BitShares Forum
Main => General Discussion => Topic started by: BTSdac on August 07, 2015, 02:43:26 am
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Is there a whole detail expense AGS fund?
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BM has used it to buy a roadster.
So soon the fund has been used up.
wake up, boys!
Do something meaningful, don't waste your time at someone's fantasy
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Donations:
5,625 BTC (worth about $1.5M today)
415,218 PTS (worth about $440K today as BTS)
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If we had simply held on to the donations we would have less than $2M dollars worth today, but if we did hold the money, then the tax man would have demanded $700,000 in taxes which would leave our bank account at $1.3M.
Obviously, we spent the donations and didn't hold them. The total "dollar value" at the time we spent the BTC/BTS was about $2.3M as outlined below.
These numbers are not exact, but they can account for the vast majority of the donations
$100K grant given to PLAY
$100K grant given to DNS
$300K given to FMV R&D
$600K divided among 6 core developer salaries
$200K polish developers
$75K general overhead
$50K given to accountants
$50K paid in taxes
$75K paid to lawyers
$75K paid to travel and conferences
$200K paid to marketing
$50K Virginia Tech R&D
$36K paid to office expenses
$300K paid to Chinese efforts
$35K held in reserve for 2015 taxes/accounting/overhead
$30K bounties
$60K gold<->bitgold silve<->bitsilver inventory
That totals about $2.3M dollars worth of value which is more than the present value of donations.
Obviously I have not accounted for all of the difference between todays prices and the price at which we actually sold the Bitcoin/BTS, but I can assure you that it all went to those general categories.
None of those numbers should be taken as official, they are just my educated estimates.
Overall I can say that I have easily accounted for more value than if we had simply held the donations. It wasn't perfectly allocated because we had to spend it in the same tax year to avoid a 35% tax hit on all donations.
The only number I can say with certainty is the $36K worth of BTS held has reserves and that is clearly earmarked.
The present value of the BTS share drop on AGS is about $6M , the BTC portion of it is $3M
The conclusion I draw from this is that everyone who donated realized $8.3M dollars worth of value (spent + present) compared to $1.5M of present value if they had simply held the BTC and let the PTS go to 0 because nothing would have been developed.
We could have done better knowing what we know now, but overall I think we have given back quite a bit with the donations we received.
I can also say that anyone who was unhappy with how we were managing the money had an opportunity to exit at a profit for over 8 months.
Bottom line, the donations have run out and we are now operating from new investor money and delegate pay.
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$200K polish developers
Are they still part of the dev team?
If it's possible - may I get in touch with them?
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I can also say that anyone who was unhappy with how we were managing the money had an opportunity to exit at a profit for over 8 months.
I personally trusted you with how you were managing the money, I know I had the opportunity to exit at profit for over 8 months but I was so hopeful for the future that didn't exit at any level and now I am on losses if I ever exit..My bad ofcourse... Newcomers are so lucky these days being able to buy at these levels...
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$200K polish developers
Are they still part of the dev team?
If it's possible - may I get in touch with them?
They haven't been on the team this year.