Taking to account this situation it looks like crypto-downshifting is the best option
May be a good idea to move head office from Singapore (which is expensive city) to another location
There are already many questions in this thread, so I won’t add more
Yes, that is right, that will be one of the options. Thanks for looking into this.
Hello. I thank you for this honest and clear communication. As a finance professional I would like to as the following questions:
Do you need any help in managing your financial leadership / control aspects of the organisation? I can help since this is what I do for almost 15 years (Incl. analyses and strategic partnering with stakeholders / leadership teams).
Do you report financial statements as in a P&L statement, Operating Cashflow, Working capital, financial ratio’s etc.? I know you are not bound to deliver this kind of transparancy since you are not stock listed, but I am sure this will help in terms of building trust the same way this is the case towards shareholders of a stock listed company.
Point two would only be useful with providing contect to numbers with some comments related to historical numbers, but much more focus on future outlook and plans. I know this is quit difficult in this market, but you would not have to provide a budget or forecast numbers, but community is more interested in the strategic outlook and how that potentially could impact the numbers.
Are you open to share your (monthly or quarterly) leadership packs (which include performance of the different business units in the regions of the world) in a sort of summarised version with the community?
From my experience these kind of topics help a lot in terms of supporting a strong corperate governance system and transparent information flow within organisations, no matter how big or small they are.
Thanks, hope to hear from you.
Hamid
Thanks for answering questions Alex, it’s a stressful time for everyone and the transparency and candor is much appreciated.
I’m hopeful that the new leadership will take NEM onto new heights and that all your hard work will reap dividends. Best to you and the council.
L
Hi everyone. Since the elections some of us pointed different problems Nem Foundation (not the technology) was struggling. I was happy when Alexandra and the majority of the council were elected because I knew that they would do everything possible to solve the problems.
So now for me it is not a surprise that Alexandra and the council are facing the changes NF need to be more efficient.
Mistakes were made in the past and also a lot of good things happened. Personally I resign to my salary last year, months ago.
I want NEM to succeed so I don´t want to waste time talking again about the past and point fingers. It is time to look what we want for the next years.
I hope everyone in the Foundation and the community understand the huge changes NF need. The less we need now is negativity. If you believe in NEM TECHNOLOGY (it does not matter if there is a Foundation or other entity) stay with us and help and support Alex and the council, core devs and community.
Time will say if the new changes are the correct way. I´m very confident. I´m not afraid about our competitors.
Blockchain massive adoption is going to take years and other protocols are not better than us, even if they are in a better position in the market cap I don´t think some of them has better technology than us.
Thanks for your support and specially to Alexandra and the Council for the hard work last weeks.
Hi all, please see latest update from NEM Foundation in response to the CoinDesk article and more:
So are foundation memberships open now to join and potentially vote / run for these new positions?
I understand that the Foundation is not NEM, however it seems to have an uncanny ability to cripple most parts of it - whether that is through infighting, unprofessional behaviour by representatives of the council or just lack of direction for NEM as a whole, I appreciate that things are changing, and I don’t deny that streamlining is a good thing but with the mess of the last election i really hope any future ones are more transparently advertised in the future with everyone given enough notice to be able to join up well in advance of any hidden deadlines!
<edit - missed the response to the coindesk article>
So this money is coming from NEM’s slush fund? What determines that NEM has access to this money? Is it done via a vote? If these truly are discretionary funds for use at NEM’s whim are you going to be transparent about their former usage?
Thank you for your words, your clarity in speaking with the community and responding to hundreds of messages in the forum one by one and to each message in the Telegram chats, I admire you, you are Nem and what we needed to see the light after the darkness of 2018. I will continue to support you and be one of the members with the most support for the team. Greetings from Spain. All for Nem. President @Inside_NEM goooo gooo.
Maybe we should make Xem a stable coin, take a loan for development or find a large investor, and the coin holders will receive a reward at harvest. Release your stock exchange, and earn commissions, sell blockchain solutions by industry, etc. Sorry for the oldies. The community is hard, but everyone hopes for the best …
Thank for the response, and being available to answer the community queries.
So does that mean in January 2017 when the price was circa $1, the foundation were spending $9M per month? Or in January 2017 was the burn rate 405,000 XEM per month? Assuming $405K is required per month for the foundation.
What return of value was the 9M XEM per month providing if that was the case, or was it all spent on first class flight tickets / 5 star hotels etc to conferences etc…
Were there any policies in place on what was acceptable to claim as an expense, or was it all a gravy train?
For the community fund request will there be a POI vote (which was ignored) or is this only for foundation members who signed up by paying $50 to vote on like the presidential election?
I suggest the future focus should be on product development and business development, marketing can naturally come when the product is ready.
Overall I actually see this as a positive sign. While it’s regretable that it’s caused a lot of stirr and FUD (crypto media is FOX News level bullshit) I think the mere fact that we know about all this stuff now shows that the right people were elected.
I’m still not convinced by nem’s technology but I’ve been around since almost day 1 and this may be the most competent leadership I’ve seen so far.
I hope Alex sticks around and I hope that the new product focused approach will bear fruits.
I am of course massively dissapointed in the previous administration but why dignify those people by wasting more thoughts on them…let’s move on and right the ship.
Council is doing what it needs to do.
Thanks for update.
Your making the hard business decisions that should have been made already.
Sad to see the state of the balance sheet we are at and high level, educated, experience, responsible, accountable people should have foreseen this happening or at least have this as a risk that need to be mitigated.
Anyways, nothing happens crying over spilled milk.
New Council is stepping up to the plate and doing what they said they will do, bring change!
1 promise they are already keeping too is, communicating with the community, this it itself will separate the true community from the trolls and fuders.
True community members appreciates honesty and constant communications. The real people will stay and other will join just because of this level of morality.
All other will leave, which is fine. A team is only as strong as it’s weakest link and trolls, fuders, price riders are all weak and have no loyalty, time to see who is who…
Nem is bankrupt,
i think @Inside_NEM is a victim too, because she didn’t know about the bankruptcy before the presidency.
as i said before(nem_is_dead), Nem is dead.
now i have more than 100k nem that has no value! the only response from community is: “that’s it!”.
catapult is just a software, it can’t make a miracle.
Nem needs Big-Whales, but sadly whales do not like Nem, at least not anymore. 
There is no bankruptcy.
I am disappointed.
$405,000 a month burn I would rather spend on development than marketing since there is nothing to market!
This all feels too easy to me. I know Alex and others are working hard to salvage what they can and they’re taking the brunt of the backlash against the Foundation but that is what the job entails. It is not a personal attack but it comes with being part of the council.
Everybody is too easy to forgive. I’m getting the sense that everyone is ready to sign over another $7.5million with a shrug and a comment of “spilt milk” or “its all in the past”. There is a sentiment that “now this has happened we’ll be onto great things”.
I think much harder questions need to be asked here.
The Bitcoin Foundation was not a great success. The decisions of the Litecoin Foundation and it’s impact is often called into question. The NEM Foundation was wasteful and in a month it could be dead.
We need to ask whether it is worth saving.
I don’t want to single anyone out but when I scroll down the NEM.io/about/foundation/ page I see people I’ve never heard of, or I see the names of people who have made questionable (maybe even underhanded) decisions.
Do we want to have these people attached to NEM in an official capacity? The core team, and I would hope the community also, have a great responsibility to weigh up these questions.
I see no pitch from the Foundation to the community to justify their existence. I see no demonstration of the value they produced and why they should be kept around for the future. Sure there were a few lines or a paragraph or two but I want to see more.
There is an opportunity for greater reform here. Reform that is not in the hands of an organisation that created this situation and not in the hands of an organisation that has a conflict of interest when considering its reforms.
We can have bargaining table where the core team, community and Foundation figure out the correct way forward together. In a direction where we find more suitable candidates with technical backgrounds that can bring real value to the ecosystem
However I have a sinking feeling that a proposal is going to be submitted to an overly busy core team while the community is left in the dark. That sooner or later it will be accepted and then we will be back to business as usual with a troll box Telegram channel, a spam filled subreddit and an empty forum.
You are right, but give the folks a chance, while they seem to have discovered the way out of the tunnel.
What will unbung NEM is an open source public chain. If it had been an open source public chain from launch lord knows how much further along it would be.
The NIS chain can’t be mined and it can’t be developed. That killed off a huge percentage of the potential audience before it got going.
There was talk of a separate group working on public Catapult. Those plans should’ve continued while the election was eating itself, even more so now.
Accelerating that was pretty much the only reason for the foundation to turn voters on. I’m sure they can put something together. A dedicated group could do it faster with more focus.
If this group was rolling this foundation drama would be a drag but not much more.
As an investor I have watched NEM go from being a sleeping giant that was being recommended as a good buy , being called the Ethereum killer to this obscure train wreck today … where is NEM being mentioned by the IMF or scores of YouTubers … NEM has been fading into obscurity for quite some time… bottom line if you don’t have a product for business that you can go out and present to the world you will be a total loss in the history books!!!
Where is a finished product that businesses will highly seek out to be a part of … are you better than all competition…
And you have plenty of it ! …
Businesses don’t care about anything but their bottom line… CAN NEM produce a product/service that solves problems ? If you don’t have developers that are capable of this … you ARE dead !
I wish you much success !