This better not be in Hong Kong - that is a recipe for disaster considering the issues China is having with freedom of speech and democracy. The people running this must be able to legally live Hong Kong without the fear of being prevented from leaving or even jailed. In fact this should not be in Hong Kong at all. Please ALWAYS consider the political landscape when choosing management.
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How do we hire them??
I agree…let’s slow things down. I have no idea why there’s a rush to replace management or wind things down…we need some less emotional decision making and more clarity and clear heads. Give us all a few weeks to months to digest what has happened and then let’s consider the direction things should go. Just makes sense.
I was feeling the same too until I realised that the app has been taken offline and there is price action goin on on the dexscreener.
To be honest, I’d like to see a strong background check on every single person who will be managing this. I’d like the whole team to be doxxed as well so we know we are not “tying up the dog with sausage”. Maybe Daniele could hire an HR firm to screen candidates? Just a thought…
I also agree with this.
This is the WAY. Give the treasury to these experts so you can earn even more money
I see potential in this protocol. I would agree with Bastion to manage or advise wonderland treasury as long all the KYC and relevant due diligence is carried out.
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YES! - we may be able to breathe again!
I LOVE THIS IDEA
Yes sigh many newbies, people leveraging to max, those who never experienced crypto winter being reactive panic.
I will start a new proposals (I hope I get this voting thing right) on a few things.
-
We need to get the market price back to AT LEAST the treasury Holding. Ultimately we aren’t worse Olympus.
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Lets get the treasury running on a much better.
There’s funds, there’s a community (maybe its united in bitterness, but still), we got a chance.
Ultimately, a proposal to fold (while I totally understand) seems the way to go, how much does it cost to wait for another card to turn?
Anyways, I’ll create a new thread.
@TheSkyHopper Hello Mr! I like your proposal. I would like to rise the idea to have an AMA with your team, Daniele and Andrej, so we can know you a little better. Could you host an AMA and talk a bit about yourself and your team?
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Finally, some calmness and rationality.
Go for it!
Lets do it! All for it. For I can do a AMA on any other venue.
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I saw already few proposals on forum but like very often in crypto there is no one that could really show they creditability and abilities. I feel that to really be able to chose someone they should be able to show us:
- They full doxed team
- Some kind of audit from reputable company (There should be independent audit after they are selected)
- Prof of work, with past cooperations and taking care of treasury that’s at leas few hundred million $
- Prof of work in crypto space
- They should also show at least concept of how they would plan to proceed after being chosen.
And it’s probably just a beginning. Maybe we should create some kind of form or guidance of what we would need from candidates to supply to be considered
Other wise it’s just asking for another troubles in the future
Not Hong Kong!
Before you know what has happened, the treasury will belong to the Chinese Communist Party.
Please think this through and do not rush!
I have made more detailed proposal but its waiting on the moderator to approve it.
I’m not sure when/if that can occur.
Here’s a bit more detailed proposal I’d post new but here it is:
Allow Bastion Trading to be an interim manager of Treasury and maybe continue managing partial or whole of the Treasury.
Treasury Management / DAO Windup / Leadership Direction
Objective: Find at least a reprieve from Windup - and provide alternative means of restoring both market value of TIME (and thus MEMO, WMEMO) and faith in the treasury management.
My name is Masahide Hoshi from Bastion Trading. This is my linkedin: https://www.linkedin.com/in/masahide-hoshi-84467b1b7/
I rarely think my past is interesting despite a few short interesting stories, and there’s no point to go into this here - but there you go: upfront - doxxed.
I started a informal discussion yesterday (Jan 28th, 2022) on treasury management with the intention of receiving feedback to further form a proper proposal. Clearly, there’s a sense of being torn to just utter bitterness - and its obvious many have been hosed.
Before, I go into more details of proposals (I will post 1 more separately in relation to inverse bonding), I will make a pitch why irrespective of whether you (rest of poll voters) want us to be involved or not, there is certain value to extend the life of Wonderland.
- There are ways to at least create a floor the price of TIME, MEMO, WMEMO without winding up.
- There is an awesome community that has come together, and rugged as the sentiment is, its still so. Its an community that is still an envy of the crypto space, and I truly believe such can receive dividends over time.
I implore you consider this - for crypto is eternal unless its ended in suicide.
Alright, now lets get into this - and start with what is near - what are we going to do?let’s try a timeline here assuming that option 1 is voted positively:
Upon Installation as a Chief Treasury Manager or Advisor:
- We will first liaise with Danielle (no choice I think anyways - but optimally rest of community) and look to optimize the portfolio, we will look to disseminate what we have done in terms of direction of the portfolio for at least the time being.
There are plenty of assets which can be deployed form the wallet, including MIM, USDT, USDC for example (such low lying fruit).
We can look to optimize the sizing of MIM/WAVAX pools (I suspect its not beating the IL).
I’m not actually sure whether there’s a strategy on other assets like WBTC, WETH.E/WETH, FTM for example in terms of sizing beyond some discretion previously.
We’d love to set some parameters for non-stable directional positioning.
While, I don’t know if its staked (but I can assume not), there’s 5mm USD worth of TIME which should be staked or burned in the treasury - I’m betting its not getting the benefits from rebase.
- As part of treasury an important part is making sure that promptly there’s mechanisms to burn MEMO, WMEMO that has been bought or otherwise - as this is a way to truly reflect the treasury with no circular references (same with TIME).
- As such, I would propose separately that a inverse bonding (thanks to Olympus Dao Papers here)
Inverse Bonds - Olympus
This is a mechanism that can allow for TIME to be able to quickly move back to a value of Treasury backing via arbitragers, but allow the DAO to continue. - Wallet Handling: we would like keep the multi-sig status currently (or voted to improved perhaps) as we would only want to seek to be a advisor/manager to the treasury assets allocations but not the transactions.
Medium Term Plans:
We have a vision for medium term plans beyond just steadying the ship. Here are some next steps:
- Some of you asked about VC investments: we don’t do enough ourselves, and its not our strength. Anyway, I think when it comes to allocation, as a trading shop who might be involved from time to time, there’s conflict of interests plenty of times (do I keep it for us or give it Wonderland?). Planning:
A. Finding and voting in a VC team and some advisors. Making returns on VC is going to be a kicker to Wonderland - and has to be done independently of the stable side of returns.
B. Determining a capital allocation to this with a vote from DAO. Certain parameters can be set first (each investment size, etc). - Adding other investment advisors and managers:
A. Whether on day 1 or later, we think if practicable to find other managers beyond ourselves to diversify strategies and squeeze alpha for us everywhere. Other votes have been in place for something similar and we support them in principle.
B. Either for DAO to vote a risk management person (or team) to handle the oversight of such teams.
Ongoing Transparency:
While I think there is already good transparency (i mean the portfolio on the website…) we can do better. I am so happy to have monthly AMA or Podcasts to go over what the status of the treasury and markets are with the community.
Bastion Trading:
While I described a bit on podcasts, let me give you a background to us here more clearly:
History:
We were a group of traders (3 of us, and picked up more along the way) that started in 2014 with our own capital and savings (it was about 7-8mm USD, not even probably some NFTs today), and we’ve multiplied this significantly from that amount by today - we entered in Crypto in mid 2017 and never looked back - but this timing is similar to many others.
You can see our linkedin site here: https://www.linkedin.com/company/bastiontrade/mycompany/?viewAsMember=true
We have a few partners, and quite a few employees ranging from tech to trading - and I’m certain you can find them via a search via the linkedin link above. Also, if you look at our posts, you will find some results of our activities, including a dollar (so think MIM, USDC, USDT) based investment returns over 60% (net near 50%) for year, while not taking any major risk on directional positioning on tokens. These returns have been audited by a big 8 accounting firm.
I will post some credit references because I think our lenders should trust us (otherwise, they’d be stupid to lend to us):
Truefi Loan: TrueFi | Uncollateralized Borrowing & High Yield Lending
Maple Finance Loan:
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and
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(Look for Bastion Trading)
Our website definitely needs a overhaul but its www.bastiontrade.com.
Our Twitter Handles (also check Bitfinex Leaderboards)
@TheSkyhopper
@TheSkyBomber
Podcasts:
Deep Dive: Bastion Trading | The Prop Trading Desk that Went All in Crypto
Masahide Hoshi is the Founding Partner of Bastion Trading Group, a group of partners who trades across multiple asset classes, but mainly cryptocurrencie…
Fees:
Negotiable for us. For it would be nowhere near the 5% charged I read (annualized I hope) - which I think absolutely a fleecing. Fees have come down to really get near traditional rates, where we’d be looking at a fraction of it.
We only want to be compensated what we all can think is equitable (performance based, a percentage fee - whatever it is) - and that we can navigate this relatively successfully.
I hope this covers as much - but I’m sure you’ll still have questions.
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Yes, please hire an experienced management team and lets start recovering.
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I am in !! Need people like you to take on ! We made the more difficult task, we have a huge treasury !! Now we need an experimented and professional team to be in charge of the treasury !! please don’t let whales wind down wonderland !
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