The founders of synereo discuss how the project will be funded after their 2nd crowd sale through Bank to the future.
This video will be broken up into multiple sessions so they can be adequately time stamped:
Part 1:
https://www.youtube.com/watch?v=pg2wOM_RvLc&t=234sPart 2:
https://www.youtube.com/watch?v=hVJwFAAUg9UPart 3:
https://www.youtube.com/watch?v=If2v--m7RI4&t=50sPart 4:
https://youtu.be/3hftinVAdx4Documents that were shared during this discussion was shared below:
Budget Document shared by Greg:
https://docs.google.com/spreadsheets/d/1bMlth4OKjncAee2ntdORw4_MTSVUcLwr5Y9ZBQxG5do/edit#gid=1524787993Dor's Rchain proposal document:
https://docs.google.com/document/d/10vCB-xVn4lZeIH8aHtegzGGtWqAMekY8k-d9ZARr4O8/edit?usp=sharingRoadmap laid out if the 1.2 million was raised. Only 120k was raised.
https://blog.synereo.com/2015/04/07/crowdsale-funding-based-milestones-2/3:00 Beginning of the discussion.
3:35 Greg explains that the project is at risk and how Ed and Greg proposed a budgeting document for the development effort based on an architecture document.
0:6:10 The talk resumes and the first document is shared:
https://docs.google.com/spreadsheets/d/1bMlth4OKjncAee2ntdORw4_MTSVUcLwr5Y9ZBQxG5do/edit#gid=15247879930:8:51 Greg explains that the CEO is not absorbing what it takes to build software.
10:00 Greg explains what happened to Ian and other "Red flags" that he sees brewing in the project with respect to community members being alienated. He also explains that other relationships were strained with respect to "Andy" who also helped start the company.
10:41 Ed explains he is unwilling to work with the CEO any longer.
10:57 Dor asks Ed if he would work with Greg.
11:30 Project 11 is at risk as explained by Greg.
12:00 Greg explains that he has tried other measures but is asking Dor to step down as CEO.
12:47 Greg express no interest in being CEO or manager.
16 :10 Greg thinks that Dor 1) doesn’t know how to develop software 2) explains that he is undermining the development effort by starve the effort.
17:00 Timelines have been blown by 2 and a half months.
17:20 Greg explains that there needed to be new management structure and talks were in place for many months but dor has changed his positions.
18:20 Greg provided Dor with a management partner proposal.
18:48 Yaniv steps in and wishes to have clarity on the topics being discussed.
19:40 Greg expresses the need to go breath first then depth second in a discussion after his public statement.
20:05 Greg thanks Yaniv for his points and expresses the desire to continue so that "investors" know what's going on. Greg explains that he needs to go forward because this information was hidden from the community and investors.
20:40 Greg explains that there was a "heated" meeting in August that it is "irresponsible to take money from investors with resolving these issues.
21:40 Yaniv steps in again and say that Greg is making serious accusations
22:20 Yaniv is removed from the meeting for interrupting Greg. (he was allowed back in after allowing Greg to continue)
22:45 Explains the legal risks regarding the company.
23:30 Dor expresses concerns over yaniv being kicked out of the meeting by the host.
23:50 Greg explains there is a serious risk if the amp token does not achieve utility and the blockchain today does not have the scalability necessary to complete the project unless synereo is a "toy".
24:40 The Rchain proposal was reviewed by Vlad Zamfir and Vitalik Buterin.
25:50 without the architecture of rchain, the amp has very "little utility" and if there is no good relationship between synereo and rchain then there is no ability to do conversion.
26:00 Greg summarizes: "Dor" has known there has been leadership issues and has delayed resolution.
27:00 Greg says that Dor's budgeting proposal misses the mark and does not reflect the budgeting effort done by Ed and other members of the team. Furthermore Greg says that Dor has alienated everyone on the team including the CTO and the 300 project 11 proposals.
28:00 The solution in order to deliver rchain and the social layer is to remove Dor from management.
28:52 Gregs concludes by expressing his legal duty to explain to investors that there are risks moving forward.
29:30 Ed expresses sadness and says he tried to develop options and asked Greg to explain if he approved the BTTF sale and when.
30:20 Greg did not consent but eventually signed documents under the "assumption" that there would be new management structure after the sale has been concluded.
30:40 Dor objects by saying that there were agreements in January 2016 for the crowdsale in September of 2016
"because alpha was not released in February 2016.
31:26 Greg says that we did not have to go to the sale in September and that he would move forward only if the agreements in August were honored.
32:10 Dor says there would be no funding without the sale. Greg says that the bulk of the work Greg has done has been paid by other parties not the Synereo Ltd.
32:25 Dor says that their was a breach of the founders agreement, Greg returns by saying that Dor knew about this arrangement for 2 years.
33:05 Greg is saying that Synereo has benefited greatly from funds from other parties. "Other parties have been footing the bill".
33:10 Dor asks: How has synereo benefited from funds of other parties? Dor says that Greg is overestimating the architecture document as it was created by Ed.
34:30 Ed explains his status at the time of the creation of that document.
35:00 - 36:24 Andy introduces himself as the secondary founder of the Synereo Ltd. He is also the largest AMP holder.
36:35 Andy explains dor is hard to work and Andy has reduced his accountability in the project. He then explains the function of a startup CEO. There is no CFO or CMO or any other Chiefs and explains his thinking on the current bottleneck.
42:00 Andy explains that Greg was bringing Special K into the project.
43:20 Greg explains the distinction between the Special K stack and the blockchain.
45:50 Greg explains that Special K is rough around the edges and that he doesn't want to invest any more time in the Scala Stack.
46:40 Greg claims that all the founders agreed that a side by side architecture would be necessary to build Synereo but that decision was changed due to "economic security".
47:35 Dor is explaining that Greg joined the project saying he had a working technological stack and that Greg has not delivered any functioning code.
50:40 Greg asks Jim if he is able to stand up nodes. Jim says yes but Dor says that is a server, not a decentralized network. Greg returns and says that there is multi node configuration. Jim says we are in situation that greg either builds rchain or fixes the prototype.
51:50 Andy jumps back in and asks for clarity.
52:19 Greg says again that there were bugs and says there are features being rolled out.
53:15 Yaniv says that special k is not useful in order to get the web application up and running. And explains the community is being harmed by Gregs actions.
56:25 Greg explains that these issues were trying to be resolved by Dor, Greg, ed and others before August 2016.
58:10 Dor, Ed, Greg talk about the clarity behind the budgeting for the project. At 58:40 Ed explains that Rchain would need more sources of funding. Greg explains at 58:50 that developer salaries will not be met at the current funding levels.
59:20 The discussion around the budget begins. 1:00:00 Dor explains that Greg is trying to march off and start another company. Greg says no he is trying to move forward with the Synereo's Dev plan.
1:02:20 Greg explains that he is building this so there is no feature creep. "Use case based infrastructure".
1:04:00 Joseph says the Rchain infrastructure is more attractive.
1:04:48 Ed asks should there be a allocation of resources to the social layer aspect of the project?
1:07:00 Greg switches gears to talk about governance structure. Dor begins making false accusations against Greg.
1:09:00 Andy says that rchain should be set up and funded by synereo. to reduce friction between the CTO and CEO.
1:11:15 Greg explains that if there was a governance structure in place than that would be a reasonable proposal. 1:12:30 Joseph agrees that a split of responsibility is necessary.
1:13:00 Greg's opposition to the proposal is due to Dor ignoring all the work that Greg and the dev team did previously. It also doesn't "pass muster" from the developers working on the project.
1:14:00 Dor again says that greg has not delivered any working technology.
1:16:45 Dor says that Synereo Ltd retains the intellectual property.
1:17:29 Greg asks Dor who is on the development team.
1:18:55 Dor says again that Greg has not delivered any technology.
1:19:30 Greg asks dor if he knows what biztalk is. (Greg built that when working at microsoft)
1:21:20 Joseph asks if the money is not being spent on Rchain where is the money being spent?
1:21:40 Andy tried to answer by explaining that rchain is not a product but a plan. Greg refutes by saying there is working vm and that his code has been used in industrial processing.
1:23:40 The topic returns to governance. Andy explains that Greg should setup a separate entity and asks what are the issues of doing that. 1:24:48 Greg explains the issues of that. 1:26:38 There is a co founder situation and no governance model and that there should have been a governance model in place before "taking money from people".
1:27:30 Yaniv objects and says Greg wants to kick out the CEO because now there is money on the table.
1:29:10 Joseph asks if anyone has externally reviewed the budget outside Greg and Dor. The question is what is the budget moving forward. 1:30:50 Ed says that the budget should be allocated towards Rchain.
1:31:40 Greg says that the developers agreed that the budget should go into Rchain.
1:32:15 Yaniv responds and says that Special K is a waste of time.
1:32:50 @RT asks if Yaniv is lying. Greg says: yes Yaniv is lying. 1:33:37 Yaniv is saying Greg wants to jump ship without releasing any technology. Greg refutes this claim again. 1:34:05 Greg explains that he had been working on the requirements and build out the development team. 1:34:35 Greg explains that Dor's claims that the technology not working is false.
1:35:05 Andy asks about founding agreements with respect to the current state of the technology and the requirements in order to get it to work.
1:35:30 Greg responds by encouraging Andy to do due diligence. He explained how the code worked and showed specific smart contract implementations. Greg says again at 1:36:00 that the claims that the code doesn't work is false.
1:36:40 Dor says again that the technology does not work. A argument ensues when Dor said that the developers on the team claimed that Greg can not code.
1:39:20 Greg says Special k works within certain parameters.
1:41:00 Yaniv attempts to simplify things by saying Greg wants more money when the current stack inst working. 1:42:00 Greg pulls it back saying there was an analysis done with the team. "even if special k worked perfectly we would not deliver the synereo application because of the compromised economic security of using that current architecture".
1:42:50 Joseph asks if Synereo has a plan. A response is given by dor. At 1:43:53 Greg says the brand was built with Gregs work. Dor at 1:45:00 again says there is no working code. At 1:46:25 Greg says the code is working. 1:47:30 Jim weighs in on the special k code saying that he optimized it and broke it. Greg returns saying those bugs have been fixed.
1:48:30 The claim by Dor again is there is no working code. Greg is saying that what the investors are interested in is Rchain. 1:49:05 Greg says he does not want to spend the money on special k.
1:49:30 Joseph talks about why the proposal was changed: essentially the plan had be modernized. That is why there is a plan now to build rchain. 1:50:00 Dor responds
1:51:09: Dor posted the old funding milestones based off a 1.2 million dollar cap for their first ICO. The problem was only 120k was raised.
https://blog.synereo.com/2015/04/07/crowdsale-funding-based-milestones-2/1:52:00 Greg asks the developers if they have confidence in Gregs ability to deliver. 1:52:40 Ed weighs in. At
1:55:00 Henry, a developer on the team weighs in on the technical progress of the project. 1:57:00 Henry explains the difficulty with the deployment strategy and why Greg is proposing moving on with Rchain.
2:02:30 Dor asks if the the project is a decentralized social network running code. Henry responds saying it is not that black and white. That continues until 2:04:40 where greg trys to add clarity.
2:06:50 Andy tries to tie things back down to a governance model. 2:07:00 Andy asks greg for clarity if he still wants Dor to step down as CEO. Greg says yes he wants Dor to step down.
2:08:35 Dor says he set up the Synereo Ltd with an intent to move it over to a non profit where he would have no control At 2:08:50 Greg says that the reality is that Dor controls all of the resources.
2:09:00 Henry steps in and says he doesn't appreciate his opinion is being peroxided and at 2:11:00 he says he is emphatic to Dor's points. Henry and Greg continues to go back and forth talking about what it will take to build a scalable solution. Ed at 2:14:40 says that special k has been a challenge and has not reached all the requirements to build the product. Ed at 2:15:10 thinks that allocating resources to special k is not a good idea
2:16:00 Ed explains that there are two big promises made to the synereo community investors and continues the conversation back and forth with Dor and Greg but ultimately says that rchain has tremendous potential.
2:19:10 Andy again explains Dor's behavior and his ability to bring in investment.
2:21:30 Greg asks Andy if Dor would have raised the money if Greg left the project. Andy at 2:22:35 says that Greg was necessary to raise the funds.
2:23:10 Joseph asks how much time was spent on modernizing special k. Greg responds by explaining how much time he devoted to special k and also clarifying who was on the team up until 2:26:05
2:28:50 explains again that Dor would not be where he is without Gregs involvement. Joseph tried to balance it by saying that if Greg spent all his time on the special k stack things might have been different. Henry responded by saying things are not that simple.
2:31:00 Patrick explains that the community was instrumental in the fundraiser.
2:32:10 Greg explains that it is important that the Synereo architecture document was published. Greg said he took a big risk with rchain instead of special k because he knew there might be a issue where someone would attack his credibility based on his decision to shift to rchain. But he took that risk because he did the analysis on the market and the market requires a scalable blockchain.
2:33:40 greg says there is a shift to a less interesting product and the investors are at risk.
2:34:10 Yaniv tries to simplify things again by using a bicycle analogy. 2:35:20 Greg explains again that he still wishes to develop the synereo social layer and that he is trying to sequence priorities in the discussion. At 2:36:00 greg explains that there needs to be nuanced solutions to the problems that the market demands. Not black and white answers.
2:37:00 Greg explains that there are no designs around the attention economy.
2:37:30 Yaniv is explaining that the issues with special k is holding back ui development. Greg disagrees. Henry and Greg jump in.
2:40:40 Ed explains that he couldn't get the alpha across the finish line because the of the server tech stack. Greg explains again that Rchain development is what is needed to go forward.
2:42:40 Andy trys to jump in with governance again in order to reduce the development friction between dor and greg and anyone else coming on board. Greg responds at 2:43:10 and expressed that Dor wishes Greg to leave the project. More arguing ensues. Andy explains that Rchain should be setup as a separate entity from Synereo and Greg should spearhead that campaign.
2:45:30 Andy tries to explain the different alternatives moving forward in terms of funding the rchain development.
2:46:00 Greg explains again why he can not work with Dor moving forward. That continues back and forth up until 2:51:15 When andy pushes the conversation forward to explain the future funding options for the project. At 2:52:25 Greg says there is workable model on the line to push development forward.
At 2:53:50 Greg explains that without a governance model, the promise that Synereo funds rchain becomes quite challenging because synereo would be the source of rchain's development.
2:55:50 Greg explains that he wishes Rchain to have a reasonable accountability structure and the money needs to be allocated upfront. Escrow is fine. This conversation continues up until 2:58:20 when funding is brought back up.
Greg wishes there be 40% upfront in funding with 60% in escrow divided between three milestone markers.
3:00:30 Greg begins calculations and says he would need $840,000 to move forward. Andy and Ed clarify date constraints.
3:03:25 Andy gives a counter proposal of $600,000. At 3:05:00 Gary says it's unacceptable to be constrained by milestones when he is not part of the discussion. Conversations move forward, Greg at 3:06:05 says that the counter proposal is unacceptable and he can not accept anything less than $840,000 because of business development costs etc.
3:07:00 Andy says rchain can become a client of Synereo and Rchain can use legal resources provided by the LTD. Greg says at 3:07:15 does not want to use any legal guidance from the Ltd or any accounting resources from the Ltd. And explains he will stand behind the numbers in the document he provided in the meeting.
3:09:30 Greg again explains that the $600,000 counter proposal from Andy is unacceptable.
3:11:10 Yaniv wants a daily private meeting between dor and greg until the decision has been reached on how to fund the project moving forward. Greg disagrees and says at 3:12:30 that the only way to move forward is through community engagement.
3:15:00 Greg says the numbers he has provided is the bare minimum for four developers. This discussion continues up until 3:17:00 where Greg explains that costs will be there for business development and that he is not spending his "founder amps" because there is more than enough money raised in the crowdfund. It's important to note that the founders amps were originally locked in escrow beginning in 2015.
3:19:01 Andy says setting up a non profit is cheap. Greg explains at 3:19:50 that Andy's proposal will not work because there are more people needed to get the non profit moving.
3:23:05 Pat asks who is going to want to use a platform where the management is at complete odds. Greg responds that he has tried to have community involvement from the start.
3:25:50 Greg says that he believes Vlad Zamfir and Vitalik Buterin will help with the milestone review process. Furthermore Greg explains that a defacto governance model has been created at 3:26:50.
3:27:00 Talk about governance and the community structure go forward with Yaniv and @dc adding their thoughts. Joseph includes that "executive roles" should be service roles.
3:32:00 The budget clarification was expressed again. 3:33:25 Jim says the amps should be used for community building. Ed at 3:34:00 says project 11 makes no sense right now.
3:37:00 We need to bring everyone together to resolve the funding and governance issues at hand.
3:38:00 Jim asks if there is anyone else in the community that disagrees with Greg's budget estimates. Andy clarifies his point at 3:38:45 about why he wants to give Greg less money to reach the milestones.
3:40:00 Greg says that if you can't fund 4 developers and basic business then he doesn't believe that Dor's proposal is serious. There needs to be a development of a brand new programming language and an additional block chain.
3:43:00 until 3:47:33 is discussion on when the next meeting is.
What I love about Synereo is the talent, transparency and passion. I admire both Dor and Greg. I know so much more about them, through their transparency, than they know about me, that it might be hard for them to understand if I say I almost consider them to be friends, after listening to and reading from you for over two years now. So if you read this, Dor and Greg, I'm just an investor who knows nothing about the tech but has bought into this because of both of you. As a Team. Synereo is both of you, so get your acts together and focus on the baby, not on your f**** marriage.
Seriously, reading through this account, all I can say is you are both right and both wrong. And the price reflects just that.
I'm confident though you can both take a very very very deep breath and hire a moderator or something and somehow prevent any kind of "team fork".
Please.
