Bittrex provides an escrow service between coin developers and traders who want a safe way to transact presale coins.
Before starting the ICO, the developer must:
Submit to either coinssource.com or cryptoasian.com for verification
Provide Bittrex with wallet code for code review before adding the coin onto our website
Mine a genesis block with the premine; Any coins not part of the ICO must be disclosed in the ANN thread
Transfer the premine to Bittrex
Disclose the terms of the ICO
The length of time for the ICO
The price / market cap for the premine
The conditions for a successful ICO; For instance, the developer will refund all investors if the ICO does not exceed 50% of the premine
The schedule for ICO payments; This can be as much as a lump sum after 7 days of the ICO ending or a schedule of payments over a series of months
The coin team must provide working wallets for Windows, Mac, and Linux and a stable blockchain up to 3 days after the end of the ICO
Publicize the terms clearly on the ANN thread; A link that verifies Bittrex will hold the ICO will be provided and must also be posted on the ANN thread
Provide Bittrex a minimum non-refundable 5 BTC payment for hosting the escrow. This will be used to buy back the ICO if it is cancelled. The escrow fee can be increased depending on the complexity of the terms of the ICO.
We can ask for our refund back. Dev requested pod 2 days ago according to cryptoasian's tweet. ICO started on August 15th...
So, can we get our refund back if this is the case?
You will never get your refund, idiot, because:
1. Following the methods which are used to verify "trust" by cryptoasian, every dev can achieve 4 POD rate, just having an email, facebook page and twitter account.
2. Block explorer will be done by third party coder, most of them usually ask between 0.4-0.8 btc.
3. Mac and linux wallets would be compiled for 0.3 btc each.
4. Bittrex will verify only the TERMS DISCLOSED IN OP, and all of them pertain to the working tech. If you deliver a working product, you have a right to receive the payment. Nothing regarding manipulation the market prices was mentioned in escrow contact.
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