Man.. investors got royally hosed with this ICO. Basically it all boiled down to which would appreciate better: BK or BTC.
The answer, IMO was pretty obvious right from the get go. IMHO, Dean should just buyback all the tokens, open up the site for classical invest/divest BR model, and collect 35% of the profit. All this ICO money raised and it ended up with some updated UI and some slots. Having investors in site was actually quite profitable as other investors gamble tended to gamble in the past. Remember Road2Wealth? With the investors gone, it's just a bunch of 2 bitcent gamblers left, leaving the site desolate.
I understand what you say. To be clear several of us have pointed that out already and cannot understand why an ICO was needed even though we heard the reasons given.
The only purpose that can be found for an ICO seems to be a way for which Dean Nolan to have raised money. Dean Nolan stated he has given a step by step breakdown to all investors about the expenditure which is clear. I have not yet sent a PM to any investor to ask for that information but I will try to do it within a couple of days. Once I have that information it will become easier to understand where the funds went IF he has it listed and broken down. I am convinced the ICO money that went to pay for "development" went directly to the pockets of Dean Nolan because he already had a working fully functional betting website of which he gave screenshots when trying to raise ICO funds.
From what I read there has been no statement from Dean Nolan that has shown any sign of remorse for the failed Betking token valuation and buy-back facility. If Dean Nolan has tried to make amends by now holding 70 million of the 100 million Betking tokens then that is a step forward but without knowing the key information about how much an individual paid for the tokens, how much profit (if any) they made and when they sold their tokens what was the net loss investors made. Effectively for every net loss that the investors made it is clear it was always a win-win situation for Dean Nolan who made millions without even investing anything himself and using an already existing betting website to raise ICO funds under the guise of development and bankroll.
If Dean Nolan releases information about where the funds were spent and all can be verified I will be the first to thank and congratulate him if investors are shown to be making a profit and those that sold their Betking tokens ended up with a net gain instead of a net loss. I doubt he will do it but hopefully he will prove me wrong. The Betking telegram is more of an announcement channel with little or no information of substance, it does not allow live chat where investors and users can talk to each other. Dean Nolan has locked and unlocked the Betking thread at Bitcointalk when he felt he needed to try to silence those questioning his business ethics (or lack of).
Hopefully he will make public that information after all what is there to hide?