{"@context":{"CIP100":"https://github.com/cardano-foundation/CIPs/blob/master/CIP-0100/README.md#","hashAlgorithm":"CIP100:hashAlgorithm","body":{"@id":"CIP100:body","@context":{"comment":"CIP100:comment"}}},"hashAlgorithm":"blake2b-256","body":{"comment":"Correct me if I'm mistaken, but Cardano's Treasury exists to fund ecosystem infrastructure. We're not here to run a copper position for a private company. Proposals like this shouldn't even come here and waste our time as DReps! What's next? Frozen concentrated orange juice futures (for the uninitiated, see \"Trading Places\" (1983))?\n\nAbout 67% of the money buys physical copper in a US warehouse. The other 33% pays Toto and its buddies. Nice cut. The **Treasury serves as the capital provider while the counterparty benefits from DeFi advantages.** Surprise, Toto also keeps the CuTT DeFi profits. Do the math yourself, but I'm pretty sure that puts the **Treasury in a first-loss position with no stated share of the upside.**\n\n**We'd need roughly 50% appreciation just to recover 22M ADA, before basis costs!**  The ADA/USD risk sits on top of the copper risk, because a drop in ADA against the dollar hurts the break-even regardless of how copper performs. Bummer.\n\nLastly, and then I'm done here: PwC is \"preferred but not engaged.\" The auditor, custodian, bridge audit and warehouse contracts are all unsigned. **The ask is for the money first and the controls later. Are you kiddin' me?**\n\nI say it again: **This proposal does not belong in the Treasury. Even if it would work financially.**"}}