80c7ca60c4
Pipeline auto-fixer: removed [[ ]] brackets from links that don't resolve to existing claims in the knowledge base.
68 lines
3.2 KiB
Markdown
68 lines
3.2 KiB
Markdown
---
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type: decision
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entity_type: decision_market
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name: "MetaDAO: Engage in $50,000 OTC Trade with Ben Hawkins"
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domain: internet-finance
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status: failed
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parent_entity: "[[metadao]]"
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platform: metadao
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proposer: "Ben Hawkins"
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proposal_url: "https://v1.metadao.fi/metadao/trade/US8j6iLf9GkokZbk89Bo1qnGBees5etv5sEfsfvCoZK"
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proposal_date: 2024-02-13
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resolution_date: 2024-02-18
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category: treasury
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summary: "Proposal 6 — First Ben Hawkins OTC attempt. Mint 1,500 META for $50K USDC ($33.33/META). Failed. The original empirical proof that futarchy prevents value extraction."
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key_metrics:
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proposal_number: 6
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proposal_account: "US8j6iLf9GkokZbk89Bo1qnGBees5etv5sEfsfvCoZK"
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autocrat_version: "0.1"
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offer_amount: "$50,000 USDC"
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meta_amount: "1,500 META (mint)"
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price_per_meta: "$33.33"
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tags: [metadao, otc, ben-hawkins, manipulation-resistance, failed]
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tracked_by: rio
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created: 2026-03-11
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last_updated: 2026-03-24
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---
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# MetaDAO: Engage in $50,000 OTC Trade with Ben Hawkins
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## Summary & Connections
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**Proposal 6 — the canonical case for futarchy manipulation resistance.** Ben Hawkins proposed minting 1,500 META to his wallet in exchange for $50K USDC to treasury ($33.33/META). The market rejected it. Hawkins later said "the potential gains from the proposal's passage were outweighed by the sheer cost of acquiring the necessary META" — the mechanism made the extractive deal unprofitable to force through.
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**Outcome:** Failed (2024-02-18).
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**Connections:**
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- This is the primary empirical evidence cited in [[decision markets make majority theft unprofitable through conditional token arbitrage]] — the first production proof that the conditional token arbitrage mechanism works
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- metadao-otc-trade-ben-hawkins-2 — Hawkins came back with a second attempt ($100K, Proposal 8, also failed). Two consecutive failures from the same actor is strong evidence
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- [[futarchy is manipulation-resistant because attack attempts create profitable opportunities for defenders]] — Hawkins's experience confirms the theoretical claim
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- The $33.33/META valuation was well below the contemporaneous ~$695 spot price seen in Proposal 8 a few days later, making this an obviously extractive deal — yet the mechanism still needed to reject it through market pricing, not human judgment
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---
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## Full Proposal Text
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Ben Hawkins is requesting to mint 1500 META to GxHamnPVxsBaWdbUSjR4C5izhMv2snriGyYtjCkAVzze
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in exchange for Ben will send 50,000 USDC to be sent to ADCCEAbH8eixGj5t73vb4sKecSKo7ndgDSuWGvER4Loy the treasury to MetaDAO
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33.33 usdc per Meta
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---
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## Raw Data
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- Proposal account: `US8j6iLf9GkokZbk89Bo1qnGBees5etv5sEfsfvCoZK`
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- Proposal number: 6
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- DAO account: `7J5yieabpMoiN3LrdfJnRjQiXHgi7f47UuMnyMyR78yy`
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- Proposer: `HfFi634cyurmVVDr9frwu4MjGLJzz9XbAJz981HdVaNz`
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- Autocrat version: 0.1
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- Completed: 2024-02-18
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## Relationship to KB
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- [[metadao]] — parent entity
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- metadao-otc-trade-ben-hawkins-2 — second attempt ($100K, also failed)
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- [[decision markets make majority theft unprofitable through conditional token arbitrage]] — this is the primary empirical evidence
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- [[futarchy is manipulation-resistant because attack attempts create profitable opportunities for defenders]] — Hawkins quote confirms
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- [[ben-hawkins]] — proposer entity
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