Oddbean

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

> 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.

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.

I WOULD LOVE PEOPLE TO FUND DEVS DIRECTLY. IT IS STRICTLY BETTER THAN RELYING ON AN ORG LIKE OPENSATS. BEFORE OPENSATS, TEN31, OR NOSTR I LAUNCHED https://bitcoindevlist.com WITH DENNIS FOR THIS PURPOSE. UNFORTUNATELY VERY FEW DONATED. HOPEFULLY NOSTR CHANGES THINGS AND MORE PEOPLE FUND DEVS DIRECTLY USING ZAPS. UNTIL THEN I AM GOING TO CONTINUE MY FOCUS ON GETTING AS MUCH FUNDING AND SUPPORT TO DEVS THAT NEED IT. PROUDLY.

If the only way to get people like Jack to donate millions of dollars pass-through to devs, that can then build really cool stuff that is opensource full-time. I'm all for it. Criticize all you want opensats or how it's run, but just letting you know if it causes Odell even the slightest regret for starting opensats then shame on you. Seriously, shame. 🛎️🔥 nostr:nevent1qqsxuhsee7ha80lxvxhpnakeqqenkqxflpu7cqr36dyshl3pgrsu6vcpzemhxue69uhkyetkduhxummnw3erztnrdakj7q3qqny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysxpqqqqqqz9metp3

i've seen the green monster animating people up close over this issue, and the irony was the person in question was capable of writing software but prefers to spend all day watching his gainz on the dxy and whatever else and doomscrolling twitter rather than actually writing code so it gives me some model of what kind of human being criticises and tries to shame or otherwise blame a person involved in actually helping stuff happen for not doing it the way they want they are out of their minds, and they can go fuck themselves

The truth is, it's very surprising opensats even exists, so to burn the bridge now would just be very negligent. Lol.. so people enjoy their tax breaks, sounds great to me. Still far better than working for a VC funded company.

So one person sees a red flag and confronts it and that’s shaming or burning bridges? I thought we’re supposed to verify, be skeptical, and ask questions. He thought something was hypocritical and the conversation was reciprocal and informative (if you bother to read the whole thread). He also expressed his appreciation. There’s probably a lot more people who had that same concern or a similar line of questioning that now have a lot more information, but are scared of his fanboys and never expressed it. What a fucking bizarre place.

I didn't see the thread, I admit. I just see the opensats and I defend. I have good reason to, opensats changed my life. Prob not enough devs stick up for em. Get a lotta jealous blowback n stuff.

You'll notice I said 'if' it causes Odell regret. So ya I doubt it has, he has thick skin, and puzzles like you said was prob nice in the thread I didn't read.. but still, I just wanted to say my piece since the Internet is full of negativity for the most part.

""""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.

SOURCES: https://benma.github.io/2021/02/09/coldcard-multisig-vulnerability.html https://www.coindesk.com/tech/2020/11/25/bypass-attack-in-coldcard-bitcoin-wallet-could-trick-users-into-sending-incorrect-funds/amp/ https://www.ledger.com/improving-the-ecosystem-disclosing-coldcards-pin-vulnerability

CAPS OPUZZLES SPITTIN FIRE. There's some truths in here to be mindful of. I encourage people to support devs, creators, supporters directly where possible. One useful app for this is to discover or look up apps on https://www.nostrapps.com/ On the app page is a Zap Developer button. nostr:nevent1qvzqqqqqqypzq5x7fyk0u4rjg5xlrgqhdl0kmy27jl94m8ud8mxw7lf9lu9gsuw7qqszalum6hxx56j6x7hed8q200n6808et0w7lrmv7gmnz34eqhmahhs5hfwvk

I've been telling yall alot of these guys yall praise.... Ain't to be followed.... Nice to know folks are catching up.. nostr:nevent1qqszalum6hxx56j6x7hed8q200n6808et0w7lrmv7gmnz34eqhmahhspz3mhxue69uhhyetvv9ujumn0wd68ytnzvupzq5x7fyk0u4rjg5xlrgqhdl0kmy27jl94m8ud8mxw7lf9lu9gsuw7qvzqqqqqqyy5a6kd

this! nostr:nevent1qythwumn8ghj7un9d3shjtnwdaehgu3wvfskuep0qyghwumn8ghj7mn0wd68ytnhd9hx2tcpz4mhxue69uhhyetvv9ujumn0wd68ytnzvuhsz8thwden5te0dehhxarj9e3xjarrda5kuetj9eek7cmfv9kz7qghwaehxw309a3xjarrda5kuetj9eek7cmfv9kz7qgmwaehxw309aex2mrp0yhxummnw3e8qmr9vfejucm0d5hszrnhwden5te0dehhxtnvdakz7qgswaehxw309ajjumn0wvhxcmmv9uq3qamnwvaz7tmwdaehgu3wd4hk6tcpzdmhxue69uhk7enxvd5xz6tw9ec82c30qqsprtwthy8vrpg76x4aldyj573hvx47ght3zgtedel0fteuseset5scza5ec

makes sense to me. i think the powers that be are well aware of this technology and are setting up shop to control it early. this is bullish for nostr and btc but also they are bias. nb: powers that be exist in factions and sometimes they place nice . are aligned and sometimes they differ and fight each other. I think some factions of powers that be are currently fighting each other and Nostr and BTC as battle grounds for the future as they see it. I suspect theyll win in good time (lets say 10 years) and by then they will have firmly guided Nostr and BTC perhaps too to a place they want it. Stay vigilint and look into the cracks and crevices.

Let me lay out a little on how governance works inside organisations and companies: Fiduciary duty is just one of the many obligations an office holder has and is not and should not over ride all others. The Milton Friedman school of extreme capitalism that espouses prioritising shareholder returns above all other factors has a large part to play in why public capital markets today are so utterly f’d up Okay, so what are the priorities then? Mission Why does the organisation exist and what is it here for; OpenSats, Brink and HRF all have clear mission statements. Mission is first and foremost People Attract and nurture the people aligned to your mission who have the skills and talents you don’t, because they are the ones *who help deliver on the mission * Profit In a for-profit venture like a company, you need to get to cash flow positive in order to become master or mistress of your own destiny - as a founder you therefore carefully choose investors who buy into your mission Ten31, EgoDeath, Recursive, Stillmark, Lightning Ventures etc etc are all Bitcoin only as a core part of their mission and consequently align investment with founders and projects those mission aligns with theirs Further, it’s also why investors (not just VC forms) want to meet founders and understand what makes them tick; early stage investing is about investing in the people who, just maybe, can bring the vision to life. In the process of doing that they may generate a return for the investors .. but it’s clearly: 1. Mission 2. People 3. Profit A key point to make in all of these types of organisations is that choices are made carefully because demands for funding (grant requests or startup funding) always vastly outstrips available supply .. and these decisions are not made by individuals but collaboratively If you’ve primarily worked alone you won’t perhaps appreciate the value that a breadth of perspectives brings to hard decisions. I’ve looked at the board makeup of OpenSats and Ten31 and EgoDeath and i don’t see a single individual in there who’s a “yes” person; smart, brutally objective and unafraid to be combative with pretty much anyone As you say though - there are other ways to try and the open source funding space would benefit you from creating those too .. get to it 💪