Topic: About 1.5 Days Lef to Purchase Equity in Teehe Sports Book & Casino (FAQ Inside) (Read 1237 times)
March 31, 2015, 09:49:48 AM
There are now only 1.5 days left in Teehe's IPO.
March 30, 2015, 09:46:32 AM
About 2.5 days left now.
March 29, 2015, 12:55:49 PM
Thanks, that does clear it up. Seems ambitious but doable.
March 29, 2015, 10:28:32 AM
The Business Plan includes some key milestones. Given appropriate funding, are there any estimates of how long it would take to achieve the milestones?
The business plan can be viewed here: http://teehe.net/pdf/teehe-businessplan.pdf
The milestones section is on page 15.
The first milestone of acquiring development team has been secured. The second milestone will be achieved upon sufficient funding. The next milestone, the inception of the blockchain will be completed sometime before the fourth milestone. The fourth milestone, completion of a Beta platform can be completed within 4-5 months. As for the fifth milestone of acquiring 10,000 customer accounts, this should occur approximately 6-12 months after the site launches.
Hope this clears it up for you. If you have have any more questions we are here to provide answers.
March 29, 2015, 08:12:52 AM
The Business Plan includes some key milestones. Given appropriate funding, are there any estimates of how long it would take to achieve the milestones?
March 28, 2015, 05:39:23 PM
There are around 1.5 days left to purchase equity in Teehe Sports Book & Casino. Below I've compiled a Q&A list, along with links to even more info. If you'd like to buy Peershares, then check the main website for contact info. Of note is the fact that this project is headed up by the creator of Peerbox, an operating system designed for securely running nodes and minting Peercoins. The creator (Peerchemist) is a well known and reputable figure in the Peercoin community.
Important Links:
- Teehe.net
- Prospectus
- Business Plan
- More Expansive Q&A Thread
How are you dealing with the legal aspects of this?
First and foremost Teehe is not illegal; however precautions have been made with foresight of legislative changes to cryptocurrency, crowdfunding, and online gambling. As much as legal entities are concerned we do not exist. We only exist in form of DAO. Ownership is decentralized and anonymous.
This must be illegal in United States of America.
Contrary to popular belief online gambling is not illegal in the United States, merely the money transmission process to online gambling companies has been outlawed by the Unlawful Internet Gambling Enforcement Act in 2006.
There is no way for government to seize funds or credit card company to block money transfers as we use cryptocurrency. We handle USD without handling Fiat, thanks to NuBits, which is a cryptocurrency that is pegged to the dollar. The Nu Network was created 6 months ago and has maintained their peg to the dollar, at times generating millions of dollars in trading volume and consistently being listed in the top 10 or top 3 on CoinMarketCap.com in terms of volume.
Can’t managers just steal IPO funds and never deliver the product?
IPO funds are kept in multisig wallet among managers and one neutral party, a well known Nu and Peercoin community member who is chosen for good reputation. Even if managers of Teehe want to steal the funds, they can’t. That is the design.
Why is it better to raise money through Peershares than from traditional VCs?
Funding raised through traditional venture capital firms eliminates anonymity. Furthermore, an elimination of anonymity is a point of failure for the organization if legislation were to negatively shift in either the cryptocurrency or gambling industry. In this regard, Teehe management has the foresight to raise funds in an anonymous fashion through Peershares, to prevent third party intervention in the future. Peershares also allows for profit earned to be distributed via dividends among shareholders, plus the ability for shareholders to influence Teehe through decentralized motion voting.
Teehe is structured to be resilient to attacks from legal entities by its ownership structure in the form of a Peershares DAO, which allows it to circumvent high taxes, regulatory costs and forms of censorship. There is no way for governments to seize funds or credit card companies to block money transfers. There is no way for any government or bank to influence Teehe. That is the design. It is important to say that the only contact point of Teehe with the "real world" is dividends sold for fiat by our shareholders. If shareholders can do this without government interference, then they will remain 100% safe and anonymous.
How will Teehe match upcoming projects that are implementing decentralized gambling on the blockchain?
While these truly decentralized solutions are quite interesting from technical perspective, we consider they lack practicality. They are often over-engineered and lack scalability, stability and
security. That is why we have chosen not to pursue this kind of approach and use tested and reliable technologies. This does not mean we will not strive to technically evolve in the future. We think we are in far better position to experiment with new technologies as money making business than startup running on investor’s money.
What value does non-volatile betting provide the customer?
Bitcoin has continued to grow in the consciousness of its users. However, people still predominantly rationalize their monetary portfolios in terms of Fiat. The same applies to gambling, bettors wish to wager approximately $100 on a match, and not 0.34798 Bitcoin. We spare our customers of this mental conversion and allow them to bet in terms of their preferred Fiat currency.
Volatility is a risk premium, meaning an investor requires a higher return on an investment due to volatility. The volatility swings with Bitcoin are not small either, especially over a long term perspective, so Bitcoin gamblers are taking large risks without being compensated. Teehe eliminates this risk premium, it is logical to conclude the market will come to favour such a solution.
The biggest value is not even to the current Bitcoin gambling market. Teehe opens up this market to the massive traditional Fiat market. Teehe is a bridge between both of these markets. It captures all the benefits cryptocurrency has over Fiat that saw the rise in Bitcoin gambling, while solving the volatility problem that prevented a larger majority of users entering into Bitcoin gambling.
The gambling industry is one that reacts to change quickly; it was one of the first industries to move operations to the internet, it was one of the first use cases of Bitcoin. The future of the online gambling market lies in non-volatile betting, low transaction fees, and instantaneous deposits/withdraws.
Where did the name Teehe came from?
The ancient Greek goddess Tyche. The personification of chance or luck, the Fortuna of the Romans, a daughter of Zeus the Liberator.
Adapted to English language and modern demographics.
How does Teehe compare with classic online betting sites and casinos?
Teehe solves a lot of problems that customers experience with classic online betting sites that accept Fiat currency. Gamblers are accustomed to gamble with Fiat, whether USD or Euro. We handle USD without handling Fiat, thanks to NuBits. Moreover, Bitcoin takes role of credit card operator with Teehe as it can be used as mean of money transfer from customer to Teehe or vice versa.
By not using Fiat currency we solve following problems:
Credit card company will take fee, PayPal/Skrill will take a fee, gambling house will take a fee. Those can reach up to 20 USD on each transfer in any direction. Most of people gamble with less than 50 USD at the time. So they lose up to 50% of their stake just to transfer the money.
It will take up to two days to get your money to gambling house, even more if you need to withdraw.
Most of gambling houses accept Euro/US Dollar. If customer uses another currency, credit card company or PayPal/Skrill will rob you on conversion rate.
Authorities ignore small time players. However if you score big win, like 5-10-20k Euro governments will try to tax it. Sometime taking as much as 50%. With Fiat you can not hide this money, with cryptcurrency you can.
Your bank, credit card company and goverment can track your activity easily.
This happens sometimes, you can read about it on gambling/betting forums. For no obvious reasons credit card company or PayPal will just take your funds and keep them for months as you try to get it back hopelessly.
What do we solve? All of the above. We handle USD without handling Fiat, thanks to NuBits. We allow customers to bypass classic financial institutions while retaining their habits.
Important Links:
- Teehe.net
- Prospectus
- Business Plan
- More Expansive Q&A Thread
How are you dealing with the legal aspects of this?
First and foremost Teehe is not illegal; however precautions have been made with foresight of legislative changes to cryptocurrency, crowdfunding, and online gambling. As much as legal entities are concerned we do not exist. We only exist in form of DAO. Ownership is decentralized and anonymous.
This must be illegal in United States of America.
Contrary to popular belief online gambling is not illegal in the United States, merely the money transmission process to online gambling companies has been outlawed by the Unlawful Internet Gambling Enforcement Act in 2006.
There is no way for government to seize funds or credit card company to block money transfers as we use cryptocurrency. We handle USD without handling Fiat, thanks to NuBits, which is a cryptocurrency that is pegged to the dollar. The Nu Network was created 6 months ago and has maintained their peg to the dollar, at times generating millions of dollars in trading volume and consistently being listed in the top 10 or top 3 on CoinMarketCap.com in terms of volume.
Can’t managers just steal IPO funds and never deliver the product?
IPO funds are kept in multisig wallet among managers and one neutral party, a well known Nu and Peercoin community member who is chosen for good reputation. Even if managers of Teehe want to steal the funds, they can’t. That is the design.
Why is it better to raise money through Peershares than from traditional VCs?
Funding raised through traditional venture capital firms eliminates anonymity. Furthermore, an elimination of anonymity is a point of failure for the organization if legislation were to negatively shift in either the cryptocurrency or gambling industry. In this regard, Teehe management has the foresight to raise funds in an anonymous fashion through Peershares, to prevent third party intervention in the future. Peershares also allows for profit earned to be distributed via dividends among shareholders, plus the ability for shareholders to influence Teehe through decentralized motion voting.
Teehe is structured to be resilient to attacks from legal entities by its ownership structure in the form of a Peershares DAO, which allows it to circumvent high taxes, regulatory costs and forms of censorship. There is no way for governments to seize funds or credit card companies to block money transfers. There is no way for any government or bank to influence Teehe. That is the design. It is important to say that the only contact point of Teehe with the "real world" is dividends sold for fiat by our shareholders. If shareholders can do this without government interference, then they will remain 100% safe and anonymous.
How will Teehe match upcoming projects that are implementing decentralized gambling on the blockchain?
While these truly decentralized solutions are quite interesting from technical perspective, we consider they lack practicality. They are often over-engineered and lack scalability, stability and
security. That is why we have chosen not to pursue this kind of approach and use tested and reliable technologies. This does not mean we will not strive to technically evolve in the future. We think we are in far better position to experiment with new technologies as money making business than startup running on investor’s money.
What value does non-volatile betting provide the customer?
Bitcoin has continued to grow in the consciousness of its users. However, people still predominantly rationalize their monetary portfolios in terms of Fiat. The same applies to gambling, bettors wish to wager approximately $100 on a match, and not 0.34798 Bitcoin. We spare our customers of this mental conversion and allow them to bet in terms of their preferred Fiat currency.
Volatility is a risk premium, meaning an investor requires a higher return on an investment due to volatility. The volatility swings with Bitcoin are not small either, especially over a long term perspective, so Bitcoin gamblers are taking large risks without being compensated. Teehe eliminates this risk premium, it is logical to conclude the market will come to favour such a solution.
The biggest value is not even to the current Bitcoin gambling market. Teehe opens up this market to the massive traditional Fiat market. Teehe is a bridge between both of these markets. It captures all the benefits cryptocurrency has over Fiat that saw the rise in Bitcoin gambling, while solving the volatility problem that prevented a larger majority of users entering into Bitcoin gambling.
The gambling industry is one that reacts to change quickly; it was one of the first industries to move operations to the internet, it was one of the first use cases of Bitcoin. The future of the online gambling market lies in non-volatile betting, low transaction fees, and instantaneous deposits/withdraws.
Where did the name Teehe came from?
The ancient Greek goddess Tyche. The personification of chance or luck, the Fortuna of the Romans, a daughter of Zeus the Liberator.
Adapted to English language and modern demographics.
How does Teehe compare with classic online betting sites and casinos?
Teehe solves a lot of problems that customers experience with classic online betting sites that accept Fiat currency. Gamblers are accustomed to gamble with Fiat, whether USD or Euro. We handle USD without handling Fiat, thanks to NuBits. Moreover, Bitcoin takes role of credit card operator with Teehe as it can be used as mean of money transfer from customer to Teehe or vice versa.
By not using Fiat currency we solve following problems:
- Money deposit/withdrawal fees
Credit card company will take fee, PayPal/Skrill will take a fee, gambling house will take a fee. Those can reach up to 20 USD on each transfer in any direction. Most of people gamble with less than 50 USD at the time. So they lose up to 50% of their stake just to transfer the money.
- Money transmission delays
It will take up to two days to get your money to gambling house, even more if you need to withdraw.
- Fiat to Fiat conversion fees
Most of gambling houses accept Euro/US Dollar. If customer uses another currency, credit card company or PayPal/Skrill will rob you on conversion rate.
- Easy taxation on behalf of authorities
Authorities ignore small time players. However if you score big win, like 5-10-20k Euro governments will try to tax it. Sometime taking as much as 50%. With Fiat you can not hide this money, with cryptcurrency you can.
- Total loss of privacy
Your bank, credit card company and goverment can track your activity easily.
- Seizure of customers funds by bank or credit card company.
This happens sometimes, you can read about it on gambling/betting forums. For no obvious reasons credit card company or PayPal will just take your funds and keep them for months as you try to get it back hopelessly.
What do we solve? All of the above. We handle USD without handling Fiat, thanks to NuBits. We allow customers to bypass classic financial institutions while retaining their habits.
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