[Proposal]: PleasrDAO x BitDAO
Authors:
shl0ms & Cole Jorissen from Windranger Labs,
Jamis Johnson & Juan Dulanto from PleasrDAO,
and Jon Allen from Mirana Ventures
Date:
April 9th 2022
gm, click here to view proposal
23 Likes
very excited for this! let me know if you have any questions! Pleasr(DAO,DAO)
7 Likes
happy to have another new proposal from team!
it would be better if you could give more detail
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roadmap, what do you gonna do in future
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investment promise, how you gonna return to bitdao community if profitting.
i have some suggestion for roadmap:
- building a multichain nft marktet using bit as fee or payment
- designing a profile nft for bit holder.
thanks. hope to see the proposal pass.
8 Likes
That’s right, the project is not transparent
Please provide more details
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roadmap, what do you gonna do in future
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investment promise, how you gonna return to bitdao community if profitting
2 Likes
ya, we can’t vote something that’s not transparent to the public which may have huge impact to investor public interest and even BITDAO
1 Like
I think we can’t vote the project is not transparent. It is hard to persuade investors to vote yes through this proposal. I can’t see it can make profit to bitdao. It just waste $6.5m.Bitdao is not a charity organization.
2 Likes
Anyway, the freeross project is a rug. The community team left the mess and ran to set up the Ukrainian DAO to support the Ukrainian army. I forgot what percentage was written in the white paper. Anyway, a certain percentage of the fundraising amount belongs to the founder and team.
As someone involved in setting up FreeRossDAO I’d like to clear up some misconceptions. A single person from the community team left to work on UkraineDAO, very natural since she has family living in Ukraine. FreeRossDAO contributed as much as it could to Lyn Ulbricht, unfortunately due to a lack of counter bidder at higher prices (> $4mm) the DAO ended up with a portion of the treasury remaining after winning the Ross Ulbricht NFT auction.
That time, the 3,000-plus eth were lost in the end. I guess they narrowed it themselves. Anyway, the Ross family said that it had nothing to do with them. I don’t know who took the money in the end
No ETH has been lost, if any has, then show us the transaction on Etherscan. The remaining ETH in the treasury has gone to use paying community contributors (after governance proposals passed, for example Snapshot).
FreeRossDAO has operated as one of the best run DAOs I’ve seen. Hard for me to take seriously that someone considered themselves a part of that community if they would come here and trash it with unfounded claims.
1 Like
The following post is a personal opinion.
Problem
There have been issues with negotiating and executing venture deals via the current BitDAO governance process (which involves a forum soft proposal, and official proposal and vote). The main issues are:
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negotiations with Projects, and funding terms are often confidential and cannot be posted on a public forum without the consent of the relevant parties. Typically terms such as valuation and round investors cannot legally be publicized until the round is completed; and
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Projects may suffer unnecessary public exposure, scrutiny, and potentially reputational loss if the BitDAO governance process results in a “No” vote (whereas when other venture organizations turn down a deal this is not publicized).
Potential Workarounds
The following workarounds have been explored:
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BitDAO selects and authorizes a deals committee (with mandates and limits), that can analyze confidential deal terms, and approve deals on behalf of BitDAO; or
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All disclosable public information about the deal is shared, and confidential information is assessed by people / organizations who have access - with the assessment result (positive, neutral, negative) shared. The ultimate decision to approve or reject the deal shall follow the BitDAO governance and voting process (albeit with limited information).
Neither Workaround #1 or #2 are ideal, and other ideas are welcome.
The Current Situation
The PleasrDAO proposal follows Workaround #2.
Deals are often opportunistic and time-bound. The PleasrDAO deal opportunity is currently available and has been presented above. Unfortunately some important terms cannot be publicized.
It is up to the BitDAO community to decide whether enough information has been presented to make a decision, and how much weight to put behind the assessments of the named supporters of the deal (who are $BIT token holders and incentivized to support proposals favorable to BitDAO).
Other Thoughts on the Deals Process
A BitDAO policy decision not to consider proposals without disclosure of full deals terms could result in many deals being excluded from the list of presented opportunities. Its likely a better strategy to welcome more deal opportunities (even under sub-optimal information availability), and allow BitDAO to make a decision via the governance process. This was the thinking behind Workaround #2.
Deals are a multi-party and trust-based process. Any BitDAO deals process should also be empathetic to the counterparty, and the teams involved in working on the proposals (i.e. a convenient, timely, and civil process - that can approve/reject deals without discouraging future proposals).
10 Likes
Every member of the community has the right to speak in the management process. Because we are a DAO. How can an opaque offer be expected to be accepted? If we can’t be transparent, it means we can’t cooperate anyway. All topics in the forum, we must put an end to this in the name of asking for money from the treasury
1 Like
I think these soft proposals should be translated into many languages.
It is difficult to understand the exact meaning when using a translator.
I want to know more about this project and so do the proposals that come forward.
The last zksynk proposal was very convenient because it provided a version translated into several countries. What do other people think?
5 Likes
We talked all morning about it in the telegram group, I suggest people to take a look there too. So here’s my opinion:
I think that as important as thinking about how to solve this situation is understanding the origin and complexity of the problem.
The community has received few updates on the development of BitDAO and partner projects, and most of this information gap is about everyday things and not confidential. I will cite these cases:
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There was a problem in the display of the smart contract with the balances of the Treasury, no one knew who would fix it or how it would fix it, today we know that one of the contributors in this area is Windranger, but at that time we didn’t know.
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When someone tries to submit a project that may contain confidential information and contacts the contributors, they get a “no, you must post on the forum and follow the procedure” and now we’ve seen that it’s not the same answer when you’re on the contributors group.
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Proposals originating from contributors are shared on all official BitDAO channels, in projects coming from the community not. When asked why, no one responded.
These three situations happened to me, I’m not speaking on behalf of other people or creating examples. I wanted to make this very clear, for two reasons:
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To better analyze the problem and think of suitable solutions.
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For the folks at PleasrDAO don’t think that the community reaction is about them or that we don’t like their idea.
4 Likes
Now let’s look at possible solutions and ideas to solve these problems.
If we do not accept the possibility of confidential information, we will miss great opportunities. I also think the best solution for this situation is the creation of a committee.
This committee will evaluate the technical/legal/confidential compliances of the projects presented, they will have mandates for determined times and well-defined attributions. After a previously stipulated period, this information would be made public.
Now we need to apply Game Theory and other tools for this addition to be good for the ecosystem. So I would include in your suggestion:
- The committee must be composed of people with technical skills/expertise.
We need people with diverse knowledge and experience so that decisions are well-founded and technical.
- A % share of these positions should be allocated to people who have no ties to the contributors. (I suggest 49/51% composition)
This will ensure a collective representation of BitDAO.
- When a proposal originates from one of the committee members, the individual will not have a decision vote to avoid conflict of interests.
To avoid any type of conflict of interest.
- Base remuneration in BITs must be stipulated for each member of the committee, being prohibited any external benefit deriving from the result of an approval.
Some people may suggest that it be a volunteer job, but in my opinion, volunteering will not be able to demand excellent performances and in the time we need. We need them to be well-executed decisions and in the best possible time.
7 Likes
Thank you to the BitDAO community for considering this proposal! Just wanted to say from the PleasrDAO side that I personally am excited about it and hope it passes!
3 Likes
Love this. Super excited to see the long-term network effects of two major DAOs collaborating closely. Really hoping to see this pass and ultimately set a successful precedent for great D2D partnerships.
4 Likes
i got rugged by freerossdao. and one of an ambassador that i know got rugged by the dog nft coin
TBH, your charity dao and nft pixel coin are bad ideas. (that is why a lots ppl call your project is rug or scam, or dead)
if you do charity, just call for donation not call ppl to buy your coin, ppl invest coin for profit.
the nft pixels coin is meaningless. none of the coin holder actually own anything of the nft, the nft is still owned by the team.
and your nft asset is not blue chip, is untradable in market. nobody want to buy.
i dont expect bitdao to invest the pleasrdao, only if the pleasrdao can show any good roadmap or business model.
if the bitdao decide to invest, i will respect and support
i just hope pleasrdao team not to do any bad idea again to ruin the bitdao reputation built up difficultly by bybit.
6 Likes
Very bullish on this collaboration. Presentation looks smart / clean. Good direct design.
3 Likes
PleasrDAO is one of, if not the most famous NFT collection DAO. I think it’s a rare opportunity to be able to invest in an organization like this - it will immediately give BitDAO exposure to the best branded experimental art/meme DAO in crypto.
Obviously there is a lot to be figured out, and it’s not optimal that not all the details can be transparent - but I understand that this will sometimes be the case. Most investment opportunities cannot be fully transparent in public for various reasons, whether legal/regulatory, or for competitive reasons.
Investment opportunities will rarely look 100% perfect. Usually you want to assess risk vs. reward. Risk is never 0, and of course there is some risk investing in PleasrDAO for anyone. But the reward is potentially very attractive - PleasrDAO has a chance to become one of the most historic NFT collection institutions in the world for the next 100 years, if things go right.
If BitDAO does not invest in PleasrDAO, it will be hard to find similar opportunities. There are only a few other NFT collection DAOs that could even compare, and it is not clear when they will ever raise money, or at what valuation. It is worth it to take a risk if you think the potential reward is much higher in the future.
6 Likes
I’m a huge bitDAO fan and a Pleasr member and would love to see this go through… am particularly excited by the opportunity to collab with some of bitDAO’s members and affiliated DAOs.
4 Likes
Couldn’t be more excited about this potential partnership. Let’s make DAO history! D2D szn 
3 Likes
If you are part of the freeross team, or have a vested interest, there is no credibility whatsoever in what you say, and also the comment from me still muted by the proposal idk who did it, and I don’t know why you can see it and reply me but others can’t. If the power is too concentrated and begins to limit questioning and Judgement, then what is the meaning of dao?
1 Like