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Offline bytemaster

Year End Developer Bonuses
« on: December 31, 2014, 09:48:45 PM »

I wanted to provide some transparency on our year end bonuses:

Toast, Nathan, Valentine, Vikram, Stan, and James Caffe, Dan N.  (all of whom have 100% pay delegates) have received 3M BTS severance / bonus from Invictus
Ben (Drltc) and Agent86 have received 1M BTS severance / bonus (also have 100% pay delegates)

This ends I3's responsibility to continue funding these individuals whom are now free agents working to support the BitShares ecosystem.   I trust each of these individuals to continue contributing to BitShares because they believe in the cause and to get their delegate pay.     Each of these individuals also has a large vesting balance that will mature over the next 2 years which should keep them loyal to the project as a whole.

As you know delegate pay is not sufficient to cover their salaries in the coming year.  This bonus is an incentive to get the value of BTS up to both maximize the value of their bonus and to ensure they can continue to earn what they need from delegate pay.   

Any profits earned by Invictus are taxed at 35%.  For efficiency sake we needed to pay everyone in 2014 with at least 65% efficiency. 

This means that a large number of BTS that I use to vote with are now distributed among the core developers. 

There remains about 67 M BTS that is being held in reserve to cover 2015 expenses I3 may face including any taxes, accounting, legal, fees, or fines we may face in the year(s) ahead.  At todays market cap that represents about $1 million held in reserve.   Some of those funds are ear-marked for marketing performance-based bonuses.  The funds will also be used to provide free office space anyone who wants to come to blacksburg to work on BitShares. 

Overall we raised about $3.6 million in AGS donations and now that these bonuses have been paid we have spent $3.6 million in 2014.    We had a large capital-loss on our BTC holdings and an offsetting capital gain on our BTS holdings.    Of the money we spent, 10% went to China, 10% went to US Marketing (conferences, videos, website, travel), 7% on FMV.   Our largest expense category was developer salaries and grants including ~$100K for Toast and ~$100K for HackFisher as well as salaries for over a dozen different developers.   

Early next year I will have Stan prepare a breakdown on what categories the $3.6 million in AGS donations were spent on as a final report. 

In 2015 we hope to raise the bar in both efficiency, productivity, and transparency.   

Anything said in this post are rough estimates from memory and are not official statements.  The numbers may be completely wrong.

Just a reminder:  the AGS donations had NO STRINGS ATTACHED.   I did my best with the funds to further my own objectives of securing life, liberty, and property for all.   If you are unhappy with how we managed the money I am sorry, I suggest you focus on how the government is wasting far more than I did.    I am a mere software engineer with a grand vision who was learning a lot as I went.   

Happy New Years Everyone!

« Last Edit: December 31, 2014, 09:57:58 PM by bytemaster »
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

charleshoskinson

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Re: Year End Developer Bonuses
« Reply #1 on: December 31, 2014, 09:52:06 PM »
How much did you pay yourself?

Offline cass

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Re: Year End Developer Bonuses
« Reply #2 on: December 31, 2014, 09:53:44 PM »
Happy new year!
█║▌║║█  - - -  The quieter you become, the more you are able to hear  - - -  █║▌║║█

Offline bytemaster

Re: Year End Developer Bonuses
« Reply #3 on: December 31, 2014, 09:54:04 PM »
How much did you pay yourself?

I had a lower salary than almost all of the developers and took a bonus of equal size.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

charleshoskinson

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Re: Year End Developer Bonuses
« Reply #4 on: December 31, 2014, 09:55:17 PM »
Quote
I had a lower salary than almost all of the developers and took a bonus of equal size.

Thanks for the transparency  and happy new year. Good work this year Dan. It must have been hell getting through all of it. Hopefully next year will be better for both of us.

Offline fuzzy

Re: Year End Developer Bonuses
« Reply #5 on: December 31, 2014, 09:56:04 PM »
How much did you pay yourself?

fair question
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sumantso

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Re: Year End Developer Bonuses
« Reply #6 on: December 31, 2014, 09:56:22 PM »
If you are unhappy with how we managed the money I am sorry, I suggest you focus on how the government is waisting far more than I did.

Waist - BM's kryptonite. Maybe he is eating too many pies.

Happy New Year fellow BTSers :)

Offline cass

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Re: Year End Developer Bonuses
« Reply #7 on: December 31, 2014, 09:56:39 PM »
Quote
I had a lower salary than almost all of the developers and took a bonus of equal size.

Thanks for the transparency  and happy new year. Good work this year Dan. It must have been hell getting through all of it. Hopefully next year will be better for both of us.

Wish you all best for 2015 !  +5%
█║▌║║█  - - -  The quieter you become, the more you are able to hear  - - -  █║▌║║█

charleshoskinson

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Re: Year End Developer Bonuses
« Reply #8 on: December 31, 2014, 09:57:12 PM »
Quote
Waist - BM's kryptonite. Maybe he is eating too many pies.

It's the Soda. I remember Pam trying to limit the consumption. Dangerous stuff. I put on 25 pounds myself this year. Too much stress and traveling.

Offline bytemaster

Re: Year End Developer Bonuses
« Reply #9 on: December 31, 2014, 09:58:23 PM »
If you are unhappy with how we managed the money I am sorry, I suggest you focus on how the government is waisting far more than I did.

Waist - BM's kryptonite. Maybe he is eating too many pies.

Happy New Year fellow BTSers :)
I grew two belt notches this year... it is on my mind :)
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline speedy

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Re: Year End Developer Bonuses
« Reply #10 on: December 31, 2014, 10:15:00 PM »
In 2015 we hope to raise the bar in both efficiency, productivity, and transparency.

I think I speak for many here when I say the team's performance in 2014 was outstanding!

Offline onceuponatime

Re: Year End Developer Bonuses
« Reply #11 on: December 31, 2014, 10:22:52 PM »
I no longer have to pay for cable, bars, movies, sports, or any entertainment at all. Trying to keep up with Bitshares takes up all of my time. So I have certainly gotten my money's worth   ;D

Happy New Year everyone.

Offline nz

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Re: Year End Developer Bonuses
« Reply #12 on: January 01, 2015, 12:21:42 AM »
How much did you pay yourself?

I had a lower salary than almost all of the developers and took a bonus of equal size.

I applaud your efforts, dedication and vision bytemaster. Thank you for all you have done and will do.
Heres to a great 2015.

PS. This goes for all the other developers too by the way  :)
"There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose"

Offline robrigo

Re: Year End Developer Bonuses
« Reply #13 on: January 01, 2015, 12:27:41 AM »
As somebody who likes to read new commits to the repo I got to say that the BTS team works their asses off! You guys definitely deserve it. Good work BTS team, for going live with the project in 2014 and then elegantly bootstrapping it via crowdfunding and equity.

And with that, a large amount of stake has now become further distributed.  +5% for boosting trust in the network going into 2015.

Offline mitao

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Re: Year End Developer Bonuses
« Reply #14 on: January 01, 2015, 12:53:25 AM »
Are devs free to leave the project if they want?

 

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