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  "body": {
    "comment": "Vote: No.\n\n1. Wrong door, not wrong metal. The treasury would carry 100% of the copper and ADA/USD risk while holding no title (Toto Finance Inc. owns the copper), no equity and no share of the CuTT business. 33% of the request goes to fees and operations, including a 12% technology fee and up to a 30% margin on warehouse and insurance invoices, with invoices settleable through Toto's own token. DReps approved an equity-first vehicle for exactly this kind of venture in April 2026 (Orion Fund). This proposal lists Orion as a precedent, then asks through the grant door.\n\n2. The treasury is repaid in ADA, so for 36 months it would in effect be long copper and short ADA. Break-even needs copper +49.4% only if ADA/USD is unchanged. If ADA doubles, copper must rise 199%; if it triples, 348%. The break-even price ($10.06/lb) matches the most aggressive sell-side scenario available (Deutsche Bank, $22,050/t by Q2 2027); the same bank's October base case for 2027 ($14,500/t) is below today's price.\n\n3. The canonical token lives on Ethereum and Cardano receives a bridged representation; the bridge audit is a milestone, not a deliverable. Collateral agent, warehouse, insurance, PwC and the independent administrator are all unengaged, and no tranche schedule is given.\n\nI would look again at a structure routed through Orion or carrying treasury equity, with title or first-priority security and the collateral agent engaged before submission, a Cardano-native canonical token, and non-copper costs under 10%.\n\nCryptoRich (CRICH)"
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