I just skipped through the website, the OP on BTT and the coindesk article
http://www.coindesk.com/swarm-take-bitcoin-crowdfunding-new-heights/. As far as I got it it is supposed be a crowd based VC company for "Bitcoin business ideas" (of chain or on chain businesses or both?). They take the money from the investors in swarmcoin and invest it in those businesses.
Did anybody pick up something different?
The questions for me are:
1) How does the crowd assesment process work? Does the Swarm team make a preselection and all Swarmcoin holders (proportional to their stake size?) then vote on which business to fund?
3) Why give money to swarm if I can invest it into Andreessen/Horowitz?
4) If a business is funded, do Swarmcoin holders only get a standard fee that is charged or do Swarmcoin holders get a stake in the funded business like an investor in a VC fund would get if a VC company funds a business?
4) I strongly assume the latte is the case. If so: How can I be SURE that all the equity in the company that Swarm gets for their "VC money" they give to the business goes ALL to the Swarm holders? Is there a trustless process of verifying that the Swarm team didn't make a deal with the funded business so they get an extra cut?
5) What about the legal issues addressed in the coin desk article? Contingency plan?
6) How far is the platform away form (full) functionality (in weeks/month not in %
)?
Crossposted:
https://bitcointalk.org/index.php?topic=653568.msg7464985#msg7464985