So in summary:
• 20% of your investment went into capitalising the asset you now hold
• 80% of your investment went into capitalising a private company in which you didn't get any shares
Like I say, that's just my understanding of the current equity balance of the ICO. I'm happy to be corrected if wrong.
I think the 20/80 rules only apply to the last 147K ETH that poured into the ICO that was above their intended 250K ETH cap. So I think the correct way to look at it is that (250+0.2*147)/397 = 70% of your donation went into capitalizing an asset you now hold. The remaining 30% went to an unplanned, "ex post facto" fund whose assets you now have no claim over. For the next 2 years this new fund will purchase tokens (at a price that gives zero profit to the public sellers) and give those tokens back to the Bancor Network that issued them.
Bancor blog clearly states that 20% of raised ETH goes into reserve, which is ~80K. They crowd sold only 50% of BNT (~40M), the other 40M they gave to themselves. In the end, 80M of BNT is backed by 80K of ETH. At a price of 100 BNT per 1 ETH this means 10% reserve ratio.
People, at lest learn times table before you invest into something.
OK, let me zero in a little more considering your logic. They intended to take in 250K ETH, they ended up with 397K ETH. As you say, 20% of all ETH goes into reserve so we've got three pots now. In rounded numbers, (a) 0.2 * 397 = 79K ETH for the reserve; (b) 0.8 * 250 = 200K that actually "paid for" 39M BNT distributed to the public; and (c) 0.8 * (397-250) = 118K ETH that goes into an unexpected "post ex facto" fund to buy back public tokens at ICO price and give them to Bancor Network.
So the proportion of your donation that actually bought BNT tokens
for your own wallet was 200 / 397 = 50.4%. The other 49.6% of your donation went to buy tokens
for the Bancor Network - some now in the reserve pool, the rest over the next 2 years during buyback.
Final approximate ICO cost for a single purchased BNT token assuming $400 per ETH is thus 200,000 *400 / 39,000,000 = $2.05 per BNT.
Bancor's loss of control on how and when to stop the ICO resulted in the percent of your donation actually purchasing tokens FOR YOU slip from the
promised 80% to an
actual 50.4%.
Not a very well run ICO.
This is not how that works.
Of the 250k ETH we raised that was our soft cap, 10% goes to the BNT smart token's ETH reserves. The other 90% to the Bprotocol foundation to build the Bancor protocol.
Of the ETH above the 250k (~146k ETH), 80% (~117k ETH) will be put into a smart contract that creates a 0.01 ETH/BNT buy wall, so that the price of BNT can't drop below crowdsale price unless all of this ETH is exhausted. The other 20% is added to the BNT smart contract's ETH reserves.
This still leaves all BNT purchasers with 100% of the ETH they contributed going to buy the BNT they recieved. Not sure where you got a figure any smaller than that. That's not how crowdsales work.
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