Hello everybody,
Checkcoin update from Bitsend:
Our team is working hard to develop Checkcoin in all aspects and will continue to do so for the coming year. We believe in the ideas of combining GPS Geocaching with cryptocurrency and will continue to support the project as best we can.
The Checkcoin team wants to be transparant to the community and share the current status of the project. As we never had in mind to make loads of money on this project but rather to get this fun an innovative project under our belt, we put up a pretty low budget for a project like this as any project developer will agree to. In addition, todays Bitcoin price hasn't helped us, all the funds for development were held in Bitcoin to keep it transparant for the community but last week we had to make the difficult decision to sell them 30-40% under the price at the time of the ICO, to ensure further development of the project. If Bitcoin keeps on dropping we would risk having not much funds left to reach our goals. We have to find ways to make sure development does not stop because of having less funds available. Bitsend is willing to finance the project by adding funds from it's own but we will only be able to do so on a longer term. The latest meetings with potential investors were without results but we remain open for meetings with interested people and companies, Checkcoin has a lot to offer and will continue to grow in all aspects as a cryptocurrency. It also means that we from Bitsend have to find other candidates to continue the development process within our new budget. At this moment we can not start the closed beta because the software is not finished. We have several offers from developers but the costs would be too high for our budget to accept them, we will and are actively meeting with new developers to continue the process as soon as we can.
Bitsend still stands for 100% in support of the project and we will continue to do the best we can for further development of Checkcoin and the GEO location software. For this, unfortunately we are going to need much more time than originally planned to overcome current difficulties and move to the next stage. We are sorry that we can not release the GEO location software as soon as we originally hoped for. We will very soon make a new roadmap with a plan of action spanning the timeframe of the next year. This will include more detailed information about what path to follow as well as a new expected release date.
We have committed a lot of time, energy and money to the Checkcoin marketing and development and we like to continue to work hard to make it a success. Checkcoin is still in it's stage of development and has a long future ahead to grow. Thanks everyone for your continued support.
The Bitsend team.
Your stance and commitment speak in your favor. However the explanations given above are all but clear.
Let me suggest a few questions to help you shed light on the specifics :
- How did you fund the project until last week?
- Why did you sell BTC last week to fund the ongoing development? What has changed? Why last week?
- Why do you announce this 1 week later to CKC ICO investors?
- Did you sell all the BTC from the ICO or only a fraction of it?
- What is the degree of completion of the geo software?
- Why is it late in comparison to the original timeline?
- How much work/FTE is needed to complete the geo software?
- How much would it cost? What are the options?
- At what point in time can Bitsend fund the development of the geo software?
- What is your best estimate of geo software delivery? Or at least what are the scenarios?
- How would you provide a return to a potential investor? What would that person be investing in exactly?
Finally, why not asking for help within the CKC community first for development and funding?
Some tangible answers - even if controversial/disapproved - will help in the trust turmoil you're in.
