This post will be used as a Q & A page for the Crypti Launch. Please feel free to post questions in the comments section and I will add them to the list.
Important Update: The Crypti Pre-Sale is OVER. We have reached the 750 BTC cap as of July 15th (Day 5) of the pre-sale.
Table of Contents
Ask A Question in the Comments!
Pre-Sale Related Questions:
- How will the Crypti pre-sale distribution of funds work?
- How will the BTC raised and Crypti be managed? Won't you just run off with our money?
- Will the 15% Developer fund be vested?
- How do I invest in the pre-sale?
- Is there a total or per user cap on investments?
- Why does BTER have a warning about investing in your IPO?
- Why does BTER show 5000 CRSALE for sale?? I thought you said 750?!
- How do I find out how much Crypti I will get?
Post Pre-Sale Questions:
- The Pre-Sale is over, where's my Crypti?
- Well then can I trade my CRSALE on BTER?
- How will I know if I made it before you sold out?
- I sent after the 750 BTC cap, wheres my money?
Q. How will the Crypti pre-sale distribution of funds work?
A. The distribution will be broken down into 3 categories.
75% of the 100,000,000 Crypti created in the genesis block will go to the investors in the pre-sale. If your investment was 0.05% of the total money raised, you would receive 0.05% of the 75,000,000 Crypti.
10% of the the Crypti created in the genesis block will go to the development team, but will be decreased by 1% for every 50 BTC raised in the pre-sale. If we raise 500 BTC, all 10,000,000 of this portion will be given to investors by being combined with the 75,000,000 for a total of 85,000,000 to the investors.
15% of the Crypti created in the genesis block will go to the development team responsible for building Crypti up to this point. These funds have already been promised as salaries to the team members already working on Crypti and will be kept in a wallet by the Crypti Foundation to manage.
Q. How will the BTC raised and Crypti be managed? Won't you just run off with our money?
A. We understand your concern. The Crypti Foundation will control all funds raised in the pre-sale and all Crypti designated for development. These wallets will be open to the public for monitoring, run by the official Chief Financial Officer (CFO) of the Crypti Foundation who will also be the Treasurer of the Board of Directors. These funds will require multi-sig authorization in order to release funds.
Q. Will the 15% Developer fund be vested?
A. Yes. The Crypti foundation will have a vestment schedule that will last the course of 1 year. Every 3 months a portion of the developer payments will unlock based on code releases and milestones. This funds release can be halted by a vote of the Crypti Foundation.
Q. How do I invest in the pre-sale?
A. Please see our Pre-Sale Instructions on github.
Q. Is there a total or per user cap on investments?
A. Yes. The total cap on investments will be 750 BTC. Once we hit 750 BTC raised or the 30 day time period, the pre-sale will be closed. There is also a PER INVESTOR cap of 2%.
Q. Why does BTER have a warning about investing in your IPO?
A. This is standard procedure for a company like BTER who has to acknowledge possible price volitility to their customers. The truth is, a possibility does exist for the price to decrease and this needs to be acknowledged. We aren't trying to trick anyone and all parties involved want to make sure everyone is well informed about their decision.
Q. Why does BTER show 5000 CRSALE for sale?? I thought you said 750?!
A. The 5000 BTC sell order was a default one that BTER initially posted so that they wouldn't have to keep re-posting CRSALE for sale. That was prior to the final decision on the 750 BTC cap. Any investments made after the 750 BTC cap will be refunded. We will approach BTER in regards to lowering the number so it isn't quite so staggering.
Q. How do I find out how much Crypti I will get?
A. Check the Pre-Sale Ledger. Please note that as of 4:18 P.M. MST on 7/11/2014, we are still awaiting the API from BTER to incorporate BTER investments into the Ledger.
Q. The Pre-Sale is over, where's my Crypti?
A. The policy set with BTER and in our initial announcement was that the pre-sale would continue for 30 days. This would allow the development team time to polish up the wallet and finish testing and prepare for the mainnet launch.
This time was also to allow those who had second thoughts or who weren't sure about there investment, a 30 day window to request a refund. This was a requirement made by BTER in order for their users to feel more secure about their investments and to allow everyone to watch the development of the beta wallet and make sure they were happy with the product.
All of that means that the main net is still set to be launched after the 30 day period, which is 10 August 2014. At that time, we will create the genesis block and distribute the Crypti as per all agreements.
Q. Well then can I trade my CRSALE on BTER?
A. BTER does not allow for the sale of CRSALE on their exchange. The CRSALE is a token to indicate your investment and stake in the pre-sale launch of Crypti. You have until 10 August 2014 to request a refund by selling your CRSALE back to BTER. At that point, we will launch and Crypti will be distributed to investors. Until then, your CRSALE will remain in your account in BTER and is un-tradeable.
Q. How will I know if I made it before you sold out?
A. The Crypti pre-sale ledger is now available. Please check the Pre-Sale Ledger for details. When searching for your BTC Wallet address (Maxmint) or BTER ID, it will show you all of the details of your purchase. Purchases made over the cap or after completion are highlighted in RED.
Q. I sent after the 750 BTC cap, wheres my money?
A. If you were using BTER and invested prior to the removal of the buy order, your investment was logged and you received a CRSALE in the amount of your investment. That amount will stay on your account until the 30 day period is over. We are allowing a 30 day refund period for investors. If enough investors ask for a refund to bring us below the 750 BTC mark, we will award late comers, on a date/time of investment basis, the newly available amount of Crypti to get us back to the 750 BTC mark. If at any time you don't want to wait and would like your BTC investment back, simply sell your CRSALE back to BTER by using the open order.
If you sent investments to Maxmint after the 750 BTC cap was met, the same is true. Your investment will stay logged in the case of a large number of refunds. If we dip below 750 BTC due to refunds, the amount remaining will be issued to late investors based on the date / time of your investment. If you would like a refund immediately, please speak directly with Maxmint.
