Ok since you decided to move to a new slack out of nowhere. etc. Let's continue here.
Where or who is going to hold these new funds from blockshares and the upcoming crowdfund?
It should be released via vote by the share holders. You might be the pope but we're in this context of anonimity, investors need asurance.... the less trust needed, the healthier for everyone. Submit a budget and let the community decide if you get the funds or not.
I second this poster. Will you use an escrow for this?
Do you not think it is unwise to move the funds before the auction is even over?
here is the part of the conversation that may interest you
proletariat [6:43 PM]
about that auction and the next one and whatever comes after
[6:44]
we clearly discussed and agreed about whatever new funds came in would be secured in a multisig account
[6:44]
so that needs sorting before the 3 days are up
bitcreditscc [6:56 PM]
hi, can you look back into conversation history
and bring up the point where we agreed, i am fuzzy on the details
last i remembered were my own words preffering to use a middle man like bitpay or bittrex
bitcreditscc [7:17 PM]
multisig is useless without a structure to determine how it is used
[7:17]
Also multisig does not do what most people think it does.
[7:18]
say i need 1.5 BTC for bittrex, and we have 2 BTC, rather than paying out the portion and keeping the rest, you can only send it all
[7:18]
One possible item i have been considring
[7:19]
is modifying a bitcoin client, then re-sending all the coins in smaller denominations and messing with the locktimes
[7:19]
effectively this becomes a time -released fund
[7:19]
ie, only when the lock time comes by can the funds be used
[7:20]
this IMO is a much more suitable arrangement
[7:20]
multisig is not ideal, middleman can cause problems, so instead we rely on the one thing we all know is secure, the blockchain itself
proletariat [7:26 PM]
uploaded an image: asdfasdfas.PNG
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proletariat [7:27 PM]
releasing funds on a per needed basis
[7:28]
in the meantime they should be locked and then sent to whatever third party address
[7:29]
is that a dash fork feature btw?
bitcreditscc [7:36 PM]
nope we have our own voting mechanism, still primitive but allows way more control
proletariat [7:37 PM]
Great. That's like a DAO ... a community decision etc... that should be the dynamic for project finances
bitcreditscc [7:38 PM]
@proletariat: i agree, but here is the current problem , we need the auction to end first, with all the funds in one place , moving anythin mid auction is shady
[7:39]
once the auction is complete, we can then time lock all the transactions
I clearly told him that
1) Multisig does not work how people think it does, most people don't really study these things, it's my job to.
If you me and @pro have a two of three multisig with 5 BTC and we need to send 1 BTC, we cannot specify that we wish to send just 1 BTC, we have to send it all. Doe you see the problem with that? During the course of the original conversation we spoke of escrow and/or using an exchange as a middle man , but it was never finished.
2) Moving the funds mid auction is a bad idea. I think that moving anything from the auction address before the auction is closed may be send the wrong signals.
I personally have no problems with using an escrow/third party, but only once the auction has been closed.