Replying to Avatar :P

The hypocrisy has to stop

By running both a VC fund (1031) and Open Sats a 501c you create a bias. You can’t have a fiduciary responsibility to your investors and allocate to FOSS devs without a bias no matter how you structure these entities.

Let me paint scenario where an open source dev is looking to make a 1031 funded company obsolete, would open sats fund it? I have a hard time believing open sats would especially since Odell would be liable for damages for breaking his fiduciary responsibility.

The biggest problem is that Open sats doesn’t fund anonymous developers. That means if Satoshi had come to Open Sats for funding he would have been denied.

Open Sats would be better off creating a list of devs / projects for people to zap / crowdfund instead of being a middleman.

I already know -oUr dOnOrS need tax deductions.

Say it out loud then

The entire existence of open sats is to give donors tax breaks and KYC devs.

cool got it
Avatar
ODELL 1y ago

> Let me paint scenario where an open source dev is looking to make a 1031 funded company obsolete, would open sats fund it? I have a hard time believing open sats would especially since Odell would be liable for damages for breaking his fiduciary responsibility.

WE FUND PLENTY OF PROJECTS THAT COULD BE SEEN AS COMPETITORS TO TEN31 PORTFOLIO COMPANIES. THE LIST IS PUBLIC. CHECK FOR YOURSELF. OUR INVESTMENT STRATEGY AT TEN31 FOCUSES ON COMPANIES THAT BENEFIT FROM A ROBUST OPEN SOURCE ECOSYSTEM.

> The biggest problem is that Open sats doesn’t fund anonymous developers. That means if Satoshi had come to Open Sats for funding he would have been denied.

WE FUND NYMS AND TAKE THEIR PRIVACY INCREDIBLY SERIOUSLY BUT YES AS A 501C3 WE HAVE TO KEEP RECORDS FOR TAX AUDITS. WE MAKE EVERY RECIPIENT AWARE OF THIS RISK.

> Open Sats would be better off creating a list of devs / projects for people to zap / crowdfund instead of being a middleman.

GREAT IDEA. YOU SHOULD DO THAT.

Reply to this note

Please Login to reply.

Discussion

Avatar
:P 1y ago

Are you defending your hypocrisy? I appreciate the transparency and all but you are hardcore about being KYC free when it comes to Twitter and life in general but then KYC Open Sats recipients.

I say Open Sats should make a list because they have all the 👀 and is ones playing middle man. What good would my list do? I have 5 followers. If you want help making a list I would be happy to help.

If you were to resign from 1031 or Open Sats you would avoid this type of criticism. Just because plebs don’t call you out doesn’t mean they aren’t thinking about it. It’s dangerous hanging out with too many “yes” men.

Overall I know you are a honest guy and a huge net positive for bitcoin nostr & freedom tech.

Avatar
atyh 1y ago

wen armchair complainers do more than say?

Avatar
ShiShi21m 1y ago

""""WE FUND PLENTY OF PROJECTS THAT COULD BE SEEN AS COMPETITORS TO TEN31 PORTFOLIO COMPANIES. THE LIST IS PUBLIC. CHECK FOR YOURSELF. OUR INVESTMENT STRATEGY AT TEN31 FOCUSES ON COMPANIES THAT BENEFIT FROM A ROBUST OPEN SOURCE ECOSYSTEM.""""

--> THIS IS EXACTLY MY PROBLEM WITH COINKITE, YOU GUYS RAPE OPEN SOURCE MEANWHILE PROVIDING NO CODE IN RETURN.

--> THE ENTIRE ECOSYSTEM BENEFITS FROM OPEN SOURCE, BUT ONLY SHAREHOLDERS BENEFIT FROM RESTRICTED LICENSED SOFTWARE.

--> HWWs ARE THE MOST IMPORTANT PIECE OF CODE FOR HODLERS & YOU GUYS ARE RESPONSIBLE FOR HELPING COINKITE WHICH WEILDS THE POWER OF THE STATE AGAINST THE ENTIRE ECOSYSTEM.

--> THIS IS AFTER COINKITE RAPED THE FOSS COMMUNITY BY PUTTING OUT SHODDY HALF BAKED CODE...THEN RECIEVING REPORTS OF VULNERABILITIES AND NOT EVEN PAYING A BOUNTY.