Sam Ikkurty - Constitutional Rights & Legal Advocacy

Dear Partners,

The numbers for Coronavirus are going up steeply in all countries is worrisome. It appears to be accelerating instead of a steady pace. Unless a vaccine is invented, I see no reason for this trend to reverse.

Finally after the long wait, all of our 7 REN darknodes configured on Digital Ocean started producing income. Upto now, we only had Synthetix producing income for us. But it is going to change starting from this week. So, I have now added a new tab in our mining income spreadsheet that tracks our income coming from these 7 digital toll booths. We are market-neutral. We will produce income both in a rising market or a falling market. We received a total of $89.60 from all the 7 nodes. I have included the break up of the tokens received as our toll booth fees. I will update this sheet going forward on every Friday:https://docs.google.com/spreadsheets/d/1QU47tR4eK0fD2ySaP88LM9U46vD7p6mt80KSfqu00DI/edit#gid=1616873236
We established a new position in Bancor (BNT) last week. Bancor is an automated market maker platform that enables users to trade. They have announced their staking policy and by the end of this month, all the smart contracts will be live on ethereum network. I hope to generate income from staking our tokens and collecting trading fees.
We are actively engaging in proof-of-stake mining with Synthetix. Synthetix will pass the trading fees (0.3%) generated on the exchange to the token stakers. This week we have generated a staking income of ( 57.22 SUSD + 2569.94 SNX * $2.89 ) totaling $7484. The value of the staked SNX (382322) is $1,104,910 at a price of $2.89. This gives us a yield of 7484 / 1104910, which is 0.6774% per week. If we annualize the yield by (1.006774)^52, it results in a yield of 42.06% APY. This can be seen directly from this website here: https://snx.tools/address/0xE787DEEc0BE77Db98A1294193E2c1600C8a8687d/staking/rewards-claims on the reward claims tab. We currently hold 465,524 tokens of Synthetix.
Yesterday Circle which is controlled by Goldman Sachs, has blacklisted an ethereum address from redeeming their USDC to fiat. Currently USDC has issued close to a $1 billion in USDC tokens backed by fiat US Dollars in the bank account. I wrote a blog post about it on our website. This basically strengthens our case for Synthetix, which I have described here:http://www.rosecityfund.com/why-is-censorship-resistance-important/
Maple Leaf Capital has recently produced a good report on various proof-of-stake mining coins. I found this report to be very thorough. This report describes both the positives and negatives of our fund holdings, which are SNX, REN, KNC, LEND, LINK, BNT, NMR and LRC. If you have the time, it is worth a read.

Have a wonderful weekend!

best regards,

Sam Ikkurty

Managing Partner

Cell:813.389.3380

calendar to book time: https://calendly.com/ikkurty

web: www.rosecityfund.com

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Five bullet Friday - issue #46