I agree with some points but overall I think it's too early to say that this is a failed project. What makes me scratch my head is: What would happen after the successful gGmbH formation? Sure, devs would have full access to their funds and could hire more devs. The news would lead to a nice pump (and subsequent dump by dissatisfied long time bagholders). If no significant news about development/partnerships/dApps follow, we will end up with the same price in the long run. Now, it's not like they had no budget or funds at all until now which makes me think: The slow overall progress (f.e. hiring process,rebranding etc) . Is it really a money or management issue? Why did visiting conferences have a higher priority than setting up an office/hiring devs? How successful were the conference visits really? Did they help to spark any new interest in this project? Maybe potential future partnerships? Why does the CEO publicly talk about losing an interview with a potential employee? Did he and his partner do some research about forming a company or the overall chances/climate of Germany's blockchain industry before ICO? Lisk is still a start up and needs time to grow. But maybe they should think about improving their way of handling things and invest some money in management professionals.