badq45t said:i believe that this is a real deal and my 2011 is scheduled to be a test mule for them. I think this is going to be a killer product, but long wait for sure.
Talk is cheap. Put the deposits in a secure escrow account.JohnBysinger said:And I assure you, every deposit will result in either an installation or a refund.
SageBrush said:Put the deposits in a secure escrow account.
SageBrush said:Ahem.
A block-chain is NOT inherently an escrow.
SageBrush said:BK = Bankruptcy
I'll skip on "accredited" since I do not care but I'll summarize my understanding of what you have written:JohnBysinger said:we are in an active funding round soliciting accredited investors. When this round closes, the obligations I just stated above change, but we'll be able to move forward with the formal protections you expect.
No surprise to me -- I knew it when I placed my deposit. I also know Tesla's history. And to put things in some perspective, you are not Elon Musk and Fenix is not Tesla. I'm not trying to insult you, but the comparison is off by no less than six orders of magnitude. Tesla had already invested about $1B in R&D before they took down a deposit.JohnBysinger said:Something you may want to consider in this discussion, does Tesla escrow its reservations? The answer may surprise you.
JohnBysinger said:And I assure you, every deposit will result in either an installation or a refund.
JohnBysinger said:I make no claims that there's no risk. I'm certain I articulated that in my replies above.
I took a minute to look at escrow.com.JohnBysinger said:Escrow comes with a cost. We have 3 options in this space (ignoring the smart contract discussion before), a traditional banking escrow agency, the largest and original online escrow service through PayPal, and other online PayPal competitors. The last option, companies like escrow.com and others have a minimum transaction that they will process, usually between $500 and $1000, so they're not an option.
SageBrush said:No surprise to me -- I knew it when I placed my deposit. I also know Tesla's history. And to put things in some perspective, you are not Elon Musk and Fenix is not Tesla. I'm not trying to insult you, but the comparison is off by about six orders of magnitude.
This is incorrect. The Tesla financial statements make it very clear that the deposits were not spent and were not counted as assets. And if we care about some semblance of accuracy in what we post, the deposits amounted to ~ $600 millionJohnBysinger said:Tesla took in several billion dollars in deposits on the Model 3, which weren't escrowed, they were spent on the development and production of the car (or elsewhere in Tesla, there's no way to really tell.)
SageBrush said:I took a minute to look at escrow.com.JohnBysinger said:Escrow comes with a cost. We have 3 options in this space (ignoring the smart contract discussion before), a traditional banking escrow agency, the largest and original online escrow service through PayPal, and other online PayPal competitors. The last option, companies like escrow.com and others have a minimum transaction that they will process, usually between $500 and $1000, so they're not an option.
If I understand correctly the charge is the greater of 6.5% or $10 so you can escrow a $150 deposit for $10.
If you do not have $10 to cover a deposit, how in the world are you going to pay for the engineering resources needed for R&D ? Please do not try to insult our intelligence by saying that you are the engineering brains. Your LinkedIn profile makes it crystal clear that is not the case. And as for facility and tools, I'll venture a guess that they currently are a PC and an internet connection.
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