NEM Foundation - Funding Proposal 2019


#70

I can see previous management was wasting a lot of funding for many useless cost, and lots of human resources overpaid also not effective non essential…
This cost cutting is GOOD MOVE, however announcing it IS NOT a good move…


#71

I prefer to use the word “misuse” to discribe situation. And … nobody cares :sleepy:


#72

Exactly and the same people are now asking for higher salaries to spend 8million dollars mainly for salaries.

IMO just cut -80% non tech people, set up a new dev team with original devs and small council. No need for crash the price and spend dollars like there’s no tomorrow.


#73

Sorry man but you are hidding from open discution, you are always to busy for discution, for doing real things, you just talking and talking. We need to change world in better way. Maybe it is time implement your promises ?


#74

i am with you man you are correct SIMPLE ALL HERE VOTE NO!!!


#75

To avoid misuse budgets NEM should work in “protected ICO style” - start funding after presenting working demo/alpha version of product. If product finished - full funding. otherwise we will get curent situation.


#76

Sorry but Alex and other consuls shoud not work hard, they should find the way how to made NEM Found work as an independent business unit. As for me I see no work from “new mom” of NEM Found. No public discution, no AMA, no video, no posts, nothing.


#77

Are you for real? The top of this thread has the result of weeks of work. Plus one of those videos that don’t exist.


#78

a question and I hope I won’t offend anyone, those funds of money inaccessible in the Singapore bank, wasn’t the treasury department aware? I imagine she does her job well but she worked with the old council and now in the new one because she was only the person who applied for the position without opposition to the position, these movements couldn’t be seen in advance and be transparently supervised before the arrival of the new council?


#79

But NEM Found can do this? I thing AMA format will be the best way to solve all misunderstanding


#80

I know you personally, so I can imagine the situation. Nobody hides from open discussion, people just hides from u. Coz, your ideas, stories - totally insane. There is no any sense to have meetings with you or even chat, best idea - is ignore you.


#81

But I wanna know, what kinda of RoI we can get from new foundation structure.
What’s metrics?
Business partners?
News in media?
Grow up XEM price?

Let be honest, nobody wants catapult.
We just spectacular the XEM price.
Now people talking about "let’s shoot down foundation, we need catapult. Technology - it main. "

When catapult will released and price will not grow everybody, who just yesterday screams about “technology” will roar “technology - is nothing! Nobody needs catapult. You make a marketing and business development first”


#82

Community just wanna see XEM = 2$


#83

To be able to see nem=2$ technology must work :wink: avanced technology= up price


#84
  • Most of the negative feedback in this thread is from forum users whose accounts are less than 48h old. Some even only very few hours. Is this trolls and sock-puppets of anti NEM Foundation players? (Whatever their agenda)

  • IMHO - NEMbers (NEM community members) who indeed care about NEM have an aged forum.nem.io user account.

  • On-Topic: I am glad that Alex & team stepped in, stepped up, and put all the effort to create the draft which is point of discussion. Let’s use this call for comments - and gather constructive input for revising the draft, so the NEM Foundation can achieve a workable version to vote on in a few days from now.

Rene, LuxTag.io


#85

You are definitely not confused him? Anton always helps with any question. I sometimes wonder where he finds time for all this …


#86

HI thanks for your question

The verticals will be gradually opening, they will not all open from the beginning, our business plan is long term. We will incorporate each vertical completely when needed.

If you work with clear KPIs and they are followed correctly there will be no bloat. From the Council / ExCo, we will follow up to avoid it.

How do we avoid bloat ?: Correctly tracking the KPIs of each vertical.

Your idea of CFO with a Revenue Consultant, looks good, we can discuss it.


#87

Jesus! Are You serious? Who said, that " many XEM were wasted last year just for stupid promo materials on youtube, parties and so on"? Ha? And if you are so great expert in business development, can You understand, that devs can make product, but can’t sell it. Salesman can sell shingle shit on a shingle, but he can’t make an aura around company. PR guy can win fame, but he is not dev or salesman. They work as a team. Yep, we can disperse Foundation and make focus on Catapult… But it will be just foremost mishap… Oh, man, You pissed me off…


#88

How much of the funding will be used to pay off existing debt, invoices you mentioned etc? Is the money going to go into a black hole of ever increasing invoices being sent. What percentage of the funding will actually be used for the items in the “breakdown of funding request” pie chart, and what percentage for paying off debt, invoices etc?


#89

Hi Foundation members. Thanks for all of the effort you put into this proposal, there is a lot of great information and I’m excited about where the NEM Foundation COULD be heading.

However like many others in this thread I think I need more answers and more has to be done before I can vote ‘Yes’.

Some questions I have:

  • You said you assume the previous funds were spent on marketing, events, travel, salaries. Does this mean you don’t know exactly how the previous funds were spent?

  • You mentioned a previous burn rate of 9 million XEM per month. You gave fiat figures at current price but you don’t mentioned fiat equivalent spent. It should be fairly easy to figure out the fiat equivalent that was spent based on average NEM/USD price for each month and how much XEM was spent in that month. Can we have a USD estimate please?

  • 88 staff made redundant, does this mean we have 62 left? After we fill the additional roles what will the final figure be?

  • Regarding redundancy payments, can you explain how they will be calculated? How much do you expect to pay out? (fiat equivalent please).

  • You mention you are planning on holding a large quantity of XEM and reducing costs if the price drops and if the price goes up you will sell for reserves. Do you have a solid strategy in place and can we see it?
    Even with a solid selling and cost reducing strategy this sounds like gambling. Please comment.

  • You said salaries went up in 2018 due to a XEM surge, can we have more (much more) details please? I would especially like some figures for XEM salaries in Dec+Jan when the XEM price was $1 and above.

  • Staying on the salary subject. You mention salaries could be paid in fiat or XEM. Will this be a fiat equivalent paid in XEM? If it is a contracted amount in XEM what will you do when staff are being paid 5x the original salary or when they walk out because they won’t work for peanuts (similar to BlockGrain). Did the former happen in 2018?

  • From my calculations it looks like you’re asking for around 7.5% of the total funds available to the core team for 1 year of operations. This seems high. What is the plan for the following year? As we don’t know where the market is heading is it possible you could be back requesting 15%+ next year? Please comment.

  • Regarding re-structuring and filling new positions, how will you balance hiring old employees vs. new ones? What weight will you put on skillset vs. previous NEM Foundation employees? Will there be a conflict of interest with managers having the final decision on their previous staff?

I’d prefer it if Alex answered these questions as they were based entirely on her presentation and on her first reply in this thread (the salaries and bonuses part).