Alea: Your argument about back-doors required by the NSA is a good one, but I disagree that is what is holding Wave back, if that is what you meant.
Wave is where it is because of poor and unqualified leadership; squanderment of precious resources; arrogance and failure to listen to customers; and lots of promises and expectations of profitability--but none of those promises were kept--not a one.
IMO, Wave's weakness and poor reputation is behind some of the troubles, but I conclude the technology Wave is trying to sell all over the globe without success--is either faulty, difficult to use or too expensive--or all three.
It is lack of sales, after creating raised expectations of a Wave rising from the ashes of its former mismanagement team. The new team has had no more success than SKS's 'team.'
If anything has been proven, it is the genius label given to SKS by the supporters was an unwitting, ironic, mocking joke. SKS mismanaged us into the dust, paying himself, his family, friends and baby-sitters and horse nannies quite well from the Wave treasury and collecting his $1M golden parachute as he walked out the door on Wave's deep financial woes.
DD seining in irrelevant bits from the Net were strategically [and fictitiously] arranged to indicate monumental progress, with the only proviso, a little stretching of the timeline. (27 years?!?)
The true picture of this company is one hollowed out from within by folks who knew not how to run a company, but were experts in how to loot it dry while promising better days for shareholders.
Wave appears to be in its final death spiral--but note the word 'appears' because Wave has been near death before, but sprang back to life after a few futile promises pumped up the supporters into thinking they had a chance to recover some of the wealth decimated by the 'genius's' mgt team--and they bought and bought.
IMO, the big hammer is coming down on Wave. The storm fronts are well-delineated and the eyes of numerous bad weather systems are heading directly at Wave. De-listing because of a sub-$1 share price; de-listing because of market cap deficiency; potentially another reverse split; more dilution at reduced price and increased discounts; and a continuing failure to sell Wave's crown jewel--the Smart Card 2.0 in any appreciable amounts.
Mgt has either lied to us again, or once again been so far off on its forecasting as to be almost indictable.
All the changes may have simply been too late, or there is yet another reason coalescing from the storm clouds--Bill Solms, Wave's new CEO, apparently does not understand while he thumps and pumps VSC 2.0--the electronic industry is moving away from smart cards and tokens, etc.--larger enterprises are moving away the fastest.
This is a critical failure on Solms's part, IMO. My conclusion? In his own way, Bill Solms is just as incompetent as his predecessor--even though Solms must be credited with getting rid of all but one Sprague--Peter--who is quite charismatic when he's sober. No one has seen that lately.
Solms should also be credited with shutting down money-losing 'projects' created to give a Sprague family member a job.
But as to core mission, sales, Solms has failed and failed badly. His publicly declared goals have all been missed. Bizarrely, by repeatedly making and failing to hit projections, goals and expectations, Solms has unwittingly created a resemblance to the failed team of yesteryear--a toxic resemblance.
Nothing could be more poisonous to Wave's chances and shows Solms either doesn't know when to shut his pie-hole, or he is as myopic and blind as Steven at forecasting, or--he is lying his butt off as Steven did repeatedly--hoping against hope a big sale would come in to save him and the company. Again, hope is not a great investing tool.
Blue
