I have been a fan of Iota, IF, and David since I first learned of the project and did my own research into what this was all about. But this post by David makes me think that he has learned a few valuable lessons on how to lead, and I have more faith than ever that IOTA and the IF will succeed in their mission. ALL IN!!
After years of trolling and harassing people, what makes him think anyone cares about what he has to say now?
Aside from losing the all the hard earned dollars he made off other peoples’ backs, I hope it hurts most that all his followers finally realize that he was never a visionary but just a boy who sold some nice dreams.
OH MY GOD! Im going ALL IN IOTA! just kidding :)
But honestly, i loved what David has written.
I know that there are always two sides to every story, but it's hard not to believe in it like David described it. CFB always seemed to be possessed by his ego and megalomania. No matter how good your idea is, to realize it you have to be a mature and stable character and it seems to me that David has get to the point where he is concious about his responsibility.
Obviously it is hard to not get lost in hubris in a position like they are in, you always have to reflect on your own behavior and i hope he is continuing to do that. Thats more than half the battle.
A good read! Basic question: does the move from triniary to binary mean that real world, third party, adoption becomes easier to accomplish? Since tech still works out of binary computation, getting more companies interested in working with solutions on the Tangle will be a lesser rock for the IF to push?! Or have I missed the point completely?
>does the move from triniary to binary mean that real world, third party, adoption becomes easier to accomplish? Since tech still works out of binary computation, getting more companies interested in working with solutions on the Tangle will be a lesser rock for the IF to push?!
Yes--it especially helps with onboarding developers as it's less exotic.
I’d give him all Jinn IP, engineers, advisors, brand, whatever, and we’d split Jinn Labs’ token assets on the respective networks. He gets his portion of the tokens on his fork (which I will call Triota until he comes up with a name), while I keep mine on the network he has denounced, divested from and gone to war against.
Can someone explain this part? The team is done and IP is given to CFB. Why would they take half of the token assets. I'm pretty sure im reading this incorrectly.
CfB used team Omega (thus IF funds) to facilitate for his VR company
His departure was not in "good vain" at all
CfB indeed intended to fork IOTA to call his Version the *real* iota
All of CfBs Twitter tirades after his departure were to hurt the project,
This is such a mess! If this would have transpired in 2017, IOTA would have gone right down the drain. Luckily, we are in a very different position today with all the manpower, intelligence, and knowledge at full force to make the vision of IOTA a reality. I hope we all, as a community, can put this unfortunate chapter behind us and focus on better things to come.
real question is whether or not he gets a pile of normal(?) IOTA to dump on the market, or if it stays within the IF.
TriIOTA sounds like a great side project to IOTA, if he can realize the trinary dream parallell to IOTA then all the better!
So besides the important part that IOTA switches to binary :D, the other part is about the fall out between CfB vs David. Much of the comments from David regarding CfB are not exactly a surprise for most who follow CfB a bit, but at the same time I now do understand why CfB is angry at David. The relevant part:
He gets his portion of the tokens on his fork (which I will call Triota until he comes up with a name), while I keep mine on the network he has denounced
In other words: While the 'worthless' assets will be divided 50/50 (still probably a few $100k total, but nothing compared to the big thing), David will keep for roughly $15M worth of IOTA, and CfB gets nothing from this, except that he may make his own fork of IOTA (which will be worthless obviously), and get the tokens on that fork.
In itself I consider it kinda funny that CfB's big talk about forking IOTA now backfires. But to be fair, I also understand why he is angry at David, he just screwed him over for $7M+. Of course that is without knowing what is legally arranged exactly, but still, one co-owner taking 90% of the assets (rough guestimate) is not what you would expect.
IOTA has a long way to go, both on technical level (coordicide, sharding, IoT compatible, etc) as on actual adoption (PoC is no adoption). But they are now in a better position than ever by slashing a huge part of the old CfB legacy. Personally I believe there is more bagage they should get rid of, but they made a great step with this.
Will they actually succeed? Personally I can imagine a role for IOTA in the future, but not as large as many IOTA fans like/expect it to be. And maybe I am now the one who thought the internet would never grow so much. Or maybe those who do expect great things are ones following one of the many dead technologies and ideas history is littered with. We will see :)
He sold his 'personal' IOTAs. But with the IOTAs in Jinn nothing was done, and he was still co-founder of Jinn. If they both have a 50% share in Jinn, you would expect they both get half of it (or actually, imo it would be reasonable to also pay back initial investors with it). If David is sole shareholder of their company, legally I suppose he is entitled to it all. But when you found a company together it would surprise me to make one guy the sole shareholder.
It will all come down to how the shares are structured and who owns what percentage.
I presume JinnLabs is set up in Germany, usually there is a public database setting out who are the majority shareholders etc.
Thats what I have been doing. I am not a software engineer, so you don't see me building Hornet. I do have lots of experience on IC design, so I focussed on that part, by pushing for binary and requesting information on why they thought ternary was superior.
Now that part is at least achieved, and IOTA can move on with more efficient code. (Both due to no / fewer binary <> ternary conversions and hopefully also hardware acceleration for new crypto functions).
I re-read his letter, I don't see David "just praising himself". He puts forward the vision of the group, the tremendous work accomplished by the team (IF / Dev / Research) , (may be praising Popov which is well deserved). It reveals CFB 's inability to work in a team, to be a team leader. His autistic-like behavior is now blatant to me.
It is just a bitter farewell divorce letter... distinctly painful for David.
It is not supposed to be anything else like an introspective letter.
You are going to get down-voted for your opinion that this project has ripped off lots of innocents. They like to talk about "raising 500k to build a 100 person project" but in reality a whole bunch of suckers have funded their joyride over many years. They have been treated with nothing but contempt by David and Cfb. David telling them that they're worthless speculators and yet using the same speculators to dump tokens on to fund their work. Crowdfunded projects have more accountability and loyalty than these guys have shown to their backers. CfB was always sitting like a monkey-boy on the side treating people with contempt when they ask for real technical details. Or stringing them along with how they were working on the tax implications of paying out those lucky JINN investors. David is partly redeemed that he didn't take the money and leave but they are both scammers that would have been put in jail by now if this market was regulated. They both took advantage as much as possible with what they could get away with legally.
It probably shouldn't be surprising where we are but then this project has always produced more drama than anything else.
Trade them in for what? What information have they been given after 5 years of waiting to make an informed decision? The last I heard was that they were working out how to divvy the spoils and the tax/legal implications. Listen how they are both talking to each other. Full concern for only themselves and the dollars they've earned from doing nothing but playing the market. The people who traded their tokens after being "told" (read: hints and rumors) that something was about to happen have undoubtedly lost lots of money. Then they act like heroes that they would graciously offer a portion of the money they stole back to bag holders.
I mean, is it really that hard to explain? Two guys said they were going to do something and asked people for money. Many years later, with little to show and zero communication, they have millions of dollars to splash around on a "buyback". Tell me, where did this money magically came from?
People tend to get emotionally charged seeing others get ripped off. Even Dave and CfB seem to be getting rather emotional.
Tell me where all their money came from? It was from pumping the price, selling at the top of the market and then going silent until no one knew what was going on. Then kindly offer bag holders a fraction in the dollar back to sound generous. In your obscure percentages lies millions of dollars of investor money. That goes for IOTA as well (and NxT if you want to keep going back to the origins of this behavior - check out what happened there.. Spoiler: The project was abandoned and millions of dollars were made by the founder, CfB).
Anyway, I don't really care for your response. We know you're just here to toe the party line until someone finally turns off the lights ("Hey, can't say they didn't try").
It's your biz to just parrot and pivot to whatever the leaders say for this week. From trinary to binary to loving and hating CfB. At least you are there to guide the community conversation to all the good things about this charade.
Your posts sounds intriguing until one realizes you can replace 'iota' with literally any other token name. This industry is rife with 'scams', and unfortunately has not been fair too MANY people. Its an artifact of the hype, not of the project. If you don't see that this project has in fact produced a lot, you might as well just go back to bitcoin...
EDIT: My point is that not all good things have to have fairytale beginnings. The American Railroads, for example, were probably not made by the happy hands of their workers, who I'm sure got compensated well for all their hard labor /s. And yet in the end, the railroads opened up the continent, and were a huge success. I agree that behavior of many project founders is questionable, but it doesn't equate to a bad idea.
There are lots of good ideas and lots of poor executions. The thing that makes IOTA exceptional is that they have carried on this charade for years. Carlo and his Bitconnect crew had their good idea that would change the world. It didn't work out and they walked away from it. David and CfB just kept on stringing along these types of failures (never at their own expense) and just outright lied that they had a result that was under "NDA" while never once showing evidence of a blueprint or product to their backers.
It's not the idea that anyone is against, it's the fact that they have milked the market for every dime and given back nothing except this constant drama. 6-7 years and millions of dollars is more than enough to produce *something* more worthy that what's there from the original "dream".