Bitmark

[EvilDave]

My first question is: how big is the hole ?
I've always had the impression of Mark as a trustworthy guy, but even the best of us can make crappy decisions, especially if we need to put bread on a family table.
Bitmark has always been an excellent project imho, and I wouldn't like to see it go tits-up.

We need at least a few sane and non-scammy projects in crypto right now.......

[johndec2]

Yes unethical behaviour occurred, on my part. I dipped in to a trading fund a few times for basic needs, and over time it mounted up, I'd hoped to simply trade back up again, but given a negative climate I started to dig a financial hole

Well that is just charming...  Mate, I believed in you, enough to donate to the cause and mine the coin for months.  If you were doing that tough, you should have asked for help. The community would have helped you out.  But now we have a situation where funds are missing, the dev wont show his face here and that is only making things worse.  Development on the coin is non existent despite it desperately needing work on both the algo and the marketing of the coin. 

Mark, if you want to save this project, make yourself visible again.  Tell us what you need to move the coin forward and help will be forthcoming.  Hiding in a corner is only killing the coin.  IMHO, what needs to happen ASAP:
1. An algo adjustment.  Fortunately it is still weeks until the next diff change due to the pathetic hash rate.  Plenty of time to make it happen.
2. Marketing. I'm no marketing guru but this coin is nearly a year old with no real concrete implementation of "Marking".  What was a brilliant idea a year ago is rapidly being overtaken/copied by others.

I have some friends that may be able to help. I'll talk to them and see if they are interested and get back to you.  No promises as from what I can see there has been a lot of "Fiddling whilst Rome burns" going on here. It's time to stop discussing possible solutions and testing possible algos and DO SOMETHING.

[cryptozim]

Yes unethical behaviour occurred, on my part. I dipped in to a trading fund a few times for basic needs, and over time it mounted up, I'd hoped to simply trade back up again, but given a negative climate I started to dig a financial hole

Can someone explain what this trading fund is?

[bitcoinbboyce]

Yes unethical behaviour occurred, on my part. I dipped in to a trading fund a few times for basic needs, and over time it mounted up, I'd hoped to simply trade back up again, but given a negative climate I started to dig a financial hole

Well that is just charming...  Mate, I believed in you, enough to donate to the cause and mine the coin for months.  If you were doing that tough, you should have asked for help. The community would have helped you out.  But now we have a situation where funds are missing, the dev wont show his face here and that is only making things worse.  Development on the coin is non existent despite it desperately needing work on both the algo and the marketing of the coin. 

Mark, if you want to save this project, make yourself visible again.  Tell us what you need to move the coin forward and help will be forthcoming.  Hiding in a corner is only killing the coin.  IMHO, what needs to happen ASAP:
1. An algo adjustment.  Fortunately it is still weeks until the next diff change due to the pathetic hash rate.  Plenty of time to make it happen.
2. Marketing. I'm no marketing guru but this coin is nearly a year old with no real concrete implementation of "Marking".  What was a brilliant idea a year ago is rapidly being overtaken/copied by others.

I have some friends that may be able to help. I'll talk to them and see if they are interested and get back to you.  No promises as from what I can see there has been a lot of "Fiddling whilst Rome burns" going on here. It's time to stop discussing possible solutions and testing possible algos and DO SOMETHING.

Quoted for truth...

[Este Nuno]

But now we have a situation where funds are missing

Just want to add that all Bitmark foundation funds are accounted for and now under medic's control in case someone misinterprets this.

[82ndabnmedic]

But now we have a situation where funds are missing

Just want to add that all Bitmark foundation funds are accounted for and now under medic's control in case someone misinterprets this.

 
Exactly...the foundation funds are secure, they were sent to me by Mark.

I need to set up a multi-signature wallet to ensure this does not happen again. Does the BTM wallet have this capability or is there a better 3rd party app? If anyone has information on setting one up, I will gladly consider the source. Thanks

[ethought]

But now we have a situation where funds are missing

Just want to add that all Bitmark foundation funds are accounted for and now under medic's control in case someone misinterprets this.

 
Exactly...the foundation funds are secure, they were sent to me by Mark.

I need to set up a multi-signature wallet to ensure this does not happen again. Does the BTM wallet have this capability or is there a better 3rd party app? If anyone has information on setting one up, I will gladly consider the source. Thanks

At a glance it appears Bitmark has multisig support:

addmultisigaddress nrequired ["key",...] ( "account" )

How to guide by Gavin Andresen here:

https://gist.github.com/gavinandresen/3966071

[82ndabnmedic]

Additionally, I understand the importance of providing constant status updates via BTT, when I have tangible information to share, I will. We are working on gathering code and ensuring Mark completes hit moral obligation to check the code in by the end of this weekend. Stay at easy guy's...very few have a higher stake in BTM than I do, so failure is not an option.  

[82ndabnmedic]

But now we have a situation where funds are missing

Just want to add that all Bitmark foundation funds are accounted for and now under medic's control in case someone misinterprets this.

 
Exactly...the foundation funds are secure, they were sent to me by Mark.

I need to set up a multi-signature wallet to ensure this does not happen again. Does the BTM wallet have this capability or is there a better 3rd party app? If anyone has information on setting one up, I will gladly consider the source. Thanks

At a glance it appears Bitmark has multisig support:

addmultisigaddress nrequired ["key",...] ( "account" )

How to guide by Gavin Andresen here:

https://gist.github.com/gavinandresen/3966071

Awesome, Thanks!

[Gunther]

Haha this coin is rekt!

[Hulk Hobo]

Haha this coin is rekt!

Not necessarily. Mark may have swindled the lot of us and him leaving is actually a good thing due to his various inconsistencies. One thing he did do though, is bring together a lot of very smart people. So it'll be interesting to see how things progress without constantly waiting on an individual who has had 1.8 feet out the door.

[melvster]

But now we have a situation where funds are missing

Just want to add that all Bitmark foundation funds are accounted for and now under medic's control in case someone misinterprets this.

 
Exactly...the foundation funds are secure, they were sent to me by Mark.

I need to set up a multi-signature wallet to ensure this does not happen again. Does the BTM wallet have this capability or is there a better 3rd party app? If anyone has information on setting one up, I will gladly consider the source. Thanks

We dont know the full facts at this point.  We do know is that Mark is proposing reduced engagement for the next 6 weeks.

I think it's likely the coin will drop in value during this time.

Medic, rather than messing around with n of m, I suggest selling the whole 7k on the market (as quickly as you can) then putting in a buy wall at 1k.

That would buy us back 70k if we do it now.  Then if the project can be brought back to its previous highs and beyond, that would give a decent war chest for bounties etc.

7k BTM right now seems a pretty useless number, and dropping like a stone in value ...

[82ndabnmedic]

But now we have a situation where funds are missing

Just want to add that all Bitmark foundation funds are accounted for and now under medic's control in case someone misinterprets this.

 
Exactly...the foundation funds are secure, they were sent to me by Mark.

I need to set up a multi-signature wallet to ensure this does not happen again. Does the BTM wallet have this capability or is there a better 3rd party app? If anyone has information on setting one up, I will gladly consider the source. Thanks

We dont know the full facts at this point.  We do know is that Mark is proposing reduced engagement for the next 6 weeks.

I think it's likely the coin will drop in value during this time.

Medic, rather than messing around with n of m, I suggest selling the whole 7k on the market (as quickly as you can) then putting in a buy wall at 1k.

That would buy us back 70k if we do it now.  Then if the project can be brought back to its previous highs and beyond, that would give a decent war chest for bounties etc.

7k BTM right now seems a pretty useless number, and dropping like a stone in value ...

I am acting on Melvins suggestion, However a decision to sell will be made at the time of confirmation, which is likely to be ~3 days from now

[kjadB]

Sounds like coinsolidation was a good man with some short term money problems who made a bad decision in the moment. That bad decision doesn't make Mark a bad guy, just a regular person juggling priorities with limited resources. If the trades he made with the community funds went in his favor then things would be different. For him to 'borrow' from the community funds isn't such a fall from grace IMO. How he acts from now on is all that really matters. I suspect he will try his best to make good and get things back on track.

Can someone post the statement/explanation he made in full?

[kennyP]

My first question is: how big is the hole ?
I've always had the impression of Mark as a trustworthy guy, but even the best of us can make crappy decisions, especially if we need to put bread on a family table.
Bitmark has always been an excellent project imho, and I wouldn't like to see it go tits-up.

We need at least a few sane and non-scammy projects in crypto right now.......

+1
Mark's problem was he was so 'ethical' at the start with the launch (no IPO, no premine etc) and 2014 was an absolute shocker for crypto generally, that I'm actually not that surprised to hear that Mark may have found himself struggling to pay his rent/mortgage or something similar. Obviously he should have asked for help, but maybe he did. Does anybody know? Funding decentralised crypto projects is certainly a bitch

I agree with CYAM on this:

...so cryptocurrency will become their business and main source of income instead of just being a "Hobby" project...

Indeed but I think we need to do that carefully. It is a bit like "artists" being paid for "art". Sooner or later you end up with "plain rubbish" being created by untalented people and promoted by fools just so that everyone can "make a buck".

Mark tried to do the right thing at the start, but during the hardest of times, and he stumbled. That shouldn't be fatal for his reputation.

Where did the trading fund monies come from? If the BTM foundation funds are not involved then this almost feels like a private matter between Mark and the people who funded the trading fund. Maybe they're cool with what happened.

[johndec2]

I am acting on Melvins suggestion, However a decision to sell will be made at the time of confirmation, which is likely to be ~3 days from now

And you posted the fact that you are thinking about dumping 7K BTM on a public forum? Not smart.  I've already seen buy orders pulled in anticipation of the dump.

[Hulk Hobo]

But now we have a situation where funds are missing

Just want to add that all Bitmark foundation funds are accounted for and now under medic's control in case someone misinterprets this.

 
Exactly...the foundation funds are secure, they were sent to me by Mark.

I need to set up a multi-signature wallet to ensure this does not happen again. Does the BTM wallet have this capability or is there a better 3rd party app? If anyone has information on setting one up, I will gladly consider the source. Thanks

We dont know the full facts at this point.  We do know is that Mark is proposing reduced engagement for the next 6 weeks.

I think it's likely the coin will drop in value during this time.

Medic, rather than messing around with n of m, I suggest selling the whole 7k on the market (as quickly as you can) then putting in a buy wall at 1k.

That would buy us back 70k if we do it now.  Then if the project can be brought back to its previous highs and beyond, that would give a decent war chest for bounties etc.

7k BTM right now seems a pretty useless number, and dropping like a stone in value ...

Doing this would amount to pissing on the people that have held and supported Bitmark thus far ...

[melvster]

But now we have a situation where funds are missing

Just want to add that all Bitmark foundation funds are accounted for and now under medic's control in case someone misinterprets this.

 
Exactly...the foundation funds are secure, they were sent to me by Mark.

I need to set up a multi-signature wallet to ensure this does not happen again. Does the BTM wallet have this capability or is there a better 3rd party app? If anyone has information on setting one up, I will gladly consider the source. Thanks

We dont know the full facts at this point.  We do know is that Mark is proposing reduced engagement for the next 6 weeks.

I think it's likely the coin will drop in value during this time.

Medic, rather than messing around with n of m, I suggest selling the whole 7k on the market (as quickly as you can) then putting in a buy wall at 1k.

That would buy us back 70k if we do it now.  Then if the project can be brought back to its previous highs and beyond, that would give a decent war chest for bounties etc.

7k BTM right now seems a pretty useless number, and dropping like a stone in value ...

Doing this would amount to pissing on the people that have held and supported Bitmark thus far ...

Appreciated, especially since I, medic and many others supported and held.  But let's face facts, the coin is dying.  Without an engaged lead dev, and without a marking code base, it will take a gargantuan effort just to keep it alive.  The coin has been in a death spiral since mark started doing other things, and was less involved, now he's saying he wants to be much less involved, there's no reason to believe this trend wont continue or accelerate.  We asked for 1 day a week, that seems not even for sure at this point.  I posted the suggestion here for full transparency.  Better suggestions are welcome.  I cant think of any.

[82ndabnmedic]

Guy's...I just want the transparency within our actions to resonate with y'all.  I have a personal goal to achieve the launch of bitmark.co & have Marking implemented within the next 30 Day's. That is why I am considering this option. I Hope y'all understand that we are here for the long haul..we believe in the vision, and we are working to achieve it.

[coinsolidation]

Dear Community,

Over the past few months I have acted unethically and dishonestly.  I have repeatedly borrowed from trading funds and those around me, mismanaged my time, taken on too much, and as a consequence hurt many good people who didn't deserve it.  Family, friends, associates.  I used the funds for living expenses having (foolishly) no other source of income, and due to mismanagement and overcommitment also managed to devalue the projects (BTM, GMC) I am involved with many times, which has caused even greater harm to associates and stakeholders.  To you reading this.  I am not a victim of circumstance, I created the circumstances and am directly responsible for them. Had I made different decisions along the way things would have been very different.

Over the coming weeks and months I will be working by day for income to repay those I am owing, and by night and weekend to create value on BTM and GMC, to restore value to those projects and to their stake holders.

I would like to clarify that this has been a pitiful situation, everybody is at a loss. This isn't a case of somebody absconding with lots of money and having a great life at others expense, I have had a very financially poor year, and so has everybody around me, which is far worse and for which I am responsible. Any good which has been done along the way is greatly overshadowed by these negative aspects.

Other than the above, I believe my biggest mistakes were as follows:

1. Not having a secure source of income whilst doing the project.

2. Trying to make money by trading profit, rather than by being a stakeholder and creating value. Profit from trading is little more than gambling, and when the stock (alt coins) have little real value (in terms of merit) it's an even higher gamble, and moreover any gains are always somebody else's loss.

3. Being unrealistic in what could be achieved in any given time, and negating needs, project needs and personal needs, letting them pile up rather than resolving them early or ahead of time.

To any observers, please take something from my situation and try to avoid these mistakes yourself, and if you do make any address them early.  Take note that there are some genuinely great people around this community, most of them in this thread, work with them and enjoy time creating value. Crypto, and the world, needs people on projects like this, each doing a small part.  All will get on far better doing this than you will from any involvement in trading or market activities.

I firmly believe Bitmark is a great concept, and it has an incredible community, it's only failing was in having me at the helm. I sincerely hope with others leading the project, and myself constrained to technical input and work only, that it reaches even part of it's full potential.

To those affected by my actions, I can only apologise. I will work hard to put things right, to ensure these two projects grow in value.

Once all is square and the projects are being operated successfully by their communities I will personally step away fully from the opensource and crypto spaces. I get too wrapped up in projects, take on too much, forget about normal things like living and earning, and everybody around me ends up in a mess, friends, family, acquaintances.  I may have some technical skill, but it isn't so special and certainly doesn't outweigh the negative consequences of me having any involvement in projects.

You all deserved far better from me, I have let you down.

From here on, communications from me will be limited to making payments to people, and to making releases of things done.  I am still available to answer technical questions in the evenings.  Finally if you feel I am owing you, and we are not in communication currently, please make contact so that I can arrange to make you whole.

Sincerely,

Mark