[IPO] Teehe - DAO sports book and casino based on Peershares

[cryptog]

we would use blockchain to provide Teehe API, eliminating need for front facing servers.

wo!

[crypto_coiner]

Just a quick thought regarding the round of series A funding.
Have not given much attention to this matter so far, but:
When one is supposed to receive his certificate of shares (that is his Teeheshares) after paying his share of investment?
Personally, I feel un-comfortable to pay funding and not receive the Teeheshares right after.
Because if not, it entails to entrust many factors and many agents that are just out of control of the investing party.

[cryptog]

Created https://www.facebook.com/teehejapan/ and https://twitter.com/teehejapan
to promote Teehe in Japan.

How is going the fund raising?

[Teehe]

We estimate that distribution of shares will occur some 40-60 days after this funding is complete. Why so late? Nu is still not open-source and we wait for some of features they have implemented to Peershares (the platform we will use to issue shares).

Also, shares will have no meaning for shareholders while platform is in the making as there is nothing to vote on.

[Teehe]

Thank you @cryptog !

We will continue with weekly updates on status as usual. That is, in about two and a half days.

[crypto_coiner]

After 40-60days following the funding completion, could you just say in all impunity: " we are sorry we were not able to build Teehe after all - Give us another few months. The distribution of Teeheshares is suspended until then" And get of course away with the money?
I dont see why or how it could be prevented.

edit: typo

[Teehe]

could you just say in all impunity: " we are sorry we were not able to build Teehe after all

While scenario is possible it is highly unlikely. If you do not trust talent behind Teehe then it is best to avoid us.

Let us give you another chewing gum for your troubled mind, hypothesis: What if small group that is behind Teehe decides to go rogue and run off with the money even after shares are delivered? What is power that your shares will extort to prevent such scenario?
What if all Nu custodians and developers decide to go rogue tomorrow and run of with the shareholders money? What will your NuShares do to prevent it, and how much will your NuShares be worth after that happens?

Truth is, both Nu and Teehe do not have trust-less mechanisms that will prevent this theoretical scenarios and system still lies on trust between shareholders and people who are actually in charge. What can we do as community is to strive to implement mechanisms that will avoid relying on single person or group of people “on top”. DAO concept is still young and unpolished.

And get of course away with the money?

We employ multi-signature for our funds with trusted members of Peercoin community, this prevent reliance upon a single point of failure.
We are open to suggestions on the best way to provide transparency without jeopardizing anonymity.

[crypto_coiner]

Let us give you another chewing gum for your troubled mind, hypothesis:

Hmm, it is a pity you seem annoyed by mere fair questions or interrogations from potential investors…
At that point in time, the greatest difference between Nu (when I got involved as investor) and Teehe is that the former was an offering for a launched product (close to an IPO) vs the latter is a series A round for something that is promising but does not exist yet (the risks are much higher - therefore I hope you would understand that commensurate due diligence is necessary)

[Teehe]

No, there was no annoyance experienced. Just wanted to give you a fresh look on that.

the greatest difference between Nu (when I got involved as investor) and Teehe is that the former was an offering for a launched product

True, Nu has chosen another path to deliver product. Nu was in this same position too, just the fund-raising was not public and not everyone could enter.

the risks are much higher - therefore I hope you would understand that commensurate due diligence is necessary

We perfectly understand that, and that is why reward for this initial funding is so big (22%) - to make up to the risk.
This is community funded operation, and all shareholders share the risk.

[Sentinelrv]

Hmm, it is a pity you seem annoyed by mere fair questions or interrogations from potential investors…

I think you may be misinterpreting what he said. I myself don’t sense any annoyance in his reply.

[cryptog]

The IPO period has ended.

[willy]

The website still shows 6 1/2 hours?

[cryptog]

not here at least.

[willy]

This is strange. Has the count down turned to all zeros for you?

[cryptog]

yes.

[Sentinelrv]

It shows 12 hours 16 minutes left for me.

[cryptog]

hum…i ve got this:

[Sentinelrv]

Maybe Peerchemist can tell us what’s wrong.

[Teehe]

We had to clean up the code the webdevs gave us. This appears to be another mistake on their part.

According to the prospectus the funding window ends at 24:00 UTC on April 1st

[cryptog]

I see.