I have yet to be legally appointed as a PNF director and have decided not to assume the role formally. In this post, I’ll explain why and try to answer any questions you might have.
Why are you not assuming the director role?
The short answer is that I’m not the best person for the job. When Mike asked if I’d be willing to be a director, we expected that it would be in a limited capacity, requiring a modest time commitment. I accepted the role without compensation or incentives because I expected it to involve a modest time commitment. However, after 4-weeks, it’s clear now that this role requires a full-time commitment, and due to other obligations, that is not something I can provide.
Can’t you limit the time you spend?
No, not responsibly. Before PIP-38 passed, I had no visibility into how PNF was run on a day-to-day basis nor the extent of its challenges. I now understand the issues the organization faced in the past and the challenges that must be addressed going forward. With this clearer understanding, I am not comfortable, nor would it be responsible of me, to limit the time required to properly consider the decisions that must be made in the coming months.
Are you walking away from the project?
No. I’m still as optimistic about the project as I’ve always been, more so in some ways. We are very close to seeing Shannon launch, and that is a big step forward. Yes, significant challenges need to be addressed, but it’s a big and complex vision, so significant challenges are to be expected.
Will you play any role in the PNF decision-making process?
I’ll always try to be available to help if I can—just not as a director. I’ve always shared my opinions openly, and I will continue to do so—but as a community member with the same interests and motivations that I’ve always had.
Was PIP-38 passing a good thing?
Ultimately, time will tell for sure. But I now think it was the right thing and the only real option. The previous PNF leadership resigned on 2 JUL 2024, more than 2-weeks before the PIP-38 proposal was published on 19 JUL 2024. During that time, there were no new proposals. So, from my perspective, there wasn’t another option. The previous leadership claimed they saw no choice and needed to step down to avoid a fork. For the record, I had no prior knowledge about what became PIP-38, nor any discussions about forking POKT before Ben posted the resignation letter for himself and Dermot. But regardless, when they stepped down, there was only one proposed path forward - PIP-38. However, now that I’ve had an opportunity to see how PNF was run previously, I’m further convinced that voting for PIP-38 was a good decision.
Why is it taking so long for PNF to make decisions?
Since taking over PNF operations the day after PIP-38 passed, we have struggled to make decisions primarily because of the organization’s prior mismanagement. The most challenging example is that the accounting system (Quickbooks) had just one month of incomplete data when we arrived. So it was, and to a lesser extent still is, all but impossible to get the financial insights you’d expect to have for an organization like PNF. Things like vendor lists, accounts payable reports (e.g., outstanding invoices), cash flow reports, reconciled account balances, or almost anything else any basic accounting system should provide are unavailable.
Some spreadsheets exist with financial reporting data, but there is no way to see the details behind any of the values they contain. As a result, PNF is still trying to reconcile transactions to get a clear picture of where the organization stands financially. As I write this, many months of transactions still have not been accounted for and reconciled. I’m not an accountant. But I’ve run several organizations over the years. I know what Generally Accepted Accounting Principles (GAAP) are and why trying to run an organization without reliable and timely financial data is reckless. The lack of attention to the financials is just one example that convinces me PNF would not have been better off if PIP-38 hadn’t passed or the prior leadership hadn’t resigned. There are multiple others.
Is Michael O’Rourke the right person to lead PNF?
I believe he is. I’ve known Mike for a long time, but the past 4-weeks were the first time I’ve ever worked with him directly. His leadership style and mine are very different, and we don’t agree on everything. But, objectively, I cannot know if my opinions are better than his. I am convinced that he is highly motivated to make this work. It’s not just a project and potential payday for him - it’s a personal mission. So, in my opinion, if there is anyone who is going to do whatever it takes to make things work - I believe it’s Mike.
Wen moon?
It depends on the planet you’re from and the moon you’re referring to (e.g., the price you paid and your expectations). If you’re from Earth (you are dollar cost averaging and not waiting for a new ATH), the moon can be up to 406,700 kilometers (252,700 miles) away. If you’re from Saturn (purchased at a high, are not still buying, and are holding out for a 10x return), the farthest moon is 12.9 million kilometers (8 million miles) away.
In closing
There is a lot of work to do. The vision is big and complex, so it’s a safe bet that there will be more problems to solve. But Mike has taken responsibility for steering the ship. So, no more finger-pointing is necessary, and we can focus entirely on navigating the challenges at hand. If we can acknowledge and overcome big challenges, we’ll also be better able to create value in a big way. It’s messy, complicated, and risky. So, it’s not for everyone. But I’ll be sticking around and will continue trying to help if I can.
It has been an absolutely ridiculous experience.
Peace 