You might overseen one point for your calculation:  You are assuming that the 230 BTC cap will be reached. Although I cannot say it will not be reached I do not think that it will be. Secondly all numbers are public. So every investor can calculate what you just have did and can decide to not invest if they are not happy with these conditions.
You are saying that 1st stage investors have not faced higher risks - fair enough to say. In my personal opinion that is not true. I agree with you that the risks where not that much higher (compared to other IPOs with more than one stage) but they were higher: You must rely on the escrow service or you must rely on us. Both ways are not 100% safe. Additionally every invested coin is parked in a wallet outside of your control. Thus you cannot use it for other investments / react to course drops/increases etc. So even if we just hand everything back you might lost some of the investment because of a bad BTC chart. The earlier you invested the higher is the risk to get in trouble with that point. The earlier you invested in eXocoin the more trust you put into us, our words and our product. That is something that should be honored as well.
Anyway those conditions are set and we will not change them now. Please accept the conditions. If you cannot live with them then please do not invest in 2nd stage.

website is up running again. Host got issues with switches.

If in the day tomorrow everything runs smoothly then we will stick with the plan to start with the 2nd stage on 2nd April.

Open beta will launch in less than a few hours probably. Please stay patient for further notice soon. Selection criteria are not fix set like "your account must be registered after XXX". We will check your investment wish depending on various criteria (registration date, activity, 1st stage investments, desired amount)