[ANN][BRK] Breakout Coin | Sale June 13 2016 | Multicurrencies | Smart Contracts

[aa417444103]

What is the total coin IPO? End now? How many COINS left can buy?

[1713570461]

1713570461

[1713570461]

1713570461

[1713570461]

1713570461

[1713570461]

1713570461

[countingcoins]

QUESTION:

The site breakoutcoin.com currently says, "1 bitcoin buys 6,000 bro", but the Terms and Conditions of the Breakout Genesis Sale (https://www.breakoutcoin.com/pdfs/TermsandConditionsOfTheBreakoutGenesisSale.pdf or  http://pastebin.com/YLuU3Pav) clearly state in section 6, paragraphs 2 and 3:


"The supply, the total amount to be sold in the Coin Sale, is 5.5 million BRO. The demand is unknown now and
will become known, by everyone, at the end of the Coin Sale. The demand will be quantified as the total bitcoin
submitted by participants.

The price of BRO in terms of bitcoin will be discovered after the Coin Sale completion date once the total of the
submitted bitcoin purchases can be summed. That sum divided by the 5.5 million BRO will determine the ratio of
bitcoin per BRO for all BRO units at that point in time."


Can you please provide some clarification on this apparent inconsistency?

Thank you.

[blue_wave]

QUESTION:

The site breakoutcoin.com currently says, "1 bitcoin buys 6,000 bro", but the Terms and Conditions of the Breakout Genesis Sale (https://www.breakoutcoin.com/pdfs/TermsandConditionsOfTheBreakoutGenesisSale.pdf or  http://pastebin.com/YLuU3Pav) clearly state in section 6, paragraphs 2 and 3:


"The supply, the total amount to be sold in the Coin Sale, is 5.5 million BRO. The demand is unknown now and
will become known, by everyone, at the end of the Coin Sale. The demand will be quantified as the total bitcoin
submitted by participants.

The price of BRO in terms of bitcoin will be discovered after the Coin Sale completion date once the total of the
submitted bitcoin purchases can be summed. That sum divided by the 5.5 million BRO will determine the ratio of
bitcoin per BRO for all BRO units at that point in time."


Can you please provide some clarification on this apparent inconsistency?

Thank you.

They just didnt updated T&C yet. There were some substantial changes made two days ago, so check out OP for exact ICO terms.

[BreakoutCoin]

They just didnt updated T&C yet. There were some substantial changes made two days ago, so check out OP for exact ICO terms.

updated: please refresh browser. thank you

[brother3]

[Randy M Kim]

ESPN commercial idea for the US fantasy sports market:

Show all the poker pros sitting around a poker table to make it look like they are playing poker.  Show Johnny Chan with his sunglasses on, sniffing an orange, in a long pause contemplating a decision.  Have Jennifer Harman call for a clock and say "Johnny, it's on you" or something like that.  Then Chan takes a big breath and says "I take Drew Brees". Or, you can make it that he calls on a potential trade.

No?

I like it !! 😀

[btcsnippers]

START (UTC)   BITCOIN BLOCK   BRO PER BTC
10/21 @1400   326308   6600
10/29 @0700   327468   6000
11/5 @0700   328476   5500
11/07 @700   328764   5000
11/9 @0700   329052   4500
11/11 @700   329340   4000
11/13 @7:00   329628   3500
11/15/ @7:00   329916   3000

Is this for real ? it went from 10 % for early investors to over 100%?
and u made this change mid ICO ?
I was going to invest for sure , now im going to have to pass it makes no sense to pay more then double near the end of the ICO.

[myagui]

@btcsnippers

Plenty of other changes were made in addition to the BRO/BTC ratio. You should probably read the OP again.

Early investors earned only 10% more than those on the following level, so your argument is rather pointless. If you're determined to invest, sooner is better than later. If you're undecided, and you invest towards the end of the ICO, you will receive less BRO for the same amount of BTC.

Place your bets gentlemen!

[BreakoutCoin]

START (UTC)   BITCOIN BLOCK   BRO PER BTC
10/21 @1400   326308   6600
10/29 @0700   327468   6000
11/5 @0700   328476   5500
11/07 @700   328764   5000
11/9 @0700   329052   4500
11/11 @700   329340   4000
11/13 @7:00   329628   3500
11/15/ @7:00   329916   3000

Is this for real ? it went from 10 % for early investors to over 100%?
and u made this change mid ICO ?
I was going to invest for sure , now im going to have to pass it makes no sense to pay more then double near the end of the ICO.

We will be posting an announcement later in the evening around 7pm PST.  At that time, we will be available for a Q and A.  Thanks for your patience everyone.

OFFICIAL ANNOUNCEMENT:

Hello Breakout Community.  We are proposing the following changes for your consideration.

A.  Elimination of the PoW stage and the 7 million coins that would cause dilution of the market over a two yr period.
B.  Bergstake to begin from day one, allowing Bergstake owners ability to earn block rewards from day one.
C.  Increasing the pool of BRO coins in the "coin sale" from 5.5 million to 10 million.
D.  Approx 700 btc goal for initial phase
E.  If the total amount of btc raised falls short of the proposed 700 btc amount, we will raise the remaining amount through a "private" sale.
F.  Once the 700 btc criteria is met, the "coin sale" will end.
G. Remaining coins will be sold at a later date to be announced by Breakout Coin on this forum.
H. Pro-rata bonuses will be eliminated and be replaced with fixed pricing.
I.  Current participants will receive a 110% bonus in BRO coins over their counterparts.  @6600 BRO per btc
J.  The @6600 BRO coin sale period will end tonight at 10/28/2014 midnight PST
K.  After the 48 midnight, BRO @6000 BRO per btc for a 7 day period.
L.  Thereafter, the @BRO amount will decrease by @500 BRO every two days until @3000.
M.  @BRO will then stay at @3000 per btc until the end of "coin sale" period.
N.  The tentative price for BRO will be @1000 BRO per btc when the "coin sale" continues.
O.  Bergstake period; 1 million new coins created annually instead of 2 million.
P.  Refund tool will be made for all initial participants who choose to request a refund.

[WeGotCactus]

1. The math doesn't add up.  If the ICO sale now includes 10mil BRO, and you're collecting 700 BTC, that's 10,000,000/700=14,286 BRO per BTC. What is this 6600 business? If you conservatively assume that the buys are spread over the course of 30 days, maybe the average BRO/BTC is ~4500. 700 BTC x 4500 = 3.1 million, which is 1/3 of what you said the total ICO would be. It seems like you're trying to pull one over on us and limit your risk by offering the BRO at a fixed rate.

2. Won't it effectively devalue my BRO if someone were to hypothetically buy 500 BTC worth of BRO now at 6000 BRO/BTC rather than spread over the ICO (effectively negating the 2x early buyer incentive)?

3. With this schedule, while it may incentivize early buyers, once we get to the second half of the 30 days we're going to see crickets. I wouldn't be surprised if you change the schedule yet again once you realize this.

START (UTC)   BITCOIN BLOCK   BRO PER BTC
10/21 @1400   326308   6600
10/29 @0700   327468   6000
11/5 @0700   328476   5500
11/07 @700   328764   5000
11/9 @0700   329052   4500
11/11 @700   329340   4000
11/13 @7:00   329628   3500
11/15/ @7:00   329916   3000

Is this for real ? it went from 10 % for early investors to over 100%?
and u made this change mid ICO ?
I was going to invest for sure , now im going to have to pass it makes no sense to pay more then double near the end of the ICO.

We will be posting an announcement later in the evening around 7pm PST.  At that time, we will be available for a Q and A.  Thanks for your patience everyone.

OFFICIAL ANNOUNCEMENT:

Hello Breakout Community.  We are proposing the following changes for your consideration.

A.  Elimination of the PoW stage and the 7 million coins that would cause dilution of the market over a two yr period.
B.  Bergstake to begin from day one, allowing Bergstake owners ability to earn block rewards from day one.
C.  Increasing the pool of BRO coins in the "coin sale" from 5.5 million to 10 million.
D.  Approx 700 btc goal for initial phase
E.  If the total amount of btc raised falls short of the proposed 700 btc amount, we will raise the remaining amount through a "private" sale.
F.  Once the 700 btc criteria is met, the "coin sale" will end.
G. Remaining coins will be sold at a later date to be announced by Breakout Coin on this forum.
H. Pro-rata bonuses will be eliminated and be replaced with fixed pricing.
I.  Current participants will receive a 110% bonus in BRO coins over their counterparts.  @6600 BRO per btc
J.  The @6600 BRO coin sale period will end tonight at 10/28/2014 midnight PST
K.  After the 48 midnight, BRO @6000 BRO per btc for a 7 day period.
L.  Thereafter, the @BRO amount will decrease by @500 BRO every two days until @3000.
M.  @BRO will then stay at @3000 per btc until the end of "coin sale" period.
N.  The tentative price for BRO will be @1000 BRO per btc when the "coin sale" continues.
O.  Bergstake period; 1 million new coins created annually instead of 2 million.
P.  Refund tool will be made for all initial participants who choose to request a refund.

[JakeThePanda]

1. The math doesn't add up.  If the ICO sale now includes 10mil BRO, and you're collecting 700 BTC, that's 10,000,000/700=14,286 BRO per BTC. What is this 6600 business? If you conservatively assume that the buys are spread over the course of 30 days, maybe the average BRO/BTC is ~4500. 700 BTC x 4500 = 3.1 million, which is 1/3 of what you said the total ICO would be. It seems like you're trying to pull one over on us and limit your risk by offering the BRO at a fixed rate.

2. Won't it effectively devalue my BRO if someone were to hypothetically buy 500 BTC worth of BRO now at 6000 BRO/BTC rather than spread over the ICO (effectively negating the 2x early buyer incentive)?

1) What are you talking about?  They are temporarily closing the sale at 700 btc and they will open it back up again at a later date.  They didn't say anything about the entire 10mm being sold for 700btc.

2) how would that devalue your BRO?  You still own the same exact % of the total as you did before that investor bought 500 btc worth. It just means that somebody saw the value in such a low price and decided to snatch up as much as they can. It also means that your investment has maintained it's value and is possibly worth a lot more than you paid for it.

3) You could be correct.

[countingcoins]

They just didnt updated T&C yet. There were some substantial changes made two days ago, so check out OP for exact ICO terms.

updated: please refresh browser. thank you

So, for the early buyers who bought in under the original Terms and Conditions, those original terms will still apply.

[JakeThePanda]

They just didnt updated T&C yet. There were some substantial changes made two days ago, so check out OP for exact ICO terms.

updated: please refresh browser. thank you

So, for the early buyers who bought in under the original Terms and Conditions, those original terms will still apply.

What would make you think that?  My understanding is everyone buys under the same terms, the new terms.

[WeGotCactus]

1. The math doesn't add up.  If the ICO sale now includes 10mil BRO, and you're collecting 700 BTC, that's 10,000,000/700=14,286 BRO per BTC. What is this 6600 business? If you conservatively assume that the buys are spread over the course of 30 days, maybe the average BRO/BTC is ~4500. 700 BTC x 4500 = 3.1 million, which is 1/3 of what you said the total ICO would be. It seems like you're trying to pull one over on us and limit your risk by offering the BRO at a fixed rate.

2. Won't it effectively devalue my BRO if someone were to hypothetically buy 500 BTC worth of BRO now at 6000 BRO/BTC rather than spread over the ICO (effectively negating the 2x early buyer incentive)?

1) What are you talking about?  They are temporarily closing the sale at 700 btc and they will open it back up again at a later date.  They didn't say anything about the entire 10mm being sold for 700btc.

2) how would that devalue your BRO?  You still own the same exact % of the total as you did before that investor bought 500 btc worth. It just means that somebody saw the value in such a low price and decided to snatch up as much as they can. It also means that your investment has maintained it's value and is possibly worth a lot more than you paid for it.

3) You could be correct.

1. Temporarily closing the sale? Where have they ever said that the ICO was more than 30 days?

https://www.evernote.com/shard/s5/sh/c8864ad6-fa63-4010-84a3-2ecf5120c914/57fc8856b73442762ec7e334af483ce5/deep/0/-ANN--BRO--Coin-Sale-LIVE!--Breakout-Coin-Virtual-Mining-Rig-CELEBRITIES-Gaming.png

To ensure fair distribution of BRO, the ICO will be pro rata basis, with incentive for early birds.
Please follow this link on our website for more details.

http://fundraiser.breakoutgaming.com/offering/

When does ICO end?

The ICO purchase window will be 3 weeks long.  Once the purchase period starts, there will be a new countdown to the deadline.

so if I buyin to the ICO on the first day, i get 10percent more than the next tier?  

the early birds get their respective bonus % relative to the non-early birds in the second half.  We won't know in advance when or where those decile cutoffs fall.  We will find out at the end of the ICO, at which point everything can be calculated.  Everyone gets a fair shot, with early birds earning a bonus.

Comparing two scenarios...

In the initial ICO, which was UNCAPPED, would have distributed the BRO evenly according to how much BTC was sent, given an ICO allotment of 4,500,000 BRO.  As laid out, if they had raised 700 BTC and distributed BRO evenly (ignore the pro rata stuff for now), each person would get 4,500,000/700 = 6,428 BRO / BTC.

In the new ICO, which apparently is CAPPED and with PRE-SET prices, as laid out, they will probably end up distributing a total of 4000 BRO * 700 BTC = 2,800,000 BRO. They have said before that they will CLOSE the sale once 700 BTC is reached, and if 700 BTC is not reached, they will find a private party to make up the difference.

They have previously said that now the ICO is actually for 10,000,000 BRO now.  When are the other 10,000,000-2,800,000 = 7,200,000 BRO sold? Have they changed the timeline of the ICO sale to go beyond the initial weeks?

What am I missing?

[JakeThePanda]

In the initial ICO, which was UNCAPPED, would have distributed the BRO evenly according to how much BTC was sent, given an ICO allotment of 4,500,000 BRO.  As laid out, if they had raised 700 BTC and distributed BRO evenly (ignore the pro rata stuff for now), each person would get 4,500,000/700 = 6,428 BRO / BTC.

In the new ICO, which apparently is CAPPED and with PRE-SET prices, as laid out, they will probably end up distributing a total of 4000 BRO * 700 BTC = 2,800,000 BRO. They have said before that they will CLOSE the sale once 700 BTC is reached, and if 700 BTC is not reached, they will find a private party to make up the difference.

They have previously said that now the ICO is actually for 10,000,000 BRO now.  When are the other 10,000,000-2,800,000 = 7,200,000 BRO sold? Have they changed the timeline of the ICO sale to go beyond the initial weeks?

What am I missing?

What exactly is your question?  Yes, they changed the ICO to fixed prices because that's what a lot of people wanted and they need to raise more funds.  So, I and many others bought in at a price of 6,600, which is better than your estimated price of 6,428. I believe they said you can get a refund if you don't like the terms.  

I'll take the new deal for the win.

[countingcoins]

They just didnt updated T&C yet. There were some substantial changes made two days ago, so check out OP for exact ICO terms.

updated: please refresh browser. thank you

So, for the early buyers who bought in under the original Terms and Conditions, those original terms will still apply.

What would make you think that?  My understanding is everyone buys under the same terms, the new terms.

@JakeThePanda

Imagine someone sold you a piece of an entity, which we will call Genesis. Genesis is limited in size, but it will grow in the future (after the sale) at a set rate. Initially, Genesis will be divided up into 5,500,000 Genesis units, known as GEN. This means that Genesis is equal to 5,500,000 GEN. The terms that you agreed to when you bought into Genesis stated that the amount of units that you would own will be proportionate to the amount of currency (in this case BTC) that you contributed to the Genesis fund divided by the total amount of currency (BTC) contributed. This would be your fractional ownership. The terms stated that funds would be collected until the close date, which is 30 days from the initial sale date.

You thought that this was a good deal, as you believed that there would be a high demand for GEN in the future, so you contribute 1 BTC to the Genesis fund. Nine days go by, and you and 197 other people have contributed 1 BTC each towards the Genesis fund, which, at its current value, would buy each of you approximately 27,778 GEN (5,500,000 / 198). Now, its too early to say what the actual price per GEN is going to be because the sale has not closed yet, but you can keep a running tally. At this rate, if it stayed constant, one can assume what the price of GEN will eventually be. We take 198 BTC raised so fair, divide it by 9 days, which gives us an average amount of 22 BTC raised per day. 22 BTC time 30 days of the sale, equals 660. So, 5,500,000 GEN divided by 660 BTC, equals 8,333 GEN per 1 BTC, or 0.15% of Genesis.

At this point, on day nine, the seller decides that he doesn't like the original terms, so he decides to update them. He says that Genesis is now made up of 10,000,000 GEN, and that an investment of 1 BTC will equal 6,000 GEN. While not increasing the size of Genesis, the new valuation is equal to about 1,667 BTC. So, you original investment of 1 BTC is now only worth 0.06% of Genesis. Your investment has decreased by 60% (0.15% - 0.06% = 0.09% / 0.15%).

Do you believe that the seller would be acting fair in changing the terms of the sale after you already bought into Genesis?

[jaybny]

edit: this is a whole new animal, the pow dilution is gone. thats 7 million coins + bergstake taken out of the hands of miners.

[blue_wave]

They just didnt updated T&C yet. There were some substantial changes made two days ago, so check out OP for exact ICO terms.

updated: please refresh browser. thank you

So, for the early buyers who bought in under the original Terms and Conditions, those original terms will still apply.

What would make you think that?  My understanding is everyone buys under the same terms, the new terms.

@JakeThePanda

Imagine someone sold you a piece of an entity, which we will call Genesis. Genesis is limited in size, but it will grow in the future (after the sale) at a set rate. Initially, Genesis will be divided up into 5,500,000 Genesis units, known as GEN. This means that Genesis is equal to 5,500,000 GEN. The terms that you agreed to when you bought into Genesis stated that the amount of units that you would own will be proportionate to the amount of currency (in this case BTC) that you contributed to the Genesis fund divided by the total amount of currency (BTC) contributed. This would be your fractional ownership. The terms stated that funds would be collected until the close date, which is 30 days from the initial sale date.

You thought that this was a good deal, as you believed that there would be a high demand for GEN in the future, so you contribute 1 BTC to the Genesis fund. Nine days go by, and you and 197 other people have contributed 1 BTC each towards the Genesis fund, which, at its current value, would buy each of you approximately 27,778 GEN (5,500,000 / 198). Now, its too early to say what the actual price per GEN is going to be because the sale has not closed yet, but you can keep a running tally. At this rate, if it stayed constant, one can assume what the price of GEN will eventually be. We take 198 BTC raised so fair, divide it by 9 days, which gives us an average amount of 22 BTC raised per day. 22 BTC time 30 days of the sale, equals 660. So, 5,500,000 GEN divided by 660 BTC, equals 8,333 GEN per 1 BTC, or 0.15% of Genesis.

At this point, on day nine, the seller decides that he doesn't like the original terms, so he decides to update them. He says that Genesis is now made up of 10,000,000 GEN, and that an investment of 1 BTC will equal 6,000 GEN. While not increasing the size of Genesis, the new valuation is equal to about 1,667 BTC. So, you original investment of 1 BTC is now only worth 0.06% of Genesis. Your investment has decreased by 60% (0.15% - 0.06% = 0.09% / 0.15%).

Do you believe that the seller would be acting fair in changing the terms of the sale after you already bought into Genesis?

I think you should take in consideration that their initial plan was to raise 10,000 BTC, if i remember correctly. Original BROs for ICO was 4500,000.00. And if you also think about final number of bergstake - before new changes there would be 14,000,000.00 bergstakes and now there will be only 12,500,000.00.

It might not be what you expected but who says only 660BTC would be raised. Most investors would likely invest in the last few days because 10%, 8%, 6% wasnt that good incentive for many - including me.

You can still get refund, if you dont agree with new terms i believe.

[jibble]

They just didnt updated T&C yet. There were some substantial changes made two days ago, so check out OP for exact ICO terms.

updated: please refresh browser. thank you

So, for the early buyers who bought in under the original Terms and Conditions, those original terms will still apply.

What would make you think that?  My understanding is everyone buys under the same terms, the new terms.

@JakeThePanda

Imagine someone sold you a piece of an entity, which we will call Genesis. Genesis is limited in size, but it will grow in the future (after the sale) at a set rate. Initially, Genesis will be divided up into 5,500,000 Genesis units, known as GEN. This means that Genesis is equal to 5,500,000 GEN. The terms that you agreed to when you bought into Genesis stated that the amount of units that you would own will be proportionate to the amount of currency (in this case BTC) that you contributed to the Genesis fund divided by the total amount of currency (BTC) contributed. This would be your fractional ownership. The terms stated that funds would be collected until the close date, which is 30 days from the initial sale date.

You thought that this was a good deal, as you believed that there would be a high demand for GEN in the future, so you contribute 1 BTC to the Genesis fund. Nine days go by, and you and 197 other people have contributed 1 BTC each towards the Genesis fund, which, at its current value, would buy each of you approximately 27,778 GEN (5,500,000 / 198). Now, its too early to say what the actual price per GEN is going to be because the sale has not closed yet, but you can keep a running tally. At this rate, if it stayed constant, one can assume what the price of GEN will eventually be. We take 198 BTC raised so fair, divide it by 9 days, which gives us an average amount of 22 BTC raised per day. 22 BTC time 30 days of the sale, equals 660. So, 5,500,000 GEN divided by 660 BTC, equals 8,333 GEN per 1 BTC, or 0.15% of Genesis.

At this point, on day nine, the seller decides that he doesn't like the original terms, so he decides to update them. He says that Genesis is now made up of 10,000,000 GEN, and that an investment of 1 BTC will equal 6,000 GEN. While not increasing the size of Genesis, the new valuation is equal to about 1,667 BTC. So, you original investment of 1 BTC is now only worth 0.06% of Genesis. Your investment has decreased by 60% (0.15% - 0.06% = 0.09% / 0.15%).

Do you believe that the seller would be acting fair in changing the terms of the sale after you already bought into Genesis?

You have 2 choices

1. refund
2. not refund

choose one of them

[BreakoutCoin]

We changed the "coin sale" model to fixed pricing for obvious reasons.  After getting feedback from the community.  We provided a very large incentive for the existing participants to stay with us.  Long story short, the last ones in will be paying a much higher premium for the BRO coins.  The early participants are getting heavily rewarded.  

Any true comparison to the previous model is very difficult to gauge, primarily because the project would not have been viable based on the circumstances that existed. We rewarded heavily, the initial participants and extended the high level bonus period for a number of days to allow others to make a judgement as to whether this is a better deal than the prior one.  Based on @1000 BRO to be the expected sale when the "coin sale" continues the second round, the first rounders are getting a huge incentive to buy a large store of BRO and Bergstake now.

The comparison of raising only 1000 btc in the previous model is a bit shaky, because yes we probably could have still launched, but would the project be stable and successful and properly funded to succeed at that level? The stated goal was much more than that.

We understood the change was not going to please everyone and the entire Breakout community was consulted before we proceeded with the changes. We appreciate your continued support for BRO and we are doing our best to respond to all your concerns in an appropriate and timely manner.

For obvious reasons, we would never make changes or edits without presenting and getting an overwhelming approval from the community first.  Any changes would have to be beneficial to both the community and the project.  The health of one cannot prosper without the other.  The changes were made to make the project more transparent and viable for the long term success of the BRO coin.

For those concerned about the changes in the terms:  

Section 31 of the T&C:

31. Updates to the Terms & Conditions of the BRO Coin Sale
Breakout Services reserves the right, at its sole discretion, to change, edit, add, or remove portions of the Terms
& Conditions and BRO Product Purchase Agreement at any time during the sale by posting the amended Terms &
Conditions to the Breakout Coin website (https://www.breakoutcoin.com). Any Buyer will be considered as
having accepted such changes by purchasing BRO.

--------

Disclaimer: Breakout Coin and Breakout Gaming are two separate services/entities.  Breakout Coin is offering BRO coins for btc. By participating in this "coin sale," you are not purchasing interest in Breakout Gaming.  You are solely participating in the "coin sale" of a crypto coin that happens to have a gaming company that supports the BRO coin by having their chips denominated in the BRO crypto coin.

As specified in the first paragraph in the Terms and Conditions:

WARNING:  Do not purchase BRO if you are not an expert in crypto tokens or currency and blockchain technology.

This coin sale is not an offer of investment or securities in any business, venture, or company, or in any form of gaming operations or activity; purchase of BRO does not entitle the buyer to any interest in any profits or revenue of any common enterprise arising from the activities of others.