Meeting Notes 6/10

Date

Jun 10, 2022

Attendees

Note taker

Type

Core Team

Property

GSE notes 6/10/22Attendees: Manuel Maccou, AboveAverageJoe, Tundeey, Og, AhinoKManuel: Releasing the finished handbook by Monday if possible.

Joe: Sourcing the material where certain agreements occurred is very difficult because it is buried in discord. He’s concerned legitimacy will be challenged without proper sourcing.

Many of the final decisions were made in voice calls, forum posts, snapshot polls, etc. Joe is doing his best to reveal all sources for the decisions made in the handbook.

Moving Tuesday call to before or after the Grants committee meeting.

Picking up in the handbook at strengths transitioning into risks.

Regulation - everything except ETH and BTC could be securities.

If BANK is a security how does that affect us?

Forced into KYC and all other securities law. LLC would end up in court for not filing a security.

All holders could become liable.

Not entirely sure of all the legal ramifications.

Only US members wlll feel the direct effects but that is 1/3rd of the DAO facing potential financial ruin or jail time. International members would feel the side effects. Risk level is rare, never occurred but we are also very early so there hasn’t been enough time to say the risk level.

Pros: decentralized, diversified authority, strong legal team

Major severity, almost certain likelihood

Will not kill the DAO but will cause major hurdles especially to US members.

Retention

17%

Burn out

Almost certain, moderate

Poaching is the only external threat to bDAO which is a compensation problem.

Competitor pay

Core members leave, and secondary and peripheral numbers dwindle.

What happens if HQ stops the podcast?

Almost Certain, moderate

HQ has very little impact on day-to-day operations.

Our own media could start to carry an audience that competes or catches the HQ audience when they quit.

Compensation Risk

Almost certain, major

Poaching is the only external threat to bDAO which is a compensation problem.

Competitor pay

We could flip the retention problem into a value distribution system

DAO killers

Quorum breaker of top members/ dead wallet.

Almost certain, major

As you lose number of members on a multisig the severity increases.

SEC regulation

Weaknesses

Info overload

Too many projects (weakness) = overspending (risk)

Almost certain, minor

Dilution of attention and money

Talent burnout

Hurts solvency because our token distribution pulls directly against our 400k liquidity.

Media presence is weak if we plan to bring a billion people into the Bankless lifestyle

We don’t have the reach and market presence as HQ.

We need to be all pervasive in all forms of media, clothing, culture in order to succeed.

BANK cryptoeconomic structure is weak:

Bank utility

falling BANK value

Limited revenue streams

BANK Inflation

Tokenomics is a weakness for compensation because it is a governance token. Incongruent purposes could be hurting price and causing low compensation concerns.

Meeting Notes 6/10

Date

Jun 10, 2022

Attendees

Note taker

Type

Core Team

Property

GSE notes 6/10/22Attendees: Manuel Maccou, AboveAverageJoe, Tundeey, Og, AhinoKManuel: Releasing the finished handbook by Monday if possible.

Joe: Sourcing the material where certain agreements occurred is very difficult because it is buried in discord. He’s concerned legitimacy will be challenged without proper sourcing.

Many of the final decisions were made in voice calls, forum posts, snapshot polls, etc. Joe is doing his best to reveal all sources for the decisions made in the handbook.

Moving Tuesday call to before or after the Grants committee meeting.

Picking up in the handbook at strengths transitioning into risks.

Regulation - everything except ETH and BTC could be securities.

If BANK is a security how does that affect us?

Forced into KYC and all other securities law. LLC would end up in court for not filing a security.

All holders could become liable.

Not entirely sure of all the legal ramifications.

Only US members wlll feel the direct effects but that is 1/3rd of the DAO facing potential financial ruin or jail time. International members would feel the side effects. Risk level is rare, never occurred but we are also very early so there hasn’t been enough time to say the risk level.

Pros: decentralized, diversified authority, strong legal team

Major severity, almost certain likelihood

Will not kill the DAO but will cause major hurdles especially to US members.

Retention

17%

Burn out

Almost certain, moderate

Poaching is the only external threat to bDAO which is a compensation problem.

Competitor pay

Core members leave, and secondary and peripheral numbers dwindle.

What happens if HQ stops the podcast?

Almost Certain, moderate

HQ has very little impact on day-to-day operations.

Our own media could start to carry an audience that competes or catches the HQ audience when they quit.

Compensation Risk

Almost certain, major

Poaching is the only external threat to bDAO which is a compensation problem.

Competitor pay

We could flip the retention problem into a value distribution system

DAO killers

Quorum breaker of top members/ dead wallet.

Almost certain, major

As you lose number of members on a multisig the severity increases.

SEC regulation

Weaknesses

Info overload

Too many projects (weakness) = overspending (risk)

Almost certain, minor

Dilution of attention and money

Talent burnout

Hurts solvency because our token distribution pulls directly against our 400k liquidity.

Media presence is weak if we plan to bring a billion people into the Bankless lifestyle

We don’t have the reach and market presence as HQ.

We need to be all pervasive in all forms of media, clothing, culture in order to succeed.

BANK cryptoeconomic structure is weak:

Bank utility

falling BANK value

Limited revenue streams

BANK Inflation

Tokenomics is a weakness for compensation because it is a governance token. Incongruent purposes could be hurting price and causing low compensation concerns.