One Noun, every day, forever.

nouns.wtf

Nouns

3 concerns
the ‘fungibilization’ of treasury nouns 
(the swap/auction proposal is far less bad in this dimension and that had strong opposition)

as a vehicle for speculation is non-accretive (solvable by allowing only dao to mint & issue as rewards)

w/o governance rights or POW to own, how is this not a security?

good Qs. 

i think nounswap and $nouns has some overlap but isn't addressing the same goal. $nouns doesn't make the entirety of the 500+ treasury nouns available for bid / fungible. only whatever the dao deposits into the $nouns contract. i imagine any point in time that's likely less then 50 treasury nouns (<10%)

"vehicle of speculation" has a bad sounding implication but if we "increase economic owners" then that economic energy ultimately does make its way to the daily auction (the primary market) becoming more healthy as well. in a world where auction price > bv is an important aspect of health, that is accretive no?

idk if voting is the determinant of security / non-security (evidenced by the fact that actual securities allows you to vote on corporate matters)

the argument for $nouns not being a security imo relies more on the fact that "1 noun = 1M $nouns" remains as frictionlessly and permissionlessly true as possible so that the analysis for $nouns is not distinct to nouns

the foundation is in dialogue with the foundation lawyers tho and will report back with more

given we don't plan to provide liquidity (pair treasury $nouns with eth and LP in a liquidity pool), there's just no need to keep a large treasury nouns balance (we can always top up if we need more to give out to builders / fans)

i’m open to 10! a larger deposit serves as like a stronger show of commitment  by the dao and increases the chances someone looking to redeem can find a head they are looking for. but we can let things play out if voters feel the dao’s involvement should be as minimal as possible

Why do we need more than 10 from the treasury to start? If the ERC20 is given out as a reward, dissemination from that initial swap will take time. What’s the advantage to locking up 50?

Ultimately if/when treasury is only liquidity source (if nouns experience outsize demand one day so will $nouns) the pressure to go into reserves will be strong . Noun uniqueness as a cultural value feels under duress to me.. I guess this point was as much an advocacy for the swap auction as a critique of $nouns