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 âon topâ. DAO concept is still young and unpolished.
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.
Hmm, it is a pity you seem annoyed by mere fair questions or interrogations from potential investorsâŚ
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)
No, there was no annoyance experienced. Just wanted to give you a fresh look on that.
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.
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.
The managers of Teehe declare that this IPO is now terminated.
As stated in Prospectus document, IPO will be terminated before April 1st, 24:00 UTC.
IPO has failed as minimum of $90,000 was not pledged by investors.
We will start payback procedures within 12 hours, depending on manpower available and we expect to finish it within next 48 hours.
We have received a decent number of requests today as last minute request to participate, and they have all been declined. We are sorry if we did not answer to everyone with explanation and we consider this post a proper explanation for our declining.
Some statistics:
Total pledged and deposited funds stand at just under $60,000; also $3,000 authorized but not delivered and $4,800 offered but declined by the managers in last 48 hours.
Great majority of funds have been deposited in form of Bitcoin.
Bitcoin also experienced great loss of value during this period, sliding down from $290 to low of $236 endangering value of pledged funds.
Just under 30 persons have participated in this crowd funding.
Total number of inquires was not much larger, at about 45.
About 190 messages was exchanged with investors in private.
This forum has 134 comments and is second most viewed post on this forum of all time.
Even though we promised total anonymity, about 40% of applicants either used standard alias or provided more than enough information to deduct their identity.
Some applicants presented their real name.
It is guaranteed by the managers that no information will be leaked and all evidence will be destroyed after payback is complete.
We thank you all for supporting us and asking right questions. Thanks to those who doubted us for keeping the balance.
Good question.
Majority of applicants decided to stick with minimum deposit, and we have learned that is mostly due to lack of trust for this kind of fund raising. So we do not believe that lowering barrier would help it succeed.
We can only state that this fund raising was 100% success as marketing stunt.
However we have decided that we will not disclose any information about the project, at least not in due future.
What are the reasons for this failure?
Possible reasons:
not enough solid business plan
not enough marketing efforts
not enough communication with the interested individuals
not enough transparency
not enough interest from people at this stage
bad timing.
What ever the reason is, I believe that it was a nice try and I thank the Teehe project members for their time.
I still believe the project is promising and would create a substantial demand for NuBits.
I wish you could do it again after improving where it needs to be improved if you judge there is such improvement to do.
