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    "comment": "I decided to vote NO on decreasing Treasury Tax from 20% to 10%.\n\nMy rationale:\n\nCardano’s Basho era, i.e., scalability, is not complete. To complete it, ADA from the treasury will be required. Additionally, Cardano needs to attract more users, which may mean additional spending on technology and marketing.\n\nI can imagine using ADA from the treasury to mint stablecoins or liquidity. If we could agree to reduce the T parameter, then I would rather use the 10% gained in DeFi than increase staking rewards.\n\nIncreasing staking rewards by 6 ADA for every 100,000 staked ADA makes no sense if the ADA price drops by 50-80%.\n\nIf we increase staking rewards, stakers would receive an additional 150M ADA. This would represent potential selling pressure at the end of a bull market, which is a risk to the protocol's security. We need to balance incentives and security.\n\nWe cannot predict the future price of ADA and the behavior of stakers. Cardano, including the treasury, should be prepared for the worst-case scenario. Technology development is expensive. We can't tell developers to cut their living costs in half just because the price of ADA is lower than we hoped. \n\nOne of the key pillars of Cardano is long-term sustainability. I see this as the need to have enough ADA in the treasury at least until Cardano collects millions of ADA in fees.\n\nTreasury is not large in the context of competing projects. A few Ethereum L2s and even dapps have larger treasury than Cardano. Ethereum Foundation holds $657M in stablecoins. Ethereum is the #2 project. \n\nThe current amount of ADA in the treasury seems adequate to me considering future needs.\n\nIf we want to increase staking rewards, we need to address the problem of unclaimed rewards, which make up 55% of the virtual pot. We are talking about about 10M ADA per epoch, which is returned to the reserve. This leads to the so-called double taxation. \n\nInstead of reducing the T parameter, I suggest thinking about changing the algorithm for calculating rewards. This will require careful analysis and proposing of CIP. This is the right Cardano way. \n\nWe should not change one parameter just because we can, but carefully consider each change to other parameters, incentives, decentralization, and security.\n\nReduction of the T parameter will bring a relatively negligible increase in staking rewards from my point of view. Cardano has capped supply, so it cannot compete with other PoS projects that have infinite inflation. Such projects can have higher staking rewards but at the cost of lower scarcity.\n\nI see no reason for higher rewards for SPOs and stakers in the total amount of 2.2M per epoch when many community members claim that we do not have enough ADA in the treasury to reward DReps. I see the function of DReps as similar to the function of SPOs. This aspect should be carefully considered when talking about rewards for various actors in the ecosystem. \n\nAt this point, Intersect's proposed budget calls for 263M ADA. If we were to simultaneously reduce the T parameter, we should consider halving the budget as well. We should make sure that the income in the treasury is higher than the expenses.\n\nWe should not change monetary policy as needed. Ethereum is notorious for frequent changes, which is criticized by many. Bitcoin’s monetary policy has never changed. Let’s be more like Bitcoin than Ethereum.\n\nUnlike Bitcoin, Cardano has a treasury. Let’s take advantage of that. Instead of changing monetary policy, let’s manage income and expenses effectively. \n\nTreasury belongs to all ADA holders. They should be interested in Cardano's long-term success, not their short-term profit. Stakers are a mix of both groups, short-term speculators and long-term supporters. The Cardano mission is long-term in nature. Let's adapt our decisions accordingly.\n"
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