Ninjastic
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Board Tokens (Altcoins)
Re: [ANN][ICO]COSS Token Swap
by
dancearnau
on 09/08/2017, 12:20:41 UTC
Quote from: Isaaq.Almaguer on August 09, 2017, 09:21:56 AM
Quote from: ColorlessK on August 09, 2017, 05:17:07 AM
Quote from: Isaaq.Almaguer on August 07, 2017, 03:47:07 PM
lol, they're asking for about 100,000,000 USD, and they won't even burn the remaining tokens. I was excited about this, but seriously, this is asking way too much. Should've had a much lower cap.

I don't know where you got that number, but that's not true.

The Token Sale includes 130M Coss at a rate of 1 ETH=600 COSS, so that would mean a total cap of 216k eth, at current rate that's 67M, the rate was decided when ETH was 200$ so that is why dollar value has increased so much.

As to the unsold tokens, this is what happens to them:

All the remaining tokens that haven’t been sold after the ICO, will be paced into a vetted/audited Smart Contract serving as the COSS Charity Foundation. COSS currently partners with the biggest Charity Foundation in Romania named “Mereu Aproape” managed by one of the biggest Media Trusts in the country and supports a Malaysian entrepreneur David Wu collecting money to help the children with cancer. The “Mereu Aproape” Foundation and David have registered their accounts on COSS in order to collect charity donations in cryptocurrencies supported on the platform.
In the nearest future COSS will contribute to more charities by dropping its unsold Tokens left after the Token Swap. The unsold COSS Tokens will be placed into a Smart Contract Pool, accumulating revenues in various crypto as per the FAIR SHARE program. Every 6 months this wallet will release all the gains to help a specific charity case (or foundation) that will be announced publicly. All the funds will be transparent due to their placement on the Ethereum blockchain, and will be donated to a charity vetted by the Board of Directors of COSS.
The Smart Contract Codes and the Audit will be released after the Token Swap.

Your token sale isn't going well, 67 Million USD is a lot of money to ask. assume you collect only 20 Million USD (so far you collected less than 1 million), which is still a whole lot of money. It means that charity will get twice as much money from the dividends as all your ICO contributors combined. That's very generous of you, but that's not exactly good news for investors. You should put a cap on how much the will be given to charity, like 1 million COSS maximum. And then burn all other unsold tokens. Only then would it make sense to invest in your company. You have a good thing going on there, make it attractive for people to invest


You guys are absolutely right when we look at the numbers that way. We have done some internal discussions and came up with the following proposal: After the token sale is over we will create a voting mechanism, so the investors can vote how much of the unsold should be set aside for charity and how much should be burned.

Regardless of how many tokens we raise in the token sale, the platform is and will remain operational. Please note that we already have a working business, that is generating revenue. The scope of the token sale is to grow the platform to manage all the unapproached areas of cryptocurrencies adoption. The result of the token sale will only define the speed and the scale of the platform, not the existence.