Author Topic: Please explain February budget payouts of over $460,000.... [Explained]  (Read 6868 times)

0 Members and 1 Guest are viewing this topic.

Offline CWEvans

  • Full Member
  • ***
  • Posts: 183
    • View Profile
We also broke ground with several developers and investors that could infuse orders of magnitude more wealth into this community.

heh... I wonder who saw that coming?   ;)

Offline cass

  • Hero Member
  • *****
  • Posts: 4311
  • /(┬.┬)\
    • View Profile
Since some people here are equating Dan to Steve Jobs and I3 to Apple, I am going to ask:

Do you think Steve Jobs would've shown up to the West Coast Computer Faire in 1977 without a finished Apple II computer just to network and spend* the company's secured finances?

From my understanding, they have cut back on conferences to focus more on development. But Dan has said in other posts that the connections they have made at conferences, such as those with the marketing and music folks, have more than paid for the cost of these.

Precisely right.

We have recorded over six hours of Dan speaking to two audiences and so many reporters I lost count.

We also broke ground with several developers and investors that could infuse orders of magnitude more wealth into this community.

It's funny, the major beef in December was that we were too cheap to have a presence at the conferences.

 :)

 +5% sounds like a great buzz :)
█║▌║║█  - - -  The quieter you become, the more you are able to hear  - - -  █║▌║║█

Offline Stan

  • Hero Member
  • *****
  • Posts: 2908
  • You need to think BIGGER, Pinky...
    • View Profile
    • Cryptonomex
  • BitShares: Stan
Since some people here are equating Dan to Steve Jobs and I3 to Apple, I am going to ask:

Do you think Steve Jobs would've shown up to the West Coast Computer Faire in 1977 without a finished Apple II computer just to network and spend* the company's secured finances?

From my understanding, they have cut back on conferences to focus more on development. But Dan has said in other posts that the connections they have made at conferences, such as those with the marketing and music folks, have more than paid for the cost of these.

Precisely right.

We have recorded over six hours of Dan speaking to two audiences and so many reporters I lost count.

We also broke ground with several developers and investors that could infuse orders of magnitude more wealth into this community.

It's funny, the major beef in December was that we were too cheap to have a presence at the conferences.

 :)

Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline JA

  • Hero Member
  • *****
  • Posts: 650
    • View Profile
Since some people here are equating Dan to Steve Jobs and I3 to Apple, I am going to ask:

Do you think Steve Jobs would've shown up to the West Coast Computer Faire in 1977 without a finished Apple II computer just to network and spend* the company's secured finances?
If he was sitting on this kind of cash, sure he would have.
And anyway what the most people dont know is that Steve Jobs wasn't the best CEO (at least in the early days)

Offline progmac

  • Jr. Member
  • **
  • Posts: 46
    • View Profile
Since some people here are equating Dan to Steve Jobs and I3 to Apple, I am going to ask:

Do you think Steve Jobs would've shown up to the West Coast Computer Faire in 1977 without a finished Apple II computer just to network and spend* the company's secured finances?
If he was sitting on this kind of cash, sure he would have.
if you want to support my incoherent ramblings
Bitshares PTS: PrziMMpXMMu948j5H7yvj3Ry8mnZBbsMYR

Offline Stan

  • Hero Member
  • *****
  • Posts: 2908
  • You need to think BIGGER, Pinky...
    • View Profile
    • Cryptonomex
  • BitShares: Stan
I can assure you we did not spend 450 k since launch.   In cab now but will address questions when I get a chance. 


Sent from my iPhone using Tapatalk
Fair enough.

Those numbers are based upon the day they were logged. 20,000 Bitshars-PTS and 200 BTC on that day was worth ~$460k. What I am wondering is why so much? If you go to accounting and say "we need X amount of dollars", it would equate to X amount of BTC and PTS. Or if your accounts are lagging, you would say, "we owe X amount of dollars" and then you receive X amount of coins to pay the debts.

Both were moved to lower level wallets/sheets..  There we document most March expenses and show the value on the days actually spent.

Some has since been converted to USD as a volatility hedge but continues to show in the multi currency total.
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline NewMine

  • Hero Member
  • *****
  • Posts: 552
    • View Profile
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

These are documented on separate public spreadsheets that Dan delegated to marketiing and operations. The 20k PTS was merely moved, not spent.

Links to these sub spreadsheets are found in a column to the right of these two rows on both the PTS and BTC master spreadsheets.

These are reviewed continously by an external accounting firm - Bitcountant.

Thanks!

Offline Stan

  • Hero Member
  • *****
  • Posts: 2908
  • You need to think BIGGER, Pinky...
    • View Profile
    • Cryptonomex
  • BitShares: Stan
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

These are documented on separate public spreadsheets that Dan delegated to marketiing and operations. The 20k PTS was merely moved, not spent.

Links to these sub spreadsheets are found in a column to the right of these two rows on both the PTS and BTC master spreadsheets.

These are reviewed continously by an external accounting firm - Bitcountant.
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline NewMine

  • Hero Member
  • *****
  • Posts: 552
    • View Profile
I can assure you we did not spend 450 k since launch.   In cab now but will address questions when I get a chance. 


Sent from my iPhone using Tapatalk
Fair enough.

Those numbers are based upon the day they were logged. 20,000 Bitshars-PTS and 200 BTC on that day was worth ~$460k. What I am wondering is why so much? If you go to accounting and say "we need X amount of dollars", it would equate to X amount of BTC and PTS. Or if your accounts are lagging, you would say, "we owe X amount of dollars" and then you receive X amount of coins to pay the debts.

Offline donkeypong

  • Hero Member
  • *****
  • Posts: 2329
    • View Profile
Since some people here are equating Dan to Steve Jobs and I3 to Apple, I am going to ask:

Do you think Steve Jobs would've shown up to the West Coast Computer Faire in 1977 without a finished Apple II computer just to network and spend* the company's secured finances?

From my understanding, they have cut back on conferences to focus more on development. But Dan has said in other posts that the connections they have made at conferences, such as those with the marketing and music folks, have more than paid for the cost of these.

Offline santaclause102

  • Hero Member
  • *****
  • Posts: 2486
    • View Profile
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.

Conferences are very important. But if they hinder development of the product for which is the reason to attend the conference, it is not important. You are putting the carriage before the horse.
We agree that it is a trade off. Visiting every single conference with the whole team would sure be a negative trade off. But one should not be too quick to say the trade off for this conference (and there was never anything stated about what future conf. are visited) is negative if the details for the pro and the con sides are not known (we mostly have an outsider perspective). We have far far less an outsider perspective than other investors in start-up have because of this forum...
For me visiting this conference is very very much worth it! See https://bitsharestalk.org/index.php?topic=4059.msg50857#msg50857 for a perspective...

Offline santaclause102

  • Hero Member
  • *****
  • Posts: 2486
    • View Profile
Since some people here are equating Dan to Steve Jobs and I3 to Apple, I am going to ask:

Do you think Steve Jobs would've shown up to the West Coast Computer Faire in 1977 without a finished Apple II computer just to network and spend* the company's secured finances?
Every situation is different. If you would base your business decisions mostly on historic analogies you would not be very effective :) Analogies can help illustrate something that is provably true anyway but not prove something by itself... 

Offline bytemaster

I can assure you we did not spend 450 k since launch.   In cab now but will address questions when I get a chance. 


Sent from my iPhone using Tapatalk
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 NewMine

  • Hero Member
  • *****
  • Posts: 552
    • View Profile
Since some people here are equating Dan to Steve Jobs and I3 to Apple, I am going to ask:

Do you think Steve Jobs would've shown up to the West Coast Computer Faire in 1977 without a finished Apple II computer just to network and spend* the company's secured finances?
« Last Edit: April 09, 2014, 05:05:40 pm by newmine »

Offline NewMine

  • Hero Member
  • *****
  • Posts: 552
    • View Profile
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.

Conferences are very important. But if they hinder development of the product for which is the reason to attend the conference, it is not important. You are putting the carriage before the horse.