Dear Philipp, Timo, the Swarm Capital team, and the former Swarm Fund team,
I hope to find you well.
1- The Swarm Community is eager to to know what happened to 18K ETH tokens that were collected during the Swarm ICO back in late 2017 please.
“Philipp Pieper, a partner at the company, told CoinDesk that 637 contributors took part in the token sale, which was split into two phases. All told, those backing the project gave 18,048 ethers in exchange for 8,171,014 SWM tokens, with almost all of the funding being raised during the pre-sale.”
1A- We’d like to know which wallets were used to receive the Ether and take note of where it has gone since then please.
1B- Did you receive a lot less ETH and simply lied to the press?
2- With something in between 5.5M and 25M dollars at hand, (depending on price of ETH being sold) why have you been paying contractors using SWM tokens as early as the end of 2018 through today?
3- Do you know how much would the average monthly expenses Swarm would need to pay to consume so much value? I’d say around 200-500k dollars a month or even more, depending on the ETH price when sold.
4- How much have you, Timo and all other team members been paying yourself from those ICO funds to actually burn through so much ETH in such a short time?
5- Haven’t you pointed out to the community on many occasions that the team was always small and agile? How could a tiny team spend so much in such a short time?
Considering you haven’t paid for a single decent exchange or for any product marketing, it just doesn’t add up. AT ALL.
This whole decision-making strategy caused a -99.7% loss in value in said SWM tokens.
6- Did the tech that was built costed millions of dollars? We don’t even have a functioning masternode framework, since rewards have to be paid manually and nodes don’t process any other data, given no other payment aside those from the SWM pool is being received.
6A- What happened to the 10m SWM tokens that were supposed to be used for the Market Development Fund? Once that was postponed due to regulation uncertainties, have you just pocketed them and dumped the tokens like always?
7- What open-source tech was released that costed millions upon millions of dollars? So expensive to compel you to start using SWM tokens to pay for costs, after consuming all ICO funds received?
8- Why are all the tools on the Swarm Fund website, meant to be open-source, clearly being labelled as belonging to Swarm Capital? A private business that you recently launched.
9- Lastly, according to which country’s laws was the Swarm Network Constitution recently drafted?
10- Instead of using SWM tokens and destroying our holdings, why haven’t you offered equity in Swarm Capital like every other respectable business would do when in need for money? If money were in fact needed, after such a large ETH amount (18K units) received during the ICO phase.
The community has more questions, but this can do for now.