5 ms·

bookchin: https://www.reddit.com/r/storj/comments/6llxpn/so_long_friends/ https://www.reddit.com/r/storj/comments/6llxpn/so_long_frien... I followed the storj

by to3m 9y ago

bookchin: https://www.reddit.com/r/storj/comments/6llxpn/so_long_friends/ https://www.reddit.com/r/storj/comments/6llxpn/so_long_frien... I followed the storj reddit for a while, since I bought into the crowdsale with Bitcoin. (Since sold. There was some kind of pump the other week on bittrex.) After the crowdsale, they appeared to be really rather disorganised. They took the $30m, sent everybody receipts, and then... nothing. No newsletters, no mails, no nothing, aside from occasional promises on reddit from one of the founders that things would improve. But they never really did. Couldn't even be bothered to wipe their noses and put their pants back on for long enough to click 'send' on a form email ;) Top marks for actually having a product, though... BTC and ETH have appreciated significantly since the crowdsale finished, so heaven knows how much that $30m is worth now, and/or what they're going to do with it...

wakkaflokka 9y ago
I wonder if there's something illegal or fraudulent about raising all that money and then doing a half-assed job on the project? I understand there's a thin line between a failed business venture and outright fraud/lying, but stories like this seem so slimy.
- Fifer82 9y ago
  I don't think so. Is that not 90% of Kick starters purpose?
  - akvadrako 9y ago
    You still can't commit fraud on kickstarter. If the coins issued here would be considered equity, that also changes the rules.
  - tptacek 9y ago
    No. You can't sell equity on Kickstarter.
    - jstanley 9y ago
      ICOs aren't equity either.
- pjc50 9y ago
  The fundraiser itself may well have been a violation of "qualified investor" rules. The SEC may well catch up with them eventually if they remain in the US. It looks like their early investors are unhappy for other reasons too: https://safenetforum.org/t/storj-screws-their-ico-token-holders-big-time-by-accepting-direct-fiat-payments/12859/5 https://safenetforum.org/t/storj-screws-their-ico-token-hold...
- stingraycharles 9y ago
  I don't think so, it's pretty much up to the investors to do their due diligence. On that note, what I'm really curious about is who these people are that keep pouring money into these half-assed projects...
panarky 9y ago
FTFA: The commit pulse will tell me the frequency of code changes... Why has the activity stopped? My best guess is that funds have been raised. Why code when you can buy lambos?
alkonaut 9y ago
With $30M shouldn't they have dozens of people polishing their product?
- davidgerard 9y ago
  The ideas men are working very hard on the documentation, and totally not spending their time spamming Twitter and Reddit to try to counter this story. e.g. https://www.reddit.com/r/Buttcoin/comments/6w5q1f/youll_be_pleased_to_know_storj_isnt_going_to_lead/ https://www.reddit.com/r/Buttcoin/comments/6w5q1f/youll_be_p... (yes, they actually bothered trying to promote their thing on /r/buttcoin) Pay no attention to the glaring lack of actual dev work behind the curtain!

by to3m 9y ago

wakkaflokka 9y ago

I wonder if there's something illegal or fraudulent about raising all that money and then doing a half-assed job on the project? I understand there's a thin line between a failed business venture and outright fraud/lying, but stories like this seem so slimy.

Fifer82 9y ago
I don't think so. Is that not 90% of Kick starters purpose?
- akvadrako 9y ago
  You still can't commit fraud on kickstarter. If the coins issued here would be considered equity, that also changes the rules.
- tptacek 9y ago
  No. You can't sell equity on Kickstarter.
  - jstanley 9y ago
    ICOs aren't equity either.
pjc50 9y ago
The fundraiser itself may well have been a violation of "qualified investor" rules. The SEC may well catch up with them eventually if they remain in the US. It looks like their early investors are unhappy for other reasons too: https://safenetforum.org/t/storj-screws-their-ico-token-holders-big-time-by-accepting-direct-fiat-payments/12859/5 https://safenetforum.org/t/storj-screws-their-ico-token-hold...
stingraycharles 9y ago
I don't think so, it's pretty much up to the investors to do their due diligence. On that note, what I'm really curious about is who these people are that keep pouring money into these half-assed projects...

panarky 9y ago

FTFA: The commit pulse will tell me the frequency of code changes... Why has the activity stopped? My best guess is that funds have been raised. Why code when you can buy lambos?

alkonaut 9y ago

With $30M shouldn't they have dozens of people polishing their product?

davidgerard 9y ago
The ideas men are working very hard on the documentation, and totally not spending their time spamming Twitter and Reddit to try to counter this story. e.g. https://www.reddit.com/r/Buttcoin/comments/6w5q1f/youll_be_pleased_to_know_storj_isnt_going_to_lead/ https://www.reddit.com/r/Buttcoin/comments/6w5q1f/youll_be_p... (yes, they actually bothered trying to promote their thing on /r/buttcoin) Pay no attention to the glaring lack of actual dev work behind the curtain!