Bitcoin Forum

With the recent catastrophe that has landed on Blocknet’s doorsteps, the Bitcointalk community has set out to damage Blocknet’s ITO amidst several misconceptions and alleged misconduct on behalf of Dan Metcalf, who is a reputable small-business owner and well-received code reviewer. We gathered several members of the Bitcointalk community and Dan Metcalf himself responded to several questions regarding himself and Blocknet.

It should be noted that within this interview, several voices appear. We have compiled the most important points discussed in our open interview with Dan Metcalf and rooted out a lot of feedback and minor comments that occurred. You can read the full, un-edited, raw IRC Q&A as well at the end of this interview.

One thing that was not answered there that I still don't understand and I can't get an answer on in the blocknet thread.

A - who is going to be the auditor that decides where funds go after fundraising and ensures that milestones are met?

B - Where ARE the actual funds going?  Per the exchanges they are going to the developers - the developers of all the coins?  Or just Dan?

It's stated the funds will be in multi sig escrow by the blocknet foundation which is made up of developers.  But using an Escrow is also mentioned.  Synchist said those details were being finalized but I'd like a clear picture of where the funds are going immediately after they leave the exchange.

And how they plan on making those funds more transparent than the ones they used in the case of XC.  I feel the investors deserve this and it should have been made clear before the ICO.

P.S.  Thanks for the link - wish I'd had time to be involved in that chat.  Dan and the PR guys from XC very rarely show up to answer real questions outside of their moderated threads it seems like with Dan being braver than the PR team o.O

the real jewel is the unedited IRC log... a much better read then the story itself

that log is nuts.

should he be doing interviews if he's suing me ?

I know you guys are not real journalists (even discounting the run-on sentences and lack of parallelism), but at least try to appear impartial instead of coming across as paid cheerleaders.
Further, the "Bitcointalk community" has not "set out to damage" them.
I, and I suspect many others, couldn't care less about Blocknet or Metcalf - at least before reading your post.
There has been no "catastrophe" - just questions and concerns concerning the developers, code and transparency.
What did Metcalf, Prometheus and Synechist think would happen when they decided to adopt a heavy-handed and dishonest approach to handle their investors' concerns?
Less it be forgotten, there is almost a million dollars at stake here.