BITNATION - Governance 2.0

[crypto_coiner]

BITNATION IS A COLLABORATIVE PLATFORM FOR DO-IT-YOURSELF GOVERNANCE
http://www.bitnation.co/

[Cybnate]

Very interesting if they can deliver on this. It surely requires some due diligence before investing a single NuBits. Hope people can share if they find something out about this.

BTW Publicly offering shares is illegal in many countries including USA, so it appears that they are operating outside the USA, possibly from a Middle-East country looking at the team names. In that case it is even more interesting that a woman wears the title of CEO. Interesting, but still possible.

[Ben]

Total supply of XBNX: 400,000,000. Total Supply set at rate of $0.05 per XBNX as an initial pricing.

Founders: 10%: 40,000,000
Future and current: employees 15%: 60,000,000
Ambassador Network 25%: 100,000,000
Seed round 10%: 40,000,000
Reserve kept for future private investors or a future Series A and B 40%: 160,000,000

Pretty lofty goals for pricing and team profit/reserves.

The site is well done, but I get that feeling that there’s something “off,” but I can’t yet put my finger on why it feels that way.

[GLock]

If I remember correctly not long ago they had to delay the crowdsale because of resignation of three “founding” members. They lamented a lack of organization and legal structure in place.

http://blog.panampost.com/belen-marty/2014/10/24/why-did-three-original-members-of-bitnation-call-it-quits/

[rodchi]

Run away from this. The lady in charge of this project was recently interviewed on Let’s Talk Bitcoin (Episode 157) and she was absolutely clueless. She could not answer the simplest of questions. Based on what I heard, I could not invest a penny. Good concept, but I don’t think that she is ready for the prime time. The interview is here: https://soundcloud.com/mindtomatter/ltb-e157-competitive-governance

[Cybnate]

You are right, after I listened to this. It all sounds a bit wobbly and not well thought through. And she is indeed not well informed technically, although that is not uncommon for a CEO But she should have prepared better and their own governance is also not in place.

It is a good idea, but badly executed. I will keep following this, but won’t invest for now. It is a bit of gamble.

[crypto_coiner]

“The site is well done, but I get that feeling that there’s something
"off,” but I can’t yet put my finger on why it feels that way."

----> Perhaps the non-separation between a token for a share and a token for a currency

[crypto_coiner]

Google doc: https://docs.google.com/document/d/16HDB9AABa5rTOVFJj_8VLdOxgMguovLLAMviaTkZ1q4/edit