We spoke to Dan Metcalf on Skype about the situation. He was quick to point out that XC has been funded mostly with his own money and confirmed that a general summary of how the funds were spent will be forthcoming.
We were also told months ago that all expenses would be transparently documented and they were not. We were told there would be a list of expenses to come out soon - it has not. Dan, Synchist & Teka all say it's no one's business how much they get paid which pretty much means they get to dip into the pot when & how much they want without ANY accountability. In this case it was to buy their own blocknet tokens and get their XC back.He also shared with me that some of the premine was used to pay him to pay back some of the money he personally invested into XC's mobile app development. Some of that XC paid to him was then sold to buy his own stake in BlockNet,
So in summary. Dan sets his own salary and pays himself sometimes and doesn't others - no one knows. And right before the blocknet he awards himself XC from the dev fund for back payment and invests it into the new blocknet where he will own both the XC tokens he paid himself and the blocknet tokens.
http://cointelegraph.com/news/112830/the-alt-cracks-1030-xc-spends-its-premine-nxtty-is-released-shaq-talks-quark-moreP.S. Due to trolling (postings tons of white space, etc) from XC people this is self moderated. Feel free to call me the spawn of satan & I won't censor you. Make it difficult to sift thru information by spamming and I will.
Also I apologize for ANOTHER XC/Blocknet thread. I just felt this needed it's own thread with a proper title. In light of exchanges thinking about undoing the blocknet we need to get this all out in the open, dealt with so people can get their money back and move on. I'm trying to get that done sooner rather than later.
