Why we won’t be a part of the Bitnation Crowdsale.
This is an article written by the three most senior members of the Bitnation team (save for the CEO). It’s written from the perspective of each of us individually.
First, who am I? I’m the guy who got married on the block chain last weekend. I’m a true believer in the Bitnation concept. I’ve owned UnPassport.com and SovereigntyNow.com for years, even though I’ve never actually developed them. You might call me a zealot. Until recently I’ve been an advisor to Bitnation and trying to help to launch it, even though I’ve disagreed with the manner in which it was being handled.
I can no longer stand by and allow this crowdsale to continue.
First, the manner in which it was conducted, especially in the last 72 hours is offensive. We’ve had people working nonstop for days, people go to hospital from exhaustion, vendors pull out at the last minute due to legal reasons while we’ve continued to obliviously plow forward. I refuse to be a part of a machine that builds a company on broken bodies. That is what our opponents do, and I won’t be a part of it.
Second, I worry about the legality of the crowdfunding. While we have talked about locking out US investors based on their IP in order to comply with the law, we have not actually done so. It’s unethical, not to mention illegal to continue to raise funds in this manner. While we may not agree with laws or government regulations, they have a weight and a cost measured in thousands of dollars and years of time. It’s unconscionable to put people’s lives and freedoms at risk for the sake of money, or even for a shining vision on the hill. It matters not only what your goal is, but also the manner in which you achieve it.
Third, and most importantly I worry about the investors. I worry less about the “whales”, and more about the poor disenfranchised people of the world. The ones that will contribute their last $5 because they want to see a better future and who will be disillusioned when their money is lost or misspent. I refuse to be a part of anything that will damage the concept of a “BitNation” in the future. As I said before I’m a true believer in the power of Transparent Crypto Ledgers to make the world a better place, and if this implementation fails and is branded another “Gault’s Gulch”, the damage to the concept will take years if not decades to resolve. I simply cannot stand by and watch that happen.
And so on the basis of those three points, on the basis of my conscience and for the future of my children, I urge all of you to not participate in the Bitnation launch at this time. Hopefully in several months or perhaps a year or more this team will come back, stronger than ever and launch a better TCL governance project.
Thank you
David Mondrus
Dear Community,
My name is Nathan Wosnack, I am the former Chief Communications Officer at Bitnation. I was originally hired with the organization to help with spreading the word via media/communications division. Throughout the last month, as we approached the crowdsale launch date, it became ever-increasingly apparent that our organization was not prepared for the crowdsale launch despite the brilliant and dedicated team working tirelessly.
As time progressed, it also became apparent to me that the crowdsale launch may be breaking securities laws by offering cryptoequity to the public without specific structures in place. The lack of a registered corporation, the lack of a dispute resolution form to accompany our business plan and prospectus, the lack of proper employment agreements with staff, and a lack of a solid business plan at the last moments before the October 10th launch was very concerning to me as a member of the Bitnation team.
Furthermore, the treatment by a leader of our organization towards me when I had a potentially life-threatening situation, the overworking of developers, and the selling of a bill of goods to the public which is deceptive is something I cannot and will not be a part of.
We’re talking about the poor and the developing nations who are struggling to get by. Bitnation as a concept is beautiful and a way out for many in the world, but the way it was executed will not work and only – in my opinion – continue to cause more harm than good for them, the staff, and the cryptocurrency community. I will continue to believe in the necessity for freeing people from the shackles of the old system using blockchain technology, but it must be done in another way, at another time.
I am honoured to have worked with many of the people I did on our team, to have attended the Coins in the Kingdom Conference in Florida, and to have inspired people to look at blockchain technology in a brand new way for the first time. Even though this didn’t work out as planned, I will continue to march ever-onward in this crypto-space.
Regards,
Nathan Wosnack
Dear Community,
My name is Matt McKibbin. I have been a part of Bitnation as a communications partner for about a month. I came on board with the idea because of my passion for how the blockchain will enable and empower individuals all over the world. I saw this project as a way to help people in developing nations construct and implement governance services they have never had the privilege of having. The concept of designing applications for land registry, incorporation, and dispute resolution on the blockchain still intrigues me to this day and I think has a bright future in society. However Bitnation cannot be the one to bring those services where they are desperately needed.
Over the past couple weeks it has become apparent to me that our organization is not and was never going to become legally, or structurally prepared for handling funds from the world. The cryptoequity crowdsale would have been breaking securities regulations in many different jurisdictions. Furthermore, I cannot allow myself to be a part of something which plays on the idealistic visions of many people all over the world when I know the structure and management of the organization would not allow it to succeed.
I continue to be optimistic for blockchain technology in the future. I think once regulatory uncertainty is lifted this technology will be able to prosper to its full extent. I would like to thank the community for all the inspiration and support which I have seen.
Best Regards,
Matt McKibbin
