Also, I will not be having the access to the funds, maybe some small amount like 1% so I can pay for websites and other expenses.
so who will has the right to access these Funds?
and who will manage these Funds everyday?
thanks.
all the details havent been worked out yet, but generally speaking I will have the authority to decide on how the funds are spent. Should just be rubber stamping the negotiated deals, but ultimately it is my decision for the funds.
I think for the BTCD and NXT that is raised (should be <10% of total), people wont mind if I safekeep it, but for the coin purchases and the giant amount of BTC we will need escrows. Maybe Poloniex can do this, maybe we need to split up the amounts. All depends on how much comes in so I cant say what makes sense now.
If only 21 BTC comes in them it shouldnt be an issue at all.
There is no daily management needed. Maybe you are misunderstanding the purpose of the fundraising?
Other than the 1% which I would probably just have for convenience to pay bills, the 99% will just sit in cold storage.
When a new coin is being added to the SuperNET core, then the BTC (or BTCD or NXT) is swapped for the coin and since these coins are for HODL, they can go to cold storage. Maybe for coins that are able to stake, we would be doing that.
The important thing to know is that I am not doing this to raise money to spend. There will be no big salaries, no office space, no fancy furniture of the office space we dont have, only some incidental costs like websites, graphics (if we cant get a volunteer to make a good one). So the 1% is really all I envision needing. The rest is just waiting for the swaps with the new coins being added to the CORE.
Now the operating side will have dividends coming in from the assets it holds and these are active monies that need to flow through to the owners of SuperNET and the various other parties that are getting the revenue share, eg. coin communities, all people running nodes, BTCD stakers, etc.
I do reserve the right to use my common sense to adjust and adapt to circumstances. In all the scenarios I would have the authority to decide how the money is spent. This is like it was done the the small NXTcommunityfund. It had ~3 million NXT and I decided how it was spent, but I had no access to it. I would authorize a payment and then it got sent. So, of course if I go crazy or get taken over by aliens, then the treasurer would probably have the sense to no send the payment. But for things that are business as usual, then the treasurer is obligated to make the payment.
Any changes to what is "business as usual" will be posted here and the latest post will supercede any prior post in case they are mutually exclusive.
I know in the future many things will change, I adapt to things and I believe I have demonstrated some level of basic competence in my decision making abilities. I do have a problem of being too trusting of others though. That is a known weakness of mine. However I work hard to make sure to minimize my mistakes and I am quite open and will ask for community feedback on issues that are not so clear. So, no formal procedures or anything like that, but I will do my best to take into account the communities input, but ultimately I am the one that must decide.
James
