How does IPO work? Who can buy?
IPO is closed now. I asked my friends whether they fund my coin and I offered them an IPO. 3 of them interested. They are the IPO holders now.
Got a couple of queries for you here, why have you sold the IPO before mining even started? The ANN says it won't be sold for five days, or until daily volume equals the IPO amount, presumably to prevent dumping? So why has it been sold already?
Also, how does selling it to your friends benefit the community and the coin? Your Initial Private Offering does nothing to ensure a fair distribution, just the opposite in fact.
Less than 275,000 coins have been mined by the whole community at this moment, and your three friends have 700,000 between them. Not good.
And how much was it sold for? What was the price per GRE, how much BTC was received in total, and where is that BTC? Will you supply the address for the community?
In the interest of transparency, I thank you in advance for your reply.
Valid question. Need response from dev if he is not pump and dumper.
dev and his comrades
I will let Mesterlovesz answer most of your questions but on my part I will honor your request for transparency:
GMCA4KpVbRLBYJzTPHWGxgyQTCkeBQqPfi
This address belongs to me (janos666 @ bitcointalk).
IKq+1KlOEzucKbV7wtgKm5hM2V2OkOyGCOtpgqCMQ0T6xO03MpO7A5Mi/oGwbYSS8SVDZ4TPR9+I5EL5o7dvL0A=
(You can use the GoldReserve wallet's File \ Verify message... function to validate this message which proves that I control the IPO #1 500000 GRE coins.)
I am sure you agree that Mesterlovesz did the right thing when he let me decide if I wish to reveal myself or hide my identity.
But I also prefer transparency and I understand you frustration about the IPO coins (Yeah, I have been there!), so I won't hide this information.
And I don't think neither me, nor Mesterlovesz should feel obliged to tell you how much BTC I payed him before the launch (I tend to think it's better for everybody if we keep this information between the two of us, at least for now) but I hereby grant him the right to reveal this information in case he wish to do so.
I know Mesterlovesz in person (we met face to face in real life) and he assured me that all the BTC I have paid will be fully spent for coin development.
I don't actually care about any made up rules but I assure you that I won't sell my coins on a public exchange (and I don't plan to spend them in any other way) before the time limit declared by Mesterlovesz in his opening post.
I am not stupid, I won't destroy the coin which I funded. I wish to see it developing, both in functionality and market value over the coming months and years.
I won't dump these coins for a few quick BTC and I will never sell them in a way which would significantly hurt the coin (e.g a classic dump).
I will probably never sell the entire IPO amount, only a part of it and only slowly over time, starting long after it found it's natural market value and the daily volume allows me to sell without significantly disturbing the price.
Unfortunately, I don't know the other two person with their 100k coins, but I trust in Mesterlovesz and he knows them (he assured me they won't prematurely dump those coins).
Let me know if you wish to know anything else from me and if you found my answer satisfying to your question regarding the IPO holders. I will be around.
