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Rchain, burned all its ICO funding in > 2 years due to a outrageous purchase of a $23m music encoder (WTF??) now is considering a new entity RSong to be “a continuation of RChain”??
Another fork of Rchain, Casper Lab, said has raised $20m
This only happens in crypto
It raised $15m in ETH back in 2017 April, if managed treasury well, at ETH $1000 that equates to $300M bankroll. And they burned it all...
I’m shocked that no one file class action against it especially after the totally unreasonable purchase of that $23m music decoder
They burned everything in less than 2 years* not >2 years
Unbelievable.
Anyone can let me know how to burn a $30-$300m bankroll in less 2 years???? Like buying 1000 lambos? That sounds lots of work too pic.twitter.com/LqaNrurgcZ
Also the Rchain drama actually started 3 years ago when Greg left his former blockchain project Synereo
Anyone interested in further investigation of the entire Rchain history can take a look it’s a very deep rabbit hole I promisehttps://www.smithandcrown.com/summary-of-synereo-controversy/…
Some simple questions when auditing Rchain’s financials -
1. How much they spend on things that can be directly effective to deliver what they claim in the white paper? Aka, engineering. The audio codec and investing in other ICOs is clearly out of charter
2. What’s the FAIR MARKET VALUE of that audio codec? Did they overpay? Is there anything fraudulent or potential connected transaction/conflict of interest involved? Immersion Network is also a private company, so it’s easy to figure out that company’s asset value.
3. if they pay $23m in the audio codec, if the codec value sustained, assuming they don’t overpay, they should have some decent residual value. Why not re-sell that codec to someone else even with 1/5 of the price.
$5M cash is at least a 2 year run way for a 10 people
Vlad @VladZamfir is the best person to answer it. My understanding is - Vlad and Greg worked together back in Synereo and both left to start Rchain, Vlad is board member + lead researcher of Rchain and now he split with Greg. There must be IP issue to deal with in this case
Greg said publicly Casper Lab used Rchain code. “When questioned specifically on whether Casper Labs was a fork of RChain, Scott Walker (the Casper Lab President) said, “There’s several meanings and several nuances to the word fork”
When you give non-dilutive Capital to entrepreneurs whom you’ve never met to develop a product they haven’t built and you’ve never seen for an audience they don’t have, well they do stuff like this!
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Undo
Rchain's difficulties are a result of financial mismanagement from the founders. But do you have any problem with Casper Labs? There are consider 2 different projects with members who are not responsible for Rchain's predicament.
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Undo
Have u seen where the @gonetwork_co is hiding and how they scammed all of their investors?
They were one of the winners of the prestigious ETHWATERLOO for god sake. Raised money ans exit scammed. No one is talking about them for some reason.
archived 20 Jul 2019 12:48:48 UTC
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Founding Partner @ Primitive with 
coin minimalist,
citizen, amateur 
chaser. ₿uy and 
it’s a very deep rabbit hole I promise
