so today, I was going through it to review it again. So I just noticed that the blocknet is not using any escrow, rather it's a sale.
Because in escrow you get a third party so that all the funds are held until success conditions are met. Without the product releasing of escrow is like having no escrow at all. So this is more of a final sale than the escrow that people are believing on.
Bittrex has modified their ICO terms as well if you haven't noticed!
if you go to blocknet thread here
https://bitcointalksearch.org/topic/annblocknet-truly-decentralized-exchange-token-ecosystem-infrastructure-829576Bittrex ITO rules
Bittrex will be hosting the Blocknet ITO. As a reminder, we are providing escrow for the development team. We are not endorsing this coin or any others on our exchange. Please do your own research before trading. Below are the FULL and DEFINITIVE terms for this ITO; no other conditions are required.
* We will review the wallet before initially adding it.
* Bittrex will host 3,400,000.00 of 10,000,000 total coins at a price of 0.00025 the ITO will value 2500 BTC across all exchanges.
* The ITO will run for 7 days beginning October 29, 2014 at 5am PDT and ending on November 5th 23:59:59 PDT
* The ITO must raise 850 BTC total across all exchanges to be considered a success.
* If success conditions are NOT met, all BTC invested will be refunded through a buy wall.* Once the ITO is over we will verify there is working wallet, blockchain, and block explorer.* ITO payment will be in a lump sum to Blocknet within 7 days after the ITO ends.
* No trading of the coin will be allowed until the ITO ends and escrow is released.
* ALL SALES ARE FINAL AND THERE WILL BE NO REFUNDS - by participating in this ITO, you are agreeing to the above terms.So apparently, this is a final SALE not a ESCROW!
I think the investors are too dumb to even read the terms.
That means that funds will be released to the blocknet developers even if they sleep for 7 days!!
That means that the escrow will be released once a working wallet, blockchain and block explorer is up. This is a complete fraud. Bittrex has stated that these sales are final. Now you have to be a complete
retard to use bittrex or other exchanges if this is not an escrow service, you're sending your money directly to the developers even if they develop a thing or not.
I hope they don't fuck people over. But they have every right to fuck everyone over because this is how dumb people with $$$ are.
TL;DR you'll not get a single satoshi back if this is a scam. You are sending your coins directly to the developers, no escrow.