Discussion: What should the gitcoin community multisig do with the donated AKITA

I highly agree on this one! i would make them know about it.

I would hold and hope the Akita team realizes the backing they have from this community.

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This seems to be going great I really am proud of everything that’s going on

let’s keep them for now, may be farm, and we latter find a way to sell them.

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I think you should have a talk with the AKITA team to see if they gonna opt for a buyback.

Definitely a good option and a win-win situation here. If Gitcoin can get a little benefit from making a burn happen and ease some stress on the Akita community that would make good publicity for Gitcoin as well. I think a 10-15 % in ETH/DAI of the total value would be a correct deal. At the end of the day everybody would be happy and this topic can be closed.

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I agree with your view, with Akita team knowing they’re backed by gtc will be win win for both parties.

in trading and investor wise, one of the highest possibility would be that the moment a immediate liquidation of akita is approval and accepted, the price of Akita would crashed to near zero as investor pull out their funds. it’s like 1929 where people withdraw their money from banks as soon as they know the situation.

so instead of the few hundreds of millions dollars gitcoin would like to extract when they approach liquidating akita in any form. It is too easy for these meme token to crash. there are similar crash in other tokens when adverts information is released.

Any proposal to liquidate in any form, no matter the duration
current price: $0.000002106
crash price: $0.0000000002 (estimated)
worth at crash price: $2millions
presume gitcoin 50% liquidation take home value : $1million

relic proposal and price goes back to ath
back to ath price: $0.00003346
worth at ath price: $3,346,000,000 ($3.3billions)
relic proposal of burning 45% and keeping 5% : $3.3billions* 5% = $167millions

relic proposal and price goes back to midpoint
back to midpoint price: ($0.00003346 - 0.000002106)/2 + 0.000002106 = 0.000017783
worth at midpoint price: $1,778,300,000 ($1.7billions)
relic proposal of burning 45% and keeping 5% : $1.7billions* 5% = $88 millions

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Work with AKITA for GTC/AKITA staking?

Let’s burn them for something else.

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I would personally sell it and use the funds to set up a fund to send ETH to proof-of-human bag holders… Sure they might just use the ETH to buy more Akita or Shiba or… checks notes “SafeDog”…

But it’s better than the current situation as mentioned above where they essentially get bled out over the next few months by experienced traders and bots…

One further piece of food for thought: Any proposal that suggests holding AKITA or burning it should consider fungibility and the Endowment Effect.

Put simply: If GitCoin had whatever amount of money the AKITA could be reasonably sold for, and a free choice of what to do with it, would they choose to buy and hold/burn AKITA tokens? If the answer is no, it’s not rational to do so just because GitCoin already has the tokens.

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Just an idea. What about making what Gitcoin does best? community and Hackathons? Why not an Akita Hackathon. Akita devs could be the ones to organize the hackathon to help their project out of a the meme get rich quick scheme (that’s how it started) then funding the project could go around public goods projects that serve every community not only Akita’s, this way we could welcome hackers from the Akita community to the Quadratic lands. I don’t think the Akita community should be dismissed, but if the Akita community is selling themselves as a community with a plan, why not build it like any other project? and not just by tapping into people trying to get in at an “early Doge”. In this Hackathon some of the tokens can be given as prizes, some can be donated to grants, some could be burned, some could be sold for a purpose. It’s up to Akita to show their willingness to cooperate insto building something useful and not the other way around. Show us you are not just greedy people using your community for a profit, bring them on and BUIDL. I by no means want to rug dump onto a huge amount of people living a dream they were sold, I would wish they could come and build that dream.

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Airdrop them to Gitcoin community and holders!

While true from an economics-based perspective, I think pretty much all suggestions around holding/investing/burning are also trying to protect against non-economic vectors, e.g potentially having to deal with a very angered community.

Communicate with the Akita team figure out what they stand for. Even if chosen to sell do so respectfully of the price and hodlers. We are all in this together regardless.

I suggest burning it entirely or selling some to raise fund for funding QFs

I agree with you :100: Akita needs to be sent back

To me the akita project is becoming a dead one… keeping it hoping for a better future is too high hope. Selling it with high slippage is fairly okay than returning it back

Is there anyone who would be able to comment on the status of this issue?

The recent report on the DAO (here: GitCoin Financial Reporting) makes no mention of this issue.

Perhaps the two issues are unrelated?

Sorry to have lost context here. As I’m sure many would agree, it’s quite difficult to keep up with everything that’s going on…