As mentioned in the post BYT Program Extended to August 2022, the time has come again to make a collective decision on the future of the BYT fund.

There is no great rush, as it needs to be decided by the end of the month - but why wait? Last time was fairly quick and painless just by soliciting the views of the top token holders. Looking at the BYT rich-list, the top six members, those above 1,000 BYT, can easily decide this, unless there is a split vote.

As before, I have only one proposal, so that a negative vote would mean a new article describing the alternative; and another good reason to do this sooner rather than later.

BYT has been operating on two 6-monthly cycles, but, this time, I would like this proposal to last just 3 months. As some of you already know, my preference two months ago was to just wind this down. I've done this before, with other tokens, and it can be done in an orderly manner, without breaking any plates. However, it isn't a quick process and would take at least 4 months to make it as non-disruptive as possible.

My main reason for this was the stagnant token sales; we sold about 45,000 BYT tokens by the end of May, and barely an extra 1,000 since then. This isn't even about price, as those who bought in at the start, way back in September or October, are looking at BLURT still today about 3x the price relative to BTC, while HIVE is double the price, again in BTC. So, if new sales are at a trickle, my focus should be to just maximise extracting the profits for current members, especially those who joined about a year ago.

In the meantime, while waiting for this August deadline, I have changed the relative holdings of the fund so as to protect it from further shocks and to thus maximise the earnings of all members. What started as approximately 90% in Blurt and 10% in Hive, then expanded to include 10% in Cosmos, and has since slowly changed into about 60% Blurt, 30% Hive and 10% Cosmos. This is why our ABV has not sunk any lower, and how I've been able to keep the distributions fairly high, especially when looked at in USD terms.

Thus, the slow descent from cruising altitude had already begun and, to continue the aviation metaphor, a "decision altitude" has been reached. My proposal is essentially to lock into a holding pattern and make a decision 3 months down the road.

There are a few reasons for this. Firstly, this change in approach has been yielding dividends; forget for one moment the relative price and focus on the actual income - BYT will have yielded about 48% in income within a year. The price was always a known unknown that was going to be predictably unpredictable, but manageable. Secondly, it seems a bad idea to close out near a bottom - assuming we are at a bottom and not waiting for the lower floors to cave in! This may be a rally fueled by hopium, but that's still worth the ride. Lastly, there are a few coming uncertainties, such as that most Tribaldex pool incentives expire within a month, with no news as yet as to whether they will go through another cycle. Cashing those out now might be a good idea - or it could be a terrible idea.

As this is already getting long, the proposal as it stands is to carry on for 3 months, taking us to the end of November 2022, and then take another decision whether to wind down or continue.

Looking beyond just crypto, November will be deepest winter in the northern hemisphere. This might not be so pleasant for people in many countries. In terms of pure cryptonomics, I feel this isn't an ideal time to wind down, but in terms of global politics, members may feel that this ride has been good enough. This really is up to you! The difference in terms of asset management between a holding pattern and slow descent is minimal.

Proposal

The BYT fund shall continue for a further three months, from 1 September to 30 November 2022. A further vote shall be conducted during the month of November to establish whether the program shall continue beyond that. The BYT program shall continue to rebalance its portfolio in the interest of members. The aim remains to maximise rewards while also protecting the capital with a modest amount of compounded profits.

Voting YES means accepting this Proposal.

Voting NO means rejecting this Proposal. There is no counter-proposal currently articulated, but it would obviously be to wind down the program. There are a number of ways of doing this that also need to be explained in some detail.

The closing date is in 7 days, when this post closes for rewards, or sooner, should a clear decision be obvious.

All BYT holders may express their vote, and any opinions, in the comments below.