During the ICO from both Nushares and B&C Exchange a large amount of shares (at discount price) went to a group of non-disclosed anonymous “seed” investors. Although I wasn’t around for the Nushares ICO from what I’ve heard it was the same as it was with B&C Exchange.
We now know that in all matters relating to development there was no developer team it was just Jordan (@Phoenix) pulling all the strings and hiring developers on a per hour basis. This also means there was 0 oversight on everything he did. Now if we go look at B&C Exchange I quote from the bitcointalk topic.
This “seed” investor group got 42,500 BKS for less then 2$ a piece, which in essence is already ridiculous but those were the terms provided by our benevolent dictator. Now keep in mind that Jordan has stated multiple times that roughly 200k USD were needed to develop a functional exchange. This is where it gets interesting.
So the B&C exchange dev fund held in total 320K USD including the “seed” investors. Yet on August 2016 there was only 120K Nubits left in in the B&C Exchange development fund. Which means roughly 200K has been spent. Surprisingly there is no working exchange, no beta, only some code which is far from finished. Estimates are that at the very least an additional 100K USD is needed to release even a minimal viable working product. So what happened here after 200K (which was the original target) have been spend we’re still far from even a beta product?
Well the answer is hard since Jordan (@Phoenix) refuses to comment on where the money went. See my topic asking for clarification which is almost religiously ignored by @Phoenix. Now I took it upon myself to find out where the money had actually gone and I contacted all developers that have been working on B&C exchange. From what I gathered and this includes the majority of developers who have worked on B&C Exchange (including @sigmike) less than 100K USD has been paid to developers. Let’s give Jordan the benefit of the doubt and say 120k has actually been spend on B&C exchange. That still means we’re missing roughly 80K USD.
Hmm.. roughly 80K USD missing I wonder where that money went? Or maybe that money never existed in the first place? Maybe just maybe that 80K was never paid and those “seed” investors never existed? But if that money was never paid and those seed investors never existed then where did those BKS shares go? If only we had some proof of roughly the amount of shares that are “unaccounted” for voting in conjunction for a few highly controversial motions that enabled @Phoenix’s his reign of terror.
Well I guess that’s all she wrote, all the evidence is there, there were no seed investors. Jordan made it up and rewarded himself with over 42k BKS shares under the pretense of a group of “seed” investors putting in 80k USD. These shares give him roughly 25-30% of the total network and since not everyone is minting that’s more than enough voting power to have a majority stake on active motions. @mhps and @woodstockmerkle can give more information regarding the shares he used to vote for his own motions.
Now I wasn’t there for the Nushares ICO but similarly to the B&C Exchange ICO there was also apparently a group of “seed” investors holding a large stake in the network. I’l bet that the amount of Nushares they received corresponds to the shares voting in favor of @Phoenix’s his motions and I bet that a large amount of money from the Nushare development fund was never accounted for.
Unfortunately this has little to do with the sales you’re running. This has been a scam right from the very start. This is why @Phoenix has a majority voting stake in both networks. Not because he actually has shareholders supporting him but because he’s using the shares he stole during the ICO’s to vote for his own motions.