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

[Sentinelrv]

[quote=“Sentinelrv, post:100, topic:1734”]
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.[/quote]

Alternatively, instead of extending until the goal is hit, you could just set a new deadline. Doing this would still allow the possibility of crossing over $90k. Extending until the goal is hit would limit it to only $90k. Of course, the new deadline would need to be long enough. I think the previously mentioned 7 day extension may be too short. I’d say at least another 2-3 weeks. You have a maximum set, so you can always end it early if that is hit.

Everything else would remain the same. As mentioned above, forced refunds would be avoided and a choice would be given instead to investors to ask for a refund if they wanted it.

[GreatScott]

This talk as if they will not meet their goal by the deadline could all be for naught, but cannot in any way help meet the goal. I say continue on towards your vision with confidence and without distractions. If the goal is not met, talk to your investors about any modified plans and allow them to exit as you had promised.

@Teehe tell us about a unique experience you envision Teehe will offer to customers that cannot be found anywhere else, besides a stable base currency. This could be a game or feature that you are keeping close to the chest for competitive reasons. It does not necessarily need to be your secret weapon, but when I am as passionate about a project to the extent I feel you are, I get all kinds of ideas that seemingly haven’t been thought of before. Just give us a taste of what you see in the future.

[mhps]

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.

Well if an investor paid BTC and BTC price dropped 5% when IPO period is over, then this investor’s share will be calculated according to the price at the end of IPO (i.e. 95% of paid value), right? It’s the same as pulling out fund and putting in again for a new IPO, as long as the new IPO and the extended IPO finishes at the same time.

Teehe might want to put it into the rules of future fund raising that received fund is to be converted to Nubits right after Teehe receives them, and only return Nubits if the IPO didn’t work out. If Nubits is such an important element to Teehe, it might as well use nubits right from the start.

[Teehe]

We are continuing with confidence

As for your request to show some cards, sorry we can not do that. We have showed enough for potential investors to decide whether they want to play with us.

@mhps

Sentinel is trying to say that we have allowed people to “lock” value of their coins in the moment they have made investment. @Sentinelrv is just trying to make sure investors do not loose that.

As for exchanging IPO funds to NBT, we can not do that. That choice was left to our investors, and very few have approached us with NBT so we guess that is not really attractive solution.

[crypto_coiner]

Sure. However we must wait for Nu to become open-source first. Also, we will rarely use motions I guess as managers will do most of the work. Beside choosing managers of Teehe motions could be use for voting for Marketing strategy, partnering with some exchange, etc.

What is the difference between a manager, shareholder and a business partner - is there a pyramidal hierarchy?
Are there different levels of shareholders?

[Teehe]

Those relations are explained in Prospectus document, page 9.

There are no levels of shareholders.

[nox]

Who is taking overall day to day responsibility for the operations of Teehe?

The business plan talks of a management team in relation to their experience running a social media, the developers role descriptions and a couple of brief job descriptions on customer service / odds management.

There is some reference to gaps in skills for customer service and a DOA based operation; but nothing on experience in running a business, managing cashflow, managing teams of remote workers and general leadership/day to day operational responsibility.

I know that there is a desire to keep things anonymous but I feel these are just as important to any companies success as marketing and customer service (for which you need customers in the first place so dedicated customer service personal shouldn’t be there at start, they can be recruited easily).

Could we have some background on the experience of the management team on running a start up, scaling a business and other management functions of a business?

As a last note, if you’re shifting the odds manually wouldn’t that open you up to fairly large exposures when other market odds are moving quickly? Are you allowing in-play betting?

[Teehe]

Hi Nox, thank you for asking. We will try to answer as much is possible without betraying confidence between developers and Teehe.

Who is taking overall day to day responsibility for the operations of Teehe?

Elected managers of Teehe. Everyone can apply to become manager, whoever has will and skill to do it.

There is some reference to gaps in skills for customer service and a DOA based operation; but nothing on experience in running a business, managing cashflow, managing teams of remote workers and general leadership/day to day operational responsibility.

That we have been able to write extensive business plan should answer most of your questions, as it is clear that there is economic mind behind Teehe with understanding of this industry.
As for managing part of your questions, sure we have enough skill to run workers and organize development. As stated in business plan development will be handled by team of professionals. During this IPO Teehe has acquired additional talent with senior experience in software development which includes working in large teams and managing human resources.

customer service (for which you need customers in the first place so dedicated customer service personal shouldn’t be there at start, they can be recruited easily).

This is also what we have stated several times, that customers service will be hired in due time when need arrives.

Could we have some background on the experience of the management team on running a start up, scaling a business and other management functions of a business?

Sorry but no. That is the deal between @Peerchemist who recruited all team members and team members, that no information that can be linked to their real identities will ever be released in public. This same deal covers the Teehe managers who have founded the project.
We do understand your doubts and concerns, and wish that we have evidence to support it. We can only say that you have probably used products shaped by some of our members and consider their former projects highly successful.

As a last note, if you’re shifting the odds manually wouldn’t that open you up to fairly large exposures when other market odds are moving quickly? Are you allowing in-play betting?

We do not shift odds manually, bots will do that for us. And we will not be able to support in-play betting in very start as we have no concrete plans on how to implement it.

[Sentinelrv]

I’ve posted an altered version of Teehe’s FAQ on BitcoinTalk, /r/cryptocurrency, /r/peercoin and /r/bitcoin. Please check out each thread below and maybe post some supportive comments if you can, thanks!

• https://bitcointalk.org/index.php?topic=1005710.msg10915557#msg10915557
• http://www.reddit.com/r/CryptoCurrency/comments/30n6h9/around_4_days_left_to_purchase_equity_in_teehe/
• http://www.reddit.com/r/Bitcoin/comments/30n6qj/around_4_days_left_to_purchase_equity_in_teehe/
• http://www.reddit.com/r/peercoin/comments/30nbjn/extensive_teehe_faq/

[Sentinelrv]

Peerchemist, you have a question here…

Around 4 Days Left to Purchase Equity in Teehe Sports Book & Casino DAO...

[cryptog]

A) It seems that taking sports betting is illegal in the US. http://vegasclick.com/online/legal.html ?

But if the company is not registered in the US and if the servers are not physically in the US, teehe would not be illegal regarding A) either.
That is the power of a DAO.

[Teehe]

It is impossible to apply those laws on Teehe due to decentralized ownership and use of decentralized currency.

Also, we are currently studying a different approach to our platform design where we would use blockchain to provide Teehe API, eliminating need for front facing servers.

edit:

To be clear, we would still opt for having a website as frontend. As that is what customers expect and there is no real danger in implementing it in this way.

[GreatScott]

Also, we are currently studying a different approach to our platform design where we would use blockchain to provide Teehe API, eliminating need for front facing servers.

Your cards! YOUR CARDS!

[Teehe]

Nothing to see here, move along.

[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