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Offline Rune

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Okay so first of all, I'm so insanely exited for the birth of BTS!!!! It's going to be so freaking awesome, I can hardly put it into words. There'll be a new calendar, year 2014 = year 0. This is a complete gamechanger for humanity.

Okay, so on to the topic:

During the multi-DAC phase it made sense to have a centralized development team and an external funding pool to fund their projects and pay their salary. However, now that everything gets consolidated into a single blockchain, we can simplify and improve things tremendously, and we can drastically increase transparency. I want to stress that I argue for these measures not because I don't trust I3, on the contrary I have immense faith in them because they have really proven themselves to be absolute geniuses. Us, currently existing investors do not really need that much transparency, but these measures will be for new investors who will greatly value it, especially those coming from the altcoin community. With enough transparency, it will be so much easier for prospective buyers to decide to buy in, if they're able to see all the cards. As an investor that wants to see our DAC grow, I present these two measures I would like to see implemented:

Consolidate all assets and employees under the direct control of BTS

With the introduction of the revolutionary concept of share dilution in a DAC, we have gained an insane competitive advantage over any other blockchain due to the ability that we now have to rapidly fund development and marketing in a decentralized manner that scales infinitely. To ensure total transparency and optimal governance, we should have it as a rule that there will never be any middle men for paying salary i.e. any person who works full time and is paid a salary by BTS, must work directly for the blockchain rather than as a worker in some external, centralized management structure. With the introduction of share dilution there is simply no need for anyone to be employed by anything else than the DAC.

I would like to see every team member on this page http://bitshares.org/community/team/ apply to become a paid delegate after the hard fork. It would greatly increase transparency and understanding of the average shareholder about what exactly is being done, and who is doing it, and will MASSIVELY increase shareholder confidence and demand. I don't think anyone has ever seen a company structure like this before, the level of transparency will be absolutely revolutionary. Once the entire team has been integrated as paid delegates, it will provide an excellent showcasing to new developers that might be interested in working for the blockchain.

Also, now that BTSX has bought out AGS, that means we own 100% of what AGS donation are designated to be spent on. With the new capability we have to pay salary directly to team members, instead of going through an external entity, there is no need for these funds to be stored any longer. I propose that they are all used to buy up BTSX, and then burned. The only exceptions should be the funds set aside for the marketing push, and the funds that will be used to make the bitUSD buywall.

In the future, if a delegate wishes to raise a large, one time sum for a project, they should simply issue a user issued asset that is basically a bond for the project with a small interest rate. The bond will then be paid back by the delegate increasing their pay rate. This ensures that the DAC will never have to take on the risk of entrusting a single person with a large amount of money, but only people who specialize in judging risk will have to do that.

Create a forum for large stakeholders where EVERYTHING will be revealed, thus ending secrecy and implementing absolute transparency.

I have never been a big fan of the secrecy that I3 has had for stakeholders, but I fully understand they were necessary for competition reasons. However, now that BTS is maturing, I think it is time to implement a measure that will enable the community to have absolute transparency by proxy, through having independent people in the know. A forum for big stakeholders will allow at least a part of independent stakeholders to know everything that is going on, so they can relay to the broader community that everything is going well. As long as the required stake to gain access is large enough, there will be no chance that a competitor will manage to get in and steal an idea (if they bought that large a stake, they'd rather just collaborate). I'd say something like 0.1% should be the minimum to gain access to this private board. I think that eventually, when we have achieved the Network Effect, there will be no need for any secrecy at all, because there'll be no chance that people will choose to compete with us rather than collaborate.



As a shareholder, I think that if these measures were implemented then it would be such a HUGE value boost, due to the high demand for transparency, especially in the crypto world. It would really help cement the launch pad we are building to get ready for the marketing push and the Moon. People who are smart enough to understand will literally not be able to come up with a single reason why they shouldn't invest, or even bet the farm.

I currently own a couple million of shares, and the only thing holding me back from going all-in is the transparency. If I get a commitment that this absolute transparency will be implemented with the formation of BTS, I'll be making another huge buy. I'm just so insanely excited for BTS!!!! It's literally one of the greatest things EVER. We are shaping the history of the universe. I feel silly talking about the moon, we're going to the freaking GALACTIC CENTER.

Offline toast

Re: Now is the perfect time to implement sweeping transparency measures.
« Reply #1 on: October 22, 2014, 03:12:42 AM »
Quote
I would like to see every team member on this page http://bitshares.org/community/team/ apply to become a paid delegate after the hard fork. It would greatly increase transparency and understanding of the average shareholder about what exactly is being done, and who is doing it, and will MASSIVELY increase shareholder confidence and demand. I don't think anyone has ever seen a company structure like this before, the level of transparency will be absolutely revolutionary. Once the entire team has been integrated as paid delegates, it will provide an excellent showcasing to new developers that might be interested in working for the blockchain.

 +5%
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Offline Rune

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Re: Now is the perfect time to implement sweeping transparency measures.
« Reply #2 on: October 22, 2014, 03:23:34 AM »
Quote
I would like to see every team member on this page http://bitshares.org/community/team/ apply to become a paid delegate after the hard fork. It would greatly increase transparency and understanding of the average shareholder about what exactly is being done, and who is doing it, and will MASSIVELY increase shareholder confidence and demand. I don't think anyone has ever seen a company structure like this before, the level of transparency will be absolutely revolutionary. Once the entire team has been integrated as paid delegates, it will provide an excellent showcasing to new developers that might be interested in working for the blockchain.

 +5%

Obviously it should only be those who are actually working now, and being paid a salary out of AGS funds that should get on as paid delegates. We also need to figure out some proper ways for setting the salary that mitigates developers having their salary lowered if the price tanks.

Also every paid delegate should make a public "Transparency strategy" that they have to strictly follow. I think the best would be for each delegate to have their own forum thread and then posting a work report once per week, where they outline everything they've worked on in a way that is verifiable by stakeholders.

In fact they should have two, one in the public forum where they summarize, and one in the large stakeholder board where they reveal every detail of their work that is sensitive due to competitive or business reasons.

With this strategy it should be possible for us to scale the development and marketing team basically to infinite size, because stakeholders will be able to supervise and manage them extremely effectively.
« Last Edit: October 22, 2014, 03:25:07 AM by Rune »

Offline Mysto

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Re: Now is the perfect time to implement sweeping transparency measures.
« Reply #3 on: October 22, 2014, 03:28:49 AM »
I propose that they are all used to buy up BTSX, and then burned.
Why? I can think of a million ways these funds can be used. Since BTS is going to have DCI I don't see how this will be of any use to the shareholders.

Offline Rune

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Re: Now is the perfect time to implement sweeping transparency measures.
« Reply #4 on: October 22, 2014, 03:30:36 AM »
I propose that they are all used to buy up BTSX, and then burned.
Why? I can think of a million ways these funds can be used. Since BTS is going to have DCI I don't see how this will be of any use to the shareholders.

Burning them means distributing them equally to all shareholders. Once funds are needed for something new in the future, they are simply diluted into existance by elected delegates. There is no reason to take the risk of having an external entity holding the funds for us.

Offline bytemaster

Re: Now is the perfect time to implement sweeping transparency measures.
« Reply #5 on: October 22, 2014, 03:36:08 AM »
I propose that they are all used to buy up BTSX, and then burned.
Why? I can think of a million ways these funds can be used. Since BTS is going to have DCI I don't see how this will be of any use to the shareholders.

Burning them means distributing them equally to all shareholders. Once funds are needed for something new in the future, they are simply diluted into existance by elected delegates. There is no reason to take the risk of having an external entity holding the funds for us.

The plan has always been to move all employees to delegates and phase out I3. 

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Offline Mysto

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Re: Now is the perfect time to implement sweeping transparency measures.
« Reply #6 on: October 22, 2014, 03:38:23 AM »
I propose that they are all used to buy up BTSX, and then burned.
Why? I can think of a million ways these funds can be used. Since BTS is going to have DCI I don't see how this will be of any use to the shareholders.

Burning them means distributing them equally to all shareholders. Once funds are needed for something new in the future, they are simply diluted into existance by elected delegates. There is no reason to take the risk of having an external entity holding the funds for us.
I think keeping them as an "emergency fund" would be wiser. The rate of dilution at the beginning might not be fast enough to be very helpful if something drastic were to happen. At the very least they should be used to make bitUSD stronger.

Offline Rune

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Re: Now is the perfect time to implement sweeping transparency measures.
« Reply #7 on: October 22, 2014, 03:42:31 AM »
I propose that they are all used to buy up BTSX, and then burned.
Why? I can think of a million ways these funds can be used. Since BTS is going to have DCI I don't see how this will be of any use to the shareholders.

Burning them means distributing them equally to all shareholders. Once funds are needed for something new in the future, they are simply diluted into existance by elected delegates. There is no reason to take the risk of having an external entity holding the funds for us.
I think keeping them as an "emergency fund" would be wiser. The rate of dilution at the beginning might not be fast enough to be very helpful if something drastic were to happen. At the very least they should be used to make bitUSD stronger.

Who gets to decide what constitutes an emergency? We should rather have a way to rapidly implement hard forks to inflate the amount we need in case of an emergency. It will be impossible to know how much or how little is needed for an emergency any way.

Offline Rune

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Re: Now is the perfect time to implement sweeping transparency measures.
« Reply #8 on: October 22, 2014, 03:46:38 AM »
I propose that they are all used to buy up BTSX, and then burned.
Why? I can think of a million ways these funds can be used. Since BTS is going to have DCI I don't see how this will be of any use to the shareholders.

Burning them means distributing them equally to all shareholders. Once funds are needed for something new in the future, they are simply diluted into existance by elected delegates. There is no reason to take the risk of having an external entity holding the funds for us.

The plan has always been to move all employees to delegates and phase out I3.

Right, that makes sense. I think the formation of BTS will be the perfect time to do this. We will have an initial time of confusion where we can use this reshuffle to learn how to actually effectively manage paid delegate-developers, and then once we have it nailed down, we can begin to rapidly scale the development team and launch the marketing campaign. When investors see what we are doing and realize that they have full information, they will flock to us and throw their money at us - no other blockchain can offer them anything even remotely like this.

Offline jsidhu

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Re: Now is the perfect time to implement sweeping transparency measures.
« Reply #9 on: October 22, 2014, 03:53:11 AM »
Would the AGS fund still not be needed for marketing? I mean there is no DAC for that is there that would be funded via capital infusion?

A large portion can be used to shore up the pegs and then use that as incentive to draw in business.. like really the only thing businesses would ask initially is.. how do I know I can get my money out when I need it.
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Offline Rune

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Re: Now is the perfect time to implement sweeping transparency measures.
« Reply #10 on: October 22, 2014, 03:55:32 AM »
Would the AGS fund still not be needed for marketing? I mean there is no DAC for that is there that would be funded via capital infusion?

A large portion can be used to shore up the pegs and then use that as incentive to draw in business.. like really the only thing businesses would ask initially is.. how do I know I can get my money out when I need it.

It just makes much more sense that stakeholders will get to decide on how this is used. It shouldn't be up to any individual to decide how these funds are used, but only stakeholders by electing delegates that dilute them back and then use them exactly the way that stakeholders consider to be optimal.
« Last Edit: October 22, 2014, 03:57:48 AM by Rune »

Offline jsidhu

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Re: Now is the perfect time to implement sweeping transparency measures.
« Reply #11 on: October 22, 2014, 03:57:41 AM »
Would the AGS fund still not be needed for marketing? I mean there is no DAC for that is there that would be funded via capital infusion?

A large portion can be used to shore up the pegs and then use that as incentive to draw in business.. like really the only thing businesses would ask initially is.. how do I know I can get my money out when I need it.

It just makes much sense that stakeholders will get to decide on how this is used. It shouldn't be up to any individual to decide how these funds are used, but only stakeholders by electing delegates that dilute them back and then use them exactly the way that stakeholders consider to be optimal.
Delegates don't control the BTC, USD that the AGS funds have provided right so we would need to figure out as a team how to allocate this because the funding of future technologies wont be an issue anymore.
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Offline Rune

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Re: Now is the perfect time to implement sweeping transparency measures.
« Reply #12 on: October 22, 2014, 03:59:39 AM »
Would the AGS fund still not be needed for marketing? I mean there is no DAC for that is there that would be funded via capital infusion?

A large portion can be used to shore up the pegs and then use that as incentive to draw in business.. like really the only thing businesses would ask initially is.. how do I know I can get my money out when I need it.

It just makes much sense that stakeholders will get to decide on how this is used. It shouldn't be up to any individual to decide how these funds are used, but only stakeholders by electing delegates that dilute them back and then use them exactly the way that stakeholders consider to be optimal.
Delegates don't control the BTC, USD that the AGS funds have provided right so we would need to figure out as a team how to allocate this because the funding of future technologies wont be an issue anymore.

All the money should be spent on buying BTSX, and the BTSX should then be burned. Distributing them equally to shareholders is the fairest way to allocate them. Like I said, they can then vote to allocate them in the future through dilution in exactly the way they consider to be most profitable.

Offline jsidhu

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Re: Now is the perfect time to implement sweeping transparency measures.
« Reply #13 on: October 22, 2014, 04:04:42 AM »
I agree.. but still I don't know if marketing funds would qualify as capital infusion would it? I thought it was for DACs that were going to be merged into BTS needing funding?
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Offline Rune

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Re: Now is the perfect time to implement sweeping transparency measures.
« Reply #14 on: October 22, 2014, 04:07:25 AM »
I agree.. but still I don't know if marketing funds would qualify as capital infusion would it? I thought it was for DACs that were going to be merged into BTS needing funding?

Funding will be for literally ANYTHING that stakeholders decide is profitable. If it makes us more money than it costs, we will do it. Development, marketing, charity, artwork, concerts whatever. If you can prove it will be profitable for the DAC to fund it, the DAC will fund it.

 

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