If you have any problems requesting the refund please contact us, we will assist. Make sure to mention your wallet address in the message.
The refund process is automated and is handled by the smart contract. We don't have access to the funds and can't send them manually if you have troubles requesting them. We can only help you make the request properly.
Dear EtherJack Investors,
The current situation is: within 2 months we have collected 100 ETH for the jackpot, but 233 more are required. The goal is still far away, and the progress stalled.
We can't possibly start the game with 100 ETH in the jackpot, because the contract is immutable and it is coded to only start with 333. By design, it's isolated and protected from everyone's (including our own) influence. The intention was to make the game fully transparent and fair, so that there's a guarantee we can't change the rules at any time, but as the result we can't adjust the rules even when it would be in everyone's best interest.
We've spent the advertising budget on advertisement and more on top from our own funds. We tried many different kinds, some worked well, most didn't work at all. Right now, the channels that worked, stopped working: looks like everyone who wanted joined, and the others don't want to join. We are pretty much out of advertising options. The ones available are very expensive, beyond the possible budget and beyond what we can invest into the project additionally. We've invested a lot of money into creating the game and into marketing (and keep putting more right now), and it hasn't generated any revenue at all for us.
When we started the project in fall 2017 we were completely sure that collecting Ether for the jackpot would be a piece of cake. The planned 333 ETH at the time was worth what 100 ETH is now worth in fiat, so we weren't that wrong in that. But the reality is that most of ICOs out there are just money-grabbing machines simply reinvesting the collected funds into advertisement, they make advertising too expensive, and we just can't compete with them.
We've learned a lot about how the ICO scene looks from the other side (it's ugly). After we settle all business with the current game iteration, we are going to write and publish an eye-opening article on that. We ought to do that, with what we have learned.
We asked the community whether we should continue collecting the prize fund, or abort the game and refund the investments. The opinions were divided.
A week ago we agreed to set an intermediate goal to collect 20 ETH more within a week. Today we see that this goal has not been fulfilled. As agreed with the community and promised, this means we are aborting the game and refunding the investments.
It's the only "special ability" we left for ourselves, to initiate the emergency refund return procedure until the game starts. If it's initiated, each investor can pull their jackpot contribution (80% of the money sent to the game, the other 20% went to the advertising fund and was spent) back from the jackpot fund.
We changed the website into one single button to request refund via MetaMask, and instructions on how to do that with other wallets. It's NOT necessary to possess the tokens to receive the refund, it's only based on records of incoming payments, not on token balance. If you have tokens in the Vault, it's OK, no need to spend Ether to pull them back. The request must be sent from the same Ethereum address as the ICO transfer.
We do realize there are a few people who mistakenly bought from exchange accounts and can't request the refunds. The plan is that after everyone has received the refunds (but not earlier than in 2 months, by the contract's conditions), we have the ability to terminate the contract and receive the remaining unrequested funds. We then will be able to use that remainder to manually reimburse those people who weren't able to request the refunds through the contract for any reason. The payment and refund records are in the blockchain, so they can be easily and reliably verified.
After everyone gets their money back we can start a new game with much smaller jackpot goal. We will need some time to tweak the contracts and other software to address the large amount of suggestions we received so far. We will also definitely add the ability to start with a smaller jackpot.
We understand that aborting the current EtherJack round would harm our reputation and your trust towards us. Whether starting a new EtherJack is worth it, will be up to the community to decide.
If the game is aborted, JACK tokens have no practical use. There's no sense in sending them out, and it's all within our promise to award them "after the game starts", the game just never starts. However, we still have all the records on who should receive how much, so if we run the subsequent game with a smaller jackpot, we will award bounty program members with the tokens for the new game. They did great works for us, we have to compensate them for their efforts if the game launches in any form.