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Knifepro01playz

KickStarter Ossic Disapears

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Posted · Original PosterOP

Original article: https://techcrunch.com/2018/05/20/after-tens-of-thousands-of-pre-orders-high-end-3d-headphones-startup-ossic-disappears/

 

After a successfull Kickstarter Raising $5.9 million and Tens of thousands of Pre-Orders for their much looked forward to "3D Sound" Headphones, Have announced on the weekend that they will be shutting down the company and all Kick Starter Backers Will NOT recieve a refund

 

Tech Crunch Reported "The company raised $2.7 million on Kickstarter and $3.2 million on Indiegogo for their Ossic X headphones which they pitched as a pair of high-end head-tracking headphones that would be perfect for listening to 3D audio, especially in a VR environment. While the company also raised a “substantial seed investment,” in a letter on the Ossic website the company blamed the slow adoption of virtual reality alongside their crowdfunding campaign stretch goals which bogged down their R&D team."

 

 

I really Hope they rethink what they are doing with the no refunds as it is complete BS that all thoose people who have put $1000 in each will loose it all even if they could do a 50% refund would be better then nothing.

 

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You need to add a quote box for the article’s material and personal thoughts. 

 

I wish the backers the best of luck on the lawsuit as 1K is a very significant investment for the common man. 


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And this is why I don't believe in Kickstarter as a model. If the slightest problem occurs people take their money and run. Also who the fuck pays $1K for headphones even if they're on the market already?


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wonder where the fanboy calling this headphone revolutionary went


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20 minutes ago, orbitalbuzzsaw said:

And this is why I don't believe in Kickstarter as a model. If the slightest problem occurs people take their money and run. Also who the fuck pays $1K for headphones even if they're on the market already?

People need to accept it as a gamble when they go into it and that they might lose any money they hand over. The fact some want to file a class action lawsuit shows these people considered it more that they were buying a product. Which is the wrong way to look at it


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1 minute ago, Rupe said:

People need to accept it as a gamble when they go into it and that they might lose any money they hand over. The fact some want to file a class action lawsuit shows these people considered it more that they were buying a product. Which is the wrong way to look at it

I mean if you back it you kinda expect to get a thing sooner or later.


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5 minutes ago, orbitalbuzzsaw said:

I mean if you back it you kinda expect to get a thing sooner or later.

I mean you can weigh up the probabilities as to what you should expect, if it's a company with no former history of producing a product it's definitely more risky. Such is the case with this, and as we have seen with other projects in the past


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1 hour ago, Knifepro01playz said:

After a successfull Kickstarter Raising $5.9 million and Tens of thousands of Pre-Orders for their much looked forward to "3D Sound" Headphones

 

1 hour ago, Knifepro01playz said:

in a letter on the Ossic website the company blamed the slow adoption of virtual reality alongside their crowdfunding campaign stretch goals which bogged down their R&D team


They have tens of thousands of unfulfilled pre-orders, but at the same time claiming that there isn't enough demand for the product due to slow adoption of virtual reality?
Sounds like bullshit to me.


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That's messed up man.


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58 minutes ago, Technicolors said:

no refund is unacceptable 

I don't think so, kickstarter is clearly a funding mechanism to gain money to finish developing and to release a product. but like any start up their is a high risk of failure. The people that pay should of know this, they should of been ok with the idea of losing the money and not getting anything out of it, other wise don't fund this kickstarter. If you really wanted to product then wait for it to release and buy it then, it you don't want the risk of losing money.


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Ponzi?


 

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3 minutes ago, Shreyas1 said:

Ponzi?

Nah.
Ponzi schemes at least pay out the early investors.


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1 minute ago, Shreyas1 said:

Ponzi?

 

Quote

operation where the operator provides fabricated reports and generates returns for older investors through revenue paid by new investors, rather than from legitimate business activities or profit of financial trading. 

By definition no its not, but that by no means their is no foul play, but from the OP I don't see any. But I did not read the article to I am not 100% sure.


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22 minutes ago, The Benjamins said:

I don't think so, kickstarter is clearly a funding mechanism to gain money to finish developing and to release a product. but like any start up their is a high risk of failure. The people that pay should of know this, they should of been ok with the idea of losing the money and not getting anything out of it, other wise don't fund this kickstarter. If you really wanted to product then wait for it to release and buy it then, it you don't want the risk of losing money.

makes sense, it is an investment kickstarters. still sucks you don't get a refund 

 

i think people are willing to pay this time so they can reserve one. 

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1 minute ago, Technicolors said:

makes sense, it is an investment kickstarters. still sucks you don't get a refund 

 

i think people are willing to pay this time so they can reserve one. 

It does suck, I would be nice if they can do a refund but usually when it gets to this point all the money is gone.

 

I just get annoyed when people act like its a pre-order from amazon, when its not. People need to think twice on if they should fund it. here is some basic questions.

Does the kickstarter seem possible?

Do they have prototypes or products already made?

Do they have a business plan?

Have they worked on other successful projects before?

 


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Yay for kickstarter being what it is!


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4 hours ago, ARikozuM said:

I wish the backers the best of luck on the lawsuit as 1K is a very significant investment for the common man. 

Ah yes, those plebeians. Ridiculous that they should consider a mere $1000 a lot of money.


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2 hours ago, The Benjamins said:
3 hours ago, Technicolors said:

no refund is unacceptable 

I don't think so, kickstarter is clearly a funding mechanism to gain money to finish developing and to release a product. but like any start up their is a high risk of failure. The people that pay should of know this, they should of been ok with the idea of losing the money and not getting anything out of it, other wise don't fund this kickstarter. If you really wanted to product then wait for it to release and buy it then, it you don't want the risk of losing money.

The problem with looking at it as an investment is that when people invest in risky start ups, it's for a percentage ownership in the company. You're assuming risk, but you also have the potential for reward beyond your initial investment. Also, if the company later on realizes their business model is not feasible, all remaining assets are split by the investors. In this case it looks like they took the unspent money, took the assets, and ran. Pre-purchasing with only the potential for loss is not the same thing as investing.

 

With that being said, I agree that people paying for things like this on Kickstarter are silly if they get upset. It's a broken platform. There are little to no controls to hold the start up accountable, so you should very much consider it lost money if you buy in.

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How to become a millionaire in 201X.

1. Make Kickstarter about literally anything

2. Promise it to be THE BEST THING EVER MADE

3. Literally do nothing but fancy renders and fake commercials

4. Get all the $$$

5. Shut the company down and have a happy life. 

 

 

Edit: oh yeah and blame someone for something whenever you want. Either in the beginning so you can say 'damn, but told ya' in the end, or in the end so you can say 'damn, f#ck the others' later. 


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2 hours ago, The Benjamins said:

 

By definition no its not, but that by no means their is no foul play, but from the OP I don't see any. But I did not read the article to I am not 100% sure.

Do you have any substantial evidence any work was done before, during or after the Kickstarter campaign?

 

If not, it absolutely fucking is a Ponzi scheme.

 

Of course people that encourage this kind of garbage like crowd funding dress it as 'It's an investment, it always carries risks!"

 

In reality, many of you end up giving money to this fucking guy:

 

 


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4 hours ago, Rupe said:

People need to accept it as a gamble when they go into it and that they might lose any money they hand over. The fact some want to file a class action lawsuit shows these people considered it more that they were buying a product. Which is the wrong way to look at it

The thing is, this is nothing like actually investing in company where you end up with a share in the company. Rather, Kickstarters portray themselves like a store where you purchase tiers and get a finished product and/or other goodies of non-value return. And since it's a store with virtually no consumer protections, that's where things turn ugly. 


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The $1,000 tier is for the dev kit and only only 80 people ordered that. Nearly 10,000 people payed between $200-$280 for the headphones. The kicksharter page says dev kits were supposed to be delivered in Aug of 2016... So not too surprising that it didn't come to fruition.

 

Hope the backers can see some kind of recourse, but how have people not realized by now that if you back a project you have to consider that you might get absolutely nothing a real and likely possibility.

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