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Native Dutch speaker here. I've only done
one translation on Bitcointalk.
Thanks, I'll get back to you on that.
Something has been bugging me for a while, it seems to me some details need clarification:
30 million will be retained by BetKing for ICO bounties, testing bounties, advisors, hiring, future marketing and development.
I assume this includes your share, Dean? That is of course totally okay, but the way it's described now, you don't get a share. Or do you still get a share of the house edge, like the way it was in old BetKing with investors?
Your previous ICO raised many questions after it started, I think it would be good to get the details clear before the ICO.
That is my share yes. I don't take any cut of house edge or any other commission.
The previous ICO was rushed and I was relying on previous BetKing bankrollers to jump in at too short notice, that was a mistake.
It was also a totally different format that wasn't that good of a deal compared to this one.
I've planned this one for a bit now and have 7 weeks before the sale starts so plenty time to answer peoples questions or clear anything up.
After the crowdsale at least 50% of the funds raised will be used for the house bankroll that players bet against and winnings are paid from.The remaining funds will be used for marketing, promos, seo, design, development, server costs and legal.
So: from 100M Tokens:
paid tokens: more than 35% goes to bankroll
paid tokens: less than 35% goes to costs
unpaid tokens: 30% tokens reserved for costs
It's easier to think of it as funds in the bankroll. At least 50% of all funds raised will be used for bankroll. The rest of the funds can also be thought of as being in the bankroll if they are not spent. We want to maintain the highest max bet of all dice sites again or at least be competitive.
So we will keep the max bet as high as possible with as little risk as possible. Maybe that means 60% of the funds are best kept for bankroll until we start seeing profit coming in.
The total funds raised will determine the price per BetKing Bankroll token.We will take the total value of all funds at the current exchange rate at the end of the crowdsale to determine the total raised funds.E.g. If we raised $1,000,000 then the price per token would be $0.014 (1,000,000 / 70,000,000).
The buy back price offered by BetKing will be based on the current total bankroll profit.So for example if the price of the token at the end of the crowdsale was $0.014 and the bankroll profit was $1,000,000 then the buy back price would be $0.024 (1,000,000/100,000,000 + 0.014).
This is where I lost track of the details: You use the full $0.014 per token to buy back, but part of that $0.014 was also used to cover costs. If this part is taken out of the value of remaining tokens, you'll end up short at some point.
Also, the 30% reserved tokens have the same $0.014 value, but no money has been put in. If you give one of the reserved tokens away as a testing bonus, and the tester decides to use sell it back to BetKing after the first quarter, where does it's $0.014 come from?
I don't end up short. The buy back price is tied to the current bankroll profit. I'm committing to buying back at least 10% of tokens every 3 months.
The site will be making profit in that time and it will be the profit that is used to buy back the tokens.