Author Topic: Fund Raising Challenge  (Read 2538 times)

Offline Rockyroad

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Re: Fund Raising Challenge
« Reply #15 on: January 31, 2016, 05:55:00 PM »
A Sr VP at a major engineering firm and past-board member of a national industry association can also be helpful with growing Litecoin.  More people would be willing to donate if the Litecoin Association conducted regular "in person" board meetings with video conferencing for those that cannot attend in person.  Development project scope of work and budgets need to be developed for the projects and then monitor and report project progress and budget at the meetings.  This would go a long way towards encouraging people to donate.  If this is already done, I am not aware of it.

Others have similar ideas.  I have copied and pasted this from Newb1_ltclearner from the January 3rd AMA and I have posted on this topic before and strongly agree:

I have made a few suggestions. First, that the public LA meetings occur on a weekday night and at a time convenient for the existing board members. Sunday afternoons (Eastern Standard Time) have proven difficult for everyone involved. I have also suggested that leadership of each meeting be assigned, on a rotating basis, to a board member who will be required to convene the meeting or secure coverage in the case of a necessary absence. In this way, we can ensure that every intended public meeting takes place.

Second, I have suggested that the LA consider employing/contracting for an Executive Director. Obviously, funding for such a position would have to be developed; but I think such a position could ensure that the most critical leadership tasks of the organization get completed on a timely basis. Voluntary efforts have proven insufficient for achieving all that needs to be done. Perhaps remuneration of some kind (in the form of stipend, fee, or honorarium) could motivate the necessary time commitment.

Third, that we recruit a replacement for Ryszard Mielcarek (Crazik). Crazik recently stepped down from his position as a board member and his role should be filled, as soon as possible, with someone having the energy and time these positions require. In passing, I will point out that Crazik intends to remain a member of the LA and serve in a technical capacity.

Fourth, bylaws should be completed and voted on as soon as possible. In this way, membership can be re-opened and new recruits can be leveraged. It's plausible to think we will see a number of new members come on board when they are able to join and these new members may be interested in volunteering to help the organization develop and grow.

Fifth, we can casually chat up a storm on IRC, Reddit, LTCTalk, Telephone, etc... but without board meetings (and public meetings), how does the organization make decisions and move forward? The board really should convene, as soon as possible, to discuss these and other potentials and make decisions to move forward.

Offline shyliar

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Re: Fund Raising Challenge
« Reply #16 on: January 31, 2016, 07:20:26 PM »
Well definitely some good points made during the AMA. One thing should be pointed out though it appears as if a total of 51 litecoins were donated to the Litecoin association in 2015.

http://ltc.block-explorer.com/address/LZwZMi6i9suK1wzFaw1NHqcYLcLGAo1Fs3

Makes it difficult to implement point two. Maybe someone can start another challenge to raise funds for the LA (A great opportunity for one of you expressing that more needs to be done: feel free to volunteer and have an impact on the community.).

Between development and the association it seems a total of about 176 Litecoins were donated last year. If the funds are raised by the challenge issued in the OP of this thread that number will have been exceeded early in 2016. Frankly it still represents a drop in the bucket.

« Last Edit: February 01, 2016, 01:21:12 AM by shyliar »

Offline slsdhl

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Re: Fund Raising Challenge
« Reply #17 on: February 01, 2016, 10:08:19 AM »
I think one of the disincentives preventing people from donating is the lack of transparency. There have been so many scams in this space, that people, understandably, are very careful with their money. Most people want to know exactly for what purpose funds are raised, who's holding private keys, who's responsible for getting the project done, and in the event the project isn't going anywhere what will happen to the funds.

Offline shyliar

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Re: Fund Raising Challenge
« Reply #18 on: February 01, 2016, 04:57:29 PM »
I think one of the disincentives preventing people from donating is the lack of transparency. There have been so many scams in this space, that people, understandably, are very careful with their money. Most people want to know exactly for what purpose funds are raised, who's holding private keys, who's responsible for getting the project done, and in the event the project isn't going anywhere what will happen to the funds.

You think the developers of Litecoin might scam you? They are totally known and respected individuals in the cryptocurrency world. Litecoin has made people in this forum money because of the very people that created/support this project. I understand your concerns in general; but, frankly in this case they are absurd.

Note: I'll try and be helpful here. The developers of software like Litecoin, cgminer and bfgminer provided software that allowed people to make money for free. They didn't ask for anything they provided it and gave it to all of us.

Hardware manufactures (the source of many scams) operate differently. They ask you for thousands of dollars, make you wait for months (or years) and then sometimes don't even produce a product (a complete scam).

To compare the individuals who empowered you to gain wealth by being generous (giving you something for free) to those who only profited is like comparing Apples to Poison Ivy.

The purpose of this challenge is to encourage people to give back to those who gave to you.

« Last Edit: February 01, 2016, 05:14:15 PM by shyliar »

Offline AmDD

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Re: Fund Raising Challenge
« Reply #19 on: February 01, 2016, 07:48:03 PM »
I think one of the disincentives preventing people from donating is the lack of transparency. There have been so many scams in this space, that people, understandably, are very careful with their money. Most people want to know exactly for what purpose funds are raised, who's holding private keys, who's responsible for getting the project done, and in the event the project isn't going anywhere what will happen to the funds.

You think the developers of Litecoin might scam you? They are totally known and respected individuals in the cryptocurrency world. Litecoin has made people in this forum money because of the very people that created/support this project. I understand your concerns in general; but, frankly in this case they are absurd.

Note: I'll try and be helpful here. The developers of software like Litecoin, cgminer and bfgminer provided software that allowed people to make money for free. They didn't ask for anything they provided it and gave it to all of us.

Hardware manufactures (the source of many scams) operate differently. They ask you for thousands of dollars, make you wait for months (or years) and then sometimes don't even produce a product (a complete scam).

To compare the individuals who empowered you to gain wealth by being generous (giving you something for free) to those who only profited is like comparing Apples to Poison Ivy.

The purpose of this challenge is to encourage people to give back to those who gave to you.

I dont think its a matter of being scammed but more a matter of what is being done with the donations. The recent AMA on reddit was a great step forward but prior to that there was no timeline, no public plans, or anything as far as what the devs were working on or planning. Even after the AMA, its not been posted here on the official forums. Some people only use reddit, some only use the forum, some both but I think it would be nice to see the devs stop in here and answer questions or be a part of the discussion from time to time (and do the same on reddit of they dont already). As I said, the AMA was a great step forward but those things need to continue so that people feel good about what they are donating towards.

Offline shyliar

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Re: Fund Raising Challenge
« Reply #20 on: February 01, 2016, 08:56:01 PM »
Your suggesting that posting the link in this forum (effectively having it one click away) to the AMA is not good enough?

https://litecointalk.org/index.php?topic=28601.0

Okay I agree it should be stickied.

The link I included in the OP is stickied at the top of the discussion forum. If you look at the wallet address in that link you can see what was donated and spent in 2015. What is more transparent than that? I mean most organizations you can't just look at any given moment and see how much of your donations are being spent. Please feel free to look and you'll discover that exactly zero coins were spent in 2015. If that wasteful spending is concerning people and preventing them from donating to a group that has empowered them to make money.......there is nothing that I can say.

Please check here to see the website that was maintain last year without spending a donated coin:

https://litecoin.org/

Please look here to see number of releases by developers last year without spending a donated coin:

https://github.com/litecoin-project/litecoin/releases

On top of that developers spent personal money and time attending events, running their computers and who knows what else without spending a single coin from their publically viewable wallet. The current capitalization of Litecoin is $135,741,893 US. The developers are responsible for ensuring the security of that network. They do it for free. They sometimes appear to move slowly because they know one mistake involving security and the capitalization of litecoin will drop to zero overnight.

And this concerns people? This is why only one individual has risen to the challenge so far? I think this thread is turning into a form of comical relief.

Edit: Now two individuals have risen to the challenge. Thank you both.
« Last Edit: February 01, 2016, 11:50:07 PM by shyliar »

Offline shyliar

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Re: Fund Raising Challenge
« Reply #21 on: February 02, 2016, 10:27:40 PM »
One week update:

The Litecoin community has generously donated 4 coins towards development and meeting the 100 coin challenge.

Edit: Just to update 19 coins have been donated. It's good to see.
« Last Edit: February 03, 2016, 02:19:37 AM by shyliar »

Offline Xardas

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Re: Fund Raising Challenge
« Reply #22 on: February 02, 2016, 11:47:41 PM »
Dude stop begging and trying to falsely shame people into donating to people that don't need or even use the donations. You yourself said that prior donations are untouched, yet you persist in trying to get donations. Coblee, thrasher, and the rest have FAR more LTC than any of us. You have said quite wrongly we are using their free code to make money for ourselves, but that is a two way street. Without us buying/mining/trading their code is worth zero.

Offline shyliar

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Re: Fund Raising Challenge
« Reply #23 on: February 03, 2016, 12:02:25 AM »
You have said quite wrongly we are using their free code to make money for ourselves

Really? You think that is factual? I guess that's true if you're not actually involved in Litecoin in anyway. The exception would be those who bought high.....and definitely I understand people in that situation not donating.
« Last Edit: February 03, 2016, 12:13:34 AM by shyliar »

Offline Xardas

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Re: Fund Raising Challenge
« Reply #24 on: February 03, 2016, 01:34:53 AM »
You have said quite wrongly we are using their free code to make money for ourselves

Really? You think that is factual? I guess that's true if you're not actually involved in Litecoin in anyway. The exception would be those who bought high.....and definitely I understand people in that situation not donating.
Yes, it is dam sure a fact. How well would LTC(or any coin) do without miners to secure the network and process transactions?

Offline Rockyroad

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Re: Fund Raising Challenge
« Reply #25 on: February 03, 2016, 03:13:13 AM »
@shyliar I'm sure your heart is in the right place, but the whole concept of individuals donating money has not and will not work.  (1) No one wants to be the in the minority that donates money when the majority doesn't donate.  (3) As has already been pointed very few people want to donate when no one knows how the donations are being spent.  And, (3) something that has not been discussed in this thread is the donations are insignificant.  100 LTC = approximately (100 x $3.08) = $308.  That is not going to make a difference.

A better solution is to have an active Litecoin Association with members paying annual dues and the dues go to supporting the dev projects.


Offline shyliar

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Re: Fund Raising Challenge
« Reply #26 on: February 03, 2016, 03:31:41 PM »
Good input Rockyroad; but, I'm not sure if getting people to join an association with fees is easier than getting them to donate. Using both methods might be worthwhile. I would support either method.

Additionally we are talking 300 coins here. The 100 I donated on the 27th to get this initiative going, the 100 hopefully people donate plus the 100 I promised at the end of the month if the 100 target is met. So the math works out to be a little over $900. Still a small sum; but, I would hope helpful.

As a miner I know that the technical skill required to mine is very low end relative to writing code that maintains security for a 137 million dollar network. Basically all you need is the ability to install some software, connect some hardware and follow some basic instructions. Sometimes a little trouble shooting is involved and at one time the mining subforum was the busiest at litecointalk. Those days are gone. That doesn't mean I can't find ways of helping. I call that community. I call that participating.

The Titan mines slightly over 2.5 Litecoins a day. If owners donated a single day's mining per year to development and the association the total would be significant. From an individual point of view it represents 0.27 percent of their income for a year. Or in my location a nice lunch.




Offline Rockyroad

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Re: Fund Raising Challenge
« Reply #27 on: February 04, 2016, 03:53:56 AM »
@Shyliar - agree with all your statements.  Hopefully we can get a system in place that works so the Dev's can continue on with important work. 

Offline Xardas

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Re: Fund Raising Challenge
« Reply #28 on: February 04, 2016, 07:02:34 AM »
As a miner I know that the technical skill required to mine is very low end relative to writing code that maintains security for a 137 million dollar network. Basically all you need is the ability to install some software, connect some hardware and follow some basic instructions.
You make that sound so simple. Download some software, connect some hardware, follow some instructions, profit. You quite obviously omit the investment cost in hardware. Maybe in your world the cost for hardware is miniscule, but in the real world it is quite expensive.

As a miner I've contributed to the LTC network just as much, if not more, than someone writing a bit of code. Where are the donation challenge threads for the miners that still support the network at a huge loss?

Your position and thread are quite insane to me. A guy adjusts some code and creates a new coin, makes a killing off of it, still holds far more coins than most people can dream of.........and you want us to believe we should send him more money. Then you come out and say miners are dolts that profit off the code of someone else, simple easy money, and should give some of it back to the coder that made adjustments to code he didn't invent. Miners investment of time and money are irrelevant. Now THAT is some weird thinking bro.

Offline shyliar

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Re: Fund Raising Challenge
« Reply #29 on: February 04, 2016, 06:10:07 PM »
I'm not sure why you think suggesting that I said things I didn't gives weight to your point of view. That said you ask a question that brings up a good point.

"Where are the donation challenge threads for the miners that still support the network at a huge loss?" As I said earlier obviously someone who bought high would not donate. Equally I recognize that some individuals made the mistake of purchasing GPUs in late 2013 and early 2014 likely never made a profit. As demonstrated in the link below where one poor individual purchased 300. Frankly I can only sympathize with people like that and fully understand their bitterness to the whole process.

https://litecointalk.org/index.php?topic=15357.msg122446#msg122446

"Your position and thread are quite insane to me." Feel free to ignore the thread then.