Topic: [ANN] BetKing.io ICO - Bitcoin Gambling website - 581.4 BTC raised so far - page 6. (Read 29776 times)

Indeed.

Haha, you guys go to some lengths to troll me in this forum, always new accounts.

I've never seen that ad. It also says it started in 2014 when in fact my site opened in April 2013.
I have stated many times I would never sell for that low a price too. I've turned down offers more than that publicly in this forum.

There's no secret about selling either. If a company came to me right now and offered £3-4 million up front I would sell and move on to other things.
No one is making that offer so instead I'm doing the ICO fundraising and growing the business instead.

Investors in the ICO will be happy if they invest and in 2-3 years we sell for £10+ million I imagine.

Not really but my problem is valid anyway. Not all ico's work like that, really only the ones who want to sacm do.

And what ever happened to you selling Betking on Bitpremier? No takers???

Did you think I dont know?

https://www.bitpremier.com/1-other-luxury-items/2125-online-bitcoin-casino

I know your account says newbie, though it's probably an alt you're building for sig campaigns , but just look in this sub forum.
Almost all ICO's work this way

Every investor should get the same amount of shares for their money. Only maybe after a year if you do another ico and issue more shares can the price be higher but not in the same ico.

No every investor should get the same benefits. Tha's how its done fairly. You may have been on the forum on the first day or week but maybe I only came on weeks later, I still want to invest but now I get less because I found the thread later then you?

Thats not fair. Im not saying I wont invest but I like icos where there is no bonus for anyone including myself.

I'm almost certain you didn't get the irony.

Why? I invested when it was 10% bonus, that one of the reason i didn't wait to invest! So why erase the bonuses? Early investors should have some benefits

That's a good point. I agree. Can you go back and erase all the bonuses to make it moe fair for us.

I must admit. I dont like this bonus that some people get and others dont. It's not fair to everyone and that's anyi crypto.
Just my 2 cents.

Are you still planning to refund ICO investors if you don't reach 2000 BTC raised?

seems to be great ico!

3.5 hours left to get your 5% share bonus.

I've updated the original post to hopefully clear up some of the questions asked in this thread.

The main changes are under the headers: Shares, Distribution, Dividends and Exit Strategy, posted below too.
I hope things are more clear now. Thanks to everyone who helped get the words out better and all the investors so far.

Feel free to ask anything else you still think is missing.


Shares:
BetKing will create 100,000,000 tokens (100 million) to to represent 100% shares of BetKing, currently owned fully by me.
No new tokens will be created.

30,000,000 (30%) of these tokens will be be sold to investors during the ICO period and distributed at the end of the fund raising period.

The remaining 70,000,000 (70%) will remain in the ownership of me as my 70% equity in BetKing.

The funds raised by selling these shares will be loaned by me interest free back to the company to use for expenses and bankroll.


Distribution:
ICO starts at December 1st 2016 at 0:00 UTC and ends at January 1st 2017 at 0:00 UTC.
After the ICO has ended, 30,000,000 shares will be distributed proportionately if the target of 2000 Bitcoin or more is raised.
E.g. if we collect 2000 BTC and your investment is 200 BTC, you'll receive 3,000,000 shares.

These shares will be added to your BetKing account where you will be able to trade with other members on the BetKing website.


Dividends:
We will pay dividends as a share of the total profit (revenue-expenses) generated by BetKing in Bitcoin directly to your BetKing account every 3 months if the total capital is greater than the 2000 Bitcoin loan.
You can withdraw your Bitcoin dividend payment instantly to your own wallet.
This may change to be more frequent, e.g. a month, after the first dividend payment.

For example:
Assume revenue from players losses were 300 Bitcoin in the first three months.
Imagine we paid 5 Bitcoin for fixed cost expenses, 10 Bitcoin on banner ads and 10 Bitcoin on developer contract.
After the 3 months we have 2000 (the initial loan) +300-5-10-10=2275.
275 profit.

So the investors from the ICO would get a dividend share of 82.5 (30% of 275) paid into their BetKing account.
I would be paid 192.5 (70%)

The business would have 2000 Bitcoin left in it from the intial loan.

Another example:
In 3 months players win 100 Bitcoin playing dice.
We paid 5 Bitcoin as fixed expenses (server, cloudflare etc).
We spent 10 Bitcoin on some banner ads.
We spent 10 Bitcoin on a contract developer.

After the 3 months we have 2000-100-5-10-10=1875.
-125 profit.

So there are no dividends to be paid as there was no profit in this time.

The business would have 1875 Bitcoin left in it and no dividends would be paid until this amount was over 2000 again.



Exit Strategy:
If BetKing were to be closed for any reason or lost market share to where it stopped generating profit then the initial loan would be paid back to me and then any extra funds left in the business not paid out as dividends yet would be split 30% to investors and 70% to me.
Any assets including the software could be sold and 30% of the sale price distributed to investors.

HOWEVER if BetKing was forced to close suddenly within 3 months of the ICO then all existing funds in the business at that point would be used to pay investors back as close to their full initial investment as possible before I took any share.

There’s also the possibility in future for BetKing to be acquired by a bigger company in which investors will share 30% of the total sale price after the initial loan is paid back to me.

People do appear to be confused, which is why I was asking these questions to try to clarify the situation.

I think Dean was having a hard time understanding why people were confused. He thought everything was spelled out in the OP already.

I think now it's pretty clear that investors aren't lending anything to BK. They are buying BK shares from its current owner, DN. When you buy something from DN, DN ends up owning the money that you used to buy that something...

I think you are confused. Let's take your example:

* start at 2000
* +500 -> 2500; pay out 500 in dividends
* -200 -> 1800; no dividend
* +600 -> 2400; pay out 400 in dividends
* -200 -> 1800; no dividend

As you see the bankroll didn't drop to 1.6k at any point, and it doesn't keep depleting.

I think the error you made was in thinking the 3rd period's 600 BTC profit would be paid out as a 600 BTC dividend, whereas only 400 would be paid out as the other 200 is used to make up for previous losses.


DN owns 100% of BK shares right now. BK owns no BTC. DN sells 30% of BK shares for 2000 BTC. Now DN has 2000 BTC and 70% of the shares. DN lends 2000 BTC to BK for use as its bankroll. Now DN is owed 2000 BTC by BK, BK has 2000 BTC in its bankroll and owes 2000 BTC to DN.

The bankroll is not an asset of the company at any point. 2000 BTC of it is owed to DN, and anything over 2000 BTC is owed to the shareholders as dividends.

I don't know where you get the idea that the investors get 30% of the bankroll at any time.

Also, what would it mean to "sell the empty company"? The company is owned by its shareholders. That's what shares are for. DN is offering to "sell (30% of) the empty company" right now. That's what this ICO is for.

I was sent different screenshots of the same chat by a few different people. I have no doubt that they are legit.

That 90% should be 70%. Other than that it looks right to me.

You are only have way through Dean!

Give it time!