Quote from: jokumat on March 27, 2015, 09:27:33 PM

Quote from: masternode on March 27, 2015, 12:34:19 AM

Again, I'm not the one who raised 600+ btc in an ICO for advancing a coin. I really should not be the one answering questions here, but I did in order to move things along. On the other hand, I've made it real simple for Drak in the form of one question: What are the original ICO funds meant to be used for?

I have been here since day 1. To refresh my memory I had a look at the PRE-ANN thread. Actually - nobody wanted to know this. Only .... eh .. trolls? They were worried about drak's own investment in the presale. Didn't he buy some coins for free? He denied this. Only incidentally the question of the use of the funds was mentioned.

PilotofBTC (post 880):

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"...If the BTC is all going into btcdrake's pocket, then his "investment" isn't that at all. It is just a ploy to raise the price of the coin and give him a share for free.

Now, if the BTC all goes into a fund for futured development, I guess it's not as much a big deal. however, I don't recall him saying anything about what happens to the investment BTC excepet that it goes into his pocket. $360,000 is no small amount of money.".

https://bitcointalk.org/index.php?topic=682186.860

Drak never promised to use the the funds to promote the coin. He never promised to keep them separately. He considered them to be his own. He never promised to be transparent. And nobody seemed to be worried about this. Everybody was thinking about future profits.
Masternode certainly was not worried and happily gave away his and his associate's money.

User Veritas:

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The FACT is: the dev most likely "premined" coins via the presale (a lot of coins), but the exact amount, there is no way for me to know!

User masternode:

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You simply don't understand the concept of reputation huh? It's like you give it no weight. Yes, the truth is he could do this, but it's very unlikely he did.
So let me explain how this works: The stronger a person's reputation is then obviously the less likely it is that what you say will actually happen. If someone has no reputation or a bad one (i.e. newbie account, self-moderated threads would be other flags) then it is most likely to happen.

So it's easy, next time just factor this into your calculus when deciding how much to invest.

I've also been looking & I cannot see any talk of crowdfunding anywhere even though masternode says they are numerous & easy to find. After reading pages & pages the only thing I could find about the presale was it was an alternative method of distribution to mining. Nothing is said about what happens to the money & no-one asked... seems like some people are making a lot of assumptions rather than checking the facts.

For me I am more interested if the proejct is still ongoing than fretting about the presale. So long as the project moves forward, even slowly, it seems ok for me. I am assuming its not been abandoned because btcdrak is still active here. But if not been answered already, I would like to hear from btcdrak if viacoin is still an active project or not.