Betbase.io ICO is officially over.
What are the results?
Bets: 12 017
Wagered: 2.47862884 BTC
Profit: 0.08241581 BTC
ICO crowdfunded: 5.86917865 BTC
Is it successful? Well, it depends. Site growth stats are amazing and new casinos are created every day. However amount collected is very low. It’s so low we had to think hard what to do next.
False assumption was that finished product is better than marketing hype based on pure air. ICO without any product was able to collect much more money so people don’t care that much about product itself. Odd, right? We rushed to have product done and ICO done before Christmas but we should have announced it way sooner so people can prepare themselves on the whole process. Lesson learnt. We are now working much more with press and we will be soon interviewed on coininterview.
Another part could be anonymity concerns. Although we are well known at bitcointalk and Johny is legendary user there, it’s hard to move that credibility beyond bitcointalk forum. We are also taking steps in that direction. After our lawyer examines the whole legislation and we assess our options, we want to reveal our identities.
However in our opinion the biggest problem is novelty of the platform. It takes time to create whole ecosystem, find casino owners, edit casinos, make campaigns for them and attract users. It may be hard to see all possibilities when we have just started.
Where this all leads?
After internal dialogues we have come up with conclusion that we will refund all money collected during ICO and we will not issue any shares – yet. We will fund the bankroll and cost of platform from our own pockets with help from individual investors who might reach us. Goal is to create healthy betbase ecosystem full of various bitcoin casinos and plenty of users. Only then we will launch another ICO. If you want to profit from betbase growth, don’t worry, ICO bounties will remain open until the next ICO – year or two.
So what will be the process of refunds?
Starting today there is 7 day period in which we will be contacting you and refunding you. You can also reach us at e-mail email@example.com or bitcointalk accounts (betbase.io or johny1976). After that there will be 24 hours in which you can contact our escrow (bitcointalk user Rhvar) and discuss potential disputes. Then the first ICO will be closed and platform will continue to work on its own.
ICO bounties will stay active until next ICO which will take place once the platform is well known and has growing ecosystem full of casinos and users – year or two into the future. Final decision is on betbase team.
We are working on another free scripts and new features for betbase.io so stay tuned! Betbase will be for now self-funded and if you want to invest in us, just contact us at firstname.lastname@example.org and we can discuss it.
We have just started.
To end this post I have to say that so far we have learnt so much during whole ICO process and met a lot of interesting people. I believe it will help us to spread betbase.io to broader audience beyond bitcoin ecosystem.
Thank you for all your support!