Quote from: kattokassinen on June 17, 2014, 07:38:21 AM

Quote from: Eadeqa on June 17, 2014, 07:18:45 AM

Quote from: Simakki on June 17, 2014, 07:08:28 AM

Quote from: Eadeqa on June 17, 2014, 06:56:08 AM

I oppose pre launch public auction, as that means 400 BTC IPO is going into someone pocket at current prices.

If developers want 400 BTC more, why they also need 15% stake too (which is 600 million Nem)

Im thinking quite same, what is the purpose for collect more BTC ? Otherwise, could we use that money to big marketing campaign or made bounties to new devs ? Or just share all btc with old stake holders Grin

It's basically designed to collect even more money.

So first we had an IPO (which we are not supposed to call "IPO") that collected 60+ BTC and several thousand Nxt.

Then we will have a second IPO where 200 more stakes are "auctioned" again for even BTC, this time at muh higher prices (potentially 400 BTC).

Double the fun.

Then 15% developer stakes and 10% more reserved for future (25%) -- and no answer on what will happen to unclaimed stakes that could be as high as 25% more (making 50% controlled by "developers")

I agree that things are a little bit too shady now about how the funds will be used. Many things have been decided by "the community", but in the end only a handful of people have had any influence to the decisions made.

I think that the decision making should be much more transparent. More voting on the official NEM forums (there should be more urging here on BTT to register there) and let the stakeholders have a say on how these reserved NEMs should be used in NEM's benefit. I agree on that we need a big fund to promote NEM, but we also need to be much more transparent about the use of this fund.

Also, how will be the BTC collected from the auction be used? Will this go to promotion fund, too?

Eadeqa, this is the reason why we had a call to participation and not an IPO: http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370541972520#.U5_yiigVcSq, and it has very important legal implications. UP thought of this and lead us to this: http://en.wikipedia.org/wiki/Voluntary_association.

The auction as you may remember emerged as an idea from the community(while NXT AE wasn't around and wasn't even a though) with the purpose to attract a good deal of attention and helping a lot of other people to join before our official launch(There was a high demand for it). After we did the NXT AE listing the auction remained in place because of the same reason and because it is still relatively hard for new people to buy NEM via NXT AE.