Topic: [ANN][ABT] ArcBlock - BORN FOR BLOCKCHAIN 3.0 - page 62. (Read 46431 times)

You sure you're alright mate?

Just because someone says there's specific guidelines to follow when making a transaction to invest, doesn't mean he can decide to keep 20% just because he says so. Because those "wrong" investments are not accepted right? Why would anyone keep that money then, if not for criminal intentions? Didn't they reach their goal with the sale already?

There's something to talk about if that 20% can be legally justified, but now it just seems like a percentage they made up.

The claim that too much gas/gwei/whatever will mess up their operation is ridiculous, why would it?

Alright so let's structure this a little bit:

* Their ICO was sold out within minutes. This had to be expected.
* With 60Gwei and 200,000 Gas limitation, it was pure luck whether or not your transaction would arrive on time
* If it arrived on time, then you're fine now. You'll get your ABT. If not, your funds are under Arcblock's control until they decide to refund you
* They now have way more funds than they intended to raise. This could or should have been done differently (using a smart contract for example)
* My transaction took more than 11 hours with 60Gwei and 200,000 Gas. I knew of the risk but wanted to try it anyway.
* They say that there is a minimal chance for contributions that arrived too late to still be counted. I don't expect mine to be among those so I'll now have to wait until they are done with all their calculations.
* It's possible that contributions that arrived too late will still be counted purely because they are putting a penalty on those who went over the limitation of 60Gwei and 200,000 Gas. As far as I understand, these funds are going to be refunded minus the 20% penalty, thus opening spots for pending transactions.
* The intent was to prevent a "Gas-war" where investors would pay horrendous fees just to get into the ICO on time. By putting a penalty of 20% they wanted to prevent this which of course did not work. A lot of people still went over the 60Gwei, 200,000Gas limit.
* As a consequence, Arcblock is now sitting on a ton of funds they don't need. People did pay them probably millions without getting anything back. Plus they dare to keep 20% if you went over the Gas limit. Even if they refund all the transactions that did not arrive on time, they will keep a huge amount of ETH as a penalty. I think this is unacceptable.

I can totally understand the motivation behind this 20% penalty. ICOs have become really hard to get into. But I don't think that a company should be in a position to penalize people in that way. They just don't have the right to do so. I'm not criticising the project itself, just the ICO and this is yet another example for future ICOs to look at and do better.

I recommend the Arcblock team to be as transparent as possible about this and state exact numbers of how much funds they collected, how much will be refunded and how much they will keep as a penalty. And then maybe consider just giving people these 20% back. It's just not okay to keep it if it's not needed for the project itself.

Has the total amount been raised in just 19 minutes or does the sum include money from presales? That is astonishing and demonstrates the strong interest in ArcBlock.

penalty and reject are not fair. mew didnt allow use 60/200k gas. mew said that use high gas at the tokensale time. and we used high gas for our obligation. a lot of people used high gas for this reason. please be understanding

I just read it on Telegram as well. If this in fact happens, it will be history (positive) written in term of ICO's.
Normally when people break the rules with gas end eth levels, the actions taken by the company are none, as they already secured their investment. If they follow through with this, they will indeed be proven to have integrity.

From telegram
1) They will be excluded from the list
2) ABT will be distributed to the following participants
3) recalculation will occur within 4 weeks, according to the queue
P.S. work on this is already underway

Don't count on getting any answers back.
People have been flooding the Telegram channel about these things even before the sale started. The assistance given from the admins was nonexistent. I bought a little bit, which is stuck in pending process on the website. I don't believe I will be seeing them anytime soon.

Congratulations to ArcBlock's team for completing the ICO in such short time. But there are some remaining questions, please ArcBlock representative answe them:

1. There were some transactions with rules violations (more than 200k gas limit or more than 60 gwei). Were they automatically rejected or they were counted at first and later will be rejected ?
2. If you reject the ones who exceeded limits will their place be offered to the next participant with correct transaction parameters ?
3. When you plan to do recalculation and refunds to those particpants who didn't exceed the limits ?

Thank you beforehand.

ATTENTION!

SCAM ADDRESS https://www.arcblock.sale/token-sale  SCAM ADDRESS

They have our money, they can very well celebrate. For the moment at least. All good things must come to an end...

In just 19 minutes, the devs raised 12500 ETH + 6M CMT! That was really quick!  I am really happy with the come out of this project! Everybody behind this project deserves a one excellent night. Soon enough it will be listed on major exchanges.

I dont think the address you sent it is right. You should check the website for the right address

I was a victim of the scam and have had scammers attempt on different ways jUst todAY

when is the token distribution?

Please check this txhash. Why do not I get my ABT token. https://etherscan.io/tx/0x514cc713916fea13f12e00f773ab87d3482758b557ee651072f4695ef4fbe6c0

I don't think so. They should not underestimate 100.000+ angry people...

Wow ... !!! a very amazing project!!! all tokens are sold in 19 minutes.
Congratulation .. this is a good start for the future of ArcBlock.

You find it unfair? How sweet! If I do not get my money back next week, I guarantee for nothing.

If I do not get my money back within next week, I will show those guys what I am capable of. They really thought, they can collect half a billion USD for 9 weeks for free? Big error.

The way this ICO has been handled from an investor perspective, is diabolical!

They're holing on to unsuccessful contributions for up to 9 week. No other ICO would do that and it's not a reasonable thing to do either? What's the reason for that?
Additionally, they're saying they'll retain 20% of the funds of people who exceeded the gas limit. Why? That's a hell of a lot of Eth they're collecting and putting straight into their pockets.A money grab, pure and simple.

As a community, if we don't start up to this kind of unfair practice, the future looks bleak, imo.