WePower Owned By The Whales

WePower, a new blockchain-based green energy trading platform, has just released their IMPORTANT UPDATE: pre-sale results, token supply, hardcap and individual caps that got a whole lot of potential investors on a rampant rage streak on their telegram channel.

Here are some of the note-worthy updates quoted from the said Important update article:

Presale of $3M USD

During the public pre-sale, closed on the 27th of October 2017, WePower sold tokens for 3 million USD with 25% bonus. Bonus tokens were not locked.

An unannounced 75% token sale to the whales

During the private pre-sale, which ran from the 27th of October 2017, to the 24th of January, 2018, WePower sold tokens for 27 million USD with custom bonus levels up to 50%. Bonus tokens were locked for 12 months with a vesting schedule for every 3 months from February 1, 2018.

Private pre-sale Whale Power

Average private pre-sale ticket size is 566 ETH (equivalent to 566,000 USD).

0.2 ETH individual caps for the first 5 hours (to feed the Whales)

The interest in WePower has been outstanding with over 70,000 white-listed potential contributors without any slow down after the white-listing was closed on the 17th of January, 2018. We closed our white-listing with 49,000 confirmed people and we will add additional 1,000 randomly selected KYC completions done after the 17th of January, 2018. This brings the total number of white-listed people eligible to participate in our token sale to 50,000.

WePower went very low and sold off 75% of the tokens on a private pre-sale that was not mentioned on the RoadMap or elsewhere on their site. Potential investors are left in dismay that all their efforts in helping promote WePower was rewarded with this betrayal. Some members joker jests came out that they might as well rebrand their company to say WePoweredTheWhales or WhalePower to be in-line with that they just dumped on the would-have-been investors and now ex-promoters.

What triggered the investors is this action that WePower took, allowed 82.5% of the voting power to the platform to these pre-sale buyers a.k.a Whales. This meant that they ensured there will still be a monopoly in the green energy industry. A huge contrast to what blockchain stands for.

The sad part is that the remaining $10M "main sale" (what a joke sale) to hit the hard cap will likely be sold out even before it hits the first 5 hours mark as WePower promotion has already blown it out of proportions.

Do you have questions or want something for me to talk about? Please let me know in the comments.

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BTC: 1GNqY5CsYrkHvDf9Jj3bwSXhHogbvmXBmF
ETH: 0x6c2F7128363332965b92A6c71eee0276FF27E0cD
LTC: LbLb9DcNvKzp2ywtYCctiv5NfpzvSwg7Ve

Legal Disclaimer: Everything in this post is of my personal bias. Make of it what you wish. It is not an advice nor recommendation to buy or sell anything. It is meant for informative and entertainment purposes only.