what does this mean for SAFE?
How’s SAFEs finances?
what does this mean for SAFE?
It is as if you are looking for some direct link between ethereum having piss poor money management skills and SAFE’s finances ,
Finances are fine last i heard, this was a few months ago i think from mr irvine himself when he was asked (located somewhere in this forum) but it was looking fine and planned for a year or so ahead without selling any of the mastercoins yet if i remember correctly (althou price has pretty much died for them currently)
All SAFE’s ETH funds are super secure and in no danger.
The “news” is months old in the sense that everyone knew they would run out of money befor they finish.
Funny how so many millions were spent to create a PoW altcoin which isn’t that superior to other altcoins.
I am honestly curious though to see their accounting. Where do money vanish when all you are doing is code unless the pay is overly generous or there are too many people to pay. Too many employees at 100K a year would definitely kill that goose quickly.
I would have expected them to treat it with a startup mentality and plan for the long haul as best as they can.
There’s plenty of anecdotal (some substantiated by hard info) examples about that on the Web. News about poor management and money issues appeared more than 6 months ago.
Many do have a long term plan, that is, to provide consulting services to those who are now stuck with a half-finished altcoin.
That’s fine for us end users (I don’t have any need for Ethereum but who knows, maybe I’ll use some Ethereum-based apps one day), but “investors” do not seem to be part of that plan… And Jeff Garzik made good comments about their investors in this talk that I linked couple of days ago (the talk itself isn’t that fresh).
Since development is expected to happen in the ecosystem and the project isn’t finished, one has to wonder whether its forks will die off, or multiply.
The difference compared to Bitcoin: since Ethereum leadership thinks PoW is wasteful and unnecessary, why not fork it if it ever completes its PoS code? Especially if one wants to do a permissionless type of PoS.
Are there ressources about the monthly burn rate of Maidsafe?
There aren’t any public records about Maidsafe’s finances. Last time someone asked I believe @nicklambert said they were doing good
SAFE’s finances is fine. If it’s not I will donate 1000 euro’s in a heartbeat (because of all things I believe in this project the most).
Melvin said but, but to clarify, it’s MaidSafe, not
SAFE (the coin) or SAFE (the network).
Ok, I feel bit dumb to only have asked this question now, but that´s not very transparent, is it? Accounting is done anyway, so what´s the problem with making it public (and by saying public I don´t mean “publish everything” but publish a record that allows the “community” to get a better idea for what they are cheering). And to prevent hasty questions: no, they don´t have to do that, obviously. I am asking why one should NOT publish it.
How can you say its fine if you don´t know it? Your will of donation is well intended but doesn´t relate to the question.
In a way I was just repeating the main answer of the OP and apparently there is no public record about finances, so how come people from the community joke about ethereums “piss poor money management” when anyone here can say anything substantial about the finances of Maidsafe? The initial question was not how much trust you have in Maidsafe and Maidsafe’s statements about finances, but how the finances are. A simple “I don´t know” or skipping the reply would have been perfectly fine.
Your absolutely right. But why I say what I said, is because I hope that others on this forum are in the same mindset. Regardless of Maidsafe’s answer, the only goal is that the SAFE Network exists. If Maidsafe runs out of gas, it’s the community’s task to provide gas, so we can keep moving. I don’t really care if I have to donate that 1000 euro’s 1 hour from now. I’ll do it, because I firmly believe in this project. Some of us have waited years, for this to happen and it’s well worth it.
…Are you seriously asking how i can comment on the finances of ethereum that has loads of information about it and how i cannot comment in detail on something i don’t have great detail about?
this is the exact reason why it is possible, 1 has more information than the other
This should best be addressed by someone from the org, but it’s easy to see how it’s not the same.
If you publish statements, I assume they should be audited, and that means additional cost (as opposed to having them audited once a year or whatever the legal minimum is). I’m not saying that would be a good excuse, but if I were given a choice between spending money on audits or devs, I’d spend it on devs. Just my personal opinion.
It’s interesting that despite the messaging (by all projects) that crowdsales weren’t share/stake sales, most buyers considered their purchase to be an investment and expect some sort of positive return on invested.
Then there are others, who have realistic (and altruistic) expectations and only want to help fund the development.
I would say the majority - 80, 90 percent - of ETH buyers were “investor” type guys, so the potential for negative feedback is probably fairly high, especially in light of the careless and irresponsible way the joint was ran (if they did a great job and finished 50% or more of what they promised, it would have been forgiven). On the positive side, the crowdsale buyers are still in green, but since they’re investor-types they’re also greedy, so it’s going to be fun to watch.
Our run rate is typically around £70k per month (around $105k at current exchange rate) and we have sufficient runway to take us well into next year. We have kept tight controls over our finances and those of you who are active in the forum will know that we have been looking at alternate funding sources for a while and are exploring a number of options including EU funding, venture funding and revenue is hopefully not too far away.
We have very much retained a start-up mentality and have kept the team relatively small and nimble, with a team of around 18 or so made up by employees and remote devs. Hopefully this gives a bit more insight to the finances of the project and we really appreciate the passion that you provide and the faith that you put in us, it is not misplaced.
Thanks @nicklambert, that´s exactly what I was asking for!
No, I´m not. I was just highlighting that people didn´t answer the initial question and instead turned this into a “everything should be fine” thing, which is obviously pointless.
If MaidSafe manages to get SAFE up and running including real SafeCoin, will the SafeCoin dev rewards be enough to sustain MaidSafe for at least as long as it is the lead dev team?
It should be, but lots of variables to that question as I’m sure you’ll appreciate (number of coins generated, price of coin, market to trade the coin, how quickly do MaidSafe scale…etc…)
Me too, thanks! Nick
Wanxiang will donate $3m, or $1m over the next three years, to fund the project. Half of the funds for the first year, Shen said, were used to purchase Ether.