Blockstream (startup) siphoned millions of dollars worth of Bitcoin to employees
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Re: Blockstream (startup) siphoned millions of dollars worth of Bitcoin to employees
#2Curious if Blockstream was given an opportunity to respond, and if so, what their response is - though I can understand they'd want to keep this a private matter, and in reality the Board of Directors may have approved this; I wonder if the BOD is getting any crypto-"currencies" as well.
Re: Blockstream (startup) siphoned millions of dollars worth of Bitcoin to employees
#3Blockstream was founded in 2014. The price of bitcoin in 2014 was ... drumroll around $350.
While it doesn't seem reasonable at todays' prices, I can imagine these bonuses were designed and conceived at the normal $BTC rate back then.
Yes, the dollar amounts today are crazy, but if a bonus-plan was announced/created in 2014, shouldn't it still be valid today if the alpha is denominated in BTC?
Re: Blockstream (startup) siphoned millions of dollars worth of Bitcoin to employees
#4Seems reasonable to me that the management would try and retain talent...
The bigger issue here is a highly paid workforce without a great product we have all heard about.
Re: Blockstream (startup) siphoned millions of dollars worth of Bitcoin to employees
#5What on earth is this? The pet project of some disgruntled advisor or board member?
This is written like it’s journalism but it has a really weird agenda. Also unless I’m mistaken, “siphon” is a pretty messed up way to describe what’s going on. It looks like they’re paying their employees? Partially in bitcoin? Who cares if a private company pays its employees whatever it wants. (Except maybe some insider with an axe to grind).
Re: Blockstream (startup) siphoned millions of dollars worth of Bitcoin to employees
#6What on earth is this? The pet project of some disgruntled advisor or board member? This is written like it’s journalism but it has a really weird agenda. Also unless I’m mistaken, “siphon” is a pretty messed up way to describe what’s going on. It looks like they’re paying their employees? Partially in bitcoin? Who cares if a private company pays its employees whatever it wants. (Except maybe some insider with an axe…
Maybe someone who rejected a job from Blockstream back when Bitcoin was around $350?
Re: Blockstream (startup) siphoned millions of dollars worth of Bitcoin to employees
#7Gosh. It sounds horrible. imagine if companies hired people and gave them stock at a particular price and had that stock vest over a period of years. Imagine the horror if the value of the company's stock went up over that period of time and suddenly some early employees were making quite a bit of money.
It may have been unwise for blockstream to use something decoupled from their company's profit, however, but it's not completely insane, inasmuch as anything in the cryptocurrency space is sane.