The power of some good news in crypto is comparable with the power of reporting a GREAT AMAZING quarter in "real world".
Today, FunFair a company that wants to be (or is?) a decentralized gaming platform powered by Ethereum smart contracts, released some news about their action post-ICO, progress with their product and plans for the future.

<center> ![](https://steemitimages.com/DQmYM4asQkmBxQY8yQqABwxvEaijsftC4X4rWCNYrXVj7NY/image.png)</center>
<br>



In a [beautiful report](https://funfair.io/company-update-august-2017/) that was well written, concise and quite FUN to read they answered most of the pressing questions:

**Did they sell all crypto immediately post-ICO?**
Noup
>As you probably heard back in June, the Phase 1 FUN Token Presale raised $26m in crypto at the time. Much of it came from institutions in the days preceding the launch.  The bulk of the funds raised were in Ether (ETH), which promptly dropped in value almost immediately after our token event, before we had the chance to sell any into fiat ($ or €). Almost every cryptocurrency except Bitcoin (BTC) dropped during this mini-crash.
As a result, a few weeks after the 22 June token event – when ETH had been at $325, BTC at $2565 and BAT at $0.017 (of which we received $2.4m, and whose price then halved) – our initial $26m ‘token sale’ holdings dropped in value to as low as $15m.
Although some investors believed we should have immediately sold all of the crypto into fiat to de-risk our position entirely, we didn’t get the chance. Also, it wouldn’t have been good value and we’d have taken a substantial loss had we done that at June/July prices.
We decided on a treasury policy that would slowly sell down the crypto into fiat and take advantage of de-risking opportunities whenever they arose. We were fairly confident that ETH would return to its previous heights in due course so we focused on selling the other cryptocurrencies that were at or close to their price at the time of our token sale event, or close to an all-time high (ATH).

**How much money do they really have then?**

A lot.
>As of today (31 August 2017), we’re holding around $6m USD in cash (mostly in Euros) which will keep the lights on for many months. At our current size it would last more than two years but we’re rapidly expanding our team so the monthly burn goes up. At all times we intend to hold at least six months’ runway in fiat and will continue to sell our crypto assets as needed, or whenever there are good opportunities to sell well.

>Thus total holdings – today – are approximately:

>Cash: $6m

>BTC: 1500 ($7m)

>ETH: 50,000 ETH ($19m)

>Total: $32m 

The awkward moment when you realize these people made 6mil$ profit from June just by HODLing. Damn.

They updated that they are working on a lot of casino games: slots and table games. Made sure to say that they are NOT a casino, never will be, just a company selling TO casinos: games and such on the blockchain!

Of course, all this was more or less expected because...after all..they did raise 26mil$ TO MAKE THESE GAMES! but the question and insecurity came from the what will the phase 2 of ICO bring. 

>Instead we expect to burn a substantial amount of tokens to reduce the number of outstanding tokens, and we will sell a much smaller number in a highly targeted Phase 2 token sale that will be optimized to raise awareness and open up new markets (in Asia, etc). The rising value of our existing crypto holdings due to BTC/ETH price increases and the reduced requirements for funds in Phase 2 have enabled us to find more efficient ways to deal with the current overhang of tokens and better protect token value which benefits all holders equally.

This is the moneyshot, the good news, the "this might not be a shitcoin maybe afterall" moment for a lot of people following this project.

I invite you all to read the report, if anything, to see how a company should communicate with their fans while also winking to its investors and bringing in new money. Not that you care but you know, just for FUN. ( had to do it).
----

But let's go back to our theme: Cryptomarkets being insane. 

Minutes after this report was published the price started to go up and up. Can you guess the EXACT minute it was published from this graph below?

<center> ![](https://steemitimages.com/DQmYdDkByWmSYEctovrmCxsCUwrWhDjnP8jNQhqyhZjGVNr/image.png) </center>

Oh yeah. Crypto and news. We'll see what's next and if it goes back some previous levels, hit a new ATH and stay there or what. Who knows? 
But we are living in some kind of parallel universe where a company that has yet to deliver any real world application yet just added 25% to its marketcap by a well written article. 
Good games guy!

PS: This is not written by a FUN bagholder!

So what do you think? Is FUN worth the hype?