From the arc facebook page: "As the former ‘Arcade City Council’ prepares to use the remaining ~$530,000 from the Arcade City token sale to launch a new project (“Swarm City”) completely separate from Arcade City, I believe it’s important to inform the public how the situation has evolved to this point."
https://christopherdavid.co/in-the-spirit-of-transparency-e8037d9a0bfd#.7iolj2mey
I hate to say it but from what I can tell the arc team is a bunch of incompetent retards and the ship is sinking
My advice is if you own any arc tokens sell them immediately and do not support anymore projects from this team period. I just read this facebook post and my initial reaction is it's over gg. To summarize basically nothing is getting done, the team is divided, money from the ico is being spent secretly, and this new app thing is just some sort of pathetic attempt to keep the team employed to avoid giving a refund to the investors and/or just a future scam.
This section is important to note:
"Observations
So everyone has complete information — at least from my perspective and I invite others to share theirs — I will state what I as an outsider have observed from the Council since they ostensibly took over leadership of the Arcade City project following my ‘resignation’ on November 7th:
No developer updates in over a month (last update 11/24)
No development roadmap or public explanation of what functionality to expect in the forthcoming mobile app (aside from trading tokens)
No official communication at the end of the token sale and no details on when the token would be listed on exchanges for trading
No transparency about how or why funds are being spent; over 6,800 ETH (USD ~$50,000) has been spent so far— on what, and why?
Refusal to distribute three of the 5-of-7 multisig wallet private keys to external keyholders as promised in the whitepaper (page 6) as a community-based check on misuse of funds
Abrupt and poorly communicated switch from the Arcade City Slack channel to inferior chat service Ryver, with all 600+ Slack members receiving email invites to the new channel — except me. (lol)
Abrupt and poorly communicated push to organize a new ridesharing network in Austin — separate from and competing with the thriving Arcade City Austin network that we’ve spent plenty of time and money to build up over the past seven months. That network — our only massive on-the-ground success story — has given countless thousands of safe peer-to-peer rides every month since May in a completely self-governing fashion. It is a shining example of what is possible with Arcade City, a model that can and should be replicated — and improved upon — in other cities around the world. Yet after the Council’s push to organize a separate “official” Austin group, the leaders of the self-governing Arcade City Austin network rightly felt personally attacked. They strongly considered changing their name from Arcade City Austin to something else and severing all connection with the ‘official’ Arcade City that was so disapproving of their efforts. That would have had the effect of removing from the Arcade City network its most valuable asset, one we spent months of time and many thousands of dollars to build. That catastrophe was avoided only because I intervened. I repeat: the Council threw their weight behind an effort that nearly destroyed the most valuable asset of Arcade City.
I’ve largely monitored these developments from the sidelines, watching and waiting to see how the Council got organized after the token sale.
Unfortunately the Council’s solution to the issue of continuity is apparently to break with Arcade City, split the community in two, and start their own project using funds raised in our name.
I am disappointed — and compelled to leave the sidelines and fight for the original vision of Arcade City.
I continue to prefer the collaborative ‘Solution A’ (“One Arcade City, Two Districts”) mentioned in my email above. We are all in uncharted territory, doing something no one else ever has. We will be strongest acting in harmony.
I share all of this not to hurt the Council in any way, or to suggest that I haven’t also made my share of mistakes and miscommunications. I’ve admitted as much.
Rather, this is intended to expose all these considerations to the disinfecting sunlight of transparency, and invite feedback from more people than just those privy to private discussions.
Arcade City must be a community effort, open and easily accessible to all.
All startups have growing pains, but ours have been particularly intense — and unique. Big ambitions carry a big price tag. We’ve happily paid the price so far, and will continue doing so. Together or separately."