Being a project without KYC I understand that this has to be done to some extent, but I think it would help transparency to publish the accounts, perhaps annually, without having to be excessively detailed, but at least that investors know the total expenses and total income and which ones fall into which category.
This was not in the mind until I read it.
Although we are maintaining a spreadsheet to log all incoming and outgoing income/expense. In future we will hire an accountant to do proper accounting and share it annually as audit, additionally from blockchain transactions anyone can verify any transaction instead of blindly trusting the audit report. Before we have a proper accounting department we will manage it in discord.
So here is the idea. Since we need to be transparent to our IBCO participants who are joining us sending their bitcoin, we created a private discord channel accessible only for the participants.
The participants will join an open sever:
https://discord.gg/yT22B4hzEdThey will sign the bitcoin address to prove that they indeed joined the IBCO
We will add them to the private server.
In the private server we will publish affiliate account information, add revenue information including all other information that should be known for them to see our activities and progress.
One of the things that often causes a start-up business to fail is having too many fixed expenses.
Yes we are aware of that. For this reason right now in our team we have only founding members. And the founding members are skilled in their own section so they are going to take care of their sections by playing their roles to bring the project live. As we grow we will need more manpower and depending on the need we will hire staff to support the departments. It's to minimize costing and to use the funds wisely.
However there are some external expenses which are covered by core team members and when needed we are taking service from specialized professionals and paying them contract basis.
Starting with $130k of fixed monthly expenses in salaries alone seems too high to me. Wouldn't it be better to start small with 5 or 10 people and add as you go along? What would be the minimum total monthly fixed cost for break even with all costs included? If I understand correctly, you expect to raise approximately 10,000 chips which would be about $200k, which would give you first month's expenses. Am I missing something here? Are you expecting to generate considerable revenue from the first month to cover those expenses?
We are selling 7,000 Chip so looking for 7 BTC in total. 3,499 Chip we are using to reward as bonus and promotion. Team is holding 500 Chip.
In case in future if we need more funds then we will sell the Chip that team is holding but possibly in higher price. But after a year if we see that we really do not need anymore funds to continue then we will burn the Chip and in that case the 10% revenue share will be calculated against the remaining 9,499 Chip.
Last but not the least, I think you misunderstood the competitor case study. The funds we are raising are to cover expense for 1 full year, the total is not monthly cost. In this one year we are expecting to make a position where we will be able to generate good monthly revenue to create cash flow for the business.
In order to consider a serious investment, apart from these issues, I would have liked a more moderate forecast of market growth.
Two days ago
Yahoo Finance wrote a column, it featured Straits Research. In Straits they claimed the industry is growing at a CAGR of 11.7% and the market size is projected to reach $130 B in year 2030.
Here you can have a good reading :
https://straitsresearch.com/report/online-gambling-marketThere are many other market research companies and more or less everyone has very similar CAGR which is from 11.7% to 12.5%
In our slide we considered data from Stratview Research.
Some opinion:
Honestly writing, I am very happy to see the level of questions you asked. If more people check deep and ask questions then eventually it helps us to improve and think better. I appreciate the thought and effort you put on the above post.
Cheers,
