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

Andy Allan gravitystorm at gmail.com
Wed Dec 12 09:21:00 UTC 2018


On Wed, 12 Dec 2018 at 08:15, Ivo Stankov <ivo at e-stankov.com> wrote:

> It is not possible to speculate right. You could be criticized that you haven't sold the 3 BTC and lost money.
> On the other hand, you could be criticized for selling any BTC recieved before 2017, because they are still worth much more now, even after the 2018 crash.
>
> I would plead to formally set a formal policy: no long term holding of BTC, it should be sold at the earliest convenient moment after receiving it.

This topic has come up in the past, but with respect to OSMF holding
multiple normal currencies. For BTC I think it should be even clearer.

We should convert it immediately into a currency that we expect to spend.

I'm very disappointed to hear that we're speculating with these 3 BTC.
If the treasurer thinks that it's worth keeping the BTC, because they
believe it might be worth more in the future, then logic suggests they
should convert all of our spare GBP into BTC for even bigger gains.
But if converting all our GBP to BTC - purely for currency speculation
- makes them nervous (which it should), then that should highlight
that we shouldn't be speculating by keeping these 3 BTC in the first
place.

Now it doesn't mean that all currencies have to be converted into GBP
straight away. If we expect to spend some euros in the next few
months, then keep some euros around and avoid transfer fees. If we
have a genuine BTC bill on the horizon, keep enough to cover that.
That's fair enough. Or if you really believe that BTC will increase in
value, then buy it off of the OSMF at current rates, hold the BTC
until you are proven right, and then donate the proceeds back to OSMF.
If you think it's worth the risk, take that risk on yourself, but
don't get OSMF to take that risk on itself.

So to repeat, I think we should have a general policy on all
currencies that is as follows:

We should convert it immediately into a currency that we expect to spend.

Thanks,
Andy



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