Author Topic: Now is the perfect time to implement sweeping transparency measures.  (Read 6464 times)

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Offline Mysto

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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.

That contradicts what you said over here...

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.

First you say "let shareholder decide" then you make 2 exception. It's either you are for shareholders deciding everything in which case it is all burned. Or you let I3 decide what to do with the fund. And at this early stage I would make the argument that letting I3 decide is better at least with AGS funds.

Offline Method-X

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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.

I like this. However, we should give Invictus some time to breath. They're human and anyone who is a part of this community knows they're probably pretty stressed out right now. The most I would expect is for them to acknowledge this plan and set out to do it in a few months. They are human.
« Last Edit: October 22, 2014, 04:16:31 am by MeTHoDx »

Offline Rune

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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.

Offline jsidhu

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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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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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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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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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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.
Hired by blockchain | Developer
delegate: dev.sidhujag

Offline Rune

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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 Rune

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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 Mysto

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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 bytemaster

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. 

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 Rune

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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 Mysto

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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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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 »