I don't see that as any sort of compromise. They still have all the money up front and all we have is hope for a product. No contractual obligations... Nothing.
I'm sorry but I don't see any rational explanation for requiring all the money up front instead of staged investment phases. It instills faith in investors both that development will continue, and that no one is likely to run off with 2500 BTC on the community. It's not just 2500 BTC either. If something did happen and funds disappeared all or in part, then XC would likely completely collapse as a result costing XC investors of the coin itself everything. Not to mention all participating coins likely being crippled or dead as well. There is a lot more at stake than just the share funds here.
I think it is irrational that fundraising wouldn't be done in the most trustworthy and confidence building way possible, and I'm sorry but "pony up all the cash first" doesn't cut it on a scale of this value.
I and anyone can choose to invest or not, but before you argue as an apologist for their proposed fund raising plan think about the stakes not only for the raised funds but for all the coins involved and all the people who have money invested in them. Then think about the crypto community in general. There is enough at stake here that these devs can do a little extra work and wait a little extra time to rake in 10,000,000 shares worth of coins.
It boggles my mind that people wouldn't want their investment risk to be minimized in this way.
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"TheGer, I've read your posts regarding the 2500 BTC fund and understand where you're coming from. However, they've already stated that they're looking into the possibility of only releasing the funds intermittently based on certain milestones being accomplished. This would be a good compromise imo."
Agree with your sentiments regarding the price action the last few days. Every time the price looks to be heading towards 0.001 another 1-3k is added to the sell wall. No one can say what his/her motive is, could just be part of their exit strategy but eventually they'll run out. Dan has been over delivering the past few days steadily improving XChat with each and every update. This, combined with the soon to be released mobile wallet, should return a lot investor confidence back in Dan's commitment to the project (this is imo opinion why the price has dropped so much). Hopefully that will see XC rise to the pre-Blocknet announcement price of .0013 -.0015. FWIW I've been pretty much wrong with all my other predictions!
Also I believe there is a huge lack of new investors coming aboard. Very low buy support and a couple whales dumping are major factor in this price drop imo. Hopefully the upcoming PR to go along with the new mobile wallet release will attract some new investors.
TheGer, I've read your posts regarding the 2500 BTC fund and understand where you're coming from. However, they've already stated that they're looking into the possibility of only releasing the funds intermittently based on certain milestones being accomplished. This would be a good compromise imo.
I'm sorry but I don't see any rational explanation for requiring all the money up front instead of staged investment phases. It instills faith in investors both that development will continue, and that no one is likely to run off with 2500 BTC on the community. It's not just 2500 BTC either. If something did happen and funds disappeared all or in part, then XC would likely completely collapse as a result costing XC investors of the coin itself everything. Not to mention all participating coins likely being crippled or dead as well. There is a lot more at stake than just the share funds here.
I think it is irrational that fundraising wouldn't be done in the most trustworthy and confidence building way possible, and I'm sorry but "pony up all the cash first" doesn't cut it on a scale of this value.
I and anyone can choose to invest or not, but before you argue as an apologist for their proposed fund raising plan think about the stakes not only for the raised funds but for all the coins involved and all the people who have money invested in them. Then think about the crypto community in general. There is enough at stake here that these devs can do a little extra work and wait a little extra time to rake in 10,000,000 shares worth of coins.
It boggles my mind that people wouldn't want their investment risk to be minimized in this way.
_______
"TheGer, I've read your posts regarding the 2500 BTC fund and understand where you're coming from. However, they've already stated that they're looking into the possibility of only releasing the funds intermittently based on certain milestones being accomplished. This would be a good compromise imo."
There was a 50k block transferred to Bittrex a cpl days ago. You can plainly see 1-2k coins being placed for sale over and over once they are sold the cycle repeats. Once this guy dumps all his coins it will stabilize. If he's dumping to hurt the coin then he must be butthurt that it is not staying down very long. It always manages to push itself back up to between 90-100k before he tries it again.
We may see this continue for a day or 2 I haven't been keeping track of how many thousands of coins are being sold. There appear to be more than enough willing buyers though so that bodes well.
*** On a side not to Blocknet why don't you poll the community and see what the best method they think is for fundraising(ie. what will instill the best confidence among investors thus bringing in the most funds).
Options could be posted in this thread and then polled(using website poll feature) after a day or 2 of ideas being fronted.
We may see this continue for a day or 2 I haven't been keeping track of how many thousands of coins are being sold. There appear to be more than enough willing buyers though so that bodes well.
*** On a side not to Blocknet why don't you poll the community and see what the best method they think is for fundraising(ie. what will instill the best confidence among investors thus bringing in the most funds).
Options could be posted in this thread and then polled(using website poll feature) after a day or 2 of ideas being fronted.
i think 100k now will be psichological line.. hope to see some big rise on 29th of october
Agree with your sentiments regarding the price action the last few days. Every time the price looks to be heading towards 0.001 another 1-3k is added to the sell wall. No one can say what his/her motive is, could just be part of their exit strategy but eventually they'll run out. Dan has been over delivering the past few days steadily improving XChat with each and every update. This, combined with the soon to be released mobile wallet, should return a lot investor confidence back in Dan's commitment to the project (this is imo opinion why the price has dropped so much). Hopefully that will see XC rise to the pre-Blocknet announcement price of .0013 -.0015. FWIW I've been pretty much wrong with all my other predictions!
Also I believe there is a huge lack of new investors coming aboard. Very low buy support and a couple whales dumping are major factor in this price drop imo. Hopefully the upcoming PR to go along with the new mobile wallet release will attract some new investors.
TheGer, I've read your posts regarding the 2500 BTC fund and understand where you're coming from. However, they've already stated that they're looking into the possibility of only releasing the funds intermittently based on certain milestones being accomplished. This would be a good compromise imo.
