Deal Nolan is still asking for investors to buy his Betking Tokens:
https://betking.io/investHas he no shame? The following is from his Betking website:
The token value is calculated as:
I + (P /100,000,000)
Where I is the initial token price after the IC0, $0.09286 and P is the total site profit from all games and currencies at the current exchange rate in $.
For example, if the site profit was 100 Bitcoin and the current price of Bitcoin was $8000 then the BKB price would be:
$0.09286 + ((100*8000) / 100,000,000) = $0.10086What a load of rubbish. Of the 100 million Betking tokens created how many did Dean Nolan keep for himself?
Of the 100 million Betking tokens, 70 million were supposed to be distributed for ICO investors and Dean Nolan has kept 30 million yet is selling more?
https://betking.io/ico:
"70 million will be available for sale to crowdsale participants.
30 million will be retained by BetKing for ICO bounties, testing bounties, advisors, hiring, future marketing and development."Let us look at the example Dean Nolan has provided on his website and change the figures a little bit:
For example, as of today 31st July 2018 Betking Tokens are unsold and unwanted on HitBTC at 0.000007 BTC but let us continue with the example. If the site profit was 85 Bitcoin (which is correct as of today:
https://betking.io/stats) and the current price of Bitcoin was $7577 (which is correct of today) then the BKB price would be:
$0.09286 + ((85*7577) / 70,000,000) =
$0.1021 - not including the 30 million Betking Tokens that Dean Nolan did not release to the public
$0.09286 + ((85*7577) / 100,000,000) =
$0.0993 - including the 30 million Betking Tokens that Dean Nolan did not release to the public
Why is Dean Nolan making a profit for himself on the 30 million Betking Tokens that were not released to the public?
$0.0028 profit per token as per todays rates are going towards the 30 million tokens Dean Nolan has not released to the public. That shows $84,000 at the moment for the exact calculation is 30 million Betking Tokens x $0.0993 =
$2,979,000 for his own pocket.
For investors it means 70 million Betking Tokens x $0.0993 = $6,951,000 for investors who can only sell back 10% of their holdings in the buy-back meaning anybody wanting to sell MUST keep hold of 90% their tokens at any given time because they cannot sell them on HitBTC because they are virtually useless and worthless. they have to wait for Dean Nolan to implement his buy-back. this ties investors in for many, many years.
Why did the ICO go ahead and why did he propose it going ahead with Betking Tokens as the currency in US$?
Payout in Bitcoin, Ethereum or Litecoin (the 3 crypto used in the ICO) would have been appropriate. At least if investors received in profit instead of US$ they might have a better chance to get some funds back.
The ICO investors got duped. I feel so sorry for them. Dean Nolan is the only winner in this pathetic charade called Betking
https://bitcointalksearch.org/topic/m.25690641