Tezos has finally come up with a way to refund investors who submitted their contribution too late or under the minimum equivalent of 0.1 Bitcoin (BTC). On their website they acknowledge the fact that doing so is "not trivial". Reading between the lines this is an explanation for why it has taken this long to start the process for the promised refunds. Further on they explain that they have been working on a website that will support in returning the late and/or sub-threshold investments to the original owners. Note by the way that the Tezos foundation was not legally obligated to do so. In the terms and conditions it was stated quite clearly that there was a minimum contribution and that anything below that was considered a donation. More on this in my previous post about Tezos: https://steemit.com/tezos/@attalis/tezos-holding-on-to-your-contributions-under-0-1-xbt
Good news so far then. People are getting their investments back (minus the transaction costs).
However there is more. If your contribution was below between 0.05 and 0.1 BTC you are now also eligible to receive the allocation you would have received if there was no threshold. So you have the option to either receive BTC (or ETH if submitted with that) or actual Tezos tokens after all. It is further explained as follows:
"The application will let contributors sign a refund request with their Tezos private key. The refund request will contain Bitcoin and Ethereum addresses of the contributor's choosing to receive their funds back. What's more, contributions that fell below 0.1 BTC but above 0.05 BTC will have the option of either being refunded or being counted towards the recommended allocation. Contributors who contributed above the threshold but also made sub-threshold Bitcoin transactions will also have the opportunity to request a refund for these transactions."
There is no mention of Bitcoin Cash in this announcement. However I can confirm as per my email communication with the Tezos foundation that they also intend to return the corresponding Bitcoin Cash, which probably will have added to the complexity of the refund process:
"For refunds any Bitcoin Cash will be returned as well."
So great news for anyone who, like me, was stupid enough to not properly read the terms and conditions and thus made a sub-threshold or late donation.
With the insane amount of Tezos tokens out there, I am not sure if I will opt for Tezzies (Tezos tokens) or not. Most likely I'll take the BTC and buy some Tezos when they decline in value due to anticipated high selling pressure.
What will you do?
Let me know below and stay tuned!
References:
https://www.tezos.ch/pages/contribution-refund.html#contribution-refund?t=1&cn=ZmxleGlibGVfcmVjcw%3D%3D&refsrc=email&iid=0f5bf6ceed044c6d9030b7111cc2834b&uid=881066200100425730&nid=244+272699400
Images:
https://www.google.co.uk/search?q=tezos&rlz=1C1GGRV_enGB751GB751&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjG5JbY16fVAhVkJMAKHb-WBkIQ_AUIDCgD&biw=1280&bih=566#imgrc=K2hVT1hqOIgfxM: