BitTorrent ICO Update: TRON Offering Consolation Round

While Binance and the TRON Foundation celebrates a successful crowdsale, where they raised $7.1 million in under 15 minutes, the cryptocurrency community is furious. Some investors are blaming the token-sale organizers for a non-transparent procedure and technical issues which prevented them from taking part in the event and potentially caused significant losses. The much-hyped and long-awaited BitTorrent initial coin offering (ICO) started on Jan 28, 15:00 UTC and finished 15 minutes later — as all tokens were sold out. A frenzy of excitement and astronomic demand resulted in technical issues and prevented some investors from taking part in the crowdsale. [bctt tweet=”The sale was carried out in two parallel processes for TRX and Binance Coin (BNB) holders. However, less than 1,000 investors could purchase BTT coins — and all of them placed the highest allowed orders.” username=”beincrypto”] Many traders were furious because the platform was not ready to handle a flood of interested investors. Some buyers complained that there was no ‘buy’ button on the screen, or had to observe an error message written with Chinese characters — with some users even that now they know at least three words in Chinese. Those who managed to hit the ‘buy’ button first received a notification that their order was in a queue before receiving a rejection due to the end of the crowdsale. Many traders were deeply disappointed with the experience and Binance did not live up to their expectations.

Whales Made Bank, Fish Got Wrecked

The head of Binance, Changpeng Zhao, has acknowledged that the upper limits should have been lower to allow more people to participate in the ICO.

Order of requests was preserved. It should have finished in a few seconds (far less than 18s actually), the server glitch just delayed the results. So, no need to redo. We should have set the upper limit lower so that more can get some. Mislead by all the "bear" cries… https://t.co/RSnQnZNLdx

— CZ Binance (@cz_binance) January 28, 2019

However, the community did not buy Zhao’s argument and pointed out that many people were buying TRX and BNB tokens specifically to participate in the token sale and lost money — as both tokens devalued right after the ICO. [bctt tweet=”It is but natural that the ICO attracted a lot of interest — but the platforms were poorly prepared to handle the flood of buy orders. As a result, whales banked the profit, while the small investors got wrecked once again.” username=”beincrypto”]

Grand Gesture or Mere Pittance?

To calm down the outraged community, Sun promised an airdrop for the investors that were not able to purchase tokens due to technical issues. Changpeng Zhao supported the idea. According to the latest tweet from Sun, a BTT airdrop for TRX holders will be held exclusively on the Coinsuper platform. However, no details are available as of yet.

#BitTorrent(#BTT) airdrop for #TRX holders will be available on @Coinsuper_OFCL. #TRON $TRX pic.twitter.com/mNkSJYTfH9

— Justin Sun🌞 (@justinsuntron) January 29, 2019

What do you think about the BitTorrent ICO? Let us know your thoughts in the comments below!