For Investors #7 – ICO & Crowd Sale Explained

Tai Zen: Hey! What’s up guys! This is Tai Zen, and I got my buddy, the Warren Buffett of Cryptocurrency investing here. So I was talking to McAuliffe about Slock to our fellow investor Eric G. And he was saying that he did some research and found somewhere that the Ethereum team realized they were running out of funds.

So what they did was they went and split the team up so that they would build their own apps, and what that did was it allowed them to raise more money to fund the project to keep the Ethereum stuff going. Whatever comes up with, and whatever Augur comes up with, they can use that.

Leon Fu: Augur came up with 5 million.

Tai Zen: If you take that 5.3 million on top of the 18 million or so, that the Ethereum raise or whatever the amount that I forgot. But whatever it was, you just add another 5 million on top of it.

Do you see that? When Slock comes out, they’re going to raise more. It’s the same from the Ethereum team.

Leon Fu: So why I think I’m going to be willing to commit a larger substantial sum to that because it’s the team that built Ethereum that has succeeded already.

Tai Zen: So it’s not like it’s an experimental or it’s not like there’s a risk involved with everything, but I don’t think the risk as far as the personnel is going to be the same as it was, the same level of risk in the personnel because they have proved that they can come up with it.

Leon Fu: When we invested in Ethereum in 2014, it was Vitalik and a big question was could he put together his team to pull us off, right? Who could you get on board, and it’s been phenomenal. You look at the people that he’s been able to put together to work on this, right? I think that’s a lot of the value is behind and Augur is that this is A team.

Tai Zen: So I have a little bit more confidence, and I would definitely invest a little bit more into Slock that I did into the Ethereum. Because Eric was saying that he found that they were doing this on purpose to split the team up, so they can raise more money for does that even matter.

Leon Fu: I’m not worried about that anymore because the Ethereum foundation has plenty of money now. Right now they have $15 Ether, the foundation has 2 million Ethers, that’s 30 million dollars. They’ve got 2 million Ethers, you can go read Vitalik’s blog post about a month ago published, what their financial standings were.

So they had 2 million Ethers which wasn’t a lot at $1, but it’s now $15. They are using about 100,000 a month, 150,000 a month, I think it was some neighborhood about there. The foundation is using about 2 million a year, probably, less than 2 million a year.

Maybe they might increase that because they got more funds now. But I don’t think that’s an issue now because of the value of Ethereum now. I read somewhere that they are going to sell 2 million dollars-worth as a hedge in case it goes right back down.

So they’re going to cash in some right now to make sure that if it crashes they won’t run out of money, they won’t go under the crisis. Do you know why they ran out of money when they did the fund round? It was because they raised 14 million which should have been enough to do everything that they needed to do. But we know they didn’t sell the Bitcoins for cash.

Then Bitcoins dropped all the way down to $200 for a while, as we remember. That’s the reason they were short on funding is that they didn’t lock in the price of the Bitcoins, at least they didn’t lock in a portion of the 31,000 that they raised.

And they lost 2/3 of that to the market. So what’s the foundation is doing now with this huge rally is they’re going to cash out some Ethereum, put that aside, I think they said they’re going to make sure they get around 2 million dollars, I think.

Tai Zen: That’s why the price keeps stalling every time it runs up because these guys are selling out.

Leon Fu: Well, I mean the volume is huge, I don’t think 2 million Ethers is going to stop the price for long. Especially you’re talking about 2 million Ethers, 30 million dollars on something that has a 1.1 billion dollar market cap now. So it can definitely absorb 30 million, sale of 30 billion. So is promising not just for the idea, but also for the people behind it.

And I would say the same with Augur, and it’s the 2 ideas that for those people that missed out on Ethereum, is to get on board to these. You know we got an excellent idea and we have a proven team that’s behind it, and I think that’s a winner.

Tai Zen: Hey, check this out. What about whenever you get the, right? What’re your thoughts on whenever they come out, you have any valuations or projections on what they’re capable of doing as far as value-wise?

Leon Fu: I read that the crowd sale, they are going to accept a variety of tokens, using Shapeshift. They’re going to use Shapeshift, they’re going to partner with Shapeshift to take anything because whatever you give them Bitcoin, Litecoin, Peercoin, whatever you want to give them, they’re going to convert it to Ethers.

And then they’re going to give you a 100 Slocks per Ether. There’s no limit that the crowd sale is going to last a month, they’re going to issue 100 Slocks per Ether.

That’s it going to be all the Slocks there will ever be. Let’s see how much money they raise, would be my thing. So let’s see what the start evaluations gonna be.

Tai Zen: How are they going to figure that out?

Leon Fu: Well, it’s very simple. If you take the number of Ethers they receive multiply the price of Ether at the time they finish the crowd sale.

So we’ll see how much money they raised. And that’s going to be the starting valuation.

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