Hello, it is I, cupojoseph. I have worked for gitcoin (back in 2018), contributed to the platform, spent tens of thousands of dollars donating to grants and funding work on the platform, and got my very first eth ever on Gitcoin shortly after it launched. I consider myself very involved, and the long term success of gitcoin is deeply important to me.
I hold these truths to be self evident:
- Gitcoin community and the world of funding public goods + open source does not owe anything to the akita community. 0 of this was donated by the akita community, and 0 of it would have made it here if it were just up to them.
- These funds were removed from liquidity before being sent to gitcoin, where the akita community thought they would stay to increase their ability to dump.
- Gitcoin community will not benefit long term by becoming an akita connected product, which will likely happen if these funds are held for long.
- The goal of the gitcoin community is to fund open source sustainably in a way that has never been possible before.
- The goal of the akita community is a pyramid scheme to make token price increase as more people buy in… and memes
- these goals have competing interests whether or not we are willing to admit it.
with these in mind, the goals of the gitcoin multisig wallet members should be to turn as much AKITA into ETH and DAI, in order to fund open source and public goods, as fast as possible while extracting as much value as possible. A 98% dump right now does not extract as much value as we can so that should be mostly ruled out. However, we the members of gitcoin ( who have been honestly building a more transparent financial system and other non-meme-pyramid-scheme based crypto projects on gitcoin for years now) do not owe the akita community anything, and should not hold these coins for very long with the reasoning that dumping will hurt them somehow.
One plan to extract as much value from this for open source and public good funding:
- dump some small percentage now, maybe not more than would crash the price by 10-20%
- create a lending pool on CREAM and lend as much as possible out for DAI and ETH
- use these funds to buy equity in Gitcoin the company (not the community) back from consensys and VCs
- sell in non-dex places where there may be less slippage: OTC, gnosis auctions, and back to akita community
- create akita yield farm to increase liquidly again and dump more over time
- Set hard goals of not holding any significant amount for more than 6 months
Edit: re Akita team members asking us to hold a percentage of the coins.
This is just dishonest. Your project’s website clearly describes itself as “inspired by elon musk, little brother of dogecoin, meme-based”
I’m not against holding a small percentage in good faith. But holding it so the price doesnt collapse to the advantage of akita holders, is directly disadvantaging open source projects for good we could be funding instead, which is my primary goal.