Bustabit crowd sale! [Refunded] | Bitcointalksearch.org

RHavar

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Activity: 2557

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Quote from: erwin45hacked on June 24, 2016, 08:05:36 PM

Isnt 1/3 of total tokens sold in less than a week considered as a good kickstarter there? well you cant really expect to get 3,000 bitcoins instantly within a few days though. Even so many altcoin, shitcoins and whatever coins ICO wont be able to collect such a high amount in just a short time

The vast majority was from people I was speaking to/known before (like some of the previous MP investors), and they had already invested the amount they felt comfortable with, so I don't think there was much chance of close the gap. (The last 24h barely had over a bitcoin invested Tongue

)

erwin45hacked

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Activity: 1064

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Quote from: RHavar on June 24, 2016, 07:59:29 PM

There's been very little token purchases after the first day, with all the investors I knew to be buying tokens have already done so and only a ~1/3rd sold. So instead of wasting everyones time, I've issued a full refund on your bustabit account (+0.01 BTC as a thanks).

All larger withdrawals I will likely be processing manually and I'll try contact investors via email to confirm with them the instructions are correct. So please be patient, and give me 12+ hours to process the withdrawal.

Thanks everyone, and I'll try release something more appealing in the near future =)

Isnt 1/3 of total tokens sold in less than a week considered as a good kickstarter there? well you cant really expect to get 3,000 bitcoins instantly within a few days though. Even so many altcoin, shitcoins and whatever coins ICO wont be able to collect such a high amount in just a short time

RHavar

legendary

Activity: 2557

Merit: 1886

There's been very little token purchases after the first day, with all the investors I knew to be buying tokens have already done so and only a ~1/3rd sold. So instead of wasting everyones time, I've issued a full refund on your bustabit account (+0.01 BTC as a thanks).

All larger withdrawals I will likely be processing manually and I'll try contact investors via email to confirm with them the instructions are correct. So please be patient, and give me 12+ hours to process the withdrawal.

Thanks everyone, and I'll try release something more appealing in the near future =)

Daffadile

hero member

Activity: 1162

Merit: 500

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Quote from: RHavar on June 23, 2016, 10:45:33 AM

Quote from: WEBcreator on June 23, 2016, 10:43:57 AM

I cant see anything such as number of tokens left on the side? IMO this is important for a potential investor like me, I can actually see the interest of the markets from the number of tokens issued left and Im not sure wether you forget to show it or you are hiding it for a purposes

It's being intentionally hidden to prevent a vicious cycle of people not wanting to buy tokens if they're not sure if all the tokens will sell or not. Assuming the crowd sale is successful, I'll provide transparent proof of liabilities which will allow token holders to make sure the correct amount of tokens have been issued (i.e. they weren't oversold)

It will get crazy, you will have bots buying and selling tokens if anyone ever saw how many tokens were still left to issue. Kind of how bots buy out tickets with captcha solving bots.

WEBcreator

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Activity: 840

Merit: 1000

Quote from: RHavar on June 23, 2016, 10:45:33 AM

Quote from: WEBcreator on June 23, 2016, 10:43:57 AM

I cant see anything such as number of tokens left on the side? IMO this is important for a potential investor like me, I can actually see the interest of the markets from the number of tokens issued left and Im not sure wether you forget to show it or you are hiding it for a purposes

It's being intentionally hidden to prevent a vicious cycle of people not wanting to buy tokens if they're not sure if all the tokens will sell or not. Assuming the crowd sale is successful, I'll provide transparent proof of liabilities which will allow token holders to make sure the correct amount of tokens have been issued (i.e. they weren't oversold)

Indeed right and Im one of those kind of people who will see how the markets react on this because Im taking risk here, incase the crowdfund is not succesfull then my bitcoin is locked for X amount of days until it is ended and who knows what price will it be until I got my bitcoin again however if it is succesfull then I dont really mind locking it for years though or atleast until the the price of the tokens is high enough

RHavar

legendary

Activity: 2557

Merit: 1886

Quote from: WEBcreator on June 23, 2016, 10:43:57 AM

I cant see anything such as number of tokens left on the side? IMO this is important for a potential investor like me, I can actually see the interest of the markets from the number of tokens issued left and Im not sure wether you forget to show it or you are hiding it for a purposes

It's being intentionally hidden to prevent a vicious cycle of people not wanting to buy tokens if they're not sure if all the tokens will sell or not. Assuming the crowd sale is successful, I'll provide transparent proof of liabilities which will allow token holders to make sure the correct amount of tokens have been issued (i.e. they weren't oversold)

WEBcreator

hero member

Activity: 840

Merit: 1000

I cant see anything such as number of tokens left on the side? IMO this is important for a potential investor like me, I can actually see the interest of the markets from the number of tokens issued left and Im not sure wether you forget to show it or you are hiding it for a purposes

dogedice.me

hero member

Activity: 776

Merit: 522

Quote from: RHavar on June 22, 2016, 10:12:36 AM

Quote from: BetKing.io on June 22, 2016, 10:05:39 AM

Hi Ryan

Can you give us some information on the legality of this and in what country?

I've intentionally tried to keep it as informal-ish as possible, and try avoid it being a clear security. The actual company I run is incorporated in Costa Rica, but there it's more just a grey zone where a lot of stuff is legal by the fact it's not illegal. I'm offering a stake in the (net) liquid assets, as opposed to the company it itself, but my real primary goal here is just to not misrepresent anything or piss anyone off.

As I no longer live in the United States (nor ever was a citizen), I don't believe I fall under the jurisdiction of the SEC or what not.

Actually you are

That's the biggest problem I'm trying to fight. You don't have to be a US citizen to fall under US law. Any US player would be sufficient to start a case against you from the US Government for breaking several US laws.

To solve it you need to do full AML\KYC compliance, that's why bitstarz and all other softswiss's white lables do this even having the real gambling license, which actually costs a lot from $100k to $500k on Malta.

Regards,
Alex.

RHavar

legendary

Activity: 2557

Merit: 1886

Quote from: shanem on June 23, 2016, 09:23:28 AM

I am interested in this crowd sale. Will there be any platform where people can trade these tokens freely?
I hope these tokens can be like Ethereum where there is a wallet and exchanges.

Yeah, I'll build a simple exchange into bustabit in order to buy/sell/transfer tokens. If there's a half-decent OpenAssets exchange, I'll allow people to withdraw the tokens as OpenAssets where you do can trade them there too

shanem

legendary

Activity: 1344

Merit: 1000

I am interested in this crowd sale. Will there be any platform where people can trade these tokens freely?
I hope these tokens can be like Ethereum where there is a wallet and exchanges.

katerniko1

legendary

Activity: 966

Merit: 1000

this sounds great ill buy some tokens tomorrow

this is nice idea you got up! lets see this tokens gets sold in 14 days!
regards.
-Katerniko1

joksim299

legendary

Activity: 2170

Merit: 1014

Bitdice is scam scam scammmmmmmmmmmmmmmmmmmmmmmmmm

Quote from: RHavar on June 22, 2016, 10:06:23 AM

Quote from: deponzit on June 22, 2016, 08:40:38 AM

If you'll be withdrawing your own funds from the bankroll to replace them with crowd funded coins, wouldn't that effectively erase your incentives not to cheat? Since you know the seed you could look ahead at the games to come and slowly draw from the bankroll whenever you please.

Yeah, for all intents and purposes investors will be totally at my mercy

Quote from: joksim299 on June 22, 2016, 09:30:57 AM

Dont go for Montenegro licence

Any reason why?

Its $10000 month and is not trustworthy to players

BetKing.io

legendary

Activity: 1400

Merit: 1021

Quote from: RHavar on June 22, 2016, 10:27:28 AM

Quote from: BetKing.io on June 22, 2016, 10:05:39 AM

I was going to do the same thing with BetKing.io months back but it would have actually been illegal to do so in the UK.

What about the current bankroll investing you have? And if that's legal, what if you pay company expenses out of the bankroll? And if that's legal, what if you stop accepting new investors? And if that's legal, what if you allow people to transfer their bankroll stake to other people? And if that's legal, it's pretty much the same as bustabit's crowd fund Grin

As mentioned the current bankroll is legal.
I don't pay expenses out of that.

I agree that it's pretty much all the same thing though and these laws are ridiculous and only hinder innovation. But I like living in the UK

I'll speak again with lawyer and see if the way you are doing it is something I could do.

Thanks and good luck

gogodr

sr. member

Activity: 434

Merit: 250

I'll invest. Im currently investing into any casino or bankroll for casino project I can find. These will be the true winners when all the dust settles. I'm in.

RHavar

legendary

Activity: 2557

Merit: 1886

Quote from: BetKing.io on June 22, 2016, 10:05:39 AM

I was going to do the same thing with BetKing.io months back but it would have actually been illegal to do so in the UK.

What about the current bankroll investing you have? And if that's legal, what if you pay company expenses out of the bankroll? And if that's legal, what if you stop accepting new investors? And if that's legal, what if you allow people to transfer their bankroll stake to other people? And if that's legal, it's pretty much the same as bustabit's crowd fund Grin

RHavar

legendary

Activity: 2557

Merit: 1886

Quote from: BetKing.io on June 22, 2016, 10:05:39 AM

Hi Ryan

Can you give us some information on the legality of this and in what country?

I've intentionally tried to keep it as informal-ish as possible, and try avoid it being a clear security. The actual company I run is incorporated in Costa Rica, but there it's more just a grey zone where a lot of stuff is legal by the fact it's not illegal. I'm offering a stake in the (net) liquid assets, as opposed to the company it itself, but my real primary goal here is just to not misrepresent anything or piss anyone off.

As I no longer live in the United States (nor ever was a citizen), I don't believe I fall under the jurisdiction of the SEC or what not.

RHavar

legendary

Activity: 2557

Merit: 1886

Quote from: deponzit on June 22, 2016, 08:40:38 AM

If you'll be withdrawing your own funds from the bankroll to replace them with crowd funded coins, wouldn't that effectively erase your incentives not to cheat? Since you know the seed you could look ahead at the games to come and slowly draw from the bankroll whenever you please.

Yeah, for all intents and purposes investors will be totally at my mercy

Quote from: joksim299 on June 22, 2016, 09:30:57 AM

Dont go for Montenegro licence

Any reason why?

BetKing.io

legendary

Activity: 1400

Merit: 1021

Hi Ryan

Can you give us some information on the legality of this and in what country?

I was going to do the same thing with BetKing.io months back but it would have actually been illegal to do so in the UK.

The only way around it would be taking names, Id and declaring all investors to the tax man.

Even the BetterBets model of Rubies would be illegal in the UK.

There was the case where Erik Voorhees sold shares in SatoshiDice which he got fined for in the US. Though the fine was nothing compared to how much he made on SD:)

Don't see this is an attack or anything. I am genuinely curious since it seems there was no way I could do a crowdfunded investment (the bankroll investment is actually fine). I also enquired about the MyCelium model and again, that's a no in the UK.

Is it just a case that no one in crypto cares and is willing to just accept a fine if they ever get taken to court over it?

joksim299

legendary

Activity: 2170

Merit: 1014

Bitdice is scam scam scammmmmmmmmmmmmmmmmmmmmmmmmm

Dont go for Montenegro licence

deponzit

newbie

Activity: 14

Merit: 0

If you'll be withdrawing your own funds from the bankroll to replace them with crowd funded coins, wouldn't that effectively erase your incentives not to cheat? Since you know the seed you could look ahead at the games to come and slowly draw from the bankroll whenever you please.

Topic: Bustabit crowd sale! [Refunded] (Read 1263 times)