Blockstream developers accused of making $ 850K per year
There are advantages in working for Blockstream, in addition to having to respond to Samson Mow. It is alleged that the developers of the Bitcoin Core software company earn up to $ 850K per year thanks to a “share purchase option” that makes them pay 20% of their salary in BTC. That BTC is linked to the price that bitcoin had in 2014, which means that employees are paid around 85 BTC annually as part of their salary, a bonus of around $ 700K at current prices. That’s according to a new website called Cashbleed that aims to lift the cap on Blockstream’s salary structure.
Blockstream and the famous cast of the golden wives
Technically speaking, Blockstream employees could leave or leave the company whenever they want. In practice, there is no incentive to do so thanks to a salary option in which 20% of your salary is paid in BTC, always limited to the price you were in 2014 when the company was founded. That’s according to Cashbleed.com, a controversial website registered in the last 48 hours that is part of the calculations of the project and some bold claims.
The website describes the agreement as a “scheme” that is ongoing, which makes it “very difficult for investors to get a return on their investment”. Blockstream, responsible for Bitcoin Core technology such as Segwit and Liquid, has raised $ 101M in three rounds of the likes of AXA and Mosaic Ventures. Cash collection companies: “Suppose you hire an engineer for $ 150,000 a year and pay an additional 20% of your salary as an additional bonus in Bitcoin. 20% of the salary would be $ 30,000. Blockstream then pays that amount at BTC assuming a price for the year 2014 of $ 350 / BTC. $ 30,000 / $ 350 = ~ 85 BTC for the employee, with an approximate value of $ 700,000”. Continue the information:
“In effect, the employee earns $ 850,000 a year. It is likely that the salaries of senior executives are higher than this modest amount for an engineer”.
The site came to light after Cobra, the owner of Bitcoin.org, tweeted a link to Cashbleed.com and wrote in terms of how “Blockstream employees have been paying inflated wages, despite the lack of success of the company with real products”.
The allegations receive a mixed response
The reaction to the accusations has been mixed, with the acolytes of Blockstream jumping in the defense of the company, while others have bleached before the high salaries to which the staff supposedly have a right. “And that?” A commentator shrugged. “They negotiated to be paid in the currency of their choice and their value is appreciated in relation to the USD They took risks both upwards and downwards.” I would be quite angry if the company I worked for rescinded an option agreement. purchase of shares after 5 years just because stocks became 22 times more valuable, “argued another Blockstream supporter.” If they bought the BTC in order to meet employee compensation packages, the BTC is not even yours to begin with”.
If the alleged payment structure is quite accurate, it can be so generous as to threaten the sustainability of Blockstream, according to Cashbleed. The website states: “These obscene salaries are rapidly depleting Blockcoin’s Bitcoin reserves, and we estimate that the company will not be able to survive more than a year of operations without increasing another round of investment”.
In the forum Subreddit r / btc, most commentators pointed to the source of the news, Cobra, with an instruction: “There is no evidence, everything is invented, no source, nothing, only invented numbers and theories. Snake tactics Next week, he will once again praise Blockstream and talk bad about BCH as he always does, he just wants a Blockstream paycheck.
Cobra is an enigmatic character who is known for his fierce and often contradictory opinions. In the last year, for example, it has oscillated between support for bitcoin core and bitcoin cash. Regardless of the veracity of the accusations, if Cobra was looking to cause a stir, he succeeded. In cryptographic Twitter, the debate reverberates over one of Bitcoin’s most controversial companies and its controversial antagonist, Cobra. Reference: news.bitcoin.com
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