Last question (I hope!). 

That sheet stops at 110k coins purchased.  I assume that if we are purchasing more than that at once, that all coins after 100k are priced at the same 50% price that the last 10k coins are priced at.  I know this may seem pretty obvious, but with this amount of funds at stake, I need to have complete clarity on this.

Thank you!

Thank you.  Please confirm that the discounts apply for larger purchases (given that you don't exceed the 4.2M coins you are willing to sell for this sale). 

Still waiting to have the exact proposal spelled out in precise writing.  No way to make a decision until you give us the details, Ohad.  Most importantly, the price, and large purchase discounts. 

And when we do make a decision, how would you like to be contacted? 

I'd like to be totally clear on this deal.

Could you name exactly what the June price is? And if it will be reduced for large purchases (as it was in June)?

So Tau must be ready for release before tokens are unlocked.  That is clear.  But will the token be available when Tau is ready, or only after Agora is ready (which will take more time)?

Is the +1 year estimate the estimate for when the tokens will be available?

Dear Ohad,

Thank you for answering those questions.  I will come to the IRC channel to seek more info.

Re: the tentative sale,  I'm still hoping to be able to let my funds stay invested in this project, as it is brilliant and potentially revolutionary. But also, recognizing that this is a very risky project, and we are extremely reliant on trusting you for all aspects of it, I will ask for a full refund if the June pricing isn't upheld. This is because I wouldn't be able to trust you to keep your word.  

If you are willing to uphold your written June prices, then a few further questions should be made explicitly clear in writing:

• What is the deadline (date, time timezone) for the tentative sale participants to let you know if they want their BTC refunded?
• What is the price for immediately available IDNI AGRS unlocked tokens?
• Are you upholding the June bulk purchase discount rates (as % discount from price above)?
• What is the exact discount for tentative sale participants who opt to lock their tokens?
• What event or date will cause you to unlock and issue the locked tokens?

Thank you.

It was the market's decision to shoot up to >$1 pricing while we were still in the month of June and hence June sale prices still applied.  You aren't responsible for the market doing that, or for those who decided to buy at those prices.

Im trying to make the difficult decision about whether to invest in this project or not.  I appreciate what this project is trying to achieve, and how awesome and ambitious that is. I'm fascinated and excited. I really want it to succeed.  But I'm also scared by how this project is being managed. 

I'd appreciate it if Ohad or anyone else knowledgeable could help fill in some concerns that I (and I suspect others) have.

• Is Ohad working on this alone? 
• If anyone else is collaborating can they vouch for the project's progress?
• Are there any plans to hire more team members (not just for website, marketing, etc, but for development) with the now large amount of raised funds?
• Ohad has been working on this full time for awhile now (years?).  The Github code hasn't been updated since Dec 2016.  What has been going on in the interim?
• Ohad mentioned we are now way beyond "Phase I."  What phase are we in?  Are these written somewhere? Roadmap?
• When will the rest of the coins be sold?

Ohad, you are not responsible for market price fluctuations, or the decisions investors make.  You ARE responsible for upholding prices that you put out in writing, especially after collecting the money for the sale. 

Anyway, any losses due to selling at June prices won't last, assuming the project moves along.

Price just a moment ago was below 50 cents on bittrex. There's no fair way to price this other than by the original terms for June.

If there's a concern about selling too many coins, just refund us tentative buyers whatever % of our BTC that takes us to the limit of the number of coins you would like to sell. That would satisfy those who are concerned about selling off too many coins.

Does that seem fair?

I think actually the market price is tracking what is going on here.  E.g. its 66cents right now.  It seems to have climbed on some belief that coin supply was exhausted (which was almost true) and that price would be increased to 10x for remaining.  When it became clear that wasn't true, the price fell.

I still don't understand why it's fair to publish a price in writing, collect funds, and then retroactively announce that the price will now be higher for those collected funds because the market price increased.  

I dont understand why?  The market price went crazy due to misinformation and FUD.  Now you are changing the sale price, which you had already clearly written out in that spreadsheet, in response to crazy swings in the market price?  That doesn't make any sense, nor does it seem very honest.  The market will price things as it will, but you gave your price to us in writing, then accepted an enormous amount of funds before announcing a new price due to a very recent market price change.  

Does that seem fair to anyone else?

Please allow more than a few hours for us to decide.  This is a rather difficult decision, and you just now presented us with very different information (i.e. the price) than we had been led to believe prior.  Please do not send any coins today. 

I propose end of day July 3?

I also think increasing the price (over 3x!) is completely unfair.  We are still in June and you are still selling coins and there is a price schedule published for June.  Personally, I went to considerable lengths to be able to get some liquid coins to put into this.  You never mentioned you might (drastically) increase the price for the tentative sale. 

I'm feeling like you are breaking your word.

@ohad are the tokens being sold in the "tentative sale" IDNI (i.e. tradeable on Bittrex), or are they IOUs for AGRS when Tau or when Agora launches?

Im still nervous about sending a lot of money to this address. Could you post it on the Tau website so that we have additional verifiability?

This is a different address from the documentation: http://tauchain.org/TOS.pdf
which lists: 1BzwxgzrdiW5Gdc3kfoUgxeHAhRjnMmrVs

Why a new address?  Im concerned about sending funds to some address that has appeared out of nowhere on a forum post.  E.g. what if Ohad's account was hacked?  Then that money is gone.

This is a pretty important detail to have not decided on by this point.  I can't see myself investing without a strong claim in writing made by the team on how the extra tokens will be distributed.  I was thinking of investing a substantial amount if a non-inflationary solution were to be implemented regarding this concern.

@agent725, thanks for continuing to reply.  It's essential that I understand this better before forking over any serious investment in this project.

My replies are below in bold.

What happens if less than 900k tokens are sold on a chain?  Are 1M still issued, and if so how are they allocated?

Thanks for the replies, @Dotrego. 

Some of that info disagrees with what @agent725 said. 

E.g.:
agent725: "A: For HYBRID we will not be adding 1M tokens per cryptocurrency. "
vs
Dotrego:  Future chains for other systems (preferably supporting multiple cryptocurrencies) are not planned as of yet. We did have some initial talks with interested devs (i.e ETC), but for now we focus on the current existing 7 types. A new type should have enough to match the others for liquidity, so 1 million (divisible) makes sense.


Liquidity and 1:1 exchange rate
I'm not understanding how liquidity for 1:1 swapping could be guaranteed while the coins are not technically fungible. 

Since the hybrid do live on their respective chains, they are distinguishable, so not totally fungible.  E.g. if Bitcoin were to fail entirely, in the sense of no nodes running anymore, my HYBRID on the BTC blockchain would have to become worthless.  It's pretty basic economics that in a free market with fixed supplies of money (as hybrid and ETH and BTC are), you can't both fix the exchange rate and guarantee that markets clear (1:1 conversion at any volume).

From what I understand, the plan is that Hybrid creates a mechanism where if I want to swap my hybrid-BTC for hybrid-ETH, then I should be able to do so at 1:1 for any volume I posses.  Since the system isn't going to force a hybrid-ETH holder to swap them for BTC against their will, there must be some incentive structure in place to convince them to do so.  You mention fees for liquidity provision.  That could help.  But who pays the fees?  If the person wanting to swap does, then effectively the value of hybrid-BTC need not equal the value of hybrid-ETH, because the fee for trading the former for the latter would not necessarily equal the fee for trading the latter for the former.  A difference in fees would be necessary to keep 1:1 conversion possible all the time, which is effectively not 1:1 conversion but (1 + fee1) : (1 + fee2) conversion.  If the fees come from taxing the system at large, it seems like some type of skewed incentive structure and free lunch would be created.  Consider again the example of a chain threatening to become defunct.  No one wants to hold that chain's Hybrid, but IOC provides fees to encourage individuals to do so.  But if the holder doesn't have to pay the fee directly to trade their hybrid for one on a more viable chain, then they will immediatly do the 1:1 conversion.  The Hybrids will be passed around like hot potatoes, while the whole hybrid system is taxed to provide the fee for liquidity incentivization for the next user to catch the hot potatoe.  The taxes will cripple the system.  This can't work.

So I'd really like to see all the details of how the liquidity incentivization will work.  As things have been explained currently, it seems like you are trying to violate basic economics by fixing an exchange rate and guaranteeing markets clear, which can't work.  There's something not right here.


Inflation
If there is a 1:1 exchange rate, then adding 1M coins per chain will create inflation.  The inflation would just be nominal, not real, if those coins were 100% distributed to the existing hybrid owners, in proportion to the amount they own.  But ow you are essentially selling new shares of the IOC system at large.  As more chains are added to the ecosystem, it makes sense that the ecosystem would become more valuable, but the expansion in coins is linear at 1M coins per chain, while the expansion in value would be sublinear bc adding not-particularly-useful chains to the ecosystem is of less value than adding ETH, BTC, etc.  Hence there will still be real inflation if those aren't exclusively distributed to the existing Hybrid holders.

It makes me pretty nervous when I think about investing in hybrid when hybrid's inflation is completely at the whims of the developers adding 1M new coins whenever they want.  Especially without any explicit promises about how this release schedule might occur over time.  Can you address this concern?