This is silly. Salaries are not "inflated," the value of their "equity" alternative package aka Bitcoin increased. This argument which could be made for ANY startup in Silicon Valley.
A big nothing burger. https://t.co/OZ5uPmU0sv
This is just stupid. Blockstream employees receive a bonus in Bitcoin when they start, which "vests" over 5 years (in addition to normal stock options as you'd expect from a startup). Nobody joining today is getting $350 Bitcoin!
The idea is to clearly align employees' own interests with the Bitcoin ecosystem. It's not perfect, but it works.
Of course, given my typical disastrous financial judgement, I chose the minimum possible amount of Bitcoin. Oh well!
Instead focus on the ridiculous Nigerian Prince tale of paying employees in BTC well below market rate. It makes 0 sense at all and the company would be taking massive losses if they did this. You mean to tell me they'll selling BTC at 10% of the market price to it's own employees. LOLLLLLL please.
we know they're shady but we're looking for the smoking gun... that's digestable by the masses. Then shit gets real
BitcoinXioModerator - Bitcoin is Freedom2 weeks ago
That’s the problem. Everyone’s looking for the silver bullet. Instead look bigger and at the big puzzle. Once you put all the pieces together, even though all small, when placed together you begin to see the big picture.
people are too entrenched or can't think for 2 minutes so unfortunately we have to bring it to them instead.
You don't even need all the pieces just some here and there like Blockstream and Core promoting Credit Cards over Bitcoin with a straight face, or fees getting so high they cost more than nodes. And yet no one has moved or not enough people.
From my experience, 1 in 10 people can think to a degree where they question why something is done, the rest just follow the 1. Blockstream astroturfing is strong because they target the 9 of 10 with minimal half baked arguments to keep them spinning.
That's why it's not just about presenting the information in a digestible way, but also knowing how to present it and who's your audience.
u/Cobra-Bitcoin is a snake. As a bitcoin cash proponent, i advise you not to take this article too seriously. Most of this seems empirically lacking, and the guy who posted it in r/btc is the co-owner of bitcoin.org and a major contributor to r/bitcoin. Its a shakedown on blockstream to get another "shut up" paycheck.
So you're the co-owner of bitcoin.org, you are a major contributer to r/bitcoin, and you've shat all over POW, the sha-256 mining algorithm, and you've fearmongered over here on r/btc, and now you're gonna shit all over Blockstream with a bunch of empirically lacking claims?
Maybe you should try not sucking the tits of the central banking cartel and go get a fucking job.
MarioBuzoRedditor for less than 60 days2 weeks ago
Don't downvote, let's talk about it and debunk it if it's rubbish.
I always assumed the vast majority of Blockstream VC would go into the pockets of the founders and employees, and that the "investors" aren't really expecting a direct return. They got an indirect return by stopping BTC from scaling.
It is not cheap to buy smart people's souls. I'd guess this payments strategy allows for understating the "bribes" used to pay people to turn against peer-to-peer electronic cash for the world's people.
Remember the South Korean leader of the BTC meetup that wrote the support letter for No2x and signed it for the whole group? He got a kushy spot among the blockstream team as marketer or something and now also runs as a mod in /r/Bitcoindiscussions
Also remember the hashwar with BSV? Lot of services people moved to BSV because of the money like LOL Ryan X Charles who then later realized he got duped. This tactic is as old as time.
It was a YT video. I remember, but am too lazy to search for the link. It should be on this sub.
He also mentioned how basically the reason he was sticking with SV was because of patents, implying nChain had his platform by the balls on those.
> It was a YT video.
Yes! that's what I remember too. with him and his headphones in. OK I may be remembering it correctly, but I'll wait until someone can find it
I did check his Twitter feed and hes pro BSV so I guess he's sucking it up then.
> He also mentioned how basically the reason he was sticking with SV was because of patents,
yup yup yup, bingo. He was the most direct with what his pressures were and I remember the patents entrenching him and other developers.
LOL, maybe you guys should check out his newer videos. In those he praises Craig like he would be the second coming of Jesus. Ryan is more than ever in love with Craig. For Ryan this is a religion, and he is very committed to be the biggest believer in the whole BSV cult.
I saw his Twitter, he is like you say devoted. Not much choice when he's entrenched in patents.
I'd still be interested if someone could find that one video of his where he discusses it. It's a direct eye opener and great anti BSV shill garlic.
Those salaries (including Bitcoin-based compensation) don't really look inflated. Blockstream is based in San Francisco and probably hires mostly senior software engineers. $700k-ish / year for a senior engineer position in the Bay Area sounds like a perfectly reasonable amount. If that amount looks "extremely inflated" to you (and you're a senior engineer in the Bay Area) you should either have a serious talk with your manager or (even better) apply for another job.
forget the salaries, they were just some averages sourced from silicon valley, not actual sources.
Instead focus on the ridiculous Nigerian Prince tale of paying employees in BTC well below market rate. It makes 0 sense at all and the company would be taking massive losses if they did this.
You mean to tell me they'll selling BTC at 10% of the market price to it's own employees. LOLLLLLL please.
Are you actually worrying that Blockstream runs out of money and is no longer able to keep BTC crippled to completely finish the transform to Bankcoin?
Or what exactly is your point?
I mean you are the one that heavily supports that crippled BTC version over actual Bitcoin BCH. And don't fool me, we both know that you are long enough in Bitcoin that you in fact know that sustainable on-chain scaling was always part of the plan.
I really wonder how much has Blockstream "bled" to you for supporting their takeover? Could it be that they only paid you once without that sweet sweet $350/BTC forever deal?
it reads like a scam too. What company, business or group has bought up Bitcoin's only to sell them at a loss to employees instead of just paying them?
It's like Prince of Nigeria 201. /u/Cobra-Bitcoin come explain the logic behind it. I bet you won't.
Well, compared to all the atrocities that Blockstream has committed, selling BTC at a discount is actually not even worth talking about.
The only silver-lining, and maybe the reason why cobra posted it in the first place, is that Blockstream could hopefully run out of money faster than we all have assumed. But I highly doubt that, because BS is funded by people that can literally print as much money as they want.
yup just /u/Cobra-Bitcoin shaking down Blockstream for another paycheck. Every few months he shakes them down or talks good about BCH to shut him up. Then it's back to business as usual.
don't fall for this snake.
Where's the evidence that blockstream is doing this? I see a lot of "estimated" and "suppose that..." but no evidence that blockstream has all that BTC or that they are paying bonuses denominated in BTC.
there is no evidence, it's all made up. No sources, no nothing, just made up numbers and theories.
Don't fall for the snake's tactics. Next week he'll be back to praising Blockstream and bad mouthing BCH like he always does. He just wants a paycheck from Blockstream.
**edit:** he edited and fixed all his Blockstream.xxx links to Blockstream.com. Website looks like a crack addict whipped up a website to shakedown Blockstream, nothing more.
**edit2:** biggest indicator that is just manipulation is the /u/Cobra-Bitcoin has not posted this "shakedown" to neither /r/bitcoin or /r/cryptocurrency. Only /r/btc. HMmmmmmmm
/u/Cobra-Bitcoin doesn't even respond in this thread because he knows he'll get called out.... despite him "providing" all this "sauce". What a crackhead he is. Shakedown done by middleschoolers lol
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Gosh. It sounds horrible. imagine if companies hired people and gave them stock at a particular price and had that stock vest over a period of years. Imagine the horror if the value of the company's stock went up over that period of time and suddenly some early employees were making quite a bit of money.
It may have been unwise for blockstream to use something decoupled from their company's profit, however, but it's not completely insane, inasmuch as anything in the cryptocurrency space is sane.
What on earth is this? The pet project of some disgruntled advisor or board member?
This is written like it’s journalism but it has a really weird agenda. Also unless I’m mistaken, “siphon” is a pretty messed up way to describe what’s going on. It looks like they’re paying their employees? Partially in bitcoin? Who cares if a private company pays its employees whatever it wants. (Except maybe some insider with an axe to grind).
Curious if Blockstream was given an opportunity to respond, and if so, what their response is - though I can understand they'd want to keep this a private matter, and in reality the Board of Directors may have approved this; I wonder if the BOD is getting any crypto-"currencies" as well.