Author Topic: Now is the perfect time to implement sweeping transparency measures.  (Read 6199 times)

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Offline toast

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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.

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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.