BKS expenditure, where did the money go?

B&C Exchange
#1

I feel an important question that hasnt been asked yet is where did all the BKS funding go?

At the time Jordan (@Phoenix) estimated 200,000 USD in funding would be needed to complete the project. A total of $320,764 was raised in the crowdsale. Yet Jordan (@Phoenix) reports here that only 122,288 US-NBT Nubits are left (mind you several thousand Nubits of that ammount were acctually generated by parking). That means over 200,000 USD has been “spend” on the project.

Remarkably Jordan stated in late February that:

Progress has been slower than expected because developers (most of whom had agreed to work about half time) haven’t put in the quantity of hours that were discussed when the project began. Fortunately, this means little funding has been consumed, so we get another chance without needing any additional funding. The best way to resolve the issue is to simply require full time developers, so they don’t have any other work competing for their time and attention. Additionally, these two full time developers won’t be working on the NuBit project at all. There has been a dynamic where the shared team for B&C Exchange and NuBits tends to put more time than expected on NuBits because it is a live and operational network, which means issues tend to seem more urgent than they do for the not yet operational B&C Exchange.

How is it possible that 200,000 USD in funding have been spend and yet the project is far from finished. Even more remarkable is that according to Jordan in late February only “little funding has been consumed”. Yet so much funding is gone now where did this money go?

According to @sigmike by what he could tell late July after the Nubit crash happend:

[quote=“sigmike, post:31, topic:3651, full:true”]
I think the last team consisted of only @Eleven. @glv’s last work was in April and @erasmospunk’s last work was in February. And I was barely involved when the Nu crisis happened.

Last week I asked @Eleven whether he was still working on B&C and he told me he was on vacation but was now ready to get back to work. I asked him to put the development on hold until we have a proper plan.[/quote]

-So we know Jordan estimated 200,000 USD needed to finish the project
-We know over 200,000 has been spend and yet the project is far from complete.
-We know from Jordan late february little funds were spent.
-By @sigmike estimation not much had been done on the project since late February and only @Eleven and @glv worked on the project in that time.

Then that really begs the question where did all the money go?

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[Voting] Development Funds Management Team (DFMT)
Timeline of events related to the peg break 2016
Timeline of events related to the peg break 2016
#2

Lol

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#3

Assuming @Phoenix responds, I don’t want my question from the BC Exchange is dead thread to get missed, so I’ll repeat it here.

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#4

The rate is 50-100 USD per billed hour which perhaps translates to around 8000-16000 per full time month (~160 hours). Plowing through 200k NBT means 12.25-25 full time months.

Let’s say in this audit we’ll need to piece together around 3200 hours among the 4 core devs. Not sure how much JL pays himself for his “architect” work. I know that @sigmike doesn’t like to reveal his pay, but it should be fair that shareholders know how many hours he billed. Same for others @erasmospunk @glv @eleven.

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#5

Very happy to see that some of you guys start pushing for transparency much harder than when I last participated (3.5 months ago) in the discussions on this forum. There is still a group of shareholders that is caught by the principle of the homo oeconomicus, fearing that once they support the truth publicly, they might further harm their personal investment. But this group is diminishing further.
Very good and important (even though extremely obvious) points @Dhume!

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#7

I very much like you for striving for more transparency and catching up on accounting. But I fear it’s too late.
Do you really expect to find answers that suggest that the architect filled his own pockets? What other explanation is plausible?
There’s a reason why there’s no accounting and only “Angela” knows more details.
Same sad story as with Nu. Information kept secret to get an advantage. Scam.

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#8

I can understand some devs feeling uncomfortable sharing this so maybe we could ask them if they felt comfortable sharing this with 1 or 2 shareholders in private just so we can infer the total amount paid out. We just need to know how much in total was paid to see if that adds up vs the amount that is left.

#9

Let’s see what we can find out before we draw conclusions, although I fear it might be as you suggested.

1 Like
#10

What about you try to find out more while I draw early conclusions?

I’m already hated and perceived as doomsayer. I have little to lose. So I don’t care. :wink:
If my posts alert at least some people before they lose more money, it’s worth it.

I’d really have loved to become a shareholder.
I’m fairly sure that this won’t ever happen considering all I suspect. Not long ago I thought I might risk a gamble once NSR are down to a few Satoshis, but even then others will have the knowledge and can frontun others.

It’s bad that this plague spread to B&C Exchange as well.

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#11

Let’s hear the devs. Given the cheap NBT post-collapse @eleven probably cost more NBT than he billed; if he spent 4-5 full-time months on this he probably cost 6-7. sigmike, glv and erasmos punk are likely more expensive hourly.

Assuming that the latter three as a group charged at least as many man-hours as eleven, perhaps one can say 100k+ NBT had actually been spent on devs. BTW, @cryptog would know something about @eleven’s pay - a route I hope we don’t have to resort to.

My very crude guess is that if JL had taken anything for himself it might be in the ball park of 50k, or lower, though it could still be 100k. I’ll stop here with my 2 cents, the bird should speak for himself.

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#12

That’s why I proposed a RSOT motion which is getting 43% supporting rate now.

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#13

I know exactly all the pays that have been conducted indeed to eleven.
I can disclose them indeed if eleven authorizes me.

#14

That would be nice, it doesn’t need to be specified to start with. Just the total sum including your own fees you received for bringing him aboard would work imo.

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#15

I can disclose how much i have been paid indeed.

#16

@Phoenix we are awaiting your response, if you are truly genuinely interested in getting Nu and B&C back on track it’d be wise to reply to the questions asked in this topic.

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#17

Crickets***

#18

@Phoenix for someone that seems very keen on handing out bonuses to himself and brand new forum accounts that have contributed nothing except agree with you. You have been awfully quiet on legitimate questions posted in this topic. Would you elaborate on why you havent responded here?

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#19

May I make a guess? The answer will include “being responsible for Nu liquidity operations”, “busy with keeping the peg”, “busy with scamming more people” - no wait, the last quote would be honest. Don’t expect that being part of the answer.

#20

@Phoenix ?

#21

@cryptog, did you ever ask @Eleven if he could give us this information or if you could relay it to us? I think you can see that it’s very important info that will help us in determining whether Jordan stole the funds from shareholders.