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You are now having internal team discussions about possibly launching with less than full funding and taking people along for the ride who have not requested a refund. That implies that a failure to reach full funding may require active requests for refunds by supporters. This is totally different than the ARK team automatically reversing donations to their original BTC or Lisk address and surrendering all funds entrusted to you.
I hope you succeed in raising your required funding. However, it must be crystal clear to everybody beforehand on what will happen if you do not.
I think to keep in line with the originally agreed upon terms and conditions, the logical way would be to send the funds back automatically, unless an investor states explicitly not to, so pretty much the opposite of people requesting refunds. You'll still have a lot of unhappy customers, that wouldn't have wanted a refund, but were too lazy to be bothered with reading the email announcement they probably got. I don't know if giving them like a weeks time to send funds in again could be considered as a second ICO (or TEC).
One way or another, announcing willingness to presume with the project and to pay out tokens for those faithful souls who stayed in for the ride may boost confidence of those on the fence, thus result in donations from those who were afraid to invest in the project due to its unclear future, rendering any musings about what would happen if the aim wasn't reached, moot.
the problem with this is because when you send from an exchange, sometimes you cannot refund back to the same address since it's not associated with you. we would be refunding poloniex hotwallet but with no account to reference where it was going to.
the only way to really refund everyone would be to allow them a way to input a refund address that we can send it can actually be processed to.
we would not be doing a second TEC at all if this one should fail, we will distribute a different way.
Regardless the path we take, it will make some happy and some angry. We are just doing it the fairest way we think we can.