The community “decides” on the treasury through a very specific „governance“ and „votes“, which are commanded by the devs. (the last few votes were: put this and this command into the console, done) This is what xsndemocracy looks like. Instead of offering the community some sort of governance, it is just like parliaments in communist countries – one option, do or die. If there was an option to vote on different proposals – like option A Treasury 75% coindevs, 20% marketing, 4.9% hardware division (whatever that may be), 0,1% online staking platform vs option B some other percentages and so on, it might attract more people. It is just not in any way a decentralized democracy, but a centralized command structure. Not that appealing. Especially not when the team goes around on twitter prancing about their “governance”.
So much for the governance and where do the funds go right now? To the devs. That’s all we know. No table that tells us how much goes into coin/site/marketing/hardware.
There's a LOT of this in crypto. IMHO, it comes from capitalist/liberal dichotomy: they need to make money but they want to move away from centralisation. That's not easy to do and a lot of coin devs (not just XSN) don't have a single clue. They never ask anyone else. They simply state their vision and believe it's right... and that's where it all falls over and thrashes around like a dying tuna.
Totally agree on the governance thing. If you're making a coin with a LOT of noise about community and voting, you have to make that visible, transparent and accountable.
But there is one good thing about all of that, it was forseeable, that the q2 items of the roadmap wont be finished in q2. If you were not to trust euphoria, and able to anticipate posw/xsns history of “delivering on time, every time”, then you would have been able to increase your xsn holdings by a lot. Not too good for the investors if ever more coins are just speculative trading objects, instead of being kept off the market in mn/tpos/normal staking, though.
Typically, there are enough people who want to sell their PoS earnings (or don't give a crap about staking) to keep the market going. The world's a big place. But with offline third-party staking? Hmmm. Good point.
I happen to have some of this that converted from POSW, so I'll see what happens. I'll be avoiding the zealots, though.