My name is Alex, I am the Founder and CEO of Moopay LTD; the organization responsible for
https://moolah.io,
https://mintpal.com (as of recently) and a few other subsidiary entities. I have the final authority and say in relation to what happens in regards to funds raised from the ICO. The decision with a refund lies solely with me as the primary mediator. At this stage, I would like to make it clear that we have not made a decision, and anybody stating
MOOLAH SAYS NO REFUNDS, is quite frankly making stuff up.
I would like to start out by pointing out how this ICO/IPO is different. Firstly, the fact that there is a refund clause full stop is exceptionally rare. With other initial offering coins, you generally have little to no protection, and no recourse in a worst case scenario. We entered in to a partnership with Syscoin in order to provide this protection, and the fact that this protection is here, should give you some measure of comfort.
When the coin launched,
it worked. It stopped working fairly early on, but the fact of the matter is that the coin was working at launch. Unlike other escrow providers that would have released then and there, we requested an inspection period which would allow us to ensure that the coin would continue to work; and in return, would provide the Syscoin team with a window of opportunity to fix any issues that may pop up. We did this to protect the people that invested in the coin, because to be blunt; the coin met obligations at launch.
However, issues rapidly appeared. These issues were critical, and resulted in the coin being moved in to an unusable state. As a result of this, we continued to monitor the situation for 48 hours - and after repeated fixes that didn't help, gave the Syscoin team an ultimatum that they had 48 hours to fix the major issues. That ultimatum expires in 3 hours, and still stands.
Our roughly checklist for when this ultimatum expires is as follows:
- At 6PM GMT, is the blockchain in a working state? DDOS attacks on the blockchain at this time will be taken in to account.
- At 6PM GMT, is the QT wallet in a functional state for the majority of users? It does not need to expose the full daemon feature set.
- At 6PM GMT, are 3 out of 4 core services available on the main net, via the daemon?
- At 6PM GMT, if all 4 services are not on the main net, is the missing service available on the testnet, via the daemon?
- Does the wallet require a full rescan on each launch? If so, is this something that can be fixed in a timely fashion?
- Can the wallet be opened without causing data corruption on each launch? If isolated issues are being reported, what is the plan for deploying a fix?
If the majority of issues have been resolved, and the remaining issues are deemed
not urgent / critical (
e.g. Can I send and receive coins via the QT client, and do some service stuff via the daemon, and not worry about closing my wallet for the most part) - then we will speak with the Syscoin team and request that a clear timeline and roadmap be published to the general public. We have requested that in a scenario where there are
any issues, including minor remaining, that we move to a staggered release of funds - where they would receive X BTC each month in order to ensure continued development. We will
not be taking the current price of the coin in to account when deciding whether or not that the ICO merits a refund. This is a risk that any investor makes, and it happens to everybody in the end.
We will not be showing bias to the Syscoin team, but we will also not be caving to the FUD being spread around be a small subset of users. Our role is mediation and arbitration, and we will exercise a neutral viewpoint in order to do this effectively.
tl;dr No refunds.
