Quote from: pawel7777 on September 17, 2018, 02:11:30 PM

Thanks for answering and sharing insider's experience.

Quote from: stellatayvc on September 17, 2018, 05:37:59 AM

...
3) The token has close of zero value at the moment. Many of the team members still hold a chunk of the token allocated to us, but no point selling so everyone is just parking it in their wallets now. Until the blockchain product is developed and the token has actual usage value, the token will stay at this price I think.
...

That's a tough spot to be in for the startup. There's still a chance to hype it up (it's easier if the company and its product are legit), otherwise you didn't even break-even. You've already spent that 300k and now (possibly) have liability to token holders to provide service/products in exchange for worthless tokens. That's unless you use/redeem tokens according to their $ value.

Two more Qs:

How did the whole ICO thing affect the bookkeeping side of the business? I reckon it created a whole lot of extra work for the accountant(s).

Did you secure yourself by adding a clause in Terms & Conditions ie that the 'tokens program' can be discontinued and buy-back can be offered (or something in similar manner), or are you stuck with this form forever?

1) To be honest, I'm not sure how bookkeeping will be done, it will only be due at the end of the year and I'm sure it is going to be tricky. The accounting and auditing landscape here is not very defined when it comes to crypto investments. Because ICOs are so new, no one really knows how that will be managed.

If someone has the answer about how that's done in SG, or in your country I would like to hear them! Also, do crypto investors typically need to pay 'tax' for their gains? And how do they track that?

2) Unfortunately, beyond the typical one-page legal disclaimer at the start of the document that says 'participate at your own risk', there is really nothing much to protect the investors from. For our case there is no buy-back scheme offered in the whitepaper - is it common for other ICOs to do that though?

stellatayvc

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