Doodee

Interesting proposal just passed in @AcrossProtocol to convert tokens to tradfi equity, but participation is limited only to the wealthiest ~1.6% of wallets - everyone else can choose to be bought out, likely below book value Here is what the proposal does: - Offers ACX holders the choice to be bought out at 0.04375, or convert their shares to US C-Corp equity - The remainder of the treasury, less buyback amount, goes to new C-Corp - Holders who don't act within six months get rugged (not confirmed, but team refuses to answer so probably safe to assume - happy if wrong) - Holders with more than 5m ACX (~$218,750) can convert freely. Everyone else is subject to a cap — only 100 US and 500 non-US participants are allowed to convert - Holders with less than 250k ACX (~$11k) cannot convert to equity and must choose the buyout Holders have asked continuously for treasury details since the proposal has gone live but Risk Labs (the team) has repeatedly refused to share. What we do know is Risk Labs has raised $51M in ACX VC sales over the years, and the buyout only requires roughly $30M to fund - meaning the NAV could be far higher The problem is, ~98.4% of eligible wallets (excluding treasury wallets, exchange wallets I could find, and dust wallets holding < 1 ACX) hold fewer than 250k ACX - and are forced to accept this price without knowing if it is fair, while the team and whales retain the IP premium, the tradfi equity upside, and get a higher NAV in the new company I encourage Risk Labs to engage with the community transparently. Refusing to share treasury details only reinforces the notion that something shady is going on. If the actual NAV is 0.04375, then there is nothing to hide. If it is not, make things right by: - Disclosing the treasury amount transparently - If legally it is not possible to open equity conversion to all wallets, giving full NAV to all those who are forced to redeem - Increasing the redemption window to 1 year+ so dormant holders don't get rugged

@metaproph3t do whatever you want but if you remove your mask I will no longer support @MetaDAOProject !!

considering: - doxxing my name / background to instill more trust in MetaDAO, even if it's a marginal boost - starting to uppercase the first letter of my sentences the memetic environment has shifted, the vibes that got us from 0 to 1 may not get us from 1 to 100

@yieldchad WHAT

because I know this is what you follow me for. HINGE ROSE UPDATE: 100 roses sent over 3 days resulted in 16 matches 35 total matches right now 2 dates executed 4 weekend dates confirmed

@laurashin He's also part of a team that stole 20m from investors. Understand it's a delicate balance if you value his insight but also having him on is indirectly condoning / enabling a part of the unfortunate amount of grift we see in this space

Hey everyone, clearly this episode triggered a lot of people. Someone told me they expected it to be a debate between opposing viewpoints, but it was not meant to be a debate. It was to be a discussion by people critical pre-pivot to see what they thought of the pivot. People are mad Max was a guest. I understand at least some Ethereum people think he's a traitor. I could argue both that he might be more motivated to justify his switch to Solana, but also that since he was sort of vindicated, he could also be willing to give them credit. I covered the DDOS attacks in the fall of 2016 in my book. I hinted that those attacks made Ethereum stronger, which is what enabled it to become the platform for the ICO craze from 2017-2018. I would say the same of the criticisms that led Ethereum to this pivot. What doesn't kill you makes you grow stronger. And yes, I'll take @hosseeb's suggestion of a show with @maxresnick and @dankrad if they're up for it ...

@josephdelong Interested in pre-committing, can't dm though since I don't have blue check

Over the last 3 days I built EthStrategy with Justin. It is a fully onchain fully FOSS implementation of MicroStrategy. Launching next week, we are looking for no-risk capital pre commitments github.com/dangerousfood/…

@KoiLaunchpad It doesn't help that any messages in TG that mention this are deleted and met with mutes. Seen this story before, unfortunately all too common in crypto, and usually means what you think is happening is happening

@KoiLaunchpad If the intent of the buybacks are to "return funds" to LBP investors, why are team members, who didn't contribute to LBP, depositing tokens ? Min. 36% of deposits are from team vesting contracts

After today, KOI will have no utility. If you own any $KOI, please deposit any remaining KOI here: deposit-koi.vercel.app We will be proportionately distributing our treasury to anyone who deposits KOI. The deadline deposit KOI is: 12am June 1st / 4am UTC June 1st 2024 (IN 14 HOURS) Any KOI or dKOI sent after that time will NOT count toward the distribution. Even if our contract allows you to submit more, it will NOT count.

This way we could treat all token holders equally. Legally -and ethically- it was the right thing to do. Some people claimed that ANT v1 holders should be considered as dead supply and excluded from any redemption process at once, because they had been inactive for so long 🤔

Glad to see how a few hours ago, an original token sale buyer of ANT who had been inactive for 6 YEARS and who was holding 3,000,000 ANT v1 successfully upgraded to ANT v2 and redeemed for Ξ 7,612 using the ANT Redemption Portal. ant.aragon.org

@EricBalchunas @AnthonyTuths @SpotBitcoinETF @CryptoTaxGuyETH @JSeyff @DDCrypto99 @NotLarryFink @mikesmlw @SGJohnsson @Paul04Trader I have the same question - did you get a good answer for this? If a market maker buys shares 10 bps below NAV all day, and then redeems - do they make 10 bps, or do they pay additional tax if the sold Bitcoin in the trust was bought well below current prices?

@AnthonyTuths @SpotBitcoinETF @CryptoTaxGuyETH @JSeyff @DDCrypto99 @NotLarryFink @mikesmlw @SGJohnsson @Paul04Trader I feel like this makes sense if there is no secondary market (stock exchange) with ETF shares swapping hands all day. Then when there's premium and AP does redemption to arb and issuer sells btc, how do they then map who owes what tax or does the AP pay for any pregnant gains?

Feeling less confident GBTC converts with the first wave absent an in-kind model. Some interesting implications if there's not 620,000 BTC available to be redeemed on initial launch.