When this coin had its "burn" for clearinghouse which was really just a second IPO (lol one wasn't enough) for btcdrak since instead of the Via actually being destroyed (as they are supposed to be in a burn) they went into his pocket so that he could sell them for BTC for his own gain, it became pretty freaking obvious to me what was going on here. And it should be no surprise the price has plummeted since then... What, did people actually think he was just going to hold onto all the Via that was "burned" into his pocket?
It's funny, too, because I could have sworn I brought up this issue when the clearinghouse burn was starting and everybody stepped up to defend btcdrak claiming that he needed the additional funding to continue long-term development on the coin...
Wait... Pardon me for my ignorance as I have started taking interest in VIA after the burn process to acquire XCH.
That said, can you post a link where it said that VIA holders should burn (actually send) their coins to a VIA address set up by Drak?
Read through the clearinghouse thread.
https://bitcointalk.org/index.php?topic=734674.0"This initialization process is called "burning", but since viacoins are new and shiny, we decided not to actually burn them, but use them towards funding the ClearingHouse project looking forward."
"Q: What happens to the viacoins that I do convert to XCH?
A: They go to fund future development of ClearingHouse."
It is clearly stated by btcdrak in that thread that these funds are to be used for development, so I hope these aren't the funds btcdrak is currently having such a difficult time answering questions about...
In my opinion Barabbas is the only one making any sort of sense in the last few pages. But aside from that, Stormia brings up an interesting point re: Clearing House as well (that can be seen above).
Drak arbitrarily decided at some point that VIA ICO funds were now his and that's one of MAJOR issues that people have. I'll explain why this should be evident.
The discussion above highlights that Drak has decided that the Clearing House funds (1M VIA) are no longer to fund future development of Clearing House rather they will now be used to further VIA initiatives. But VIA would only need those funds if VIA itself had no funds to advance the coin? (But it should be pretty clear there are over $100k of unused ICO funds by any reasonable math). ClearingHouse is Drak's second coin grab and he sold it on his community by basically saying "hey this project needs funds to advance it as well, as it is it's own project seperate from VIA". Which leaves a very big question:
Are we to believe that the initial supporters would knowingly provide funds to advance a second less important project (XCH) while being ok to not have funds in place to properly advance the first primary project (VIA)?!?The second main issue, that has become obvious from all of these comments and discussion, is that you have a developer that has clearly put his interests before the project. It is clear that Drak's position is that ICO funds are not used to advance the coin, and now people are saying they are just a payment to the developer. Well if that's the case it should be obvious that the developer views himself simply as a contractor (receiving payment for services rendered). At least before ICO participants believed those funds were sufficient to move things forward and would be used to push the coin. Now we see that is not the case. Simply based on the lack of a proper driving force or incentive structure, the project has little chance of success in our eyes and I'll be unwinding my position over the next few weeks. I'll likely be advising those I've brought into VIA to do the same.