Re: [ANN][ICO] GRAFT - Universal Payment Processing Network
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
I have been following bitcointalk.org a long time but never posted anything. My first post, but I simply had to reply to this. 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
I just saw this post about airdrops for ICO investors yesterday and got pretty angry because i didn't see this comming.
As an investor and buying up GRFT on different exchanges, I'm a very concerned, no let me correct - I'm 100% sure that GRFT price will drop dramatically after that airdrop as a lot of ICO holders deffently will dump GRFT on exchanges to get some of their money back.
A lot of the GRFT I bought was at 0.00000600 and above I bought it before you announced this airdrop just after I read about the project which sounded promising at that time, at the moment GRFT is worth 0.00000207
I know Crypto is a risky buisness but you are not making it easyer by comming up with these ideas.
I'm not sure what to do, take a very big hit and get out while GRFT is worth just a little bit, or HODL. I think I'll sell
Can I or anybody trust the team in the future or will there be another GRFT dump to compensate others or maybe the team, just to undermine the future price of GRFT
This project started up great, but I think you guys unfortunately just shoot yourself in the food, and took a couple of my toes at the same time. Does any body feel the same ?
/Griffelinos