Discovery "Fiat Investment" (active)Back

Title: Fiat Investment
Owner: abettorpin
Created: 2018-04-04
Proposal link: Not Linked

Description

Hey Guys,

AbettorPin is my Mattermost handle; here on services it’s Schmandy.

I’d like to negotiate an opportunity that will allow the Foundation team to go full-time (or a combination thereof). I’m thinking $500k for one year to start. I will remain an active community member, but will have no involvement with any salary whatsoever (this team needs stronger players than what I can bring). I’ll take a 2% fee, and 5,000TRC if you guys are cool with it, IF- AND ONLY IF- I can deliver. I’ll need to pull together a biz plan, but no worries there. My thoughts are a current compensation match to existing job (benefits included), plus maybe 5%. 

I see tremendous potential with this team, grown through a passion for an amazing common vision, and I know an angel who may see it the same way. He’s a smart guy, bold, and he's been in crypto for over a year. Not saying it’s a done deal by anymeans, but it’s a chance. If he's not interested, atleast we'll have a biz plan we can shop around to other investors. 

I haven't talked with anyone from the foundation about putting this in, so that's just an fyi. I realize there is always downside to situations like these, but if handled correctly, I see very few.

I would chip away on the biz plan between officially proposing, and the last day of voting, or maybe I just go out and  do it  if people like the idea, and ask for the 5000trc as a compensation if/when it goes through. Let me know your thoughts below. I'll check in regularly to answer questions best I can.

-AP


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Discussion

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0 points, ~1 year ago
Update. I, as well as other members of the community and foundation are in discussions with lawyers regarding structuring non-profit entity status for the Terracoin Foundation. This is not cheap(!) and may require a proposal for superblock funds in it's own right. We have some good conversations going, but it is not uncomplicated. I will post another update when more definitive information has come to light (hopefully soon!).
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0 points, ~1 year ago
Update. I have submitted a final draft for review to Terracoin Foundation Director, ClockUniverse, and Terracoin Foundation Lead Developer, TheSin, for their comments as they are the direct beneficiaries of this propsal. Other beneficiaries include everyone that holds Terracoin.

In total this is the 4th draft submitted for review following various rounds of interviews, lots of research, and many late nights. In total the Investment Proposal currently sits at 48 pages. It is very thorough, and we hope to begin shopping it to potential investors very soon.

Thanks for everyone's patience.
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0 points, ~1 year ago
Any idea when you are going to release the business plan, or could you perhaps submit the draft for the community to view? That'd be awesome.
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1 points, ~1 year ago
We've discussed publishing the Proposal, and likely will at some point in the future, but it's completion hinges on some legalese items that require professional attention (which are currently being pursued). It unfortunately is taking a bit more time than anticipated, but we're doing everything we can to keep it on the front burner.
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0 points, ~1 year ago
I have seen the draft and it looks amazing!
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0 points, ~1 year ago
Thanks Clock.
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0 points, ~1 year ago
Thank you for your time and passion.
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0 points, ~1 year ago
Thanks John.
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0 points, ~1 year ago
This has been comping a long very very nicely, can't wait to see how it turns out!
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0 points, ~1 year ago
Thanks Sin!
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0 points, ~1 year ago
Just a quick update on this Discovery; I am moving forward with the creation of a Terracoin Foundation Investment Proposal. I will report any significant developments as they happen. I am very excited about this, and believe this to be a necessary step to fast tracking this coin into the Top100.

Set up your masternodes now people; they're won't be getting any cheaper.
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1 points, ~1 year ago
Finally got time to reply to this discovery!
I have had this conversation with a few other community members in the past. I PMed them so they can get into this discovery conversation too!
First off, I think a business plan would be something very useful for The Terracoin Foundation. I keep wanting to set up a budget of future items so that we can put in proposals before they are due (for example the server that hosts Mattermost/Services/Etc needs to be paid for every January.) A business plan that has all of this information in an a professional format would be awesome!
Also having a year’s worth of salaries for the team sounds like a great idea because then we could confidently quit our days jobs without worrying about the price of TRC for a whole year.
I am all for the idea, but I think you are going to have a few issues to work into your business plan.
Cryptocurrencies aren’t set up as companies in the traditional sense, but instead the whole coin ecosystem is the company. We will eventually be turning The Terracoin Foundation into a non-profit and people can donate to it, but there isn’t a return on investment in The Terracoin Foundation except in TRC price.
Obviously having the team be able to work on TRC full time would most likely drive the price up since we would be able to get more done.
The investor would want to invest heavily in TRC before they invested in The TRC Foundation (or donated……. actually……Once we are a non-profit it would be a tax right off), because their return would be from TRC price increase and masternode rewards.
Investing heavily in TRC before donating to The Terracoin Foundation would give the investor more then just masternode rewards, but they also would get the ability to put in proposals/vote on proposals. The voting would be the most important part because they could have quite a few masternodes, so they could up vote/down vote ideas they didn’t like. Doesn’t mean their will would always pass because we have over 1000 masternodes that can vote, but their voice would get heard.
And since we have dgov The Terracoin Foundation will still put in proposals regarding budget items in the business plan and the investor would want to vote yes on those to extend the amount of money left in the donation/investment.
What I mean is we would still have, for example, the Team Pay Proposal in and we would subtract that amount from the amount donated/invested to keep that amount available for as long as possible. And as the price of TRC raised through our hard work, and the investors heavy investment in TRC then the buffer amount would last longer.
I think your idea is doable. You just need to consider the few things I mentioned.
Hope this makes sense!!
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0 points, ~1 year ago
Hi Clock,

I am pleased to hear that you are on board, and I would definetly like to get more input from others, especially from those who have given it as much, if not more, thought than I have in preparing to put this plan together.

I think we can agree that the price of trc would be directly impacted positively if we had dedicated developers focusing 100% of their energies toward trc, vs a day job. We all only have so much mental bandwith per day, and I was honestly suprised to learn all our people had day jobs with the recent progress trc has made. It's impressive, really.

Having an open and transparent fiat budget would also increase trust in the foundation simply through this additional avenue to exhibit transparency (if that makes sense).

I also like the dynamic of an investor being really just one of the community.

With all this said, I feel like it's safe for me to get cracking on this thing, which is what I plan to do.

I'm asking that trc community members post their questions here in Discovery as this biz plan evolves over the next 30 days or so, and I'll address them, with the support of the dev team where appropraite, as soon as possible. Thanks!
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0 points, ~1 year ago
I'd like to know how much share of TRC he wants to own and how many full time jobs he wants to sponsor.
Maybe we can gather some people to sell the shares to him, so he can do what he want. But the most important thing is that he make us trust he has a good plan and he can proceed the plan.
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0 points, ~1 year ago
Hi Hanzac,

I am glad you are open to the idea. The negotiation doesn't start until after the plan is written, and of course after the investor is engaged. Neither have happened yet.

At this point, determining all the concerns and how to approach them is my 1st step. If I get the sense the community does not like this idea, moving to private funding is an option. But again, terms haven't been written yet. Perhaps a combination could be used.

What would you say would be fair, in your personal opinion, if 5 people were sponsored? What about if just 2 people were?
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0 points, ~1 year ago
Hello,
Like johnwhitestar, I am not native English speaker and I really have trouble understanding what you want to do.

Could you explain in more detail the purpose of the investor?

If he wants to support TRC, why not just buy TRC?
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0 points, ~1 year ago
Hi Victor,

The reason an investor could be of benefit, is so the development team can spend 100% of thier time on TRC, instead of just part time.

Currently, everyone has day jobs, which means they have to work on TRC in their spare time (after work and weekends).

An investor could suplement them financially for a given period of time, say 1 year, so they can step away from their jobs, and focus on TRC only.

If they could spend 100% of their time on TRC only, it would take TRC to the next level because things could get done faster and more efficiently.

Let me know if I am doing a poor job explaining this!
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0 points, ~1 year ago
Honestly, I really have trouble understanding the investor's interest in it. What does he win in return?
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0 points, ~1 year ago
Profit opportunity.

Investors fill gaps that promising enterprises cannot fill themselves because they lack resources.

Do you hope to make profit by being invested in TRC?
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0 points, ~1 year ago
Sorry I'm not native English speaker and probably I'm not getting the idea.
I'd be glad if the efforts of TRCF members would be compensated as they deserve. And I'm sure that sooner or later they will.
By other hand I'd be afraid to have an external investor if it's what we are speaking about here, because an external investor will do what he wants with the coin.
TRC has quite an unique idea but if someone begins to control it we'll not go too far.
One day a lot of external investors will invest into TRC, but we need to show them what we are able to do and how much the TRC idea worth and we will.
So there will be no risks of manipulation, or at least it will be at much higher levels of prices.
Sorry if I'm too cautious here.
I wouldn't like to prevent TRCF members from a decision that would help them working with more peace of mind, though.
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0 points, ~1 year ago
Hi John,

I appreciate the concern, as it is a concern of mine as well, and something that needs to be protected against at all costs. However, the business plan will hinge on no control being handed over to the investor. Technically any investor could buy a ton of trc today and start over turning tables through a 51% attack (assuming this is what we're talking about) but that would be counter to what any investor would want (stability, happy/excited partners).

The main purpose is to unshackle these guys so they can put this project on the fastest track possible. Can you imagine if they could dedicate an extra 40-50hrs a week starting in a matter of 2-3 months? It could take another year or two before they're earning enough trc to quit their jobs, plus they'd have to be selling for fiat to survive (a travesty imo).

The possibility of getting on a large exchange becomes much more real too, especially if trc starts to move and our investor wants to do a second round. This path just simply opens up a bunch of possibilities that are out of reach today.

They will likely want an advisory role, and possibly some trc, but I'm not interested in the foundation handing over more than a few Masternodes worth. TRC is super undervalued right now so they can just go buy it on topia. We're in non-traditional waters here so any capital given really just hinges on good faith that the team and the community want trc to become mainstream. There's nothing to "own/ control" anyone motivate enough can't already own/ control.

At least that's how I see it. Happy to be corrected if I'm leaving something out.
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0 points, ~1 year ago
If we can find someone interested to finance this project it would be great.
And don't think it's a good idea to spit on the money that may come only because of any kind of concern. It's a good thing to be grateful for the opportunities when they are arriving.
Just keep in mind that one of the goals of the project I'm working on is to be able to say that TRC is the currency of help and to show how we are able to provide direct, transparent help where it's truly needed, and in that case you'll be able to find dozens of investors, because there are many people concerned about helping the others, especially among the rich people, but they are never sure where they money are going once donated, so the majority of the people do not donate at all, even if they could and would.
If TRC will become the currency of help the mere fact of investing in TRC will become helping. So investing and donating will coincide. Which is something that has never existed before.
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0 points, ~1 year ago
You're absolutly correct about not losing sight of what Terracoin stands for fundamentally. Helping the world will be a theme of the biz plan, and your project of course will be highlighted. If the first, second, or third investor can't see that, we'll find one who can, eventually. This community and the foundation isn't desperate because we have no need to be. Finding the right investor is what it's all about. Thank you for steering me to actually putting that part in words!
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0 points, ~1 year ago
There is a movement among rich people. It's a kind of international group, if I remember it well. They want to help the world and will let all their fortune to the charities instead of their relatives. Bill Gates is probably the most famous of them. I'm sure it will be very easy to speak with them once we've got results to "donate" just investing into TRC. The advantages over traditional donating:
1) They are not losing their money, at least a part of initial fiat invested can be withdrawn at any moment
2) We are not handling their money directly so they don't have to have any confidence in us
3) Buying TRC and holding will increase the value of TRC that gives us the possibility to help more
4) They can even consider to advertise TRC among other people like them, which will increase the value of the fiat they invested initially and will give us the possibility to help even more because of the possible consequent rise of the TRC price
5) If they feel we are not enough transparent they can sell their TRCs anytime so we will not able to go on as we used to
6) They can setup masternodes in order to have even more return and to influence our decisions
7) They are investing into means that has the particular characteristic in this historical stage to be heavily reliant on advertising, and subject to the huge potential of growth. By other hand no matter how much you'll invest to advertise fiat it's value will remain relatively the same.
All this advantages are effective only if we have the verifiable results, though.
But once we have them you can speak with whoever your friend, your neighbors, just strangers and you'll gather tons of investors=donors.
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0 points, ~1 year ago
Although I agree 100% with all of this. There is one MAJOR downside, buying up TRC doesn't give the foundations any perm or guaranteed funds, this means no one could or should quit their jobs as even after the initial buy if it was say $10USD/TRC that could drop to $1 tomorrow, it could go up to $20 too, but the issue is it's not a set amount. Were as if a donation was made of x amount, say $500k, then set wages for the next year could be set in stone and milestones and timelines could be set as well.

Although buying TRC benefits us all, it doesn't solve the major purpose of this discovery which is getting a full-time team, where TRC is 100% their job/focus everyday.
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0 points, ~1 year ago
John, you are absolutely correct. There is a lot of upside, and I think you're right; the trc will attract the right people in time, as I believe it already has.

My point is that if we are proactive in evangilizing it now, the whole project is fast tracked.

There is no reason in my mind these guys should be spliting time with day jobs.
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0 points, ~1 year ago
Totally!
But please keep in mind that we are at the very early stage of the development of the whole idea, so even if it's quite hard to copy us it's not impossible.
I'm forced to speak loud the steps I have in mind because we are Decentralized Government and I need to have people's support so everything has to be done publicly because we don't have a private channel to communicate.
So if someone will be able to understand what we are trying to do and implement it we'll appear as some one who is copying them, while the idea is originally born in our community.
Just keep in mind this aspect, if you think it's important, when you'll be speaking with people (probably it worth avoiding to speak with the big charities at the moment).
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0 points, ~1 year ago
I agree. Whatever direction it takes, it will go to a proposal so we can all debate and vote. That's really what makes this thing "go" at the end of the day; the decentralized governance and community. It's awesome.
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0 points, ~1 year ago
I agree, I don't think this is to buy or control TRC, this would be an capital investment on the investors side to not only invest into the TRCf, but they would buy TRC so they would want us to succeed, they would be investing to help push the coin by allow the TRCf to do it full-time rather then split focus with a day job.
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0 points, ~1 year ago
At least that is how I understand it at this point.
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0 points, ~1 year ago
The TRC idea is quite unique I only afraid that someone may try to prevent us realizing it. I'd prefer that our investors would be the charities and people that are eager to find the path to help other people, not just investors.
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0 points, ~1 year ago
Wow, as the person helping you out I did not see this coming, and obviously I'm in I'd love to make TRC my full-time job. That being said, this is ambitious to say the least, but I commend you for any and all efforts you put into this.

So I curious on the investment side, normally some someone to invest they would like to see or at least have the potential for a return. I'm sure that will be covered in the business plan, but I am curious about how you see that part working.

Heck if you are successful in this undertaking I'd easily donate 5k TRC to you for your efforts. This would be amazing for TRC in general and I'd LOVE to see a project of this size be realized!

If you need any help along the way I'll help you with anything I can.
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0 points, ~1 year ago
My thoughts were after the ai came in, he/they could buy as much trc desired. I would stipulate a mn cap on his/their end so the Foundation isn't expossed.
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