If they do it this way, it doesn't evenm atter if they raise 100 or 200 or 500 million.
The name Bancor will be tarnished before it even starts.
With such a high profile project, you have to know beforehand what you need to realize your product. Don't collect as much cash as possible, from with 20% or whatever goes to the devs and founders etc. And then the "hidden" cap...
They take a large part of the reward away from the investors, heavily increase their risk, and give themselves heaps of spare cash for lamborghinis.
Sometimes you have to be "hard" and set a cap, or find some other way. But the team saying "we take as much money as possible" instead of "we need 30 mil for x, 50 mil for x+y" is simply unprofessional.
If they don't provide a different solution, capped in one way or the other, I will sadly have to ask nicolai to return my funds.
Oh right, I was told there'd be a cap and paid a fee to secure a spot ...
There IS a cap. The cap is secret though, because if it were known whales would know exactly how much ETH to send to ensure they scoop up all the coins in the first hour.
Anyone arguing against this decision is either stupid or a sock puppet of the same whales that bought up BAT, and now they are salty they will have to pay dearly to corner the market on day one.
This coin is sexy as hell, and I got 20 ETH ready for the ICO. Thanks for making sure the little guy can get piece of the action too!
Your answer implies that one of us understood the terms wrong. So I just read them again and came to the same conclusion:
During the first hour, their (hidden) cap does not matter
whatsoever.
If they set the "cap" to say 50 million, but at the 5 minute mark this sum is acquired, the ICO will continue (since they guarantee one hour and there is no other mechanism in place). So at 60 minutes they could have raised 600+ and then that's it.
The way I see it, the guaranteed 1 houre overrides the cap, whatever it might be.
But please, correct me if I'm wrong.
You are correct. If hitting the cap would shut down the ICO, whales would just continue pumping 10000 ETH at a time into it until it hits the cap. If the cap is known, whales will just send what it takes to corner the market right away.
I don't know what you guys want here. If you can devise an ICO method that keeps the marketcap reasonable, while at the same time preventing a small group from cornering the market on day one, let's hear it. All I see is bitching and moaning.
All I know is I am not a whale and I am never getting into the ICO if it is capped. If that means my investment is gonna take longer to appreciate in value, so be it. Wasn't planning on selling anytime soon anyway.
