NEM Foundation - message to the community

So is there going to be an election vote on these new positions? Not meaning to offend anyone but the current council members were voted for based on the positions they specified in their council manifesto, if the community knew there would be CMO CTO and CPO etc positions around I think they might have voted differently.

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So if there was only 1 month of money left for the entire foundation how does a 60% reduction in budget help? Does the foundation now have only 2 months? What can be accomplished in that time?

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We saw very little accountability for funds and questionable ROI, leading to a burn rate of 9 million XEM per month. In terms of running an effective organization, the existing structure failed.

So sad, people were using the fund, for personal enjoyment and profit without regards to the project’s success.

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Who would have thought… :sweat_smile:

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Organizational challenges and catapult road maps are separate.

Please do not affect the announcement of catapult road map.
Please announce the catapult road map as planned.

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Thanks for the update. It’s great to see that there seems to be real transparancy now and it’s even better to see that problems are being addressed.

How is this just a sidenote ? Could you elaborate on that ? The funds can’t possibly be empty and if they are, how is a cut by 60% going to help ?

At least we now know for sure that the previous council was a either dangerously incompetent or simply uninterested in actually doing what’s best for nem.

The only thing in this post that is actually negative to me (I’m so glad problems are finally being acknowledged and addressed) is the fact that there is still some delusion going on.

really ? You think nem is an industry leader ? really ??

You gotta be kidding me…okay…sure it will.

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thx alex

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and its proven now u are the right one
by direct address the shortcommings and work on solutions

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Thank you for the encouragement, this is part of a joint effort by the council led by Alex who has gone over and beyond in her commitment to the role as President.

This will be brought up in due time as we go through the phases of the proposal. Nothing is final and certain at the present moment. Thanks for asking @Dan_V

We are stretching as far as we can, there will be a request proposal to pursue further funding in due time.

We would like to note that there are many hardworking and genuine team members who have a strong work ethic, we will continue to do our best to ensure that with the new structure, there will be a solid sustainability model to avoid a situation like this.

We are working our very best to manage this situation even as we are just one month into the council. Do bear with us as we continue to press on in doing our best!

Our big priority will be in working on the launch and commercialization of Catapult. The roadmap is very important to us and we will work with the contributors of Catapult to ensure that the work in progress is communicated with clarity.

This has been due to the downward spiral of the cryptocurrency market capitalisation along with other factors. The cut by 60% will help us in stretching further as a proposal is requested for further funding.

Thank you, we are all working as team with the community to get through to this together.

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The coindesk article mentions “the foundation’s 202 members will be asked to vote on the funding request in February after it’s published on Thursday.”

Where and how was this communicated to the members or the community?

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also we must know how much and where???they spend
nem the previous presidents have eat?
and maybe give back to foundation

where is lon wong now have take all the money for NEM and make new coin i think
something like proximax something like that

thats the reason that lon wong leave with money from NEM FOUNDATION
WE MUST KNOWWWWWWWWWWWWWWW

FOR WHAT>?
WE NEED DETAILS AND WHICH EAT SO MUCH MONEY
NEM FOUNDATION GIVE MONEY TO PREVIOUS PRESIDENT TO BUILD HIS NEW COIN proximax OR NOT
AND IF YES HOW MUCH?
ALSO JABO 38 MUST give to us details

I am around for approx. 1,5 year. When I joined, there were tales everywhere about Catapult being released & sh** soon. It promised highest TPS seen at that moment.

UPDATES
I am still here after 1.5 years hearing about NEM Foundation being bankrupt & still NOTHING about Catapult (I expect replies like: "Ohh… It is running on private chain… blah… blah). Catapult is deployed on private chain? What have regular users from that? Nothing. In 1.5 years, I have seen NO movement and heard nothing good about the partnerships using the private version.

PROJECTS & FUNDING
This is the section where I am pissed the most. If you enter the Project Proposals on this forum, you see a lot of garbage being approved (No, I am not kidding),
Let´s see:

  1. CoderSchool funding - Like what the fu**? You don´t have to teach people how to build apps on NEM. First of all, you must have delivered your promises. Why would someone learn to code on existing platform when CATAPULT is supposed to rewrite whole source to C? Second of all, people should be learning programming on the platform themselves. Trust me, when you deliver a stable, high-quality platform (which was promised) developers will come and will be begging to use your platform. Why do developers use for example C or Java? Because the inventors paid someone more than 200K to host 5 Community Ventures and make some lectures? Don´t be silly. More than 200K wasted.
  2. Xarcade.io (my “favourite”) - After a year they have delivered s***. Nothing delivered, no normal announcemets. BETA apk download on the website? What about using Google Play huh?
  3. World’s First Decentralized Indoor Farm - Like what the fu**? Won´t even comment on this one.

    x) This community funding BS shouldn´t have even existed. They brought NO value to the NEM ecosystem. Even if they did… where are the news? (I´ll move to this later)

COMMUNICATION (“Everything important is written on Telegram.” You have already lost here.)
Who uses Telegram ffs? (Okay, maybe many people, but trust me, very small fraction of the NEM Community). Your Telegram channel isn´t visible until you have registered and many people don´t like long registration (and even giving away your number). Maybe there were some news… but majority hasn´t seen them 4 sure. Have you seen how does your Reddit look like? I cry when I see the state of the NEM Subreddit. Spam, garbage posts… Are mods doing at least something there? The Subreddit IS LINKED on Coinmarketcap, NOT Telegram. I wouldn´t be registering on a platform requesting my Phone Number + Nobody I know is using that platform… NEM Foundation Updates? Why there aren´t any links pinned on Reddit or Facebook? If you use only own Forum and Telegram, don´t expect anybody to know anything about NEM.

SUMMARY
This is only a fraction of things that pissed me off last 1.5 years. There is definitely something wrong and these things I pointed out are easily fixable.

BTW do you know why I came here? I heard about it on REDDIT since it is easily accessible. The post was talking about Community Funding Request of 160mil XEM. Here isn´t written anything about it? Where should I be looking for it? Telegram? Coindesk? What about posting it on multiple platforms, since from my standing I am unable to know sh** about this project.

You shouldn´t be expecting us to be looking for info everywhere and spending half of our lives to access it. Use multiple platforms, like I said… Twitter & Reddit is on CMC, not Telegram.

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There’s Lon Wong’s response - https://blog.proximax.io/response-to/

They ran an ICO and raised their own money from it.

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did any of the projects you listed actually get ncf funding?.

Yup, just see the Project Proposals Section :wink: There are many more, I just didn´t want to spend all day listing em.

This is the post-V1fund (which isn’t even the only fund): http://chain.nem.ninja/#/search/NDEVPOSK4OMR4PRTLYFHX4W5QTOND7TZDT2DTU4Q

There enough XEM in there to last A LOT longer than one month so I’ll go ahead an assume that it’s liquidity that’s the issue. You should make such things very clear.

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I am aware of the projects you are talking about, and many more. you’re right there are some sh** proposals. They don’t get funded though, including the ones you mentioned. Even some that did get funded by the community had the funding cut because they weren’t giving results. Travelbybit is a recent example.

There is a point there for the cynic though for sure. An anonymous quote on the NCF, “Paying people to give money away, that’s just not my idea of capitalism” :stuck_out_tongue:

Still, if NEM Ventures hit it big on one project, everyone will love the fund and then we’ll enter irrational exuberance again. It is what it is, investing in high-tech startups you will lose almost every time. I still think it makes sense to have a well-managed fund that prioritizes developing the ecosystem along with making money.

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You know it is posted on their twitter. Lon Wong have also posted his response and it is posted on their twitter as well. @nemfoundation have you read that? too bad for you for not having a telegram account it’s like you missing out many opportunities/important news there. Not only am I talking about NEM, but other projects as well. About the coindesk article, do you really think the foundation admin would post such FUDs on their twitter/subreddit? Not even tron does that. So if you’re into crypto, please keep this in mind: if you want news about your “investment (read: gambling)” coin, do take action to find it yourself instead of waiting something to moon. It’s your decision from the get go to play in this game. Your fault for not selling this at ath when shit became too obvious for you.

You are obviously one of those “fanboys”. Do you want to tell me, that this is normal? You obviously got things completely out of context. I have never said anything about posting Coindesk articles on Twitter.

Too bad for me not having a Telegram account? It is COMPLETELY wrong to have news only on one registration-only platform.

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