https://www.graft.network/2018/06/26/ico-airdrop-clarification/ICO AIRDROP CLARIFICATION
Dear GRAFT Community,
We would like to take this opportunity to clarify the promise we made to the ICO participants to do an airdrop if the price doesnt recover to the ICO level within nine months.
Why did we do it?
As you might imagine, weve never before carried out an ICO, less so an ICO based on a live mineable blockchain. As such, we came up with coin pricing based on what we assessed to be a fair market value (very conservatively at that, comparing to other similar projects). One thing we didnt know was that the price of the coin would be immediately driven down by ASIC miners, creating a large disparity between the ICO and mining price levels. As project leads we felt compelled to make it right by the ICO participants and to rectify this situation.
Terms of the Airdrop
The following are the terms of the airdrop:
If the price of GRFT doesnt recover to the ICO level (0.0000262 BTC) prior to November 18, 2018 (9 months from the end of the ICO) for a reasonable period of time (24 hours cumulative, according to CoinMarketCap), GRAFT project team will airdrop the difference in GRFTs to the ICO participants in good standing. The effective price at the time will be determined based on a 10 day moving average.
Example 1 ; October 20 GRFT price is 0.0000262 BTC or higher no airdrop will take place
Example 2 : October 10-18 GRFT price avg 0.0000262 BTC or higher , no airdrop will take place
Example 3 : November 10-18 GRFT price avg 0.0000131 BTC , each ICO purchase of 1 GRFT will receive ONE additional GRFT via airdrop.
The effect of potential airdrop
The actual number of GRFTs issued for the airdrop will depend on the price difference between the airdrop and the ICO price (in BTC). Currently, we estimate that no more than 50M GRFTs are at stake. The funds will be provided from the undersold ICO funds, and since all the ICO funds were earmarked for circulation, should not result in an increase of the circulation supply.
Conclusion
We understand the controversial nature of this offer and value communitys opinions and feedbacks. We try to make decisions that are fair to all our supporters, while carrying on the mission of the project. Your support is highly appreciated and valued.
Best Regards,
GRAFT Team
Dear Team,
I have never felt compelled to register on this site and answer your Airdrop clarification as ever before. As a miner that supported your network with all my rig's hashpower, giving stability and security to your network and contributing to the blockchain record keeping; I honestly feel betrayed to hear that you are planning an airdrop to "ICO Investors!!??!!". I started mining your coin from the get go, including when your network was under attack right after the fork, I was bearing over $500 USD per month in electricity charges since January. Now, I could've spent that money to purchase the damn coin and subsequently benefit from a senseless airdrop!
There is always a risk when you make an investment of any sort and investors fully understand that including myself who invested in electricity and building minig rigs. If coin "buyers" are to benefit from an airdrop, there is nothing fairer than extending the courtesy to miners as well since I have just explained to you the extent of the miner's investment in your project.
I truly feel that the remaining ICO coins should be burnt as everyone understands the risks associated with cryptocurrency investments.
Kindly, rethink your announcement and do not dismiss Miner's input. Without miners you have NOTHING and if your network hashrate drops significantly, not only you will suffer from 51% attacks and the further fragmentation of your blockchain, but you will also loose credibility since your network will not have any support!
Warm Regards,
Miner
Agree with you. I mine and buy about 50K graft. But nothing for me as air drop. I still keep 50K and this will be more in near future.
It is totally inequal for all kind of investors.