Hello, friends.

Today is a extremely important day for Synereo community, RChain development, Synereo Ltd and everybody involved with it, investors and traders inclusive.

The purpose of this post is not to take sides or judge anybody or anything. It is to take notes. The notes will remain on this blockchain for reference and hindsight. I don't know if we can learn anything out from this situation, though.

The post will be a bit hard to read. Many screenshots and quotes. Bear with me, please. It is almost impossible to scroll back in time of the Synereo slack community channel because of the constant activity.

The post is biased only in a way that I am choosing what to put here. My personal take is at the bottom of the article. Thank you.

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December 12^th - The Synereo Divorce

The Gist

Today, on December 12th, the majority of Synereo LTD’s shareholders voted in favor of Greg Meredith’s removal from the company’s board, as well as for the cancellation of his consultancy agreement as Chief Scientist of Synereo.

Official Announcement

Read @nanzo-scoop's post -> Synereo announcement: CTO (Greg Meredith) removed from board, consultancy agreement cancelled.

Very busy slack community channel with some highlights

Check Letter of Intent to invest in RChain especially...

biviews.com [1:02 PM]

hello, i'am china investor be with shaoan, In the before we rarely involved in the synereo project discussion,but now we realised this is a serious mistake,china is the biggest market in the cryptocruency,we are synereo invsetor and should speak for ourself,on behalf all of the chinese investor,we decide to make our voice heard this time,after we serious discussion, a unanimous agreement was reached,we think Rchain is essential for the whole synereo project, without Rchain network,there are soul lost for this project,that's the essential thing that make synereo project much better than other decentralised social network,such steemit or decent.so we can't lost Rchain in synereo project.the best case are dor and greg reach reconciliation,if we can only choose one between dor and greg,we only choose greg,because he is key person make rchain success.sincerely chinese community

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planteater [2:10 PM]

@dor Please tell us what you think about the Letter of Intent from David Otto, the threats of lawsuits if Greg and RChain are removed from the roadmap, the strong support from the Chinese community to keep Greg with Synereo, and the complaints from shareholders that proper procedure wasn't followed because they weren't given adequate advanced notice of the meeting.

https://synereonet.slack.com/archives/community/p1481515095017018
https://synereonet.slack.com/archives/community/p1481234125013273
https://synereonet.slack.com/archives/community/p1481519791017038
https://synereonet.slack.com/archives/community/p1481530708017046
https://synereonet.slack.com/archives/community/p1481544147017163

@leithaus
i have been given the following letter from Otto Capital to circulate as an expression of their intent.

Subject: Letter of Intent to invest in RChain

I understand that Synereo Ltd. is considering a further investment in the development of RChain. I encourage you to support the RChain project.

I manage Otto Capital, LLC, a boutique consulting and advisory firm that focuses on evaluating and analyzing attractive business opportunities and developing venture capital, private equity and debt financing relationships for start-up and emerging growth companies. I personally have experience with a previous Bitcoin venture and am invested in the blockchain space.

Since July when I read the Synereo RChain Architecture document (0.8 draft), I’ve been excited about its potential. Over the course of the last 4+ months I met and conducted preliminary due diligence with Ed Eykholt, Greg Meredith, and Dor Konforty multiple times, totaling at least 12 hours of my time. Through these conversations, I’m excited about the potential of a whole new decentralized and profitable ecosystem comprised of RChain, content delivery networks, social networks, marketplaces, and other solutions.

In addition, I've also shared my enthusiasm and communicated with about 30 investors in my network about RChain and received encouraging feedback from several well-qualified investors.
I have recently extended a confidential engagement offer letter to Greg Meredith with the specifics of how Otto Capital would help pitch and raise capital for RChain.

Assuming that engagement offer is accepted, I intend and expect to find investors willing to raise $8-10M for a to-be-formed RChain Cooperative and a for-profit company. Otto Capital expects to also invest. These are sincere intentions, but are of course subject to the results of due diligence.

Otto Capital and the fund formed for this investment would need to invest in a for-profit U.S. based entity such as a to-be-formed RChain Incubator or LivelyGig Inc. That entity would then negotiate milestones (deliverables and payment schedule) with the to-be-formed RChain Cooperative (or a non-profit) in order to help fund RChain development and together realize the potential of a scalable blockchain economy.

Sincerely,
David Otto

For the record, again in jpg:

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dor [3:06 PM]

Greg has already announced his leaving by setting up new channels and announcing on them the unilateral creation of a new entity.

Greg removed from slack

I love this one:

I love this one too:

hamzasohail [7:01 PM]

The only reason to buy AMPS right now is to convert them into RChain0 tokens. RChain0 tokens will be listed on Poloniex (eventually) and become the "flavor" of the month. Once that pump hits .20 cents everyone who wants a refund can dump and leave. As this is happening Synereo might also rise and if that happens, the AMP that RChain has collected and be dumped. This will bring more $$$ for RChain, and in turn might possibly lower the price of AMP

My Personal Take

Well, I will sleep on it.

My personal attachment is two fold:

1. I invested minimum amount in the pitch and hold AMPs
2. I participated in alpha node testing

I love the idea behind Synereo AND Rchain and I hate to see this situation unfold.

But ...

The world moves on and we must deal with it!

I will follow both tracks and take the best synergy out of it. And give it back!

Synereo slack: http://slack.synereo.com/
RChain slack: http://slack.rchain.coop/

Your thoughts?

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Better and better!

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These beautiful badges are prepared by @elyaque - thank you!