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

Frederik Ramm frederik at remote.org
Wed Dec 12 10:23:32 UTC 2018


On 12.12.2018 10:21, Andy Allan wrote:
> 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.

We're currently holding three fiat currencies (EUR, GBP, USD - we have
bank accounts in EUR and GBP, and PayPal balances in all three) plus the
3 BTC. Historically we've always had a small BTC "balance" because we
would allow donations to accumulate before exchanging.

Converted to GBP, the amount of money we currently hold per currency is

EUR - 300,000£
GBP - 135,000£
USD -  13,000£
BTC -  10,000£

> I'm very disappointed to hear that we're speculating with these 3 BTC.

We have never actively speculated with currency (or other stuff) in that
we bought something hoping it might rise in value. We do generally
follow the rule of holding currencies we think we might use - of course
that already involves a lot of crystal-balling! The fact that we're
holding on the the 3 BTC is really that we missed the opportunity to
sell it at a good price, which at the time was "the price we got for the
rest of it".

Now you're saying "never wait for an opportunity - sell right away" and
that's a valid strategy (that takes a lot of responsibility away from
the treasurer and makes life easier for them). Following this strategy
blindly would have meant that we'd have made £20k or £30k less from the
Pineapple donation. But by removing the treasurer's (or their aides')
judgement from the equation it would also remove potential blame if
something goes wrong.

It might make sense to define a rule here. Though "a currency we expect
to spend" is perhaps still too vague and we should find a better definition.


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

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