Post
Topic
Board Announcements (Altcoins)
Re: 🏦 👪📱[ANN]SilentNotary{1st NOTARY CHATBOT!} ⏰ ICO is in progress! 2-nd ROUND!
by
Sythyn
on 15/09/2017, 07:18:51 UTC
Hi!

Thank you for your comment! We will fix this asap!
According to our Crowdsale smartcontract and WP, all unsold tokens will be transferred to the team's multisig wallet to provide future development and team bonus. But it will not be distributed among the members. This is an incorrect statement, and we will correct it right now. We are not interested in flooding the market, that's why we pay for bounty in ETH, but not by tokens!

Posting the raised amount on the site will increase trust and transparency of this project. Please also don't forget and have time to update campaign spreadsheet so that campaigners will continue to work and will not lose their faith in promoting this campaign.

The amount raised can be found here:
https://etherscan.io/address/0x0f30c808069315b3b7dfbfe149c87448b50c6d8b#internaltx

In my view, what's killing this ICO is the following statement:
"All tokens not sold during the sale will be distributed among team members."

At the 6000 ETH target stated in the whitepaper, even if the entire ICO was to be held at the initial rate of 100 million tokens per ETH, the maximum number of tokens sold would be 600 billion or 60% of the minted tokens. But given the declining rate/increasing price, the actual attainable amount is much lower than that, leaving more than half of all tokens to be "distributed among team members".
By the way, there's no word in the whitepaper about those tokens being locked for any period.
One can only imagine what happens to the token price when those 50+% of the tokens flood the markets.
The idea is good and rather unique (at least as of current), but the token distribution scheme is totally upside-down.