Spectiv Update 12/18/2019
Hey everyone,
This will likely be the final update we make as a company. We have done a lot of thinking, and have realized that the best plan of action — to guarantee the best possible outcome for our community — is to shut Spectiv down.
Unfortunately, the cryptocurrency market crashed over 90% in the months following the Spectiv token sale. This has made company operations quite difficult. If we had run the company at max capacity, we might have expended all the capital within a year’s time.
So after about 8 months of working extremely hard developing the Signal Token Marketplace and the Spectiv VR Platform, we made great efforts and personal sacrifices to minimize all company expenses in order to preserve as much capital as possible.
The problem is that the cryptocurrency markets have only gotten worse over the past 2 years. This has put us in a position where we have two choices; to slowly bleed the rest of the capital out on the few expenses we still have, or giving what we currently have back to our community.
We have chosen to give you guys what we have left, through a partial refund. We are allowing the Spectiv community to sell us SIGs for ETH. at a price outlined below because this is the only way there would be enough liquidity for everyone to sell.
We are currently sitting on ~1200 ETH in total, which we have allocated primarily towards this partial refund period for our community and our group buyers. The amount of ETH we have is exactly enough for us to buy back SIGS from the community and group buyers at a predetermined price, and pay off remaining company expenses. The partial refund period will run for 45 days from when this email is sent, and after that, there will be no further opportunity to participate.
Spectiv will be buying back Signal Tokens at a price of: 0.00000175 ETH/SIG, which is actually higher than the current market price of Signal Tokens. We are doing this because we truly value our community, and want to at least give you the chance to get back some of the ETH you originally spent on SIGs.
SIG Refund Form:
https://forms.gle/KDD5u8evfnaeFaoB9
To qualify for your refund, just click the link above and fill out the form. Then, send your SIGs to the wallet address below (also in the form), and within 5 days you will receive your assigned ETH amount. Here is the wallet address:
0xbb640f38ed9fba04815dfabefdd6f3eebbbf38d0
FAQ:
- Why didn’t you “cash out” in December when the token sale ended?
There may be some misunderstanding here about when Spectiv actually received revenue from the token sale. Although our token sale ended in early January 2018, we did not receive any of the actual revenue until February 2018 due to the time-consuming process of executing the token distribution correctly. We went through a lengthy audit process with Baker Tilly Mauritius before distributing tokens. By the time we received the ETH from the token sale, it had already fallen over 40%. We did sell some of the ETH to cover near-term expenses, but we held most of it. We’ve said it before and we’ll say it again, we always believed the best course of action was to hold and sell as we needed to spend. We did this because of our confidence in the future of crypto — the same confidence you all share. To have faith in the future of Spectiv, it was only natural we have faith in the future of the Ethereum ecospace. To have made a major sale at any point in this process would have been to contradict everything we represent.
2. What has all the token sale revenue been spent on?
We have always been very transparent on our use of company revenues. Earlier in 2019, we released an article breaking down all of our capital expenditures up to that point. Please read this article if you have not:
https://medium.com/spectiv-vr/2019-spectiv-status-update-5412b4f409a5
Since the release of that article about 10 months ago, the remaining ETH we have has gone from 2200 down to about 1200. That 1000 ETH was spent on minor wages, hosting/databases, rent, legal work, group buyer partial refunds, etc.
A Note from the Founders
-The two founders of Spectiv are Nick Ravanbakhsh and Dylan Senter. As you can probably guess, this is a very difficult moment for us, but we strongly believe this is what’s best for the community. From the start, that’s what this has always been about. We have not paid ourselves a single dime from Spectiv ever since the public token sale. On the contrary, we have actually contributed several tens of thousands of dollars of our own income from separate business ventures to minimize Spectiv’s ETH liquidation and extend its runway. We only ever paid ourselves a salary in 2017 immediately after the August token pre-sale, but have not been paid from Spectiv at all within the past two years. However, we always made sure our employees and contractors were properly compensated. We put them before us, and we want to put you guys first. We hope you’ll appreciate this token refund as a last thank you gesture for all of your support.
If you have any other questions please feel free to email us at: dylan@spectivvr.com or post them in our telegram t.me/spectivtelegram. I will likely schedule a live Q&A to answer any final questions people may have
