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

[ofortuna]

So there will be 12,500,000 Bergstake, correct?

What if all Bergstake is not bought before the end of the ICO? Will that Bergstake be created and staked by the devs or some centralized entity? I think such a plan would be very bad (TM).

It would be best, and preferable in terms of decentralization, if Bergstake were limited to the number of coins sold during the ICO, and if more coins were needed for downstream use, then those coins would be created without corresponding Bergstake.

Hi Tx42,

Yes I agree.  Especially forgoing a PoW phase, it's best for the coin if no one big buyer comes in and swoops up too much Bergstake.

If there are unpurchased coins after the complete Coin Sale, one thing for sure is that those coins will not be created with Bergstake and staked by the devs or a centralized entity.

[1715117686]

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[1715117686]

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[1715117686]

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[1715117686]

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[JakeThePanda]

So there will be 12,500,000 Bergstake, correct?

What if all Bergstake is not bought before the end of the ICO? Will that Bergstake be created and staked by the devs or some centralized entity? I think such a plan would be very bad (TM).

It would be best, and preferable in terms of decentralization, if Bergstake were limited to the number of coins sold during the ICO, and if more coins were needed for downstream use, then those coins would be created without corresponding Bergstake.

Hi Tx42,

Yes I agree.  Especially forgoing a PoW phase, it's best for the coin if no one big buyer comes in and swoops up too much Bergstake.

If there are unpurchased coins after the complete Coin Sale, one thing for sure is that those coins will not be created with Bergstake and staked by the devs or a centralized entity.

Let me get this straight, if only 2mm coins are sold in the ICO then there will only be 4.5mm Bergstake, 2.5mm for Breakout team and 2mm for ICO?

[ofortuna]

So there will be 12,500,000 Bergstake, correct?

What if all Bergstake is not bought before the end of the ICO? Will that Bergstake be created and staked by the devs or some centralized entity? I think such a plan would be very bad (TM).

It would be best, and preferable in terms of decentralization, if Bergstake were limited to the number of coins sold during the ICO, and if more coins were needed for downstream use, then those coins would be created without corresponding Bergstake.

Hi Tx42,

Yes I agree.  Especially forgoing a PoW phase, it's best for the coin if no one big buyer comes in and swoops up too much Bergstake.

If there are unpurchased coins after the complete Coin Sale, one thing for sure is that those coins will not be created with Bergstake and staked by the devs or a centralized entity.

Let me get this straight, if only 2mm coins are sold in the ICO then there will only be 4.5mm Bergstake, 2.5mm for Breakout team and 2mm for ICO?

Keep in mind that there's a minimum amount of btc raised to continue project development either through the Coin Sale or Private Sale. 

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.

[brother3]

Surpassed 200 BTC so far!  Thanks to all crowd sale participants 

[tx42]

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.

Can you enumerate exactly which pools of coins will come with Bergstake? And throw in examples if there are any contingencies.

Thanks!

[jaybny]

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.

Can you enumerate exactly which pools of coins will come with Bergstake? And throw in examples if there are any contingencies.

Thanks!

technically all coins have Bergstake.. Bergstake is defined as the coinbase transaction that creates the coin. There is a plan to "burn" the Bergstake from the 7 million promotional coins. 10 million coins will be sold before launch, and 2.5 million will be retained for devs.

Breakout Coins have Bergstake. neither can be created without the other.
 

[WeGotCactus]

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?

That's what I was trying to say earlier, but all folks say in response is "BUT BERGSTAKE!" It's just a gimmick. These guys' whole business is based on luring in fish with gimmicks. I was interested in the coin sale, but the whole thing is starting to smell fishy to me. Also the notion that BRO will magically be sold at a 1000 BRO/BTC rate on launch is a false promise. The market will set the rate, which could be 20,000 BRO/BTC. You better hope you are first in line of the ICO participants to sell your BRO when the first exchange goes live.

How do I request my refund?

Also, it's a good thing you're not based in the US because changing the terms after a bunch of people have invested already is patently illegal. Sure you're sharing the new terms on a FORUM and offering refunds, but what if I don't check the forum? You certainly didn't email all the investors.

[bitarri]

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?

That's what I was trying to say earlier, but all folks say in response is "BUT BERGSTAKE!" It's just a gimmick. These guys' whole business is based on luring in fish with gimmicks. I was interested in the coin sale, but the whole thing is starting to smell fishy to me. Also the notion that BRO will magically be sold at a 1000 BRO/BTC rate on launch is a false promise. The market will set the rate, which could be 20,000 BRO/BTC. You better hope you are first in line of the ICO participants to sell your BRO when the first exchange goes live.

How do I request my refund?

Also, it's a good thing you're not based in the US because changing the terms after a bunch of people have invested already is patently illegal. Sure you're sharing the new terms on a FORUM and offering refunds, but what if I don't check the forum? You certainly didn't email all the investors.

Go read previous 60 pages. It was the people who requested the changes. The Devs have been 100% transparent since the beginning.

Good luck buying under ICO price after launch.

[ofortuna]

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?

That's what I was trying to say earlier, but all folks say in response is "BUT BERGSTAKE!" It's just a gimmick. These guys' whole business is based on luring in fish with gimmicks. I was interested in the coin sale, but the whole thing is starting to smell fishy to me. Also the notion that BRO will magically be sold at a 1000 BRO/BTC rate on launch is a false promise. The market will set the rate, which could be 20,000 BRO/BTC. You better hope you are first in line of the ICO participants to sell your BRO when the first exchange goes live.

How do I request my refund?

Also, it's a good thing you're not based in the US because changing the terms after a bunch of people have invested already is patently illegal. Sure you're sharing the new terms on a FORUM and offering refunds, but what if I don't check the forum? You certainly didn't email all the investors.

Sorry you're not happy.  The Coin Sale isn't for everyone although we try to listen to feedback as best we can.  The response to the changes have been overwhelmingly positive.

Please pm BreakoutCoin for a refund.  We considered doing an automated refund when the sale terms were modified but we discovered there are problems sending btc back to sending addresses.  There is no fullproof "return to sender" in bitcoin.

[tx42]

technically all coins have Bergstake.. Bergstake is defined as the coinbase transaction that creates the coin. There is a plan to "burn" the Bergstake from the 7 million promotional coins. 10 million coins will be sold before launch, and 2.5 million will be retained for devs.

Breakout Coins have Bergstake. neither can be created without the other.

So what I'm asking is about what is left from the 10 million coins.

What does it mean for those coins to go to a "private sale"?

1. Will the private buyers get a better deal than the ICO investors?
2. Is Bergstake attached to coins sold in a private deal?

ICO investors are at a disadvantage because we do not yet have a functional prototype of this gaming platform. So we are taking the biggest risk, which comes with it an implicit potential for the biggest gain. Of course you haven't said this is the plan, but if coins are going to be sold at a discount privately, then it would be most fair if ICO investors were given first crack. Also, an incentive for investing in the ICO could be the Bergstake, where private buyers would not have a chance to purchase it. If they want Bergstake, then they should take their chances like the ICO buyers.

[Koontas]

technically all coins have Bergstake.. Bergstake is defined as the coinbase transaction that creates the coin. There is a plan to "burn" the Bergstake from the 7 million promotional coins. 10 million coins will be sold before launch, and 2.5 million will be retained for devs.

Breakout Coins have Bergstake. neither can be created without the other.

So what I'm asking is about what is left from the 10 million coins.

What does it mean for those coins to go to a "private sale"?

1. Will the private buyers get a better deal than the ICO investors?
2. Is Bergstake attached to coins sold in a private deal?

ICO investors are at a disadvantage because we do not yet have a functional prototype of this gaming platform. So we are taking the biggest risk, which comes with it an implicit potential for the biggest gain. Of course you haven't said this is the plan, but if coins are going to be sold at a discount privately, then it would be most fair if ICO investors were given first crack. Also, an incentive for investing in the ICO could be the Bergstake, where private buyers would not have a chance to purchase it. If they want Bergstake, then they should take their chances like the ICO buyers.

+1 

Early investors do have increased rewards, but I'd hate for someone to get a better deal in private.

[popticu]

ANNOUNCEMENT

We will be making an announcement on the state of the "coin sale" Monday morning.

On a side note, what does everyone think about removing the PoW phase and going straight to Bergstake from day one.  This will eliminate the BRO coins and Bergstake issued to the "miners" and the coin network will still be supported by the Bergstake owners.  

Like a POS?

[jaybny]

You certainly didn't email all the investors.

there is no email list of genesis buyers. the bitcoin blockchain is our database.. welcome to crypto-currency Cactus?

[BreakoutCoin]

Happy Halloween!!!

[ILoveBigBlackCocks]

ANNOUNCEMENT

We will be making an announcement on the state of the "coin sale" Monday morning.

On a side note, what does everyone think about removing the PoW phase and going straight to Bergstake from day one.  This will eliminate the BRO coins and Bergstake issued to the "miners" and the coin network will still be supported by the Bergstake owners.  

Like a POS?

I'd vote for this.  I would have liked to see a PoW mining period, but with the alt scene in the state it is in today, PoW mining will just turn this into a dump fest.  This is a promising project and I invested 3 BTC on day one, but the alt scene is over saturated right now and there is simply not enough new investment to support the coin through an ICO and PoW phase.

[tx42]

ANNOUNCEMENT

We will be making an announcement on the state of the "coin sale" Monday morning.

On a side note, what does everyone think about removing the PoW phase and going straight to Bergstake from day one.  This will eliminate the BRO coins and Bergstake issued to the "miners" and the coin network will still be supported by the Bergstake owners.  

Like a POS?

I'd vote for this.  I would have liked to see a PoW mining period, but with the alt scene in the state it is in today, PoW mining will just turn this into a dump fest.  This is a promising project and I invested 3 BTC on day one, but the alt scene is over saturated right now and there is simply not enough new investment to support the coin through an ICO and PoW phase.

This decision has already been made. The PoW is no longer under consideration.

[jaybny]

For the Bro ICO, is the passphrase supposed to be the "Brainwallet" ?

No. Where did you get this from?

Hi then how do we use the passphrase to redeem our BRO after ico.  didnt get any private public key

the passphrase decrypts your seed, (eseed: breakout-wallet-{btcaddr}.json) used in a deterministic private key generator.

^{my bad - never heard it referred to as brainwallet b4.} 

[tx42]

For the Bro ICO, is the passphrase supposed to be the "Brainwallet" ?

No. Where did you get this from?

Hi then how do we use the passphrase to redeem our BRO after ico.  didnt get any private public key

the passphrase decrypts your seed, (eseed: breakout-wallet-{btcaddr}.json) used in a deterministic private key generator.

^{my bad - never heard it referred to as brainwallet b4.}  

A real brainwallet is a little different. The phrase itself seeds a strong hash or pseudorandom number generator like SHA256 or MT.

From what you say, the BRO passphrase decrypts the seed. It's a subtle difference.

[tx42]

BRO devs:

I've got immodest sized chunks of BTC awaiting answers to my questions.  

https://bitcointalk.org/index.php?topic=808648.msg9397964#msg9397964

[BreakoutCoin]

technically all coins have Bergstake.. Bergstake is defined as the coinbase transaction that creates the coin. There is a plan to "burn" the Bergstake from the 7 million promotional coins. 10 million coins will be sold before launch, and 2.5 million will be retained for devs.

Breakout Coins have Bergstake. neither can be created without the other.

So what I'm asking is about what is left from the 10 million coins.

What does it mean for those coins to go to a "private sale"?

1. Will the private buyers get a better deal than the ICO investors?
2. Is Bergstake attached to coins sold in a private deal?

ICO investors are at a disadvantage because we do not yet have a functional prototype of this gaming platform. So we are taking the biggest risk, which comes with it an implicit potential for the biggest gain. Of course you haven't said this is the plan, but if coins are going to be sold at a discount privately, then it would be most fair if ICO investors were given first crack. Also, an incentive for investing in the ICO could be the Bergstake, where private buyers would not have a chance to purchase it. If they want Bergstake, then they should take their chances like the ICO buyers.

tx42, we thank you for participating in the forum and apologize about the late reply.  Hopefully, these responses will address your concerns.  Feel free to pm us anytime if you like.

!.  "private sale"  buyers will NOT get a better deal than those who bought in early.  The deal we gave was due to the change in terms and we gave the best deal that will ever be available..
2.  Yes, Bergstake will be attached to those who buy-in a private sale. 
3.  The general crypto community IS getting the first crack at all the coins and Bergstake for 30 days. If our goal is unmet, only then will we pursue participants in a "private sale."
4.  All those who participate should have the opportunity to get Bergstake, for supporting BRO and participating in the "coin sale.