Quote from: shogdite on August 16, 2016, 02:19:59 AM

Hey guys,

It's been a long weekend and I've been in touch with the top 10 investors discussing how we plan to proceed going forward. There's been a lot of speculation as to what's going on, but namely one thing I really dislike seeing is how people are constantly asking "where are the devs?" when there is usually only a day or two between my posts in these crucial times. I understand, it's frustrating what's going on but even more so because of what's going on, I don't have the time to sit on BitcoinTalk frivolously replying to every person.

This weekend, I reached out to the top 10 investors of the LIR ICO to determine how we would proceed going forward. I have not been able to contact Phoenix since friday, and he was the only team member not present at all during our interaction with the top investors. Of the top 10 investors, there was one who we received no reply from on Friday, so we're not sure what his stance is on the matter. The 9 I did manage to contact, we discussed the current events and the team and I agreed that they deserved the chance to opt out given all that was going on. From 9 present, 7/9 chose that they would prefer if their BTC was refunded at ICO value as they were unsure of the project's future given the circumstances. Today we will be starting the refund process with these seven investors. This will take some time to investigate each account and determine what value they pair for their LIR. For record so the community is aware, we will also be investigating the origin of the LIR sent to us by our top 10 investors, this is not a chance for them to take advantage of the markets crippled state to simply buy LIR at well under ICO price and then resell it to us at ICO price.

Given 7/10 of the top investors will no longer be present, we have come to agreeance with them that it is fair to shift 7% of the 10% dedicated to top 10 investors only to the open dividend public meaning this cap will change from 18% to 25%, and the remaining 3% will be split among the remaining 3 investors of the top 10. With the remaining On top of the LIR returned by top investors being refunded, we have negotiated a deal with top investors who have chose to remain for a total of 10,000,000 LIR.

After we have received all of the LIR, we will then be placing 17,000,000 LIR in escrow and keeping 3,000,000 LIR for a hot wallet bankroll. Effectively, this means ~60% of LIR will be taken out of circulation. At the conclusion of this tournament, we will be enabling gambling via LIR. If at some point it is required that funds be transfered to fill our hot wallet, we will request this from the escrow. During the duration of this transition to LIR gambling, as profit itself is LIR, the original allocated amount towards the buy back will be added to the dividends (+11.5%) meaning there will be 36.5% in public dividends.

At this time, it's hard to give more news since the team and I will now need to refactor our goals and planned expenditures as we will be refunding a large portion of the BTC. It is also unclear at this time why Phoenix has not been on. Of course, many will speculate the worst but after knowing him for a year, I feel I owe it to him to give him a few days incase something came up in his personal life as not too long ago something did in mine. For clarification since I'm sure this question will come up, Phoenix was incharge of the marketing budget and as such was holding the BTC dedicated towards that.

Unfortunatley, we cannot support the price/market due to our limited budget. The market price does not dictate the success of a project as we are going to continue working and building new content. For those who are complaining that the price is low, show support in the books as it is the community of traders around this project who will have to be the ones to influence the price. All we can currently offer is our support through updates and development.

Thanks, and I'll be in touch with more news such as the updated roadmap and the development of new games as soon as there is some.

60% of all lir wil be taken off the market so Will any of it return or is it out forever

umair01

Posts

Merits