Topic: Decisions on 9 million common fund (Read 4063 times)

+1001

As I said before, 9M should go and be kept in a multisig account the control of which is in the hand of several active-trusted people that among them there should be at least one or two big stake holders. I propose 4 to 6 people to hold on that wealth, and no way to put it in the hand of one single person, no matter how trusted or active he has been.

But yes as I said before too, the 9M should be kept to be spent prudently in a much longer period of development than 3 or 6 months.

I would like to see the 9M unclaimed NXT joining the 2M NXT that I am already safeguarding in the NXTcommunityfund account.  I am already a trustworthy steward of a large amount of NXT, and I would be a trustworthy steward of an even larger amount of NXT.  

I am a top 50 NXT stakeholder.  I bought in big with my own cash in mid-December because I believe in NXT.  I want this currency to succeed.  And I want to see these 9M NXT  funds used to make that happen.  I know I don't have all the answers on how to wisely spend 9M NXT.  I do know I'll dig for facts and listen to anybody with a good idea and try my best to be fair in making good decisions as part of a team.  I think those factors qualify me to be a part, and only a part, of deciding the future of NXT.

Plus, I am in no hurry to spend it.  NXT is in for the long haul.  There will be future emergencies and choices.  We need a war chest to deal with bad times and flexibility to seize future opportunities.  Once this 9M NXT is gone...it's gone.  Think long term.

9M unclaimed NXT to NXTcommunityfund.  That's my proposal.

Where else specifically would you put it?  Because it's got to go somewhere specific between now and April 3...or it disappears forever.

 

Using a portion of the funds as listed above in the breakdown would be a great push for Nxt.

That along with a good dev fund would allow for advanced features/clients to be implemented and have incentives in place to get good marketing done.

If we want Nxt to be taken seriously, a good marketing campaign is a MUST as well as a group to promote and denounce FUD. Otherwise we are going to be lumped into the alt/scam/ponzi category with the rest and our greatness will never be seen.

Hi ,   This guy  is a genius +1

+1 White paper should be a priority at the moment.  In two weeks, we should have a couple good open source clients available.  If we can develop decentralized exchange, market, voting, there will be no stopping Nxt.

IMHO the primary focus should be on client development and on the completion of advanced features; then the whitepaper (the lack of a detailed technical paper is embarrassing and "the source code is the whitepaper" is a glib response); then marketing and PR materials. 

I also (as I have said time and time again) think we need to translate existing materials into as many languages as possible.  Hell -- I could even argue that the whitepaper is a translation exercise, from "Java" into "Engish" (and every other written language).

Moreover: the proliferation of text into different languages in all kinds of places is NOT helpful.  We should favor interfaces that allow for "in-place" translation of existing text -- so that when changes are made, translations can be updated at the source instead of tracking down copies of outdated copies of outdated copies.  The wiki does this now; other sites like nxtcrypto.org and the forums can do this by implementing add-ons and extensions.

ALL OF THIS is moot, however, until we have robust, usable clients for everyday users.

+1

A bounty for a strong implementation of decentralized exchange would be a great way to spend some of these funds.

I think, looking at the community, anything that is called "official" will backfire.

However, having said that, anyone who has proven they are capable of pulling things off, will get trust.
So I would opt for someone trusted in charge of funds, who can disburse as needed within an open group, which can be added and subtracted to.
I would not opt for a closed group. That will only lead to accusations of elitism.

I am for a measured approach to marketing.

I've seen lots of plans and that is great. Only a few of those demand quick action.

I think any marketing aimed at mainstream would backfire, because we need much more development on that score.
So I would prioritise marketing aimed at the cryptocommunity and getting a larger userbase there.
This will probably mostly mean getting published on good cryptosites and getting some scientific backing, especially from known names.

Those are covered under (in my order of priority) :
Articles
Review
Press
Scientific paper
PhD

Second comes secondary reachout to the online community and creating a welcoming image.
Tournaments
Video
Wiki
Grammar
Infographics

Some of these are already being done and are aimed at lowering the barrier of joining and getting less (but not totally) tech savvy people involved.

Last priority (to me) would be actual RL activities, unless they directly affect online presence.

During the first two campaigns, development should be top priority so we have mainstream usuability. Only then can we start doing PR (but we can prepare this behind the scenes of course!) for more mainstream users.

So for now, getting known via trusted third parties seems the best option to me. We should churn out progress reports, articles, get reviews from trusted reviewers and keep reaching out, while the devs keep working on perfecting the applications. All this is low cost. Let's save the money for later for the most part. We'll need it.

My 2 Nxt.

Yes, I agree that we should be in no rush to spend anything at the moment.  I think this fund should be used to develop some really key and high level features on the development side.  We could offer higher bounties, like 500k to develop key client features. 

Even though i would probably stand to benefit from these funds being allocated for marketing, i do not think it is wise and i do not support such an initiative. I would personally prefer that they be used to pay for third party developers (stuff like clients), an audit from a cryptographer with strong credentials and a well recognized name, and perhaps as a reward for the first large exchange to add nxt (cryptcy || vircurex || btce) . However if this post fails to effect the outcome of how these funds are distributed and some are, against my wishes, allocated for marketing, than i would be willing to sit on the marketing committee.

I say destroy them. Otherwise they dilute everyone elses holding.

If its going to cause fighting and arguements I dont mind holding on to the coins for you until things are decided :-) (would love to finally get a block! and im sure with 9mil i'll get much better results than with my 12k >.<)

yes,
people were speaking only about PR Committee for now, they suggested people:

Salsacz (campaigns, viral marketing, media, people, universities... "organizing" all what is in Media topic) - Bitcointalk, all other forums
NiftyNikel (people) - nextcoin
Uniqueorn (people) - nextcoin
Utopianfuture (articles, people, science world) - Bitcointalk
opticalcarrier (scienceworld?)

Joefox (texts) - wiki, Bitcointalk
Anon136 (science world)
Klee
Damelon

The link to the core could be Klee + Jean-Luc

there would be some voting before giving rewards for:

- and also some minirules, like rewarded can be only a true Nxter with 50 posts in Nxt forums...

There should be at least one or two well known rich nxters among the 9M pool holders, I vote for klee, Pouncer, 2Kool4Skewl or CfB.
There seems to be a hot desire to spend the whole 9M very fast and on specific things, I could understand why

We surely need to do effective PR, we certainly need to support and pay the core developers, but we do not need to satisfy hot desires
of becoming a Nxt millionaire with a rushing plan.

If you are to spend the 9M, there should be a foundation committee to coordinate the funds&plans. And a foundation should be selected
by a wise discussion-based selection, and voting should go through somebody at the heart of the process or close to BCNext like CfB.
9M fund is ~1% of the whole Nxt economy and one day we will regret that we spent it hastily

This sounds like the most reasonable plan.

Not sure we will be able to make it public-ready by April, but that's details, it can be postponed later.

Why too much of a rush for spending the whole 9M in a short period of 3 to 6 months??
Of course we should supply good development projects and also effective promotional
efforts with this source, but remember, 9M is almost 1% of the whole Nxt economy.
If you are to spend it (among the other voting options), there should be a more foundation
based constructive plan of using the fund for a much longer period of development and of course
there is no need to rush for spending.
The guiding point would be that 9M should be spent only for very necessary things, speaking of
time period is irrelevant here.

Spend on:
1. New type of software
2. Hardware (logging medallions for example)
3. Marketing

I'd vote freeze it just until the price is say 10 cents per NXT?

Then use it to market NXT and get the word out but I think it's important that we wait until there is a prettier more definitely bug free client before we promote this too much.  Maybe also implement an API that allows NXT to plug-in via a standard Bitcoin interface, in this way, not only do we market it but people can go to a bunch of different exchanges to find it.  Either that or wait until the decentralized exchange is built.. which is going to be huge!!

Sounds good, how are we on handling the accounts?  I'm guessing we can do a multisig account for bounty Nxt.  I think it would be smart to hold half of the 6Mil development Nxt for long term prospects (after April), of course it's not my call.  Would it make sense that we have some kind of voting function in place prior to making any transfer?