Charles has applauded their efforts.
Strange that all the critics came out publicly and simultaneously with announcements at the same time and date.
Exciting to see who is selfproclaming the title of:
“The Guardians of the Guardians of Cardano”
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So thinking about scenarios of development here…
It seems IOHK and Emurgo will have to take on more responsibility without necessarily access to more funds from CF. Does that mean Mr. Parsons gets to keep the funds with no responsibility attached to them? I mean he could continue funneling the funds to his family, paying for “research” till the money is exhausted. From the looks of it nothing can be done unless the current chairman leaves.
If mr Parsons doesn’t, we are likely to lose the CF funds permanently or worse yet create a well-funded hostile entity that could drag IOHK and EMURGO into courts and wasteful litigations for years to come. I really hope no one is stupid enough to go this route.
IOHK and EMURGO, in their current form, don’t have the capacity to take over the crucial responsibilities of CF. I am not sure the CF’s core responsibilities can be “decentralized” either. The protocol needs seasoned professionals that have worked in highest levels of institutions/government, who could help Cardano enter the mainstream. While I wholeheartedly applaud Charles’s efforts to initiate direct talks with governments, to have a realistic shot at global acceptance, IOHK/Emurgo would have to invest seriously in the capacity to establish serious government relationships throughout the world on highest levels. Cardano is a fundamental technology with the capacity to transform countries. It simply cannot afford to be underrepresented/under appreciated in this realm. It’s adoption success, apart from tech, hinges on having the right people talking to the right people at the right level. It seems IOHK/EMIRGO will need to establish a board within one of these entities that would oversee the essential functions of now-useless CF until we come to some resolution with regards to its future. Ideally the “incubated” board could simply transfer to the new CF once Mr. Parsons leaves…
Swiss foundations are bound by the Swiss Civil Code. Here is an English translation: https://www.admin.ch/opc/en/classified-compilation/19070042/201801010000/210.pdf
All foundations (except purely family or ecclesiastical foundations) have a supervisory body. These have several tasks.
One task is that they make sure the assets donated are used as intended by the donors (in this case the community who ICO’ed ada) It is not Mr Pearson who owns ADA is the foundation.
Another task is rectification when a foundation has been incorrectly set up (see article 83d).
Finally also a task is to evaluate complaints made by 3rd parties which concern the legality of the foundation’s activities or the behavior of the foundation’s bodies.
Who do the supervisory functions? Article 84 states that foundations are supervised by the state authority (Confederation, canton, commune) to which they are assigned.
According to this Cardano foundation article it was registered Switzerland with its location in the town of Zug.
At this point I am wondering if it could be an idea to contact the supervisory authorities in the Canton of Zug and forward some of the community concerns. If there are some Swiss citizen Cardano holders who share this worry perhaps this would be the easiest approach that they contact the local authorities.
Here is a link to to Kanton Zug in english: https://www.zg.ch/international/english
Here is a link to the office where you can forward Civil Law questions:
Here is also the commercial register of Cardano Stiftung for anyone interested in these public documents:
I guess we need to go to the court and prove first Adas are assets, and second ICO/Crowdsale Adas were donation…
We do not need to do this I think. The supervisory authorities needs to look at the foundation, as is they’re duty. Assets is one question. The others are fairly more straightforward as far as I can see.
But for me best case scenario? Leadership steps down voluntarily and an agreement is made with a new board. This could come from the leadership itself or after a request from supervisory authorities.
Next best scenario: The community just ignores CF and IOHK / Emurgo carries on roles and the community moves on. This will for a long while create a diversion.
Third best scenario: The foundation and IOHK / Emurgo are locked in a war for a long time draining both communities. Legal action at this point seems the correct path and get one side to win quickly without having to win “minds.”
Fourth best scenario: The foundation wins legal disputes. IOHK / Emurgo hard forks. The community follows.
also @Mihori thanks for translating the open letter. This is an issue for all Cardano owners across the world to know about imho.
DYOR is what I can recommend. But keep in mind, it will take time. A lot of time. Are you ready to contribute?
I dont see any reason MP will step down. and i dont see there is another community will fight for CF. So my guess is 2 + 4 , but remember, Ada is still centralized .
Yeah I agree with you on that. But there could be an enforcement of a new board structure in CF that could force him to step down. That is why I am interested in the legal angle here. But as for me all options are on the table both legally and community wise. As long as Cardano keeps on functioning and there is a better governance structure that comes out of all of this.
I felt its sort of like the DAO attack, when a large chunk of Cryptos fell into wrong hands at the beginning … what would the community do??
Well we haven’t officially decentralized… technically, if there is a community vote, anything could be done.
Won’t be like DAO since not miners but we all will make the decision. Think of it as governance Beta. Letting that chunk of money sit there just seems like a waste…
This could be an option if we exhaust all other avenues.
If it’s never spent, it’s like it never existed. A peculiar kind of “coin burn”.
If pk exists and people have access to it legally, somehow they will find a way to use/spend these funds, but let’s hope…
For anyone who would like to know which threads @cf_maki.mukai is talking about:
To anyone who may be concerned and wants to read these threads, a lot of times people get fast tracked to the lounge (for example: if someone is only missing the 100days visited requirement but has made a big effort by creating quality content or providing quality discussion while having all the other requirements covered.
Exceptions can be made and are suggested to the current lounge group members.)
The Lounge is a nasty thing that should be taken down or opened to all community members. We are all equal ADA holders but excluded in parts of the forum. This is segregation and one of the reasons i got into crypto in the first place to not have to deal with.
And when exeptions on entry can be made based on “face factors” its nothing else than a new boys club.
Pretty ironic that the basis of a open letter from a group of “elite” members who claim to be the Guardians that wants transparancy is discussed in a non transparrent part of a public forum. And all three enteties of Cardano thinks this segregation tactics is OK since none of them have stated anything else.
Actually this was one of the first discusions that the information should be public. Hopefully the threads will be available and you can see for yourself.
Looks like there is more to fix than the CF lack of transparrency. This forum is promoted as the official Cardano forum when enteties and key players tweet about it.
Walk the talk of transparency even further and end/open the Lounge.
If not we become like one of the big competitors with 21 Block producers.
I believe if you post enough and read enough, you can get into the access. I had no idea there was this thing before, all i want was to participate and help to grow the forum.
And to me those people were just people who love Cardano and participate and contribute enough, and gathered together to do something. Even if there wasn’t a lounge section from the forum, they will still make a groupchat in TG or anywhere to investigate and to write an open letter.
So please make no misunderstanding that that is for “elites” only, this for people who care enough about Cardano and eat/drink/sleep with Cardano, according to @Bullish.