Crowdsale for bancor ,can someone reply with the website?
https://bancor.network/I am confused about what the hell just happened in this ICO / TGE. There was a hidden cap. They changed / raised the hidden cap DURING THE EXPECTED ONLY HOUR. People donated after the hidden cap was hit.
What was the final hidden cap? How many total ETH were sent to the contract? The people who contributed after the hidden cap was hit, they didn't get tokens, right? But the eth they donated is still locked up in a 20% / 80% contract split for a year? ELI5, please.
The
cap was not changed/raised, or at least there is no discernible proof that it was as it was hidden until 80% was reached. The first hour was the minimum ICO period, not the expected ICO period.
The minimum time for the ICO to run was increased by 2 hours to compensate for network issues during most of the first hour. A good move by Bancor who were having to make a quick decision.
[Even if the cap were hit within the first hour, the ICO would have continued until that minimum period elapsed. The fact that they increased the minimum time seems to have displeased some people who have misunderstood *
cough Crypt0dude
cough*, but imagine the genuine displeasure (had the minimum time not been extended) by the masses who wanted to invest but couldn't due to the network overload.]
Everybody who contributed Eth will have received BNT to their wallets.
The cap was
250,000Eth and the results of the ICO can be seen on their website:
https://bancor.network/fundraiserFriend, you and I have yet to converge on the same reality.
https://www.ethnews.com/bancor-token-offering-breaks-140-million"On Bancor's end, via Twitter, the company reported that a massive attack coinciding with the token offering affected its website and application. As a result, the mechanism which the token offering was operating under, a hidden cap, became stuck with another transaction and
failed to trigger. In light of the network difficulties, Bancor opted to extend the minimum time for the token offering by approximately three hours, or until the second hidden cap was met, whereupon the offering would end.
When the second hidden cap was hit, Bancor had raised
396,720 Ether and sold 79.3 million BNTs, valued at the time of the offering at more than $142 million."
Going through out whole things in telegram with devs yesterday, that not what happen.
Idk how the author get info?self interpretation or an opinion?
There are no second hidden cap.
Devs told that the transaction get clogged - lot of ppl still pending the transaction.
Ico hidden cap still not reach by 1 hour yet so they open it more for 3 hour.
(its not even wrong because the minimum time is 1 hour till max 14days until cap reach)
And they try to send the hidden cap stop transaction in the midst of the clogged transaction which result in that it didnt stop,exactly at 250k, and it end after 2.5 hour. Not exactly 3 hour.
OK, I stand corrected. There was no "second" hidden cap. The Bancor twitter feed said " the second the hidden cap transaction hits, it will be executed and the token allocation event will end." The word "second" refers to
time, not cap messages. So they tried to kill donations at 250K ETH = $100M, but their kill message couldn't get through, so darn, they were forced to accept an additional unwanted 146K ETH and made an extra unintentional $58 million.
So in reality, they didn't "extend" the time at all in a "controlled manner" to benefit anybody. They just estimated the system would take a couple of hours to unclog itself before their kill message got through and was accepted by the smart contract.
This constitutes a monumental unplanned failure. Everybody should have such problems.
They have decided to allocate any proceeds collected in the minimum hour which exceed the hidden cap as follows:
20% will be allocated to the BNT Ether Reserve, to further improve the liquidity of BNT, which increases stability while reducing conversion costs (price slippage) for all.
80% will be locked for two years in a smart contract that will buy back BNT for 0.01 ETH (the initial price) whenever it is available, according to its calculated price. The purchased BNT will be added to the Foundation’s long-term budget, and after a 2-year period, any remaining ETH will be allocated pro-rata according to the “Use of Proceeds” chart in our Token Creation Terms.
https://blog.bancor.network/the-community-of-the-currency-9770087fde17That means there will be like 120k eth buy back wall at ico price.
Unsatissfy investor can just liquidate if they want
