Instead of a month, it took only 5 hours to raise the funds. This is both good and bad at the same time. This is not hypothetical either; the project has been underway for eight years and is very close to launch. The funds raised are intended to power the non-profit company for the next three years of operation. So the Crowdsale: On the one hand this was very successful.
With a normal round of fundraising, that would be fine; fewer bigger supporters makes things simple. But when it comes to cryptotokens, where owning a MaidSafeCoin is as legally onerous as owning a Bitcoin, there really is no disadvantage to having more smaller holders of your token.
In fact, having a broader base means you have more people who are interested in your project and vested in your success. Tokens gain value as the project they power succeeds, so anyone holding your token will directly profit from your success. This is a powerful motivator. It was also a very predictable flop that we can learn from. Life is about variables, monetary fundamentals is entirely about variables.
When it comes to fundraising with a new token, there are three primary areas of concern. The market is a wild force and while you have some controls, it is not possible or even desirable to lock down every variable. For example, if you lock the Value and the Duration, there would be no cap on the amount that would be created. If the price is. So if 57BTC are collected during the Crowdsale week, tokens would be created. If 57,BTC are collected it would be , tokens created.
Everybody would have paid the same per token price, but at the beginning of the process it is impossible to predict the number of tokens that will be created at the end. They gave guidelines for the duration of the Crowdsale 4 weeks. Because both Quantity and Value were fixed and more value came in than was expected, it quickly blew through the quantity and eliminated the duration. Setting the number of tokens is not necessary, but is fine - Setting the price INSTEAD of the duration is absolutely catastrophic for community involvement.
The truth is we simply do not know what a fair price for a MaidSafeCoin is. The temptation is always to pretend we know important things, but when we tie ourselves to decisions formed out of what we wish reality to be, things like this can happen. My opinion is of course, not definitive. If someone buys in an uncapped crowdsale variable issuance that has a pre-mine Coins distributed before the coin launches , they have no idea how much that pre-mine is worth and have a hard time knowing whether it's a good decision or not.
And this is a point worth emphasizing, these are not normal funding rounds or traditional startups. They are experimental crypto-tokens, and they play by their own set of rules. Interesting times. This is an exciting project so I suspect the amount of support would have been surprising no matter the structure of the crowdsale.
Unfortunately there seemed to be concern about not raising the desired funds and an incentive structure was laid out that really, really incentivized people to jump in, but made the crowdsale much less profitable than it otherwise should have been. The materials of the portal may not be copied.
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