You've been around since August 2020, as you claimed. No worth-mentioning achievement during past months? And, if there are no team, where does the fund collected on token offering goes to?
Good questions. The main contributor (myself) is a long time engineer and long time crypto enthusiast, but first time crypto-engineer. Spent much of the time studying other tokens (mostly Ampleforth and Antiample) and playing with different token dynamics. Then decided to launch on 2/21/21T21:21 as a tribute to Satoshi. Project was mostly completed late last year.
Funds goes to mostly to funding follow up projects (BOOP holders would get upgraded to new contract most likely, and we would tweak the token dynamics as we go). I put up my own $100k for initial liquidity (locked 3 months).
So to summarize, no achievement because although it's been alive for around 6 months, those early months were the idea concoction phase and the project itself was just started to be developed around two to three months ago? And funds goes to... you? To compensate your contribution of LP?
Built multiple versions and tweaked the contract over time. Was mostly in its final shape late last year, but continued to tweak it this year.
Yes - funds goes to me for past work, not future. When you accept funds for future work, you are at risk of being labeled a security. Therefore, the project is fully complete and there is no promise of future work, and thus cannot be classified as a security.
Now if I decide to roll those funds into future projects or marketing efforts, that would be totally my choice and not something that is promised or expected in any way (once again, that could make it viewed as a security).
And this allocation is 20% of the initial supply (1 of 5 million), given that every holders got their payouts equally according to the number they hold until 100m reached, doesn't that mean you will very likely got 20% of the total supply? And that amount is allocated, owned, and controlled by one man only instead of a team of people, where this very human also said that it is completely up to him to use the funds on whatever he sees fit and that he has no responsibility to use them for project's future?
With projects that launch as ideas before they are completed, people buy tokens in hopes of the project actually getting done (creator gets paid before doing the work). With projects that launch in a completed state, people buy tokens for something that is already done (creator gets paid after doing the work). In essence it is the same thing except the creator self financed the development costs so that there could be no chance of failing to deliver on a promise. The end state is the same in both cases, except for the risk of failure to deliver has been eliminated with a completed project launch.
The issue with the uncompleted project launches is that the project may not carry out their work as promised. This is why they get classified as a security - you paid for a completed project that may not get completed. You do not need to classify a completed project as a security because there is no promise, everything is already done. It is property, not a promise.
By the way, most projects I see only distribute 20% and keep over half of the tokens themselves. In any case, how would you distribute these tokens alternatively? Airdrop maybe?