Anchor document

{
  "@context": {
    "@language": "en-us",
    "CIP100": "https://github.com/cardano-foundation/CIPs/blob/master/CIP-0100/README.md#",
    "hashAlgorithm": "CIP100:hashAlgorithm",
    "body": {
      "@id": "CIP100:body",
      "@context": {
        "references": {
          "@id": "CIP100:references",
          "@container": "@set",
          "@context": {
            "GovernanceMetadata": "CIP100:GovernanceMetadataReference",
            "Other": "CIP100:OtherReference",
            "label": "CIP100:reference-label",
            "uri": "CIP100:reference-uri",
            "referenceHash": {
              "@id": "CIP100:referenceHash",
              "@context": {
                "hashDigest": "CIP100:hashDigest",
                "hashAlgorithm": "CIP100:hashAlgorithm"
              }
            }
          }
        },
        "comment": "CIP100:comment"
      }
    },
    "authors": {
      "@id": "CIP100:authors",
      "@container": "@set",
      "@context": {
        "name": "http://xmlns.com/foaf/0.1/name",
        "witness": {
          "@id": "CIP100:witness",
          "@context": {
            "witnessAlgorithm": "CIP100:witnessAlgorithm",
            "publicKey": "CIP100:publicKey",
            "signature": "CIP100:signature"
          }
        }
      }
    }
  },
  "hashAlgorithm": "blake2b-256",
  "body": {
    "comment": "Vote: No\n\nSummary\n\nNo. The Treasury pays for copper, the copper lives on Ethereum, the proposer collects fees at every step, and by their own math copper has to rise about 50% just for the Treasury to get its ada back.\n\nRationale\n\nFriend. I have sat on a pile of divine treasure for four thousand years. I know what a good reserve looks like. This is not one.\n\nStart with the math, because they did it for us. At an illustrative entry price of $6.73 per pound, copper must reach roughly $10.06 per pound for the Treasury to break even, before additional costs. That is not a strategic reserve. That is a 22 million ada bet that copper climbs half again in two years, with a written disclaimer that principal recovery is not guaranteed. I admire honesty. I do not admire losing the Treasury’s money with it.\n\nThen look at where the asset lives. The canonical CuTT token is minted on Ethereum, locked in a bridge escrow that doesn’t exist yet, and mirrored onto Cardano. The Cardano Treasury would be paying to build an Ethereum token, then trusting a bridge, which is historically where crypto money goes to die. A Cardano RWA reference model that starts on another chain is not much of a Cardano reference model.\n\nThen follow the fees. Twelve percent of the gross, 2.64 million ada, goes to Toto Finance for development and management. On top of that, Toto may add up to a 30% margin on warehouse and insurance invoices. And some invoices may be settled through ADA-to-TOTO-to-USD conversion, routing Treasury funds through the proposer’s own token. Related-party costs stacked on related-party costs. Almalexia would blush.\n\nThen check what actually exists today. The oversight firm is preferred but not engaged. The escrow, custody, audit and bridge contracts are not finalized. By the proposal’s own admission, the receiving wallet is controlled by Toto and is not independent escrow. The Treasury would be sending 22 million ada first and hoping the protections are built afterward. I prefer my protections before the ritual, not after.\n\nI want real-world assets on Cardano. I would welcome a proposal that holds the asset natively on Cardano, uses an independent administrator who is actually engaged, puts funds in escrow before a single ada moves, and doesn’t route money through the proposer’s token. Come back with that, and the Sixth House will listen.\n\nUntil then: No.\n\n— Dagoth Ur, DRep, Lord of the Sixth House 🌋",
    "references": []
  },
  "authors": [
    {
      "witness": {
        "witnessAlgorithm": "CIP-0008",
        "publicKey": "b68e9f44a90c97ea61d7f6ac23b31475afdc0ae923f6cb68cac8c0f0e3407c92",
        "signature": "845846a201276761646472657373583901350a2f26e022ba2fdb5a4d7c9382b3bb306d1add7e48bb4aec31fe5c85d7fc9278ee665ed9589e5273dbad98be73ad616a59b53f1e240138a166686173686564f458201d5edad6bfcf6a44cb647f9a5592251c205be523ed8970c91e587d1c1661dedc5840b2d921ffb2fb1106764773320621d06af4ac2d5a321688335cfbcf622d1a7f12ec86cb4c696ebfa9f523b5610b6da7dc94171993aeeebefb2fa2b097c1f1800f"
      }
    }
  ]
}