This should also be posted on this thread. So, for those that are unaware, this platform had an ICO where they collected close to
650+ BTC to build this exchange. After several months of delay, they released a subpar version of what they promised, then made an announcement that they already blew the entire bag.
So not only did they release an exchange that look like it was built for 1/16 what they collected, this guys are claiming that they already blew the entire donation. They made claims like
120 BTC for tax payment
,
50 BTC for shill allocation etc lol you can read more about their ridiculous claims here
https://excc.co/project-update/ So, if the goal is to encourage adoption of decentralized alts/encourage better business practice in this space, then we should make it a point to confront/eradicate this dubious characters from the space.
Am sure someone will be quick to defend their terrible practice with a far worse practice like it makes the first one better. Or they will blame it on the fact the space is new and ppl are still trying figuring it out. By the way, its not hard to track a biz finance/spending on a platform utilizing blockchain.
So, i have nothing against the EXCC community but as a long term investor that care about the long term health of this project, i suggest that we insist on the admin releasing the financials for the project before moving forward.
Since most of the money is blown, and a lot is dependent on the investors (like marketing etc) moving forward, then it only right that we make sure the current admins deserve to reap the benefit of those hard work/should be trusted with millions of fund in their care.
Quite frankly, the whole idea of decentralized/blockchain space was built on improving better business practice (i.e transparency) and encouraging adoption of DE alts to current central options. So, there is no reason to deny this or try to claim that since so and so company is also practicing bad practice and restricting info with the mass, that it should be accepted from this team.
Accountability is key, cos they are trying to run an exchange which entails investors trusting them with the safety of their funds Also, an account kept yelling about companies needing to make profit on discord, so i might as well address it immediately. Well, companies need to make financial profit, after they have performed the duties of a company and earned the profit over time. They shouldn't take a significant chunk of investor's money that was given to create something and put it their pocket under the guise of needing to make profit. If that is not the case, then show us the financials, cos we funded the entire project.
So, for those stating that its in the past and we should move on, should realize that those who are responsible for that past is still in charge and will reap the benefit of all that work. Also, they will be in control of millions of fund. So, if they refuse to release the financials or it shows that they grossly mismanaged funds and pocketed huge chunks of money for personal use, then we should seriously worry above having such characters in care of people's fund.
So, either we get some transparency from the admin and win some trust back, or i will keep this info in the forefront for the foreseeable future.
Again i have nothing against the EXCC community, i just need to make sure the individuals in charge, deserve to be there. Its best to push out dubious character from the beginning, that how you stop a quadrigaCX/coinsmarket from occurring.
