great lets wait it!!!
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We have responded to the Core Devs Questions. Our response provides additional insights into our NEM Labs vision and role of NEM Labs in the NEM ecosystem: Core Devs Questions for Active Proposals
When can we vote?
Hi Takeda,
We will provide all the details about the vote tomorrow.
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Thanks.
I’m praying for your success.
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After careful consideration and discussions with NEM Foundation, we have decided to align the NEM Labs vote and run it at the same time. This will make voting easy for all NEMbers.
We have put together a very transparent and detailed Business Plan to ensure you are able to make an informed decision with your PoI vote „ click here “.
Voting
Rules
- POI Vote
- Minimum of 3% YES votes
- 65% majority of YES votes out of total votes
*We are pending approval from the core team for these conditions.
Duration
Voting will run for 5 days from 16 February 2019, 00:00 until 21 February 2019, 00:00.
Timezone conversion:
7 Likes
NF proposal is capped on the amount of XEM, Labs proposal OTOH is not.
Such proposal could result in draining lot of funds (which doesn’t seem fair in comparison to NF proposal).
What do you think will happen if price will drop to 0.1 of current value (so let’s say 100 satoshis or 0.004$)
What if existing funds (mind that not ALL funds are applicable) won’t be enough to cover BOTH NF proposal and Nem Labs proposal, what split do you propose?
Also what accounts do you propose as source of funds?
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Dear @gimre, we understand this concern and want to address it accordingly.
From a management perspective, it was important for us to take some things into consideration.
It is important that we are able to pay suppliers and staff based on the requirements related to our business plan.
Already being in a position where we are not guaranteed to have funds for more than a year is a position that has potential consequences. It means we cannot offer a (long term) stable working environment for staff.
This is something can have a negative effect on staff retention and it will affect recruiting talent.
So from our perspective it is not about the amount of XEM, it is mainly about ensuring budgetary requirements can be fulfilled.
I hope you can come up with a compromise on this issue. Gimer has a point. There has to be a limit of how much xem nem labs could spend. You should set a cap and have a disaster plan in place.
I’m sure Kristof and his team will give you better answers today, so not to give any spoilers I’ve sent a PM to you here.
As soon as I saw your question I wanted to post an explanation of your questions to those who have lousy math grades with simple calculations and just a bit of FA/TA on BTC & XEM with probabilities of worst case scenarios. As there is enough FUD in here, on Telegram and even in mainstream media, instead I’ve got in touch with both Jeff and Kristof trying to once again explain to them that from your perspective both proposals and especially their joint statement are not just gambling, it’s the worst form of Russian roulette. They both do understand that as it seems. We all know those who are active full-time senior devs, who are contributing to Catapult. I agreed to go for elections as VP only to make sure that we change everything and give control back to the community, so whenever it’s needed, we can fire all those who had control and are so afraid to lose their job. POI vote didn’t help; we still can’t fire all those whose salaries will be the reason for NEM death in case we get into worst case scenario.
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We?
The worst case scenario will be if the community will not approve the proposals.
Investors will lose faith and some people will sell. Media will destroy us with more fud talking about the real bankrupt of NF and XEM price will go close to 0.
And then the community and the core devs will have to figure it out how to survive after that.
I think that the Labs proposal should also be capped on the amount of XEM, the same as it is for the Foundation proposal.
The question about the split of funds and source of funds still needs answering.
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Seems to be a lot of scaremongering and threats about if there is a no vote for the Foundation proposal. NEM has managed without a foundation since NEMs inception with little or no marketing or commercial interaction and has grown organically. The price has risen due to speculation as is the case with most other crypto over the years. Just like a no deal Brexit there will be short term pain if there is a no vote, NEM can still continue to survive independent of the foundation. Long term the price will rise due to speculation of catapult release as the development will still continue independent of the foundation.
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The onus should be on the two groups to make acceptable proposals, not on the community to accept them.
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Hi Paul and Kristof,
This looks good. I like the structure and methodology that was outlined.
Key areas I would like to see would be:
- Global Expansion plan of the NEMLabs and its methodology across different regions
- More detailed planning / methods on industry and consultations strategy
- A stronger focus on identifying client needs (in conjunction to tech build-out)
For the industry workshops, I like this. I think more meat will be needed to be fleshed out, as I believe the flow still is missing / needs to add:
- “Industry Problems”,
- how blockchain / DLT can solve it,
- how NEM is comparative to other solutions.
Executive Team:
I think there should be some nomination of the core team (besides just you 2) who can help execute this vision. I hate to say it, its a decently big ask to setup Labs in this manner, but not impossible!
I like the overall and it would be similar to how I would run things. I’m also open to be a provider with Labs to help with the Exchanges, Projects, and Regulations (which I have been doing in NEM Vietnam, though I wanted to expand it regionally and beyond)
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Let’s leave discution about XEM price out of this topic.
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Hi Gimre!
- NF proposal is capped on the amount of XEM, Labs proposal OTOH is not.
Such proposal could result in draining lot of funds (which doesn’t seem fair in comparison to NF proposal).
We are capping our ask at $0.04 which equals 81 750 000 XEM.
- What do you think will happen if price will drop to 0.1 of current value (so let’s say 100 satoshis or 0.004$)
At this rate none of the XEM funded entities will sustain. If it is foreseeable that the requested XEM do not cover our operational expenses, we can start applying for traditional financing to sustain the operation of NEM Labs. We do not want to drain long-term XEM funds at unfavourable market rates.
- What if existing funds (mind that not ALL funds are applicable) won’t be enough to cover BOTH NF proposal and Nem Labs proposal, what split do you propose?
This is up to the core team to decide.
- Also what accounts do you propose as source of funds?
We have no preference with regards to which funds are being used. The core team will make the final decision on this. The only requirement is that we can accept the funds legally.
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so basically what you are saying is that since both of them acknowledge they (NF and NL) are in a high risk situation, even though it wouldn’t directly be their fault if this was to happen, it is their responsibility to: present contingency plans, call to actions in case this happened, and even leverage the proposals with some kind of provisional power to the community that would allow them (community) to take drastic measures (such as immediately cut off superfluous figures) in case certain situations were to happen?
Thanks for the update, NEM Foundation will be having their voting period at the same time as well. We are in support for both proposals to be acknowledged and approved.
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