From r/NVO FYI

Posted byu/tonbi77
6 hours ago
Update from Ton

I have failed everyone as CEO for not being able to manage the people that should have been working under my management. I have said it before that I consider myself best as a product person and a decent CEO. After this incident my own opinion has changed of myself to being very awful CEO. Along the way, I was lead to believe that a CTO should be in charge of everything in this space and not a CEO. There are certain truths to this statement as the most successful people in this space are usually developers. They tend to not need people like me managing them. Then again, no developer has ever created a popular DEX thus far. I do know the most popular desktop wallet, Exodus, was created by a team that is very strong in product design. They have taken over the older Jaxx wallet that most people was using when there weren't many alternatives.

This is my plan on how I will continue with the NVO project. When the proper vote is up, if everyone agrees on a refund then everyone will be refunded. However, for the people that voted for me to keep working, even if I don’t receive a majority vote, I will still collect your addresses and send you new tokens. You will still get your refunds and new tokens. but you will need to verify these addresses. If there is a refund, we will not work with escrowed funds and continue as usual just through a more paced out approach using personal funds.

As I have discussed on our telegram, it’s important that we set up 3 main components for this project to succeed. A centralized exchange that we will slowly grow liquidity to have it transferred to the DEX when it’s completed while the DEX and wallet are being simultaneously worked on by a different group of developers. As the CEX is already a white label solution, we will not compromise on speed or focus. The white label solution we bought is better than existing top CEXs and can be set up quickly. They were created by the people with the best reputation in this industry. Mike, my consultant, will oversee the multiple projects and it’s development process for a transparent workflow and communication between the community and developers. By transparency, I mean an update on what happens every day and what everyone worked on in full details.

This centralized exchange might deal with fiat if we struggle to find liquidity from just tokens trading pairs alone. If we struggle to compete with tokens trading alone, we will target on less popular fiat markets like Canada to grow our reputation by offering faster settlements for Bitcoin buying and selling. There will be less competition on ads space for us to get noticed by these markets. We will also receive help from another very reputable company in this space as well to help with liquidity that is also based in Canada. I will have a call to discuss with them if we can get more partnerships and OTC trading services on-board.

The wallet is one of the most important components where people will use the DEX. We will advertise the wallet on the CEX's homepage at first for desktop/offline storage of all coins traded on the exchange. We will need at least 1 more month to have something that we can be proud according to the developers that worked on them. The old wallet team were being underpaid and understaffed so if we solve these issues they will work much more faster. The wallet will also be open source and when the DEX is finished it will be advertised on the CEX as well and we will focus more on fiat there.

As for the DEX, we will hire new and existing blockchain developers on our team to brainstorm possible solutions. I will list out all the features and the priority and importance of each feature such as plugin system, minimum volume requirement, transactions per second, trading pairs and order book requirement/offline trading. A rough whitepaper will be required before the development is started and it will be shared within the community. This might take longer so we will have people coding the wallet and exchange while we are exploring DEX solutions. This will be a fun task for developers as they will be challenged to find the best solutions and original implementations to build the DEX. All good developers love working on something cool. The DEX will be also open source.

All funds spent will be updated with the community weekly or daily. This is the plan if we continue the direction without a refund after the vote. If we continue the direction with a refund we will still continue with this approach however we will pace it out over time instead of doing simultaneously tasks.

The entire project will be relaunched under a different name if we can’t get access to the current domain name. Even with access, we may also relaunch under a different name as we do not own the .com version for the project. This could result in phishing problems later in the future. We already have people that can help us hire more blockchain developers to our team and we have existing blockchain developers that we need to talk to and find out if they want to work on the DEX solution.

I'm available on Telegram for any question.

Well, I'm not sure I would have a use for Pitchfork Tokens. Please read my posts regarding NVO and point out where I have been wrong or lied.

I like your sense of humor though. Lol

Maybe you should ask Ton & Co. to resurrect "Suicide Coin" (Another abandoned project by the same crew), like they are doing with the CEX with your money.

Then you will have something you can use when they abandon NVO. Lol

Wow! So this is still going. Obviously Ton has not got all of the money yet.

I would have thought the "Vigilante Stage" would have kicked in by now. Lol

Yes. That is correct. Safex coin is an Omni token. As I understand it, if you send them to your Safex wallet, you are using the Bitcoin blockchain. Hence the need for a small Bitcoin fee. The address you can see in the Safex wallet is a Bitcoin address.

I have not tried to send Safex coin from the Safex wallet. I'm planning to Hodl mine. However, you could try importing your Safex private key to Omni wallet. Then send them to your exchange from Omni wallet. I have transfered other Omni assets this way and it worked fine. You do need to be careful when messing with your private keys though.

I'm only a crypto newby and have not sent anything from the Safex wallet. I hope this helps.

I agree. It's not the best idea to leave Safex Coins on any exchange. Unless you intend to trade. If you don't control the private keys you could lose your coin.

I transferred mine from Bitrex to the Safex wallet without any problems. Cost 100 Safex. Some of this fee goes towards the Bitcoin fee, so you should see your Safex + some Bitcoin dust in your wallet when it's done.

I could not copy and paste in the Safex wallet using right click etc,. CTRL+c=Copy and CTRL+v=Paste worked well though. Make sure you export and save your private keys of your Safex wallet in a secure place and you're good to go.

You are such a troll Dave!

I think you are wasting your time though. Some people will re-invest in this and NVO as well -- sadly.

It is difficult to feel much for those that read through these threads and still invest.

Nature of the beast and you are right on the money. However, if they are genuine, most start-ups are happy to make a profit in the years to come, not right from day one.

Sometimes, a good question for the founders is "How much of your skin is in the game?"

Do they lose their house if the project fails.

Their advertising budget should be defined and broken down in their financial projections. It's not hard to specifically cost out future advertising budgets.

There may be repercussions for them in the future if people vote with their feet. Or worse for everyone if the government steps in.

By the way, I'm not talking about any specific ICO, just generalizing.

Due diligence on the investors part is one solution. Some ICO's fly with just a white-paper and nothing else. These guys even get upset when you ask relevant questions and seem to forget that they are asking for money. If all the investors started asking for financial spread-sheets and projections, it would be immediately obvious if the ICO's goal was over-capitalization. You don't need 200 Million for a venture if it can be achieved with 1.5 Million and 200K for unforeseen events. So 1.7 Million is all they need.

They can even have a second round of fund-raising if it is required later on. This way investors can see the progress made compared to the projections made previously and even have a rough idea of their expected return on their investment. If all is well then the second round can be started.

If the founders over estimate the worth of their project, these financials will bring them back to earth. Blatant over-capitalization is a well known red flag. You could check out a Prospectus from a real company running an IPO to see what I mean.

To bring expectations back to reality, all you can do here, is start asking the hard questions. If you are not satisfied or they ignore you then move on. Your money is still safe.

The other solution is government regulation, which could be a bitter pill to swallow in this space.

Sorry dude, it's their money now.

It would be funny if it turned out to be Lauda !

Stop calling people names you flea-bag. LOL

"The team took less % than they could with the first release milestone." Meaning what exactly ??

--Are they going to donate their surplus, after meeting their mile-stones with some sort of a product, to charity ??

Firstly, I am not Witek, the tooth-fairy or any of your imaginary friends. So stop with the PM's.

Secondly, I have been a lead investor for longer then you have walked the earth champ. EIR prior to that. I may be clueless as far as Crypto is concerned, but I feel I know a little about people like you.

Thirdly, I don't need advice from you, if that is OK with you, moving forward.

And last but not least. I would never call you a victim, the same may not be said about your investors.

Time will tell.

The common denominator for NVO and Xenio is nemgun. This self admitted sociopath weaseled his way into a founders position at NVO by helping Ton out for free before the NVO ICO. Ton is probably wishing he never met nemgun at this very moment(Ton is no "Angel" either). nemgun also tried the same tactic with Enjin Coin but was rejected by the founders. This stuff is not pretty with nemgun resorting to death threats and other unsavory behavior. He called David Irvine from Maidsafe a C**t. I do not know much about Maidsafe as I am new to Crypto. However, with my limited understanding, I feel this kind of thing was not warranted. I have proof and working links for all of this. I couldn't make this stuff up if I tried.

I was trying to figure out how these guys are going to scam everyone with escrows in place. Then I found this from nemgun himself.

Quote
"..the problem isn't about the escrow it self, because yes, the escrows are trusted, but when they release the funds, these escrows are no longer responsible for their usage. There happens the scam. What ever you say, an escrow never engages his reputation in a project, he is just a middle man holding funds for a short time."
End Quote

It would seem "Over-capitalization" is the plan. Raise way more than you need. Complete the mile-stones with minimum expenditure. Escrows are obliged to pay out. Make off with most of the funds raised. People can't even call you a scammer because you delivered a working product. It's not your fault if the DEX is hard to use and nobody wants to use it, right?

Kind of villianly clever when you think about it.

Lol Whatevva. Welcome to Lauda's red club.

This nemgun fellow has tried this before with Blumedex (and other projects).

Check out post #93. Read the whole thread if you have time.
https://bitcointalk.org/index.php?topic=1542256.80

Quote
"Promotion to help you take a decision  Wink

- 500% bonus for the first participation
- 100% untill midnight"
End Quote

500% bonus and NO TAKERS. This failed for him and he has been refining his fund-raising techniques ever since.

StakeToken ICO (in French)
https://bitcointalk.org/index.php?topic=1506391.msg15157005#msg15157005

Veserus Exchange
https://bitcointalk.org/index.php?topic=1697208.0
https://bitcointalk.org/index.php?topic=1693034.new#new

It would seem, anyone asking questions here is labeled a troll. Yet, they keep saying "feel free to ask questions." None of mine have been answered.

People will put their money into this, regardless of what others and I ask or say.

Good luck with that folks.

Well, I'm from the real world, where people involved in fund-raising rounds are happy to answer questions from their potential investors. If you guys see this as insulting then you need to be reminded that you are asking for money. You would not last long in front of a real Venture Capital Board with what you have disclosed so far. Particularly if you sent a temperamental CTO to present your case.

"Stop asking hard questions and give me the the money" would get you nowhere rather quickly. Yet in this space, it seems to be the norm. Little wonder there are so many problems with ICO's now. In a way, investors here are partly responsible, by not asking the hard questions and parting with their money too early, on a promise of large returns.

Although my previous questions remain unanswered, I have some new ones for you. "How many man-hours of development can you buy with USD$200 Million?"

It would seem you are seeking to be "Over-capitalized". Why?

How can investors be certain there are not just one or two people behind the keyboard here?

Last but not least. (Because someone needs to ask this question.) Your CTO/Founder seems to be a bit of a loose cannon. I can quote him from all over the place, though I'd rather not. Can you not see any potential problems with that in the future? Why should investors trust nemgun with their money if he behaves the way he does?

It's the "People" that make or break a project most times.

"is the 3 million from the exchange they crowd-saled and they put it in themselves to make it look like they raised that much so far?"

I doubt that as they both have escrow. The ticker showing the 3 Mil raised on xenio.io could show whatever though.

What about financials? They must have these at their fingertips. Surely. A detailed spreadsheet showing the breakdown of spending investor money would have been already completed. As in, this coder will code this part, and it will take "x" weeks at an hourly rate etc,. This would lead to an estimation of total funds needed for the project and an approximate ROI for investors. $220,000,000 is a lot of money to ask for without saying how you're going to spend it.

You do realise that, compared to you Dave, nemgun considers himself a GOD. This is why he talks down at all of you from his heavenly position. I can actually quote this from another thread.(Really!)

Please stop asking technical questions about why Xenio is flawed. The amount raised is stuck at 3 mil. So shut up and give him your money! That is what this is about.

220 Million Dollars. Really?

I wish I could fly around the internet and face-palm each and every contributor thus far. Not that it would stop this ICO maddness. Do your own research people.

The link for Ben Daniel on the Xenio.io page is not working for me.

https://www.facebook.com/ben.daniel

I have edited my post now because I fudged up the quote. I am new here and still trying to learn my way around. I'm also trying to be as polite as possible. The rest of what I said still stands.