Proposal “core-team-conf-0618“ (Closed)Back

Title:Proposal: Core Team Conferences & Travel (June)
Owner:glennaustin
One-time payment: 314 DASH (28501 USD)
Completed payments: 1 totaling in 314 DASH (0 month remaining)
Payment start/end: 2018-05-19 / 2018-06-17 (added on 2018-05-21)
Votes: 763 Yes / 19 No / 0 Abstain

Proposal description

This proposal is cross-posted from https://www.dash.org/forum/threads/proposal-core-team-conferences-travel-june.38112/

This proposal would fund certain outstanding obligations for a number of conferences taking place over the next several months where we are currently underfunded.

Background
Dash Core Group submitted two conference proposals in the February and March budget cycles. Both proposals passed and Dash Core group received the necessary funds to sponsor and participate in the following conferences:: MPE Berlin, Money 2020 Asia, Token 2049 Singapore, Bitcoin and Blockchain Conference Moscow, Global Blockchain Summit Denver, Consensus NY, Money 2020 Europe, MoneyConf and Money 2020 US.

Below are the links to both proposals:
https://www.dashcentral.org/p/conf-dashcoregroup-032018
https://www.dashcentral.org/p/core-conf-201804

Why additional funds are requested
Due to a combination of factors, the conferences and travel budget is now depleted and we are now requesting additional funding to cover certain outstanding obligations.  The factors that contributed to the funding short-fall are as follows:

The price of Dash has fallen significantly since the time Dash Core Group budgeted for all of the conferences.  Specifically, for each proposal Dash Core Group requested 653 Dash at the exchange rate of $720 USD/Dash, and 417 Dash at the exchange rate of $430 USD/Dash.  
The funding shortfall is largely due to this factor.  

Other, less impactful factors include:
  • The cost of small conferences that were not known in advance and funding wasn’t requested for (e.g. Wall of Coins and Weed Club).

  • A small amount of business development related travel expenses that were not budgeted for in advance. The travel costs of a few trips that were necessary to develop strategic partnerships were paid for from the Conferences and Travel budget.

  • Certain cost estimates made at the time of the proposals were too low. This underestimation of costs related primarily to the cost of booths for the Money 2020 events and travel related to the Asian conferences (Money 2020 Asia, Token 2049).
The specific outstanding liabilities we need to cover include booths and travel for the following 3 conferences: Money 2020 Europe, MoneyConf and Money 2020 US.

If you have additional questions, please direct them to @Fernando in the original Forum post.

Requested funding is as follows for the June 3rd budget cycle:
  • 309.35 Dash ($120,000 @$387.905 / Dash)
  • 5.00 Dash proposal reimbursement
Total: 314.35

Note 1: Should any funding remain, we will apply it toward future conference expenses.

Note 2: We will be submitting another conferences and travel proposal in either the July or August budget cycle to cover the cost of business development and conferences travel for Dash Core Group and certain conferences we are planning on hosting/sponsoring/attending in 2H 2018.

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Discussion: Should we fund this proposal?

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0 points,9 months ago
I understand you want more dash from the treasury to cash out to fiat to pay for going to conferences.

"Requested funding is as follows for the June 3rd budget cycle:
309.35 Dash ($120,000 @$387.905 / Dash)
5.00 Dash proposal reimbursement
Total: 314.35"
Reply
3 points,9 months ago
When we voted to fund you why didn't you simply cash out to USD at the time of funding? This way you are certain of where you stand as you would have the USD you would have needed. By not cashing out to USD at the time we first funded you are now asking the DASH treasury to compensate for your decision and divert vital funds away from other projects to make up for your original decision.

My opinion is you should convert the DASH funds to USD the moment you are awarded the funds. Since you are expecting to pay for your services in USD then you should cash out as USD and not be holding on to DASH hoping that it will be valued the same and then submit another proposal to expect the MNO to make up for a poor financial decision.

Unless I hear a logical reason to the contrary as to why you made this decision I will vote no because every other project would be expected to make up for the shortfall on their own. I don't see why you should get special privileges over other proposals because you made a poor call. The best way to improve form making poor decisions is to deal with the consequences of those decisions. That is what we expect for every other proposal owner.
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3 points,10 months ago
Hi, Glenn. I'd like to know about Core Group's internal policy on currency conversion. Namely, what is it?

I ask due to recent Core Group proposals coming in that request coverage for "currency losses." I must assume these losses took place because funds were held in Dash -- rather than sold for fiat -- over weeks and months at a time.

I must also assume that keeping funds in Dash, rather than converting to fiat, is done to decrease the downward pressure on the Dash price. Is this a correct assumption, or is the practice done for another reason?

Looking forward to learning what conversion policy, if any, you think is best going forward. Thanks.
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1 point,10 months ago
Another reason not to convert to fiat is that, I'm sure, we'd all prefer contractors be paid in Dash. In short, I'm wondering how you balance the risk of currency depreciation with the rewards of having Dash to pay those who'll take it.
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1 point,10 months ago
Callalilly. Great questions.

Historically, Dash Core Group policy was to hold Dash and not convert to fiat. This directional view on the price of Dash benefited the Dash network tremendously as the appreciation in the price of Dash frequently outstripped the actual expenses being paid in certain budget lines. This led to a long period of time during which DCG did not have to request funding (or requested extremely sparingly) from the network for numerous expense lines, leaving more funds available to other proposal owners who contributed to the Dash ecosystem.

We are determining our currency conversion policy going forward. I believe that certain expense lines should hold reserves in fiat (since both the liability is in fiat and the risk of high volatility, particularly a decline, in the price of Dash would lead to a highly detrimental impact on DCG). In other budget lines, holding Dash makes sense since vendors accept Dash and the expense itself can be considered discretionary, meaning we have an option to not incur the expense.

In short, historically we rarely did currency conversions (only to immediately pay a fiat obligation), in the future we will do more currency conversions. We are now determining which budget lines should be held in fiat and to what extent. This decision is also dependent on what type of balance sheet buffers we should be looking to build for each budget line (e.g. common practice for a company is to hold at least 2-4 months salary & compensation expense set aside as a buffer to cover those costs).
Reply
0 points,9 months ago
I don't think there really is much of a problem cashing out a bit on spikes, I would not even be against a bit of trading (if i't legally allowed)
- basic strategy sell on high(20% spikes up) , buy back on lows (15%spikes down) (if lows don't come no problem). Only Basically it a easy: "win, safe, market stabilizer strategy" (you win if you're able to buy back, it's safe because funds already excite current budget request/requirement, you stabilize the market somewhat by putting up some buying support. The only way you don't win is if you sell to low, but nobody sells at the absolute top and bottom consistently.

Furthermore Dash has not spend all the coins created within the budget, I would prefer that does never created coins still to be created, if reasons are valid, core can dip into does as well. Do I am not suggestion these funds are for this purpose, they can mitigated if needed.

I could explain this strategy in a bit more detail if their is real interest, but not via this way.
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0 points,10 months ago
Absolutely yes.
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-2 points,10 months ago
Voting Yes any time !!!! we need more proposals from Core plz @ GELNN take more Dash so other stupit overpayed proposal need to compeed more.
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