They just didnt updated T&C yet. There were some substantial changes made two days ago, so check out OP for exact ICO terms.
updated: please refresh browser. thank you
So, for the early buyers who bought in under the original Terms and Conditions, those original terms will still apply.
What would make you think that? My understanding is everyone buys under the same terms, the new terms.
@JakeThePanda
Imagine someone sold you a piece of an entity, which we will call Genesis. Genesis is limited in size, but it will grow in the future (after the sale) at a set rate. Initially, Genesis will be divided up into 5,500,000 Genesis units, known as GEN. This means that Genesis is equal to 5,500,000 GEN. The terms that you agreed to when you bought into Genesis stated that the amount of units that you would own will be proportionate to the amount of currency (in this case BTC) that you contributed to the Genesis fund divided by the total amount of currency (BTC) contributed. This would be your fractional ownership. The terms stated that funds would be collected until the close date, which is 30 days from the initial sale date.
You thought that this was a good deal, as you believed that there would be a high demand for GEN in the future, so you contribute 1 BTC to the Genesis fund. Nine days go by, and you and 197 other people have contributed 1 BTC each towards the Genesis fund, which, at its current value, would buy each of you approximately 27,778 GEN (5,500,000 / 198). Now, its too early to say what the actual price per GEN is going to be because the sale has not closed yet, but you can keep a running tally. At this rate, if it stayed constant, one can assume what the price of GEN will eventually be. We take 198 BTC raised so fair, divide it by 9 days, which gives us an average amount of 22 BTC raised per day. 22 BTC time 30 days of the sale, equals 660. So, 5,500,000 GEN divided by 660 BTC, equals 8,333 GEN per 1 BTC, or 0.15% of Genesis.
At this point, on day nine, the seller decides that he doesn't like the original terms, so he decides to update them. He says that Genesis is now made up of 10,000,000 GEN, and that an investment of 1 BTC will equal 6,000 GEN. While not increasing the size of Genesis, the new valuation is equal to about 1,667 BTC. So, you original investment of 1 BTC is now only worth 0.06% of Genesis. Your investment has decreased by 60% (0.15% - 0.06% = 0.09% / 0.15%).
Do you believe that the seller would be acting fair in changing the terms of the sale after you already bought into Genesis?
That's what I was trying to say earlier, but all folks say in response is "BUT BERGSTAKE!" It's just a gimmick. These guys' whole business is based on luring in fish with gimmicks. I was interested in the coin sale, but the whole thing is starting to smell fishy to me. Also the notion that BRO will magically be sold at a 1000 BRO/BTC rate on launch is a false promise. The market will set the rate, which could be 20,000 BRO/BTC. You better hope you are first in line of the ICO participants to sell your BRO when the first exchange goes live.
How do I request my refund?
Also, it's a good thing you're not based in the US because changing the terms after a bunch of people have invested already is patently illegal. Sure you're sharing the new terms on a FORUM and offering refunds, but what if I don't check the forum? You certainly didn't email all the investors.
