UPDATE!!!! I’ve indirectly heard from DiMA and I am embarrassed to admit that they share the same space cause this is a We-Work co-working space! There are dozens of businesses at this address. DiMA flat out deny they had anything to do with the selection of ConsenSys. Apparently they had no idea ConsenSys shares their address. I take them at their word, so should you.
Frankly I’m kind of impressed DiMA isn’t wasting money on fancy offices. They are down in the trenches rubbing elbows with farm co-op lobbyists and CBD-blockchain-startups. Good for them.
Now if we could only find a co-working space with marble parking garages we might be able to get the MLC to consider a co-working space and save all songwriters a little money.
Sadly, now we are left with the fact it was our side that picked ConsenSys.
Keep this correction in mind as you read the original article. The point of the article is that there appears to have been little due diligence on ConsenSys by MLC.
Honest. I’m not making this up. Look at screenshots above.
The Digital Media Association (DiMA) represents digital services. You know Google, Spotify, Youtube, Pandora etc. DiMA are on THE OTHER SIDE. I’m sure some of these folks are good people. At least a couple. Or at least one. But these are the people the Music Licensing Collective are supposed to be negotiating against on behalf of songwriters. Why did the MLC hire as a vendor a company that apparently is in the same building as the Digital Media Association?
Even if there is no actual funny business, it looks extraordinarily bad. It makes it look like DiMA is picking the MLC vendors. Surely that’s not what this tweet really means!
Lets review. It’s been less than a week since the MLC announced ConsenSys and HFA as vendors. What we know so far about ConsenSys:
National Security Investigation
The owner Joseph Lubin is one of the co-founders of the Ethereum Foundation a sort of governing body for the cryptocurrency Ethereum. The chief researcher for the Ethereum foundation was just arrested for allegedly conspiring with North Korea to launder money using cryptocurrency. Some might say that the Ethereum Foundation and ConsenSys are separate companies. Sure they are separate companies in the same way the Genco Pura Olive Oil Company was separate from Vito Corleone’s other businesses. And yes I know I’m implying there is a whiff of organized crime around all of this. Ethereum Foundation also shares a Zug Switzerland address with ConsenSys. Let’s see… crime? Check. Closely related entities working in concert? Check.
ConsenSys counts an Asteroid Mining company as one of its subsidiaries, or “spokes” as ConsenSys prefers to call them. That’s probably because many of these “spokes” do not appear to be legally registered companies of any kind (LLC, INC, S-Corp, LLP, GP etc).
ConsenSys seems to be having some trouble paying out promised shares to employees. Can an(other) SEC investigation be far off?
Planetary Ore Network Zenith Inc
Forbes came about as close as they could to calling ConsenSys a Ponzi scheme without actually using the word. Regardless of whether it is or not, without any real money-making businesses among its “spokes”, it’s possible it will collapse before it ever does the job the MLC hired it to do.
Songwriters should be alarmed. I mean like the-fucking-house-is-on-fire alarmed. Especially those independent songwriters that rely on mechanical royalties rather than performance royalties. The two vendors the MLC have hired HFA and ConsenSys are deeply troubling choices. When Jan 2021 rolls around I’m skeptical there will be a functioning MLC to pay out the mechanicals. If you are an independent writer and you have a mortgage? I’d be very concerned.