RE: SPS Proposal [Updated] - Class Action Lawsuit against Facebook, Google & Twitter's Crypto Ad Ban
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Noble cause, but why do you want 170k SBD in total for this over a more than 2 years time?
That is approx 140k $...
If you have most of it prepared already, that seems to me like a "finance my living for me and my buddy for the next 2 years, while we do what we are already doing without the funding" proposal...
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Do you think we can just submit Court papers and be done with it?
Litigation involves a huge amount of work and expense which occurs over a long period of time.
Every issue will be hard fought and it will take a lot of work over a long period.
There are also a lot of external expenses (Court fees, adverse costs insurance, external experts and external lawyers).
$140k is actually a very small amount of money to run a major legal action and will need to be supplemented by other fundraising, but it will be a substantial contribution to making this happen.
"will need to be supplemented by other fundraising, but it will be a substantial contribution to making this happen."
That means it is not enough to make this happen with 170k SBD alone.
That is a piece of important information for the voters. Thanks. I know that you have written this already in the post, but it was not 100% clear to me.
What will you do if other fundraising fails?
What will you do if you only get partial funding here?
We will be using all means to raise necessary funds and will keep fundraising until we have enough. There is still 4.5 years running on the statute of limitations.
Raising via the SPS means we are in a better position in negotiation with other investors (including financial institutions).
It will allow us to focus the case more on the ideological goals and be less or not beholden to big financial institutions that do not share the ideological goals of crypto people.
I'm going to add a comment to what Andrew has written for @jpbliberty - Both and Andrew and I are ideologically committed to using this case to accelerate the demise of centralised Web 2.0 and accelerate Web 3.0 (which may or may not be the Cryptocosm as spoken of by George Gilder).
As we move forward with this case, we will probably raise money from old school and established litigation funding companies (we already have some serious players showing strong interest). These funding sources are nearly only interested in the return. This case has the possibility to pay out a large return quite early with a settlement.
More ideologically minded funders might want to push on toward a much larger settlement or even a court victory that could enact a financial shift from these old companies to the new world of crypto. The more money we can raise through crowd funding and this novel SPS method, the more power we have dictating how the case is fought.
The benefit for Steem and the entire cryptocosm has been laid out in the proposal.
I have updated post to give more detail on the steps involved in this sort of litigation.