No one should invest one more penny into buying or farming XCH until proper controls are put on the prefarm. Who is with me?
If you are farming with unprovisioned space you don’t have to vote.
Why doesn’t Chia Inc lock up the prefarm so it can’t only be spent over 10 or 20 years. Gene said he expects the prefarm to last 30 to 50 years. Put your XCH where your mouth is!
Remember the people drawn to crypto have trust issues. Why should we trust you? We have the technology to do immutable time locks. Use it. Make it so we don’t have to trust you and you will never here complaints about the prefarm again (and as a bonus xch investment will increase)
I have been out of the loop for a while so please correct me if I am asking already answered questions.
How much exactly is, “the vast majority”?
Are Chia Inc. employees paid in part or all from the pre-farm?
How does a good 90 day lock engender trust in the safe owner’s use of the contents?
The custodial tool is just a key with time delay options. I very quickly reviewed the custody tool description and it appears to have many options and actions other than and shorter than 90 days. How is this lock and key used to reduce or control expenditure of the pre-farm?
Is this information public anywhere?
Why do you first respond to people who have questions with such anger? You accused me of lying and jmac of spreading FUD without answering the questions we asked. Instead you namecall, side-step and mis-direct.
jmac asked why should we trust you? He did not ask if you had a good lock and key. He asked if there was a was to ensure that the pre-farm was not spent in under ten years.
I believe that you have to pay your salaries and other expenses from the pre-farm. Am I wrong?
If this is the case, what happens to Chia Inc. and xch once the pre-farm is spent?
You literally either don’t understand how the pre farm controls work and are lying to people. We can change who can sign but that doesn’t change that they can not sign a transaction that will take less than 90 days to complete.
If you can rekey you can update the singleton that controls the drop but this cant be verified as it is not public.
In any case it doesn’t really matter. In either 15 days or 90 days we can be rug pulled. You could mask it as an attempt to update custody so even the heads up the prefarm was moving was meaningless.
That’s not how it works - anyone can audit transactions. See here. You can also do it through developer tools such as mixch.dev or trust stl to do it via xch.ninja.
Yes but you could have structured the deployed custody singleton to include rate limits on the entire prefarm as you promised. I have screenshots from keybase
The pre farm strategy isn’t changing but let’s explore a counter factual.
Once the FTX implosion halted our likely next equity financing we could do two and only two things. What we did.
Or, a bankruptcy court would have handed the pre farm to investors after paying any last remaining expenses with it. Development would have stopped almost completely and the investors would have dumped on all of us.
Let go of pipe dreams about making us do stupid things and either farm and buy or sell and never look back.
Yes which is why this has always been an ICO. The investors bought the prefarm. In the event of a bankruptcy it goes to them. If it was in a rate limited immutable custody solution they could only dump it at that rate.
People are being misleading and trying to spark stupid fear. We never said we would rate limit the pre farm. We considered it but decided not to for lots of reasons.
We did make it so nothing can change without a 90 day period elapsing after that change.
Pre farm policy isn’t changing.
The good news is that we currently expect we will not need to sell any more of the pre farm sometime this calendar year.
