Thread by @DoveyWan

Rchain, burned all its ICO funding in > 2 years due to a outrageous purchase of a $23m music encoder (WTF??) now is considering a new entity RSong to be “a continuation of RChain”??

Another fork of Rchain, Casper Lab, said has raised $20m 🤷🏻‍♀️🤷🏻‍♀️

This only happens in crypto

It raised $15m in ETH back in 2017 April, if managed treasury well, at ETH $1000 that equates to $300M bankroll. And they burned it all...

I’m shocked that no one file class action against it especially after the totally unreasonable purchase of that $23m music decoder 🤯🤯🤯

They burned everything in less than 2 years* not >2 years

Unbelievable.

Anyone can let me know how to burn a $30-$300m bankroll in less 2 years???? Like buying 1000 lambos? That sounds lots of work too 🤨🤨🤨

Also the Rchain drama actually started 3 years ago when Greg left his former blockchain project Synereo

Anyone interested in further investigation of the entire Rchain history can take a look 👀 it’s a very deep rabbit hole I promise

smithandcrown.com/summary-of-syn…

Some simple questions when auditing Rchain’s financials -

1. How much they spend on things that can be directly effective to deliver what they claim in the white paper? Aka, engineering. The audio codec and investing in other ICOs is clearly out of charter

2. What’s the FAIR MARKET VALUE of that audio codec? Did they overpay? Is there anything fraudulent or potential connected transaction/conflict of interest involved? Immersion Network is also a private company, so it’s easy to figure out that company’s asset value.

3. if they pay $23m in the audio codec, if the codec value sustained, assuming they don’t overpay, they should have some decent residual value. Why not re-sell that codec to someone else even with 1/5 of the price.

$5M cash is at least a 2 year run way for a 10 people