Quote from: BetKing.io on June 21, 2017, 01:02:21 PM

Quote from: antdee on June 21, 2017, 12:57:15 PM

The sad thing is that this seem to be a FIAT tied ICO.
Say I buy 2 btc (say $6k) worth of the ICO, 2 months pass, Betking profits are zero, bitcoin price doubles, my redeem will be 1 btc ($6k) right?

Also, when will you be converting crypto - profits value to FIAT value? Every month, every three months etc?

The coins won't ever actually be converted into FIAT.

It's just an easier way to create the base price at the end of the ico due to all the different currencies that people can buy tokens with.

This is how MobileGo did it (they raised $50 million) but they actually done the value at time of your transaction when you deposit to them where as I am doing it at the very end of the ICO.

I will set the new buy back price frequently based on profit (probably real time). So if in the week we profit x btc, y eth, z dash and all that total has a fiat value of $10,000 then the buy back price will be set based on an extra $10,000 profit.

Unlike other ICO's we will be launching a product that has a history of making profit the very second the ico ends and so you will be making money right away.

Still, my bitcoin will be effectively turned into FIAT the moment the ICO ends. I highly doubt any business will beat Bitcoin's growth rate.
It goes both ways of course, some might be happy to lock in a USD price like this.

Personally, I won't be buying into the ICO with these terms.
If you enable classic bankroll crowdfunding I will happily invest some BTc, ETH and Dash !