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I'm director at a tech startup in the real estate space. We have about 8 contributors working full time or part time and everyone (directors included) is only g

I'm director at a tech startup in the real estate space. We have about 8 contributors working full time or part time and everyone (directors included) is only getting paid with our own blockchain cryptocurrency. We haven't launched yet and have been running that way for months. You don't need fiat money to run a company anymore. You can make your own cryptocurrency and it works as both money and company shares. I was quite surprised initially by how willing people were to accept it as payment for their work but now it seems totally normal.

luckylion 7y ago
> You don't need fiat money to run a company anymore. You'll need "contributors" with plenty of fiat money then (or real jobs on the side), unless their land lord and grocery store etc take your token as payment.
- cryptica 7y ago
  This is definitely the case, but even if they spend less time on our project than their 'real job', our project is still getting much more out of them than their 'real employers' in terms of value produced. Also, in our case, the token is more like a share of the company than a currency. Just because you can't use Google shares to pay for groceries doesn't mean that they don't have value. We have a plan in place to continuously buy tokens back on the market using the future profits we make.
Luuseens 7y ago
So your solution is to not pay employees. I'll admit, I'm a bit jealous you found people willing to work for free.
- cryptica 7y ago
  But it's not worse than how co-founders operate in bootstrapped startups. Initially, they're not getting paid. The difference in this case is that there is a lot more fluidity in terms of who can benefit from and participate in the project's growth. Also, claims of ownership are backed by a cryptographically-secure financial instrument instead of promises and paper contracts. We know what happens to employees who work for options contracts - In our case, at least their earnings are not going to 'expire worthless'. All directors hold the same type of tokens as employees so there is a shared incentive. This week we had hundreds of people coming out of nowhere and offering to help us with our marketing in return for a small amount of token. Seeing this, I have no doubt that cryptocurrency will be the future of startup financing.

luckylion 7y ago

> You don't need fiat money to run a company anymore. You'll need "contributors" with plenty of fiat money then (or real jobs on the side), unless their land lord and grocery store etc take your token as payment.

cryptica 7y ago
This is definitely the case, but even if they spend less time on our project than their 'real job', our project is still getting much more out of them than their 'real employers' in terms of value produced. Also, in our case, the token is more like a share of the company than a currency. Just because you can't use Google shares to pay for groceries doesn't mean that they don't have value. We have a plan in place to continuously buy tokens back on the market using the future profits we make.

Luuseens 7y ago

So your solution is to not pay employees. I'll admit, I'm a bit jealous you found people willing to work for free.

cryptica 7y ago
But it's not worse than how co-founders operate in bootstrapped startups. Initially, they're not getting paid. The difference in this case is that there is a lot more fluidity in terms of who can benefit from and participate in the project's growth. Also, claims of ownership are backed by a cryptographically-secure financial instrument instead of promises and paper contracts. We know what happens to employees who work for options contracts - In our case, at least their earnings are not going to 'expire worthless'. All directors hold the same type of tokens as employees so there is a shared incentive. This week we had hundreds of people coming out of nowhere and offering to help us with our marketing in return for a small amount of token. Seeing this, I have no doubt that cryptocurrency will be the future of startup financing.