Popcorn DAO Treasury into BTC

Given the POP market cap just got knee capped by weak hands, now is a great opportunity to compensate by allocating the popcorn treasury from the token auction into Bitcoin.

Justification

  1. Given q2 inflation will peak reinforcing the narrative of deflationary permissionless digital assets.

  2. This will facilitate a move to protocol owned liquidity.

  3. BTC has dropped a nice 30%. We’re clearly still in a bull mkt w/ significant legs left - its likely we dump/stay flat for the rest of december and then pop again late december/January into the Spring. Long term (2025-26), we will likely see a $500k BTC.

  4. Additionally, USD is also known as the petro dollar, which is the basis for extreme carbon emissions globally. Holding USD is actually the opposite of Popcorn’s mission, lol.

Should the Popcorn treasury allocate the USDC from the token auction into BTC?

  • Yes
  • No

0 voters

8 Likes

My vote is no on this:

  1. Bitcoin is not carbon neutral or negative: I understand your concern on USD, but the Treasury is holding USDC, nothing affiliated with the U.S. aside from price pegged to the dollar.
  2. If a goal is to diversify the Treasury, I’d recommend a more thorough examination of the pros / cons of diversifying as well as the recommendation of an expert financial advisor.
  3. A second recommendation if the goal is to diversify is emphasize strengh of the DAO ecosystem by doing coin swaps with other tokenized projects with similar values.
    (Balancer DAO Commits to DAO Agreement and Token Swap With Fei DAO In Unprecedented Move | by Balancer Grants | Balancer Protocol | Nov, 2021 | Medium)
  4. I’m not sold that we’ve fully entered a buyers market on Bitcoin. Swapping for BTC is a big bet on a large amount of money newly collected by the DAO… Let’s be patient and smart with the funds, please.

I’m open to feedback and other opinions though.

4 Likes

For another example of treasury token swaps. https://mobile.twitter.com/PrimeDAO_/status/1469779105952538625

2 Likes

Hey Matt, thank you for the info. Token treasury swaps should certainly be explored. I will answer your points 1 - 4 below.

  1. Holding USDC is the same as holding USD. It is a fully backed stablecoin. The U.S. government is generally run by criminals who exempted themselves from insider trading laws (US Congress). Its literally called the petro dollar. I have only held minimal amounts of USD in my bank acct over the last 10 years due to this fact. BTC is peaceful revolution that is a store of value. I am highly disturbed if POP auction treasury remains in the petro dollar. We might as well be a DAO planning to invade a foreign country.

  2. You are clearly very new to crypto and thats okay - “an expert financial advisor”. Please find me a financial advisor that recommended bitcoin in 2013, 2014, 2015, 2016, 2018, 2019. These are people that play by the book and have dealt in the petro dollar their whole career. Inflation is massive. Popcorn is either going to win big or its going to fail. Lets go for the win big. Also, the Popcorn team does not need funds, these funds are exclusively for the DAO. What does the DAO need $ for? I dont think for anything. The best method of action is to hold BTC over a 3 month to 5 year period. This way even if we have to wait 5 years, we have exponentially increased the treasury to actually go after real world problems.

  3. Lets definitely explore token swaps, but FEI/TRIBE is a disaster of a project. Please dont mention them on this message board. They literally stole $1 billion USD from the community and rekt the price, EOS style.

  4. That is the point. You want to buy low, when there are not buyers and sell high into the buyers, lol. This is literally the smartest thing that could be done - a very simple blue print to exponentially increase the DAO to solve real world problems. Again, we’re either going to win big or fail. Hodling BTC puts you on the right side of history to win big. Hodling USD puts you on the side of history of violence.

1 Like

Holding my responses for now - I think the most immediate questions to answer are occuring in this thread, currently: POP remaining from the LBP Discussion/Proposal

4 Likes

I’ve added the poll. You should be able to add a poll as a non-admin by clicking the little gear icon on the toolbar above where you type your messages.

You can also try this command (remove the first asterisk on every line)

*[poll type=regular results=always chartType=bar]
** Yes
** No
*[/poll]

3 Likes

Let’s not make this personal, or assume that “time in crypo” = makes wise asset decisions, please. I’ll promise to keep my arguments ideological, as long as you’re willing to do the same.

  1. Thanks for your anti-American sentiment. Another option might be reframe the thinking to holding USDC in Popcorn treasury is actually a step to “back the dollar” with good. Essentially locking up USD and using it as a source for environmental and social benefit also fights back.

  2. Okay - maybe I didn’t use the correct jargon. Maybe there is a crypto-tokenomic asset recommendation maker that could propose a more nuanced proposal than “bet it all on black.”

  3. So we’re in agreement on something, but please don’t tell me what I projects I should or shouldn’t discuss in the discussion boards either. That article was more an example for demonstration of the principle behind it, nothing more. Not intended to be an endorsement of FEI or Balancer.

[Edit: Just realized treasury token swaps will involve Popcorn token rather than USDC, so mostly a moot point for this thread.]

  1. I’ve already said more than I probably should related to BTC price speculation, so I’ll withhold further comment for the good of the community. But how do I know you’re not a BTC whale?
1 Like

why was this post “flagged by the community” and censored?

I am a BTC whale. I got here bc I hold almost no USD.

People that hold USD over long periods of time are generally poor and struggle thru life.

People that hold BTC over long periods of time are generally wealthy and can make significant impact.

Because your generalization regarding people who hold USD/BTC doesn’t contribute to the conversation taking place. Your opinion and proposals are certainly welcomed, but they do have to remain respectful/apply to the topic.

Your discourse with MattJ is healthy and good to see. Thank you for sharing your thoughts with us.

1 Like

Because it has strong “do you know who I am” energy and is really poorly worded, classist and just not the vibe of the community here.

1 Like

I am concerned that your proposal is less aligned with the interests of Popcorn, and more aligned with your personal interest in Bitcoin.

2 Likes

my concern that is you want to use a project whose goal is helping the environment, hold their treasury in a currency literally called the “PETRO DOLLAR” that ONLY depreciates in value.

as you can see above, there were 28 votes, majority are in favor of putting the treasury into BTC.

@ POP team, can we move this to a snapshot vote now and see what happens?

what quorum is necessary?

I would like to see more options than USDC or BTC, and I live in the grey area. So for the sake of attempting to compromise, I’m proposing some other options that might actually gain more favor for your proposal.

  1. If the goal is to transition to BTC entirely, I’d suggest a dollar cost averaging (DCA) approach. This would mean gradually purchasing a fixed amount of BTC with the treasury’s USDC at scheduled intervals.
    Purpose: Dollar Cost Averaging would prevent risk of buying into BTC all at once. The OP stated, “We’re clearly still in a bull mkt w/ significant legs left - its likely we dump/stay flat for the rest of december and then pop again late december/January into the Spring.” I’m far more bearish on the market right now due to where we stand in the 4 year halfening cycle.
    Secondary benefit: It would prevent ethical conflicts of interest where popcorn members might take advantage to profit off the price fluctuations that a large USDC → BTC purchase would create.
  2. Diversify into more crypto than only BTC. I would suggest something like: 40% ETH, 20% BTC, and a smattering of other tokens, specifically ones that are aligned with Popcorn’s values.
    Purpose: Yet another risk mitigation effort to spread the investment of Popcorn’s funds across a wider field of assets. This is a cornerstone, tried-and-true investment strategy.
  3. Nominate and appoint a Treasury board / stewards whose roles are intended to protect the treasury from risk and ensure maximal allocation of funds to have the greatest impact to Popcorn’s values.
    Purpose: Focus the most immediate actions around establishing organizational standards that ensure the health of PopcornDAO into the future.

These proposals originate from the Boglehead investment philosophy with specific credit to the principles of: Develop a workable plan, Never bear too much or too little risk, Diversify, and Never try to time the market. (https://www.bogleheads.org/wiki/Bogleheads®_investment_philosophy)

At the end of the day, I think PopcornDAO ought to develop a comprehensive, nuanced investment strategy before making such a huge purchase.

1 Like

agree w/ all 3 except DCA

for diversify, id go w

BTC SOL LDO

justification for each

BTC - Store of Value, takes the place of cash without the petro dollar violence

SOL - this is the new ethereum, faster, cheaper, aligning w SBF

LDO - leveraged bet on proof of stake, lido.fi is a better version of staking. all the big $ in crypto is behind lido. this can align popcorn community w/ leading pos protocol.

1 Like

I have yet another idea :slight_smile: What about putting larger parts of the treasury into Ampleforth? AMPL is a quasi stable coin which keeps “stable” at the value of USD in 2019 (so it takes inflation into account). This means it can’t be diluted through money printing like plain old USDC. On top of that Ampleforth has a LP staking program for, for example AMPL/USDC, which would make sure the treasury is put to work but without the risk associated with bear/bull markets we experience with BTC or ETH etc.

1 Like

Worthwhile to look into putting into PaxosGold or another gold pegged/backed coin, also.

we are The Petro Dollar DAO

congrats everyone!

we should do some PR that we’re planning to invade a country for their crude oil. we can choose the shittiest country on this list and organize the crypto community to invade it, looking forward!

note that everyone who voted for the snap shot voted to put the $ in crypto, except one person who holds 1 million pop, i think he’s a dev. im gonna propose it again, petro dollar dev boy.

see below for list of countries to consider invading.

1 Like

Hm… @PopcornResearch I like your enthusiasm and that you are trying to propose new directions but the way you are doing it is a bit too aggressiv imho. Why not try to convince people in the forum first?

Agreed. Antagonism doesn’t win votes. How about a more exploratory starting point?

If this was my cause, I would start with a survey to take the temperature of the collective group. Something along the lines of:
What should we do with the large amount of USDC in the popcorn treasury?

  • For now, hold it.
  • Convert it to BTC immediately.
  • Establish a working group to research diversification strategies and make a proposal.
  • Investigate staking and interest earning opportunities to put towards (ideally environmental and social impact oriented opportunities)

I know it’s not the case that only one person voted against the proposal. I was one vote against and I don’t hold 1mil pop.

My vote was not a vote for, “we need to keep holding USDC indefinitely.” My vote was “we need to make thoughtful decisions, based on what’s in the best interest for the long-term health of the treasury, and the protocol as a whole.” I’m not convinced that an immediate complete conversion to BTC fits that intention.

I also assume there are some bright investing minds in this community, and I would love to hear recommdations from the whole community.

1 Like

Since we belong to cryptocurrency, we follow the pace