Developers took for themselves a huge percentage of ICO.
Topic: COINDASH - Future of trading - Token Sale 17th July 2017 - page 25. (Read 198724 times)
Maybe it was scam before the hacked site. The ICO was only of 50% of CDT!
Developers took for themselves a huge percentage of ICO.
Developers took for themselves a huge percentage of ICO.
News of this hack is very bad news for investors, how can big project but with very weak security, hope this project keep running, investor trust is being tested
They already issued one round of useless CR! tokens back in the ether.camp hackathon.
So hack aside what was the logic behind early investors sending more ETH to participate in the ICO?
I mean I was an early backer and bought CR! tokens under the impression they were worth something...
From gitte[Suspicious link removed]/CoinDash-io/Lobby
Alon Muroch @negedzuregal Dec 14 2016 19:39 Last day to get your CoinDash tokens at 0.01 HKG before the price goes up!
bamos01 @bamos01 Dec 14 2016 22:49 What is the reason to buy CR tokens?
Alon Muroch @negedzuregal Dec 15 2016 00:41 Hi @bamos01, great to have you here! Our product is 100% directed to crypto investors, developed by crypto investors. The most critical stages in a startup's life is its early days until it reaches market fit, that is, a product optimised enough to give great value to its users. The same way traditional investors invest in a company and get direct influence of its decision making (a sit in the board of directors), any of our investors will do as well. The tokens can be used by us only if we convince you, our investors, they will be used at the right development direction. As we optimise our product, the token's value will rise as it will become more attractive and the company's product becomes better and better. Buy more tokens early on, you will have more influence on decision making and future development. An incredible side effect is that the more people invest in us the more market validation we get which means, again, the company becomes even more attractive.
On top of that they strung us along asking to contact them as they had a reward for early investors
From their blog posts...
"Ether.Camp early investors call – To further emphasis our appreciation of your support, we want to grant a special reward to those of you who backed us from day one. We are calling all of you who supported us through the Ether.Camp Hackathon to contact us and get your reward. Please send your e-mail and name used during the Hackathon to [email protected]. We will reach you as soon as possible."
Turns out this "reward" was just the opportunity to send them more ETH via the whitelist. LOL
Did any of you other early investors have a similar view and expectations as myself? Or did I see this all wrong?
EDIT: for full disclosure I declined the "opportunity" to participate in the ICO
So hack aside what was the logic behind early investors sending more ETH to participate in the ICO?
I mean I was an early backer and bought CR! tokens under the impression they were worth something...
From gitte[Suspicious link removed]/CoinDash-io/Lobby
Alon Muroch @negedzuregal Dec 14 2016 19:39 Last day to get your CoinDash tokens at 0.01 HKG before the price goes up!
bamos01 @bamos01 Dec 14 2016 22:49 What is the reason to buy CR tokens?
Alon Muroch @negedzuregal Dec 15 2016 00:41 Hi @bamos01, great to have you here! Our product is 100% directed to crypto investors, developed by crypto investors. The most critical stages in a startup's life is its early days until it reaches market fit, that is, a product optimised enough to give great value to its users. The same way traditional investors invest in a company and get direct influence of its decision making (a sit in the board of directors), any of our investors will do as well. The tokens can be used by us only if we convince you, our investors, they will be used at the right development direction. As we optimise our product, the token's value will rise as it will become more attractive and the company's product becomes better and better. Buy more tokens early on, you will have more influence on decision making and future development. An incredible side effect is that the more people invest in us the more market validation we get which means, again, the company becomes even more attractive.
On top of that they strung us along asking to contact them as they had a reward for early investors
From their blog posts...
"Ether.Camp early investors call – To further emphasis our appreciation of your support, we want to grant a special reward to those of you who backed us from day one. We are calling all of you who supported us through the Ether.Camp Hackathon to contact us and get your reward. Please send your e-mail and name used during the Hackathon to [email protected]. We will reach you as soon as possible."
Turns out this "reward" was just the opportunity to send them more ETH via the whitelist. LOL
Did any of you other early investors have a similar view and expectations as myself? Or did I see this all wrong?
EDIT: for full disclosure I declined the "opportunity" to participate in the ICO
They went quiet now is scary itself.
I am not getting why there is so much of a panic. The developers offered to issue reimbursement in tokens. Tokens are what you wanted to receive in exchange for your money. It seems fair enough because you paid for tokens and still received them. Yes, the tokens became less valuable at the moment. But that is where your risks were resting - the market. Moreover, you have tokens, and the project you trusted is still alive and promising.
What is the point having tokens from a project which has no funds anymore for development? The project is still alive? For how long?
The team is not competence for running this project. Claimed to the future of the trading system, in another side fail to keep the security of the ico site. WHAT A SHAME COINDASH TEAM!!
would you look at that....
https://twitter.com/myetherwallet/status/886997735911546880
https://twitter.com/myetherwallet/status/886997735911546880
I am not getting why there is so much of a panic. The developers offered to issue reimbursement in tokens. Tokens are what you wanted to receive in exchange for your money. It seems fair enough because you paid for tokens and still received them. Yes, the tokens became less valuable at the moment. But that is where your risks were resting - the market. Moreover, you have tokens, and the project you trusted is still alive and promising.
What is the point having tokens from a project which has no funds anymore for development? The project is still alive? For how long?
A reasonable solution is to close this project, it is known that half of the funds will be not realized.
I am not getting why there is so much of a panic. The developers offered to issue reimbursement in tokens. Tokens are what you wanted to receive in exchange for your money. It seems fair enough because you paid for tokens and still received them. Yes, the tokens became less valuable at the moment. But that is where your risks were resting - the market. Moreover, you have tokens, and the project you trusted is still alive and promising.
What is the point having tokens from a project which has no funds anymore for development? The project is still alive? For how long?
Dude they raised over $6 million not counting the fraud. Even if they blow half of it on cars and drugs, that still leaves a ton of money for a dozen people to develop something.
I am not getting why there is so much of a panic. The developers offered to issue reimbursement in tokens. Tokens are what you wanted to receive in exchange for your money. It seems fair enough because you paid for tokens and still received them. Yes, the tokens became less valuable at the moment. But that is where your risks were resting - the market. Moreover, you have tokens, and the project you trusted is still alive and promising.
What is the point having tokens from a project which has no funds anymore for development? The project is still alive? For how long?
The DEVS should contact Vitalik Buterin to have another fork of Ethereum to recover the "hacked" ICO funds.
This HACK claim could be an insider job. They should thank all the "investors" for giving them $7 million to for their summer holidays.
This HACK claim could be an insider job. They should thank all the "investors" for giving them $7 million to for their summer holidays.
I am not getting why there is so much of a panic. The developers offered to issue reimbursement in tokens. Tokens are what you wanted to receive in exchange for your money. It seems fair enough because you paid for tokens and still received them. Yes, the tokens became less valuable at the moment. But that is where your risks were resting - the market. Moreover, you have tokens, and the project you trusted is still alive and promising.
I wouldn't be surprised that this is an inside job, interrogate the webmaster and all his friends and family. The site is available in multiple languages, so there are probably more than one webmaster.
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I wouldn't be surprised that this is an inside job, interrogate the webmaster and all his friends and family. The site is available in multiple languages, so there are probably more than one webmaster.
The CoinDash team should contact ALL exchanges and the FBI. Make sure this guy doesn't get his ETH exchanged.
wtf is wrong with these people
they are still sending money to hackers address
https://etherscan.io/tx/0x2162b224ef2fe2bbf22225d0a0e0cbc3f9e8fb3f7d2d78e4d92470e112d604d4
they are still sending money to hackers address
https://etherscan.io/tx/0x2162b224ef2fe2bbf22225d0a0e0cbc3f9e8fb3f7d2d78e4d92470e112d604d4
LOL, devs are not writing anything instead of explaining how those who want to refund their whitelist coins can refund, so the rest can continue the project.
Whitelisters will not receive a refund. I'm not sure why that's being mentioned. They paid for a token and they're going to get it. This hack does not affect them. CoinDash is even going as far as giving those who were scammed their tokens since it was their fault for having lax security on their website.
The only issue is that now the tokens will be devalued due to lack of faith in the project/developer, but to be fair there was never a promise of value in the tokens/ICO. You're buying on speculation that they'll be worth something and because you want to fund the project. If they turn out to be worthless, then you lost on that speculation.
If devaluing a token is wrong then Bancor was also wrong to keep selling over their promised limit (increasing their market cap and ruining good-faith with participants in the ICO). If anything this hack would normally increase the value of CDT because the market cap will be around 6m rather than the originally planned 12m (meaning more room for profit for investors).
Once again the real issue is CoinDash earning our trust again somehow. If people have no faith in the project/devs then the tokens will become worthless. This is coming from someone who is $30,000 deep in this mess. I obviously want CoinDash to recover so I don't end up losing my investment. They have a LONG way to go to earn our respect/trust again though...
The only issue is that now the tokens will be devalued due to lack of faith in the project/developer, but to be fair there was never a promise of value in the tokens/ICO. You're buying on speculation that they'll be worth something and because you want to fund the project. If they turn out to be worthless, then you lost on that speculation.
If devaluing a token is wrong then Bancor was also wrong to keep selling over their promised limit (increasing their market cap and ruining good-faith with participants in the ICO). If anything this hack would normally increase the value of CDT because the market cap will be around 6m rather than the originally planned 12m (meaning more room for profit for investors).
Once again the real issue is CoinDash earning our trust again somehow. If people have no faith in the project/devs then the tokens will become worthless. This is coming from someone who is $30,000 deep in this mess. I obviously want CoinDash to recover so I don't end up losing my investment. They have a LONG way to go to earn our respect/trust again though...
The whitelist should receive a refund if they wished due to the incompetence of the team. For someone who dumped 30k into this, you sure don't know much about numbers. You're saying the marketcap is 6million now instead of 12million so the CDT are worth more now? That is false. Your 30k is now worth 15k if the marketcap is cut in half. The number of CDT are fixed at 1 billion. So if marketcap goes down, each CDT goes down.
How to verify I invested on which address on right address or hackers?
Is all participants have to fill the claim form that is like have a nightmare
if you got tokens back then you have invested in right addressIs all participants have to fill the claim form that is like have a nightmare
if not, you've been scammed
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