Topic: WeTrust ICO Funding Goal (Read 3492 times)

This can be said about most of blockchain projects... Iconomi Lisk they didn't need so much funds they have collected.

What about the maximum which they've set at 12,000 BTC!?!

That means if you buy this early for the 30% discount, then you don't know if they won't raise $15+ million, thus diluting your holdings with a huge marketcap (in terms of what $15 million cash would do to a marketcap either on upside or downside via selling pressure, that is the realm of $100s of millions marketcap of buying and selling pressure because marketcap is most always a multiple of the new cash that was actually invested on the exchange, because for example if the marketcap is $10 million then selling $1million can move the marketcap down to less than $9 million perhaps as low as a < $5 million). And then they have no incentive to actually believe and work hard to make the project a success, because they already cashed out $15 million!

Their plan is pie-in-the-sky and thus very likely won't pan out. IMO, that is why they want to cash out upfront instead of making their money on the appreciation of the price of the tokens long-term. If they set the maximum raise to something reasonable, then I might have more belief that they are serious about risking their own effort and time. But noooo, they want to get rich without any risk.

Seem everyone believed 1000BTC should be the minimum cap, What I don't understand is that do this project need ICO in the first place. I have looked into the project and I believe this can be achieved without ICO funding

@shinratensei_: We have a revised budget, see post #15. It isn't quite that much as you've said. We also believe quality of the code is of upmost importance and will be hiring the best developers in the industry (ex-Googlers with impressive educational backgrounds) to work on the project.

$146,000 for a month. It's a joke, the big project such as lisk just have burned 20k EURO for every month. It is really huge amount to burn just in a month. This project must burn below the other big project's amount for burning it.

Your poll only lowers the minimum. Lower the maximum! Who wants to invest in another ICO with $15 million initial marketcap. That limits the upside and greatly increases the chance of downside.

The entire point of buying in an ICO is to buy at a very tiny marketcap.

Also if there is no one remaining to buy it after ICO, then the price will likely languish.

Lower your maximum goal to 1000 BTC. You don't need more than $1 million to accomplish your development efforts (and Bitcoin is headed towards $2500 perhaps too soon). Even 500 BTC should be enough. Stop trying to cash out before you deliver the goods! Bastard scammers!

Btw, the guys who are escrowing your ICO include Vlad who has produced technobabble bullshit about Casper for years. And nothing to show for it. Joe appears to come from that same Ethereum technobabble delusion.

Jae Kwon banned me from the Cosmos (Tendermint derivative) Github because I showed technically and factually why their system security was entirely broken.

I understand you have high aspirations towards a large existing lending market, but these people using these community loaning systems want fiat, not crypto. You are going to be trying swim upriver with technologically unsophisticated audience and underdeveloped onramps and offramps for crypto-currency in their locales. This will be a long, slow slog. You are misleading investors by insinuating that you can get an appreciable slice of that huge market any time soon. So the small initial marketcap is very important if speculators are to maximize their returns on this experiment.

One of the problems is the ICOs are not raising money for development, but trying to cash out and leave the naive speculators holding the bag. They raise up to $15 million in cash! Do you realize that $15 million in cash invested into any of the Top 5 altcoins would skyrocket their marketcap into the $Billion range. Cash invested is not the same as marketcap (this is known as the wealth multiplier effect).

We are pleased to announced that we have finalized the process of securing trusted members of the community to act as escrow partners for our crowdsale. Vlad Zamfir, Joe Urgo, and Jae Kwon will be helping to secure BTC and ETH received during our crowdsale by acting as trusted key holders of our multi-signature wallets.



Here's a brief bio on our signees:

                  Vlad Zamfir: Vlad is a researcher working on the Ethereum transition from Proof-of-Work to Proof-of-Stake. Vlad is enthusiastic about fault tolerance, consensus protocols, coalition-proof consensus mechanism design, blockchain governance and blockchain ethics.




                  Joe Urgo: Joe is the Founder/CEO of sourcerers.io, a recruiting and consulting firm for Ethereum-based projects. Joe also currently serves as Director of Operations at Ethlance and Editor at The Dapp Daily. Previously, Joe spent 3 years at Coinbase as an Operations Manager, and worked at Three Arrows Capital as a Derivatives Trader.




                Jae Kwon: Jae is a technical entrepreneur, the author of the Tendermint whitepaper, and a force behind Cosmos, the internet of blockchains. Jae’s mission is to create sound cryptoeconomic systems for the safety and livelihood of everyone on this fragile planet.




We hope you're all pleased with our choices and the WeTrust team is looking forward to your participation in our upcoming crowdsale on 3/1!

After months of hard work, we are pleased to announce we have launched an MVP of our first product offering, ROSCAs (Trusted Lending Circles), on the Ethereum mainnet. Please check it out! (Click on the image below)

All Bitcointalk members and followers of this Announcement,

As a decentralized platform promoting financial inclusion, WeTrust gives strong consideration to the feedback from our community of supporters and users.  Based on your feedback and an internal review of our budgeting and roadmap, we have made an update to the minimum and maximum funding levels, which we believe will improve our ability to deliver a better product for the community. The new minimum is 1000BTC, and new maximum is 6000BTC.

Here's why:
Our initial budgeting for a floor of 1500 BTC was done when BTC was valued at $720, and with the recent increase in price, combined with feedback from our supporters, we have decided to update the minimum to reflect these changes. We have taken these considerations to heart, and after much deliberation, have decided to lower the minimum funding “floor” to 1,000 BTC.  

In parallel, after a detailed examination of our budgeting needs and product goals for the next few years, we have also decided to lower the maximum funding “cap” to 6,000 BTC.  We don’t want our supporters to provide funds we don’t need for our development goals, and we want them to be confident that any funds raised in the crowdsale will go towards furthering our core mission.  For a detailed breakdown of our budget going forward, click here for our Medium post of our cost breakdown.

We truly appreciate the knowledge and passion our community brings to our project, and we encourage everyone to share their thoughts and ideas as our project grows and evolves! I'm sure you will have many questions, and we will be happy to address them. Thank you for your continued support. Help spread the word!

Yours in financial inclusion,


The WeTrust Team

Why would you need a million plus dollars for development and marketing,don't you guys think that it is a little extravagant. Will be watching this one closely and i would like to know the status ,when will your platform open for registration.

I voted (lower it to 1000BTC), but I think the developer team are the ones who should decide that, not the original members here, if you think you can deliver good products with such amount of money, so you can lower it. I watched We Trust team, it includes experienced developers and marketers, as well as some members who have a background about this kind of investments, and I am sure the team will take the right decision.

Melonport a blockchain software for asset management just gathered 227000ETH in around 5 minutes. So 1500BTC should be easy for such a project like WeTrust 

It's difficult question. If you will reach proper hype 1500BTC will be no problem. Iconomi gathered 2000BTC in less than a week. Only your team know if they can deliver good product for less BTC. There is also an option not to set minimal goal and to make an verbal agreement with investors that you will make the decision after the ICO. Decision wether investors want to get their investment back or they want you to deliver as much as you can for the ammount you have collected.

Are you team member? Actually 1500 btc is very high, if can't get, the team will do hard working without payment. So lower it to 500 BTC is reasonable.

When I looked at the project, I really don't know how they want to gain maket to use their platform, and again another issue is trust, how are they going to quarantee that. If someone will clarify this two issues I would appreciate because I hve read some of their medium post I didn't see and article addressing these issues

It's very hard to cast a vote on this without knowing a lot more.

I'd like to see the budget plan explain the staff cost to reach MVP (maybe in team months and $/mo) and then how much beyond that you are planning for. Presumably you will miss the mark on some things and need some hang time. Minimum funding should account for all of that.

Also would like to see a description of MVP, what you are not including, and why you think that's the right product. Basically write-up of product strategy.

And finally, what's your sustainable competitive advantage?

We will have a detailed plan for our budget, not to worry. Details coming soon.

I hope you have make a detailed plan how to spend this coins because is really HUGE, 1500BTC / 12 months = 125BTC each month.
Programmers, designer, project manager, testers, translators, marketing.

The majority of that budget will be used for development of the platform and marketing to acquire initial users in Year 1.

Where are you going to spend the funds guys? 1500BTC is really a high amount of money to be spend these days.
Also within how many months is this budget for!