Its not explained in detail where the BTC reserve will be used but i assume would be almost 100% or 100% for Harmony Team to pay systems and Devs
I fully expect now that Harmony know how to make a USDT/USDC reserve on a bull market, being that this BTC will be mainly for them if a bear market hits hard on ONE why this proposal exist at all when Harmony could build its own reserve themselves in parallel with USDT/USDC?
No increased recovery time and after being done all 25% back to delegators while Harmony maintain its own BTC reserve and stability,
Also, on Signatory Composition who’s the 7 for the 5/7 ? I only count 6 on that. and 4/5 don’t scream security when 50% of the vote is from the same who made the proposal. Too low of confirmations for this “btc treasure” reserve, i would not expect any less than 10 and also having various old validators in there to confirm any transaction for this level of responsibility
in a nutshell, why this proposal is needed when Harmony could be doing it and have the same PR result without slowing down recovery and in the future the 25% back to delegators?
Edit: If the intended help is really all network (helping validators pay its servers included) and Harmony Team then i still maintain that’s to low requirement of signatures and that current validators are responsible to do now its own btc or usdt reserve on a bull market to maintain its own validator operation on a rash bear market instead of delaying the recovery and on its end the 25% back to delegators
Stop these hopium posts that are filled with untrue statements. Can we just keep going on with the conversation and proposal definition instead of these empty sentences?
Our meagre 5% cbBTC buys would not even be a blimp for coinbase, stop spreading misinformation about the potential listing.
First poll on 𝕏 concluded with 54.1% “YES” to allocate 50% for buying Bitcoin.
Prompt: “Should we monthly allocate a % to the Harmony Bitcoin Strategic Reserve (HSBR)?”
11/20:
Proposal added to the Talk Forum to position Harmony for long-term strength and alignment with strategies like MicroStrategy’s.
12/7:
Harmony Recovery ONE officially proposed the establishment of the Bitcoin Strategic Reserve (BSR), scheduled to begin in January 2025, with a focus on acquiring Bitcoin.
12/17:
Polls conducted for both validators and the broader community, reinforcing strong support for the HSBR initiative.
R1 is taking a step back and pausing on Version 3 of the Harmony Strategic Bitcoin Reserve. Based on recent feedback, we understand that adding another burn partner for the reserve could dilute recovery efforts, create links to the RMC, and would require a governance vote.
In the meantime, we want to highlight a validator who has stepped up in response to this feedback. This validator leads by example: Kratos has launched a validator where % of the staking $ONE rewards will be dedicated to acquiring #Bitcoin and HODLing for the long term. It’s a fantastic initiative that supports Harmony in “Embracing the ₿itcoin Standard.”
It would be great to see Harmony delegating its $ONE treasury again to support initiatives and projects that have validators and are “Building on Harmony”!
Thank you for your feedback, 4MCrypto. Constructive criticism like yours helps promote transparency and ensures alignment with the community’s expectations.
At R1, our priority is to facilitate and promote community-led solutions that strengthen the Harmony ecosystem.
We agree that Kratos needs to provide more details to address these questions.
We deeply value your input and will continue advocating for greater clarity, accountability, and transparency. Thank you for raising these important points!
11/20:
11/20:
% of the staking $ONE rewards will be dedicated to acquiring 