti Foundation will be an organization built to serve the best interests of Crypti and therefore I want to ensure it is built with a guiding presence from the community it will support.
When I post the rough draft, remember that nothing is set in stone, the majority of the document will be up for debate, and everything written so far is simply from me and hasn't even been vetted or voted on by the current development team yet. These are just my early thoughts as I am designing the initial charter.
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Wulfcastle
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July 11, 2014, 12:09:36 AM |
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Hey Everyone!
Thank you for your interest and sticking with the Crypti team! It looks like the pre-sale so far is going great and we couldn't be happier. Our initial internal talks we wondered if we would even get the 150-250 BTC range required for the minimum developmental milestones, but the more we raise, the more developers we will be able to add to the team and the better Crypti will become.
Is this the stance you are taking with regards to the max cap? EDIT : For the blog, why not just use Tumblr? Both Cryptsy and Dogecoin use it to good effect |
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xtester
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July 11, 2014, 12:25:18 AM |
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I appreciate the effort your whole team has put into organizing everything. It already looks better than most of the IPO's out there.
As stated before, my only concern is that while you have optimized most of the things fairly well, it seems an important piece is still missing from the IPO puzzle.
The dev team has agreed that 500 btc would cover the necessary requirements for the dev fund fairly well. However, given the situation, I expect Crypti to raise at least between 800-1000 btc. Now it seems obvious that there should be a point where because of too much investment Crypti will be over diluted and over priced, and it will certainly not be good if Crypti would reach that point starting from the IPO. Further more, I think the dev team interest along with the investors interest should be among the most important things to keep in mind while deciding the IPO rules.
That said, I'm not sure why the IPO is set to last one whole month. A better option would be to set a cap of lets say 1000 btc(or whatever reasonable sum you decide) or if the cap is not reached you have an open time limit of 1 month. The idea being that after 1000 btc(or whatever sum) the IPO will go against the best interest of its investors because of over pricing and over dilution. If this should happen, both the early investors and the late investors will suffer in the process. Maybe some kind of upper cap limit(2x-3x of what is actually needed for development) could be proposed and added to ensure a basic safety net for the investors who are looking forward to joining and contributing to the project.
Any thoughts on that?
Thanks for your suggestions, finishing the pre-sale once target hit or the period has ended is indeed an obvious solution that is worth considering and I will raise it to our discussion. Thanks for taking this into account. With that done the only reasonable concern I had with this IPO will be removed. This would make the IPO even more attractive than it is. Investors need to understand this is a very good thing. If a max cap for the IPO is put in place everything remains the same, it's just that we will not be subject to over pricing and over dilution. If the decided cap will be reached the project wins since it has achieved its goal but investors also win since the IPO is not allowed to go against the best interest of the project and its investors. As a result price continues to go up even past the IPO which in turn brings more demand, etc. |
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GreXX
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July 11, 2014, 12:28:52 AM |
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Hey Everyone!
Thank you for your interest and sticking with the Crypti team! It looks like the pre-sale so far is going great and we couldn't be happier. Our initial internal talks we wondered if we would even get the 150-250 BTC range required for the minimum developmental milestones, but the more we raise, the more developers we will be able to add to the team and the better Crypti will become.
Is this the stance you are taking with regards to the max cap? EDIT : For the blog, why not just use Tumblr? Both Cryptsy and Dogecoin use it to good effect It was just a motivational personal thought. I find it exciting thinking that we might be able to add 2-3 additional full time developers to help build out some of the features we had in mind. It will allow us to build out more and on a faster timeline. |
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GreXX
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July 11, 2014, 12:31:08 AM |
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Whoever mentioned CoPay, I just checked it out. It looks really awesome! I am already a fan of bitpay and this looks like the best implementation of a multisig wallet yet. We will definitely be using something like this for the dev wallet and I think CoPay might well be the front runner now. Thanks!
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Wulfcastle
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July 11, 2014, 12:34:06 AM |
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Hey Everyone!
Thank you for your interest and sticking with the Crypti team! It looks like the pre-sale so far is going great and we couldn't be happier. Our initial internal talks we wondered if we would even get the 150-250 BTC range required for the minimum developmental milestones, but the more we raise, the more developers we will be able to add to the team and the better Crypti will become.
Is this the stance you are taking with regards to the max cap? EDIT : For the blog, why not just use Tumblr? Both Cryptsy and Dogecoin use it to good effect It was just a motivational personal thought. I find it exciting thinking that we might be able to add 2-3 additional full time developers to help build out some of the features we had in mind. It will allow us to build out more and on a faster timeline. The only reason I ask this is that the last thing we as investors want is an over diluted IPO like MaidSafeCoin, where investors already lost 1/4 of their investment. A max cap for the IPO would prevent this. EDIT : I mentioned CoPay earlier today  |
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dzarmush
Legendary
Offline
Activity: 1806
Merit: 1001
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July 11, 2014, 12:38:17 AM |
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Hey Everyone!
Thank you for your interest and sticking with the Crypti team! It looks like the pre-sale so far is going great and we couldn't be happier. Our initial internal talks we wondered if we would even get the 150-250 BTC range required for the minimum developmental milestones, but the more we raise, the more developers we will be able to add to the team and the better Crypti will become.
Is this the stance you are taking with regards to the max cap? EDIT : For the blog, why not just use Tumblr? Both Cryptsy and Dogecoin use it to good effect It was just a motivational personal thought. I find it exciting thinking that we might be able to add 2-3 additional full time developers to help build out some of the features we had in mind. It will allow us to build out more and on a faster timeline. The only reason I ask this is that the last thing we as investors want is an over diluted IPO like MaidSafeCoin, where investors already lost 1/4 of their investment. A max cap for the IPO would prevent this. EDIT : I mentioned CoPay earlier today F5 is my favorite button now ) Ready to invest and only wating for news about max IPO cap. |
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GreXX
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July 11, 2014, 12:38:46 AM |
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Hey Everyone!
Thank you for your interest and sticking with the Crypti team! It looks like the pre-sale so far is going great and we couldn't be happier. Our initial internal talks we wondered if we would even get the 150-250 BTC range required for the minimum developmental milestones, but the more we raise, the more developers we will be able to add to the team and the better Crypti will become.
Is this the stance you are taking with regards to the max cap? EDIT : For the blog, why not just use Tumblr? Both Cryptsy and Dogecoin use it to good effect It was just a motivational personal thought. I find it exciting thinking that we might be able to add 2-3 additional full time developers to help build out some of the features we had in mind. It will allow us to build out more and on a faster timeline. The only reason I ask this is that the last thing we as investors want is an over diluted IPO like MaidSafeCoin, where investors already lost 1/4 of their investment. A max cap for the IPO would prevent this. EDIT : I mentioned CoPay earlier today We are heavily weighing a cap right now. |
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GreXX
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July 11, 2014, 12:39:49 AM |
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Just as a topic of discussion in regards to the cap talk.
Would 2000 BTC be too much for most investors as a cap?
Are most of you thinking 1000 BTC?
Just wondering what everyone thinks a good cap is as we are having the same internal debate.
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Wulfcastle
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July 11, 2014, 12:43:55 AM |
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Just as a topic of discussion in regards to the cap talk.
Would 2000 BTC be too much for most investors as a cap?
Are most of you thinking 1000 BTC?
Just wondering what everyone thinks a good cap is as we are having the same internal debate.
Well I was thinking a max of 750 BTC, as you guys mentioned around 500 BTC was needed, therefore 750 BTC would be a surplus. Plus you'll have 15/25% of the Crypti supply for development funding. That's my only reason behind lowering your expected cap seeing as you'll still have 15% or 25% of the Crypti supply anyway for development funds. |
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dzarmush
Legendary
Offline
Activity: 1806
Merit: 1001
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July 11, 2014, 12:50:29 AM |
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Just as a topic of discussion in regards to the cap talk.
Would 2000 BTC be too much for most investors as a cap?
Are most of you thinking 1000 BTC?
Just wondering what everyone thinks a good cap is as we are having the same internal debate.
If it's 1000 BTC I personally have no doubts and will invest right away. 2000 BTC is questionable because there are some other opportunities with potencially higher ROI. But 1K BTC is totally cool. |
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qawzsx
Sr. Member
Offline
Activity: 280
Merit: 250
NOT FUD! FACTS!
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July 11, 2014, 12:55:51 AM |
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Just as a topic of discussion in regards to the cap talk.
Would 2000 BTC be too much for most investors as a cap?
Are most of you thinking 1000 BTC?
Just wondering what everyone thinks a good cap is as we are having the same internal debate.
750 BTC should be enough... |
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Skatebird
Legendary
Offline
Activity: 882
Merit: 1000
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July 11, 2014, 12:57:36 AM |
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Just as a topic of discussion in regards to the cap talk.
Would 2000 BTC be too much for most investors as a cap?
Are most of you thinking 1000 BTC?
Just wondering what everyone thinks a good cap is as we are having the same internal debate.
750 BTC should be enough... 650-750 btc max, its a lot of cash and you wont me believe you need more from now to create a really nice base in this project. |
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SL1M
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July 11, 2014, 01:00:57 AM |
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Just as a topic of discussion in regards to the cap talk.
Would 2000 BTC be too much for most investors as a cap?
Are most of you thinking 1000 BTC?
Just wondering what everyone thinks a good cap is as we are having the same internal debate.
750 BTC should be enough... 650-750 btc max, its a lot of cash and you wont me believe you need more from now to create a really nice base in this project. im no expert but 750 sounds good...i will buy-in if this is the max |
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xtester
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July 11, 2014, 01:03:12 AM
Last edit: July 11, 2014, 01:22:39 AM by xtester |
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Just as a topic of discussion in regards to the cap talk.
Would 2000 BTC be too much for most investors as a cap?
Are most of you thinking 1000 BTC?
Just wondering what everyone thinks a good cap is as we are having the same internal debate.
I think the cap should not be put in place to overly limit and prevent people to join but rather to have both an effective safety net for investors and an even greater incentive for people to invest as soon as possible since after a certain threshold the IPO would have reached its target and would close. In my opinion the threshold where the IPO becomes problematic is around 1000 btc. Some cap along that sum would allow a great amount of people to join, the dev team would raise 2x the amount needed for development and investors would be covered against over dilution. If there would be much more demand I think this would serve crypti very well and would only drive the price up once it has launched and is trading on bter. |
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PondSea
Legendary
Offline
Activity: 1428
Merit: 1000
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July 11, 2014, 01:19:47 AM |
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If you need 500 why not set limit as 500?
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GreXX
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July 11, 2014, 01:27:05 AM |
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Just wondering what everyone thinks a good cap is as we are having the same internal debate.
...you will regret going down this road... I know it's a can of worms but we really do intend for this to be an open, community driven initiative and development process post launch, so I really do want to know what everyone thinks. |
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