We gave 10% equity in Astound Group Ltd to the DIF, which has been verified by Dash Watch (see their May report). I had asked about this before and there was no conflict of interest as any conversation around my business I would recuse myself from (worth noting, we haven't received any funding from the DIF and I gave the equity as an act of goodwill).Is it possible to have an explanation of the relationship between the Dash Investment Foundation and Ash's company Astound Group Ltd? From what I understand, Ash offered equity to the DIF at one point. What is the state of those negotiations? Thank you in advance.
@Geert , please allow other DIF Candidates to have a chance to post, this is not an AMA thread.The "verification" link for this on the DashWatch site is broken. From what I understand, your agreement with the DIF was contingent upon you converting Astound Group Ltd to a different type of corporation so that the transfer of equity could be effected. Can you comment on that?
We gave 10% equity in Astound Group Ltd to the DIF, which has been verified by Dash Watch (see their May report). I had asked about this before and there was no conflict of interest as any conversation around my business I would recuse myself from (worth noting, we haven't received any funding from the DIF and I gave the equity as an act of goodwill).
Going to post your Candidate profile here since you have respondedHi all, the page for the election is up https://dashwatch.org/elections and you'll find my name on there at the bottom. I sure hope that's not indicative of the result I'm gonna get once the election is over! ;-)
Profiles should be posted there soon. In the meantime, if anyone has any questions or comments - shoot!
What is the BBC licensing model and why has it failed? Not really familiar with it.@Sven Thank you for this insight and I agree with you, especially the example of Livingroom of Satoshi.
However, I know you say this is a marathon but let's make it a half marathon please. The current DIF model is much too similar to the failed BBC licensing model. An almost guaranteed income from the treasury to fund ventures for profitable businesses elsewhere. No, I suggest that the DIF should be aiming to be a sustainable and profitable business. It needs to outgrow the need for financing while remaining loyal to the network.
Who is name3? Besides, they are 5th on the list, not third.
from: name3#5480 in: thunderdome
To be perfectly clear I definitely campaigned to defund DFN, and as long as XKCD is giving me all the credit for it, I am quite proud of what was accomplished. I periodically delete reddit accounts to maintain my privacy which is why the thread is no longer up, but I am sure you can see the arguments I made using one of the many websites that cache reddit data.That is a great question! name3 is a floating turd in the bowl that just cannot be readily flushed. He once applied for Trust Protector in it's formation round, lost and is now appying for DIF Supervisor and this is deeply unsettling to me given his track record as a staunch Kuvacash supporter and him being instrumental in the defunding of gems such as DASH FORCE NEWS.
I want to be damn clear, the swine name3 does not have my support for a DIF supervisor and it would be very bad if anyone voted for him because he will act to enrich himself and his goals and values are NOT aligned with the DASH network.
This piece of shit wrote a hit piece on DFN and has since tried to cover his tracks by deleting his post, you can see what is left of it here https://www.reddit.com/r/dashpay/comments/esaf38
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To read more of his garbage, enter this search term into the Discord search bar.
Recently Arden noticed we used to have a DASH News Site and wondered what happened to it since it was so successful and so well ranked.Code:
from: name3#5480 in: thunderdome
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So, name3 was responsible in part for the destruction of one of the few well indexed excellent sources of news for DASH that was keeping the coin relevant and in the forefront of investor's minds and this turd bag is now coming back to run for DIF supervisor? my ass he is !
I agree with some of what you wrote and have a slightly different take on other parts. I agree that the DIF shouldn't try and actively support the price, simply because that won't work, they don't have nearly enough buying power for something like that. I agree with the overall strategy you envision, but I think that the true power of the DIF is as an entity that can enter into contracts that benefit the Dash network. Aiming for projects that will eventually produce return is good, but aiming for projects that will create some concrete benefit for Dash users and price in the short term is better. Ideally investments will be a combination of the two. But the real value of the DIF (IMO) is creating new use cases for Dash now. We are in an incredibly fragile position at the moment and need to be aggressive in the short term so that we can survive to fight in the long term.As if the above post wasn't long enough yet, let me add a few more thoughts.
There are voices that call for immediate action from the DIF to support the Dash price, some even going so far as asking the DIF to sell assets and buy Dash. Again, let me refer to my Reddit history on that, you see my reply right underneath the linked post.
Even if watching the price drop is painful, I believe for the DIF to make panicky steps to try and countersteer would be not only naive and foolish, but also ultimately futile and self-destructive.
I see the DIF along the lines of an angel investor or VC. It is designed to allow the network to participate in the success of commercial Dash-funded projects in a way the treasury alone never could. Too often, commercial projects gladly took DAO funding only to give us the short end of the stick once they were up and running.
Livingroom of Satoshi
Funded in 2016 with 1000 Dash it has become a seemingly successful business: https://www.livingroomofsatoshi.com/graphs How much profit share does Dash get from it? Zero. Now look at their website again and see if you find Dash on there. I'll wait ... Found it? Yea, me neither. Why has it disappeared? I don't know. But I do know that cases like this should not happen again.
The DIF and the treasury should both focus on projects with a clear benefit for Dash. That's a given. The difference is in the expectation of a financial return.
The treasury is giving away money as a gift with no enforceable obligations to the recipient once it has been paid out. That's suitable for cost-heavy projects without direct profit. Open-source software development, events, marketing campaigns etc.
But why should Dash gift money to startup founders who hope to create a profitable enterprise and ultimately obtain personal wealth from their success? That's where the DIF comes in. By providing capital in return for equity, not only will we all benefit from the success of our portfolio companies, but we will also be able to ensure alignment with Dash long past the initial investment.
We all have to be very clear, though, that this is a long-term play. You can't invest in a startup today and pull the rug from under its feet tomorrow. This shouldn't really come as a surprise to any crypto veteran familiar with the "hodl" meme. It applies in startup funding just as much. Only here investors are even contractually tied to their investment until an exit event occurs. And "Dash price is dropping!" ain't one.
We also have to be clear that startups often have a long ramp-up time before they generate profit. Facebook took 5 years. Amazon took 7. Exit events can happen earlier, but it should be very clear that everyone wanting to see returns or even calling the DIF a failure after a year or two of operations needs a reality check of his/her expectations.
I was one of the early employees in a startup called TubeMogul. Years later, the company was sold for $540m to Adobe providing a very nice payday for everyone. We would never have made it there if our early investors had let us hang out to dry.
However, this is not to say that the DIF has carte blanche to absorb funds from the treasury at will. We often pride ourselves of having a self-funding network. It's one of the main differentiators from BCH or LTC. It's also only half the truth.
The DIF receives hundreds of Dash each funding round, 70% of which get liquidated to USD according to the last report. Together with DCG funding, most of which is also converted to fiat, this puts significant sell pressure on Dash. Between the DIF and DCG, each month hundreds of thousands of dollars of fresh fiat money have to flow into the Dash ecosystem just to keep the price stable.
If that fresh outside money doesn't flow, price drops, which can put us into a vicious cycle of diminishing investor confidence, even less money flowing, even lower prices and ultimately less funding. That means the onus is on the DIF and DCG to at least provide enough value to the network to offset price dips from budget sales.
Of course it's easy to point fingers at the overall crypto market now: "Hey look, everything's tanking! We can't stem that tide!" Sorry, no cop-outs! Investors will be familiar with the concept of "alpha", a measure of performance against the overall market. For simplicity, we can use the DASH/BTC rate or the DASH/BCH rate as an approximation. DIF and DCG should work towards keeping those rates at least stable if not rising=outperform.
Still, I won't make this post about DCG performance and I stand by what I said earlier about the DIF. The DIF is not in a 100m sprint, it's in a marathon. And with a couple hundred $k AUM, it's barely viable as an investor. It needs significantly more firepower. Angel/VC investing is inherently very risky. 90% of average angel investments result in a loss, a good half of that in total loss. Of the remaining 10%, most will make a little money beyond the initial investment and probably less than 2% will become outsize successes. I'm already bracing for impatient MNOs calling DIF a failure when the first investment dies. Which will inevitably happen. But like it or not, that means we do need a whole portfolio of companies to have a decent chance at catching one of those superstars that end up moving the needle for the entire Dash network.
So, for better or for worse, we will still be in the fundraising stage for quite a while, yet we need to strike a careful balance between loading up fast enough to play with the grown-ups and putting too much pressure on the network when its already under stress.
I promise I'll shut up now!
I agree with some of what you wrote and have a slightly different take on other parts. I agree that the DIF shouldn't try and actively support the price, simply because that won't work, they don't have nearly enough buying power for something like that. I agree with the overall strategy you envision, but I think that the true power of the DIF is as an entity that can enter into contracts that benefit the Dash network. Aiming for projects that will eventually produce return is good, but aiming for projects that will create some concrete benefit for Dash users and price in the short term is better. Ideally investments will be a combination of the two. But the real value of the DIF (IMO) is creating new use cases for Dash now. We are in an incredibly fragile position at the moment and need to be aggressive in the short term so that we can survive to fight in the long term.
I dont blame @Name3 . He is loved by some people, and hated by some others.That is a great question! name3 is a floating turd in the bowl that just cannot be readily flushed.
You do great when you try to maintain your privacy.I periodically delete reddit accounts to maintain my privacy which is why the thread is no longer up, but I am sure you can see the arguments I made using one of the many websites that cache reddit data.
Depending on your fully fleshed out plan this is definitely something that I think would be worth funding! Looking forward to learning about your company, and how you would go about accomplishing this.