[Osmf-talk] Treasurer's Report for the 2018 AGM

Frederik Ramm frederik at remote.org
Wed Dec 12 00:10:12 UTC 2018


On 12/12/18 00:46, Ivo Stankov wrote:
> A short question. What was/is the rationale of keeping 3 BTC and not
> converting into fiat (pounds). Why this amount exactly?

The BTC currency market was quite heated at the time, and the exchange
was done in batches of 3 or at most 6 BTC at once. It's not like just
going to the bank and exchanging it, you need to find someone who's
willing to trade, then execute the deal within a short time window.
Quite frequently people would have quit by the time we were ready to
commit the transaction. When we finally were down to 3 BTC after a
couple of days the exchange rate was dropping, and we thought it would
pick up again - but it didn't so we kept the 3 BTC. We could of course
get rid of them any time and would receive ~ 10k£ at today's exchange
rate but we figured we might as well wait and see if it picks up again.

> My understanding from a previous discussion here after the big Pineapple
> Fund donation was, that there is a (unwritten?) policy to convert any
> cryptocurrency donations into fiat currency as soon as possible after
> they come in. I found it to be a clean solution as any other might lead
> to cryptotrading/speculation slippery slopes.

I would have preferred to exchange everything at the good rate we got at
the time. But after we had exchanged the bulk of the BTC I thought ok,
we can afford to wait for a better exchange rate. With hindsight, maybe
we should have sold the 3 BTC for £6k/BTC (which was, IIRC, the rate
available). But now we'll just keep it and see if it picks up again. Is
that what you meant by a speculation slippery slope ;)


Frederik Ramm  ##  eMail frederik at remote.org  ##  N49°00'09" E008°23'33"

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