How does IPO work? Who can buy?
IPO is closed now. I asked my friends whether they fund my coin and I offered them an IPO. 3 of them interested. They are the IPO holders now.
Got a couple of queries for you here, why have you sold the IPO before mining even started? The ANN says it won't be sold for five days, or until daily volume equals the IPO amount, presumably to prevent dumping? So why has it been sold already?
Also, how does selling it to your friends benefit the community and the coin? Your Initial Private Offering does nothing to ensure a fair distribution, just the opposite in fact.
Less than 275,000 coins have been mined by the whole community at this moment, and your three friends have 700,000 between them. Not good.
And how much was it sold for? What was the price per GRE, how much BTC was received in total, and where is that BTC? Will you supply the address for the community?
In the interest of transparency, I thank you in advance for your reply.
So, first question, I do not understand. IPO supposed to be closed when mining starts, cause IPO is for inverstors who want to support the project, and they get coins for their trust and money. 2nd and 3rd question, makes no sense, IPO is not sold already cause we are on an exchange for a couple of hours, volume is so low that selling the IPO is impossible.
4th question: I made a Pre-Ann a week or 2 ago and all I got was negative comments, saying scam, begging letter and other not really nice things. NO ONE THOUGHT I TRUSTWORTHY ENOUGH, which is not understandable, because I gave my full name and some data about me! So as NO ONE wanted to fund my project, I asked my friends and as they know I am honest and trustworthy, they gave me the funds. So selling the IPO to my friends, was the greates help to the community, because that helped me to bring this coin to life!
5th question: The BTC and FIAT I got from my investors was exactly the amount I needed to launch this coin.
