glennaustin
Active member
This proposal is cross-posted at https://www.dashcentral.org/p/Core-Feedbands-Hedge-Reimbursement
Proposal background
This proposal replenishes the Dash Core Marketing budget, which provides escrow services and a fiat guarantee to a Feedbands proposal ((https://www.dashcentral.org/p/scale-internet-ads-dashinformer) which purchases internet ads promoting the Dash network. As described in their proposal, Feedbands requested a fiat guarantee since most of the liabilities associated with purchasing online advertisement are in fiat.
Due to the recent sharp drop in the price of Dash, Dash Core Group experienced losses of $269,085.92 related to its exposure to Feedband’s fiat guarantee. The budget proposal was submitted to the network on February 14th at a price of Dash equal to $643.27. By the time the first network payment was distributed on March 4th, the price of Dash had dropped to $607.45 and by the time the first payment was invoiced and processed on March 8th, the rate was $454.31. The loss from providing the hedge for the first payment was $96,937.21. The second network distribution was April 3rd at a rate of $332.20 and was processed on April 11th at a rate of $307.70. The loss from providing the hedge for the second payment was $172,148.71.
Potential future liability
Next month, assuming the Dash network decides to continue funding Feedbands in this budget cycle, and upon completion of milestone 2 (another $200,000 in verified ad spend), Feedbands will request the final payment tranche of $330,000. Dash Core Group may need to post another proposal requesting reimbursement if the price of Dash doesn’t recover to the $643.27 level.
If you have any questions, please direct them to @Fernando in the original Forum post.
Requested funding is as follows for the May 3rd budget cycle:
- 716.07 Dash for funding shortfall due to fiat guarantee ($269,085.92 @ $375.78 per Dash)
- 5.00 Dash proposal reimbursement
Total: 721.07 Dash
Manually vote YES on this proposal:
dash-cli gobject vote-many 71414e732fae4d80afac91f06d227a068cdf50844b8999121af93bab26fb2f0e funding yes
OR from the qt console:
gobject vote-many 71414e732fae4d80afac91f06d227a068cdf50844b8999121af93bab26fb2f0e funding yes
Manually vote NO on this proposal:
dash-cli gobject vote-many 71414e732fae4d80afac91f06d227a068cdf50844b8999121af93bab26fb2f0e funding no
OR from the qt console:
gobject vote-many 71414e732fae4d80afac91f06d227a068cdf50844b8999121af93bab26fb2f0e funding no
Proposal background
This proposal replenishes the Dash Core Marketing budget, which provides escrow services and a fiat guarantee to a Feedbands proposal ((https://www.dashcentral.org/p/scale-internet-ads-dashinformer) which purchases internet ads promoting the Dash network. As described in their proposal, Feedbands requested a fiat guarantee since most of the liabilities associated with purchasing online advertisement are in fiat.
Due to the recent sharp drop in the price of Dash, Dash Core Group experienced losses of $269,085.92 related to its exposure to Feedband’s fiat guarantee. The budget proposal was submitted to the network on February 14th at a price of Dash equal to $643.27. By the time the first network payment was distributed on March 4th, the price of Dash had dropped to $607.45 and by the time the first payment was invoiced and processed on March 8th, the rate was $454.31. The loss from providing the hedge for the first payment was $96,937.21. The second network distribution was April 3rd at a rate of $332.20 and was processed on April 11th at a rate of $307.70. The loss from providing the hedge for the second payment was $172,148.71.
Potential future liability
Next month, assuming the Dash network decides to continue funding Feedbands in this budget cycle, and upon completion of milestone 2 (another $200,000 in verified ad spend), Feedbands will request the final payment tranche of $330,000. Dash Core Group may need to post another proposal requesting reimbursement if the price of Dash doesn’t recover to the $643.27 level.
If you have any questions, please direct them to @Fernando in the original Forum post.
Requested funding is as follows for the May 3rd budget cycle:
- 716.07 Dash for funding shortfall due to fiat guarantee ($269,085.92 @ $375.78 per Dash)
- 5.00 Dash proposal reimbursement
Total: 721.07 Dash
Manually vote YES on this proposal:
dash-cli gobject vote-many 71414e732fae4d80afac91f06d227a068cdf50844b8999121af93bab26fb2f0e funding yes
OR from the qt console:
gobject vote-many 71414e732fae4d80afac91f06d227a068cdf50844b8999121af93bab26fb2f0e funding yes
Manually vote NO on this proposal:
dash-cli gobject vote-many 71414e732fae4d80afac91f06d227a068cdf50844b8999121af93bab26fb2f0e funding no
OR from the qt console:
gobject vote-many 71414e732fae4d80afac91f06d227a068cdf50844b8999121af93bab26fb2f0e funding no
