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

[peerchemist]

58% will remain if you ignore all the bonuses or payments to people who do the work.
Also this same story was repeated over and over. It is all over Prospectus like: “Developers will be paid in mix of equity and cryptocurrency - making it impossible to…”.
I see my partner struggling to explain it, general plan of distribution is in that post above - but it does not include internal arrangements and deals.
It is impossible to explain in detail as it is not planed, and it is not possible to plan it.
We don’t know how much will “founders” have in 6months nor in 2 years. Managers are here to organize it all and bootstrap the network.

What I do know that distribution will be smart and limited in start to ensure healthy network. After that it is up to all of us to decide. It is impossible to state exact figure this early when new team members show up daily and not all paychecks have been decided.

[cryptog]

I m rather slow at understanding simple concepts.
Tks for redescribing the scheme.

[Jimmy]

How about the progress of Teehe development, and when will you release the alpha/beta version? Thank you.

[cryptog]

What is the meaning of the logo? a cat with a bubbles crown above him or her…

[Sentinelrv]

What is the meaning of the logo? a cat with a bubbles crown above him or her…

I’m not sure, but it reminds me of the Rubacava section in the old 1998 PC adventure game Grim Fandango where people are gambling and betting on cat racing. Hopefully somebody here knows what I’m talking about.

[Teehe]

How about the progress of Teehe development, and when will you release the alpha/beta version? Thank you.

Current status of Teehe development will be presented to shareholders on weekly or bi-weekly basis. Please note that development will start only if IPO has passed. There are no concrete plans on when will Alpha or Beta be finished but our goal is to have functional platform by September.

[cryptog]

Could you share how much has been pledged as funding at this stage?

[Teehe]

Completion of second week:

We are proud to announce that contributed funds stand at total $44,149.

Crypto portfolio: 19,792 PPC 17,501 NBT and 73 BTC

The 10% bonus will only be applied to investors who participate before the $60,000 milestone is reached.

We are glad to see funds doubling every week, Teehe is growing stronger as more people recognize our project.

Regards, Teehe management

[Sentinelrv]

I just wanted to ask a clarification question. $44k is the total raised so far and not just the 2nd week, correct?

[Teehe]

Total of $44k.

Sorry if this was not clear from that post.

[cryptog]

$44,149.

So now you have only 1 week to raise at least the same amount of money 45k USD before 01APR15, otherwise the IPO will have to be cancelled.
What is the chance of that to come true at the current pace?

[Sentinelrv]

I honestly think more time should be given. Just keep going until 90k is raised. All the money will be raised eventually. It’s probably just not going to be finished by the original deadline. I don’t see any reason for cancelling. $44k in only two weeks is something to be proud of!

[cryptog]

I actually think the same. It looks it would be reached within 2 weeks from now.

[cryptog]

I remember about Lottoshares… http://newobsolete.com/lottoshares-dac-seeks-decentralize-gambling/
It seems that Lottoshares was based on bitshares or protoshares and they tried to decentralize the whole betting system in one blockchain…and it failed.

[cryptog]

Customers can use Bitcoin to reach us; Bitcoin is for us what credit card company is to classic gambling house.

My understanding is that the received bitcoins would be automatically converted into nubits, using an external exchange.

[Teehe]

My understanding is that the received bitcoins would be automatically converted into nubits, using an external exchange.

Correct.

[Teehe]

I honestly think more time should be given. Just keep going until 90k is raised. All the money will be raised eventually. It’s probably just not going to be finished by the original deadline. I don’t see any reason for cancelling. $44k in only two weeks is something to be proud of!

We are thinking about extending the IPO for a week, to allow Chinese community to participate.

[Sentinelrv]

Question posted here…

Second week of Teehe IPO completed, with over $44,000 pledged by our partners •...

[tomjoad]

I honestly think more time should be given. Just keep going until 90k is raised.

Doing so would break a promise made to prospective shareholders, which will cause PR headaches at some point down the road. Nu has been successful because public commitments have always been adhered to.

I would highly recommend that Teehe sticks to the initial timeline, and if necessary refunds all the money before re-starting the fundraising process (perhaps with a longer timeline).

[Sentinelrv]

Doing so would break a promise made to prospective shareholders, which will cause PR headaches at some point down the road. Nu has been successful because public commitments have always been adhered to.

I would highly recommend that Teehe sticks to the initial timeline, and if necessary refunds all the money before re-starting the fundraising process (perhaps with a longer timeline).

I think you’re right here, but I need to point out that your solution also has negative consequences for those who invested Bitcoin and Peercoin. These people purchased shares and locked in the price of their BTC and PPC at the time. Let’s take an example of somebody who purchased shares when Peercoin was at $0.40 cents a coin. Peercoin is now currently $0.33 cents a coin. If the IPO didn’t reach $90,000 at the time of the deadline, Teehe would need to refund this PPC back to the original investor. This Peercoin is now worth even less than when they bought the shares. If after refunding, Teehe restarts the fundraiser with a longer timeframe, the people that were refunded but still want shares won’t be able to buy back as many as before because of the price decrease in PPC, which I’m sure would upset many people. Their original investment amount would no longer be locked in and they would be refunded with money that is now worth less.

I believe I may have a better solution. Let’s say the deadline is reached and Teehe still needs to raise another $20k to $30k to hit $90k. Instead of immediately refunding the money, make an official announcement that you believe the necessary $90k will be reached within the next couple weeks and that you’d like to extend the IPO until that goal is hit. The difference though is that you should state that you will honor your original agreement and that if any of the original investors wish to receive their refund, all they need to do is respond back through Bitmessage or email and ask for it. If they would rather keep their original investment locked into the price they originally paid for the shares, then they don’t have to do anything. In order to receive a refund, they have until the $90k goal is hit to ask for their money back.

I believe this is a much better way to handle the situation because you’re offering the original investors a choice in the matter. They can choose to ask for a refund and receive money back that is worth even less than before, or they can choose to continue to have their original investment locked in at the original price. The IPO can then continue until fully funded and then announce that it has been a success!

What do you all think about this way of handling the situation instead?