Discovery "Additional Funds for Crypto Lawyer (10K TRC)" (linked)Back

Title: Additional Funds for Crypto Lawyer (10K TRC)
Owner: abettorpin
Created: 2018-10-27
Proposal link:

Description

10,000 TRC

For those who have been following the efforts to secure the Foundation’s 501 status, you know we’ve come up against a wall.

Long story short, everyone agrees we need a qualified lawyer, but they are expensive ($30K was the cheapest of all the lawyers we’ve spoken to that fit the bill).

We’ve inquired getting lawyers to take us on as a client pro-bono, but have essentially been told to kick rocks.

While we’re in this holding pattern of not having enough money to pay a qualified lawyer, I am suggesting that we continually add to our lawyer fund chest when it makes sense (ie no other proposals are being put to vote).

I know it’s not a fun, interesting, or sexy proposal, but the bottom line is, unless someone can come up with $30k or find a qualified lawyer to get the Foundation where it needs to be, it’s the best option to progress with this objective that I can conceive.

As long as we’re steadily moving in this direction despite the obstacles, we’ll make it to the promised land of non-profit status eventually!

As per usual, the funds will go directly into the badass multi-sig wallet already established for this aim.


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Discussion

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0 points, ~6 months ago
I agree to continuously add to the fund. But I hope we can use this fund for other operational things in the future.
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0 points, ~6 months ago
Hey Hanzac. Absolutely.

Ultimately geting the Foundation working on TRC fulltime is the goal, and getting these crucial legal milestone achieved will inceased the odds this happens sooner than later.

We've been prudent and measured in our approach thus far, but the only thing we can do at this point is save (unless someone else can suggest a better approach, which we haven't seen yet but are open to).

When it comes time that the Foundataion is confident in it's ability to hire a qualified lawyer at a reason price, we'll move on it and hopefully have funds left still banked to use else where.

I want to assure everyone that there will be no frivolous use of TRC, and that getting all of this right the first time, is of utmost priority.
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0 points, ~6 months ago
30,000$/0.0385(TRC price today)=779,220TRC needed
21600(dGov fund) - 6480(TRCF team pay) = 15120 TRC available each month
20,000 TRC already gathered
779,220TRC - 20,000 TRC = 759,220 TRC still to gather
759,220/15,120 = 50 month to gather funds for the cheapest of all the lawyers you’ve spoken
Is my math right?
Reply
0 points, ~6 months ago
John, this math assumes TRC will not go back up.

Do you believe TRC will not go back up?

Speaking as somone who has faith in this coin, saving for that rainy day when the price healthy, is a prudent thing to do. Throwing around TRC at this price makes no sens to me when you consider where this coin and Foundation is headed.

I'm sure you're familiar with the fable of the ant and the grasshopper..
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0 points, ~6 months ago
Once your proposal passes we'll have 30,000 TRC fund to cover lawyers expenses.
Does it mean we'll be waiting until the price of TRC will hit 1$ or we'll go on asking other funds to dGov until we have 30,000$ to pay the lawyer?
What is your estimate of time we'll need to gather 30,000$ fund?
Reply
0 points, ~6 months ago
Hey John. These are very good questions.

A combination of factors will go into when to use the funds, like overall market sustainability, price, volume, whether the qualified lawyer accepts TRC, but one of the most important factors will be that the decision to spend the funds will be made not by one person, but by the founding and most active members of the Foundation.

I won't say this is the last time we go to the well to build this lawyer fund, but I definitely do not want to take away from the initiatives, such as yours, that underscore TRC's mission of Helping the World. THOSE are truly the most valuable end-uses of TRC, and that is certainly not lost on me, or the Foundation.

I've always been hesitant to put funds towards ideas that won't materialize or that seem as if they might be a TRC grab because no other proposals are in.

The impact that squaring away the legalities of the Foundation's future, in my opinion, do not fit that bill. Securing non-profit status and remaining compliant in the eyes of the US's regulatory system will impact all of the TRC community and it's future, as well as it's ability to positively impact the world.

These are protections against a system that could shut down the Foundation over-night if not put in place, which I think we all would agree, would be extremely detrimental, and erase years of dedicated work.

I'm putting in the proposal within the next hour. I would love to see your support. We need you John.
Reply
1 points, ~6 months ago
I think it is a great idea to add another 10K TRC towards the Crypto lawyer fund. I advise you to post the address (or a link) of the multi-sig wallet in the proposal so that people can really see where the TRC is going and that it’s not going to move until we find this lawyer. The more TRC we have available for this, the closer we are to hiring a lawyer. You have my vote!
Reply
1 points, ~6 months ago
Great idea. I will do that, and thanks for the support!

The funds will go directly to this address as well; the funds will never be in my personal possesion, for whatever that's worth.
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