The conflict of interest is that, you (and the others) being board members of the proposed "Foundation" and therefore privy to inside information of all kinds, would of course have a serious conflict of interest since you are invested in the coin and could (would) act on that information to either buy or sell the coins with an unfair advantage. I am pretty sure you are aware of the laws that prevent such things to happen -or are designed to- in the real world, so surely you also see that inevitable conflict of interests, don't you?
Thanks in advance for addressing the matter.
It's possible. I can't discredit the notion. But the foundation itself started as a group of investors who pledged to each other that they would hold and build a better coin. It's sort of like going to reddit.com/r/bitcoin and calling it inside information. It's really just a bunch of excited people trying to promote an idea.. The only inside information we have is that we are trying really hard to make our holdings worth more.
That's about the only way I could address that. I mean if you think it out there aren't that many examples of things we could take advantage of. Unless we were actively trying to pump and dump the coin and manipulate prices, but if this was another pump and dump group we certainly wouldn't be paying for a PR firm, or addressing community concerns... I can't convince you to trust us, only our actions can..
I hope this helps.
I though we were trying to be clear and honest. And nice. No, sorry the analogy is very poor. I have gone some lengths to explain to you what an insider is and what are the legal limitations imposed on them. I will further point out the really stern discipline measures the SEC -and even the FBI- dispenses to those who violate those laws. This is a coin worth $0.13 but, in the future we all hope it will be worth much more. But even right now, you already are in possession of privileged information that only that group knows about- i.e. the name of the PR Company-, that could mean an important push of the coin's price when made public, so why wouldn't you, your friends and families, as well as those of the rest of your group, buy cheap and dump what you bought, at or near the top of the range once the news hit the street? There are no laws in crypto that would punish such actions so, why wouldn't you and or your co-foundation buddies do it? Today, for instance, I have read Arigard brag about his trading on IRC, so I imagine he is quite the active trader and maybe in sizable amounts. He is also in this foundation of yours, isn't he?
It isn't a matter of trust, unfortunately. Not even a matter of trust... but verify. It is, in fact, a matter of there not being a need at all for a controlling foundation and one being rammed down every investor's throat, which is quite a different matter. Nobody, but those 15-20, will benefit from the existence of the foundation (if you guys want some actions, you could just the same present them and even sponsor them is you feel strongly enough about them... including the notion of the PR firm hiring). So, once again, why a foundation for a coin that is doing very well indeed without one and that is only 2 months old.
Lets forget about being disingenuous, shall we? This is clearly a political land grab to ensure the control and centralization of BlackCoin. Nothing else.
And very well could prove to be it's undoing.
Thanks for the reply Barabbas. The above was as honest as I can be in regards to this topic. I appreciate your example (the pr firm name). If you think it through though you will find it offers me no benefit in terms of trading. It is not as if XYZ firm = increase to 39 and ABC firm = increase to 36 so we can set our sells perfectly. All it means, as far as we know, is good news for BC. I hope if you think of more examples you will bring them forward.
Furthermore, I don't see how us hiring a PR firm could ever NOT be inside information for at least some period of time. You are basically saying no one can do anything, because that will be inside information..
Again I am part of a group of investors who are interested in BC. That is all. We are not a 'controlling organization' (Can you give me an example of how we would exert control in any way differently than a large investor??).. But as an investor group we needed organization amongst ourselves. It would be impossible for me to have negotiated with a PR firm as a representative of topic 469640 of the bitcointalk forums. The foundation was formed to allow us more real world opportunity to help BC. I don't know how else to phrase this and convince you of this.
Please again, I ask if you wish to continue that you be as polite as possible.
Also, Arigard is not a member (AFAIK, there could be confusion about nicks), though I appreciate his ideas and content very much.
