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So far, PLAY has raised 1,788.94525968 BTC. In order to avoid unnecessary disputes, we hoped to preserve the fund during the fund-raising period in principle.

However since last week, the rate of Bitcoin has been dramatically fluctuating, so in order for PLAY to work as planned, we need to secure the value of the fund we raised to prepare for all possible contingencies, we decided to sell part of the Bitcoin and convert them to fiat and BitCNY.

To be more specific:
We sold out 1,000 Bitcoin in an exchange and got  1,197,344.88 CNY after the withdraw fee cut (making it 1,197.34CNY/BTC). We have also converted part of the fiat to 300,000 BitCNY.

We hope it could be understood that this operation is done in emergent situation and we hereby promise we will never send the raised BTC back the fund-raising address.

We thank for all the trust and investment from all of you and we will try our best to secure a healthy development of PLAY.
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Offline xeroc

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We have also converted part of the fiat to 300,000 BitCNY.
Nice move ..
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sumantso

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We have also converted part of the fiat to 300,000 BitCNY.
Nice move ..

What? Selling at the bottom?

It was suggested to allow options in BitUSD and BitCNY during the fundraiser, maybe even offering them bonus. If that was done they wouldn't have lost almost 30-40% of the investor's money by now.

Offline btswildpig

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We have also converted part of the fiat to 300,000 BitCNY.
Nice move ..

What? Selling at the bottom?

It was suggested to allow options in BitUSD and BitCNY during the fundraiser, maybe even offering them bonus. If that was done they wouldn't have lost almost 30-40% of the investor's money by now.

If I sell my BTS at 0.34CNY  then  buy back at 0.05CNY I can have 6.8 times more BTS than I have now .
Anyone's suggestion could be wrong , because no one can say anything for sure at the highly speculative market .
I just bought some more BTS at 0.07CNY , I can be wise , I can be foolish .
« Last Edit: January 16, 2015, 12:27:38 PM by btswildpig »
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

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It's hard to say 193.55$/BTC is the bottom... No one can know for sure.
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sumantso

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It's hard to say 193.55$/BTC is the bottom... No one can know for sure.

I'm no trader and even I knew there will be a rebound regardless of BitCoin's long term prospects. Selling on the day when it was crashing was downright amateurish and reeks of panic.

Why didn't you convert as soon as you were raising them? You can't say hindsight as you all were specifically warned long before the fundraiser started. You could've easily avoided it by allowing BitUSd and BitCNY options too.

As things stand, even if BitCoin goes up you've lost some 20% of investor's money.
« Last Edit: January 17, 2015, 12:16:13 PM by sumantso »

 

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