Assuming this remains unchanged in the future, that means we would be spending 67% more on marketing monthly than on development. I ask simply, does this make sense for us?

I don't mind separating developer expenses (skills we can bring to the table) and things we are unable to provide ourselves or prices we do not control. That was one point I thought of but couldn't fit anywhere; we should provide what we can and buy what we need. The UI redesign falls into this category as we do not have a UI designer in our community, at least not an active one (I'd love if we had one on Slack), so it had to be purchased.

Also, remember that it was only 46.25 hours in December because all of us, including you, hide hours. In reality it was more likely closer to 200h, an abnormally active month perhaps.

I proposed last month that instead of $60 an hour we could lower compensation to $30 an hour, even going so far as to say I'd welcome $20 or $15 an hour.

This might very well be a better route to take which is why I included a 60->30 option in the internal poll. When we make the network poll we should include it there as well, maybe along with the other USD options.

Can we really sustain full development when we are paying people almost half the minimum wage (in my country at least)?

With the current development team I am positive we could. With a new team, most likely not. Most of the people working now did so long before the compensation kicked into gear, though I agree that they deserve appreciation for their time. I know the USD->GRC switch is like ripping the pacifier from a baby but we need to find a balance between banking and expenses. My drastic changes or your sensible proposal :)