Please explain February budget payouts of over $460,000.... [Explained]

[santaclause102]

Conferences are important! Network effects and networking effects are essential!
Clarification seems necessary on what the OP asked! But give Dan and the team time to come back from the conference. 

[liondani]

thanks for bringing this up.
until there is a product, i don't think people will be very sympathetic

  I suspect a year from now when several I3 products have launched, we'll look back and see 460k insignificant. Else, there maybe a metric fuq ton of discontent.

Lets continue to support I3 in every possible way, trust but verify.... 

hope you are right.
The most of us have proof our trust by making investments...and by keeping them...
Hope we will see the products (DACs)  sooner than our competition...

[NewMine]

Was for me a big question too... (how you "predicted" Bitshares-PTS highs?)

Not sure I get your meaning?

Here is a price chart history https://coinplorer.com/Charts/PTS/USD

The date of the 20,000 PTS payout corresponds to the recent highs.

Another thing that would help clarify things is if we knew if these transactions are for past invoiced accounts or for future expenses.

the question was for Dan, have not cleared that out? 

ok

[liondani]

Was for me a big question too... (how you "predicted" Bitshares-PTS highs?)

Not sure I get your meaning?

Here is a price chart history https://coinplorer.com/Charts/PTS/USD

The date of the 20,000 PTS payout corresponds to the recent highs.

Another thing that would help clarify things is if we knew if these transactions are for past invoiced accounts or for future expenses.

the question was for Dan, have I not cleared that out? 

[NewMine]

It's pointless. They don't want to reveal specifics or detail their budget plans. Their most important strategic plan (the allocation of resources) remains obscured and centralized, and thus not open to critique. It's pointless to discuss a log of things already long gone.

https://bitsharestalk.org/index.php?topic=2520.msg31546#msg31546

I3 should be aware that even if people become silent on these points, that does not imply agreement, as people likely just feel that speaking up is pointless. And support from people who have been "in the industry of 30 years" is worthless, as I3 should be trying to do something new here, and apply their own principles to themselves.

In your link it states that Bytemaster said 10% would be allocated to marketing. In relation to other expenses, it seems to be closer to 50% of what has been paid out so far. With that kind of money going to marketing, I have to ask what exactly is being done? I think the Bitcoin conferences that interfere with the release schedule of BTS-X must be tapping into this huge allocation of money. Probably not the most efficient way of marketing. Debating over who's idea is better with nothing but conceptualized thought experiments and code that has never been implemented, all for the benefit of an audience who is already well versed in what BTS is theorized to be is not worth the time lost that should've been going to actual development to the already late release.

2014-04-11
Bitcoin Expo 2014
Toronto, ON, Canada
2014-04-23
Bitcoin Conference Russia
Moscow, Russia
2014-05-10
Global Bitcoin Summit 2014
Beijing, China
2014-05-15
Bitcoin Foundation Bitcoin 2014
Amsterdam, Netherlands
2014-05-31
Central Europe Bitcoin Expo
Vienna, Austria
2014-06-20
Bitcoin in the Beltway
Washington, DC, United States
2014-06-24
Inside Bitcoins Conference & Expo
Hong Kong, China
2014-07-09
Inside Bitcoins Conference & Expo
Melbourne, Australia
2014-08-25
Camp Bitcoin
Black Rock City, NV, United States
2014-09-01
World Bitcoin Forum 2014
Bonn, Germany
2014-09-15
Inside Bitcoins London
London, England
2014-11-02
Bitcoin World at Money2020
Las Vegas, NV, United States

That is the list of upcoming conferences for the rest of the year.

You have 2 more this month, 3 next month, 2 the following yada yada yada.....

Are we going to have to watch and wait while you(I3) piss through the huge pile of money and waste time at these upcoming conferences before we get BTS-X?

All I am looking for is results. If I don't see results, then you(I3) will have to deal with my questions. Whether you answer them or not is up to you, but I will not sit back and let my concerns go unnoticed.

[NewMine]

Was for me a big question too... (how you "predicted" Bitshares-PTS highs?)

Not sure I get your meaning?

Here is a price chart history https://coinplorer.com/Charts/PTS/USD

The date of the 20,000 PTS payout corresponds to the recent highs.

Another thing that would help clarify things is if we knew if these transactions are for past invoiced accounts or for future expenses.

[unimercio]

thanks for bringing this up.
until there is a product, i don't think people will be very sympathetic

  I suspect a year from now when several I3 products have launched, we'll look back and see 460k insignificant. Else, there maybe a metric fuq ton of discontent.

Lets continue to support I3 in every possible way, trust but verify.... 

[progmac]

thanks for bringing this up.
until there is a product, i don't think people will be very sympathetic

[xeroc]

I3 should be aware that even if people become silent on these points, that does not imply agreement, as people likely just feel that speaking up is pointless. And support from people who have been "in the industry of 30 years" is worthless, as I3 should be trying to do something new here, and apply their own principles to themselves.

[CLains]

It's pointless. They don't want to reveal specifics or detail their budget plans. Their most important strategic plan (the allocation of resources) remains obscured and centralized, and thus not open to critique. It's pointless to discuss a log of things already long gone.

https://bitsharestalk.org/index.php?topic=2520.msg31546#msg31546

I3 should be aware that even if people become silent on these points, that does not imply agreement, as people likely just feel that speaking up is pointless. And support from people who have been "in the industry of 30 years" is worthless, as I3 should be trying to do something new here, and apply their own principles to themselves.

[liondani]

Was for me a big question too... (how you "predicted" Bitshares-PTS highs?)

links for newmine to investigate in case they don't found them...

https://docs.google.com/spreadsheet/ccc?key=0AqTwk-e7yzJydG1USVlZS2U3Q1F4RTJrM19TQXFTWHc&usp=sharing#gid=0

https://docs.google.com/spreadsheet/ccc?key=0AtRmp4NraeAydElLdUpwSERlY3luVkZNZnoxRm5md3c&usp=sharing#gid=0

[toast]

interested in more concrete breakdown here as well

2/21/2014   Marketing Budget (Internal)   10000   PTS      Invictus
2/21/2014   Operations Budget (Internal)   10000   PTS      Invictus

[NewMine]

Transparency is everything, especially for Something trying become the trail blazer into the Decentralized Autonomous world.

I am trying to understand why 200 BTC followed by 20,000 PTS were dished out for the budget when PTS price was at February highs of +$17 and then March budget payout was a measly 100 BTC. At the time, February's market value for these payouts was over $460,000 and March's was only $65,000.  I get that you guys should get paid, but this is a huge discrepancy. 

Following the day of the PTS payout, the price declined never to reach the recent highs again. If these PTS were sold off, there may have been a conflict of interest. Since your in control the privatekey for the holding address, divvying employee shares of PTS so they get their BTS shares would not make sense. You would simply pay them what PTS they are owed along with the corresponding amount of BTS after you release the chain.

The $460k is a lot of money along with all the bounties that are being paid to non Invictus team members for what little Marketing I have seen and no BTS-X.

The discrepancies in amounts from month to month, the timing of the huge PTS payout, the lack of accounting since the "ides of March" have me concerned. I hope you can explain this to me.