# Risks

`$TAPE` is experimental. Before you sign, check the contract addresses, treasury balance, whether your balance clears 1,000 tokens, and the wallet's transaction preview.

This is not investment advice. It does not speak to token price, liquidity, or BEM emission. The flywheel is a design goal, not a guarantee. See [Flywheel](/loop).

* Price can move fast. The pool can be thin.
* A similar name is not the same token. Until mainnet deploy, trust [Contracts](/contracts).
* External contracts, wallets, and RPCs can fail.
* Numbers on the page are reads. They do not guarantee your fill.
* Preview BEM includes unharvested miner output. That is not a booked balance.

## Part prices

`buyKit` and `buyKits` check order shape and size, not price.

kitBuyer can spend treasury BNB on a richer ask. The same tax then buys fewer machines. The current script reads the official TapeOut API and posts the cheapest Firsto venue ids. Replacing kitBuyer needs the treasury owner to call `setKitBuyer`.

Nobody else can send treasury BNB away directly. That narrows the rug surface. It does not remove price honesty at the executor.

## No stop after start

| Limit | Fact |
|---|---|
| Task | 220 only. Other start paths revert |
| Gas | `startJohnson` about 6.2M. No batch start |
| Window | Arm and start must be different blocks. Window is 64 blocks. Expired windows re-arm |
| Stop | `stopMining` reverts |

Once a machine is started, this version has no stop path. The circuit NFT stays in the treasury. The commitment device also means: if BEM emission falls or Firsto prices worsen, started capital goods still cannot become BNB again.

## Dividends

* Below 1,000 `$TAPE`, no claim.
* Inner inventory and the Pancake pair balance are not in circulating supply.
* A transfer settles already-booked BEM, then edits balances. After a sale or a drop under the floor, accrual stops.
* Preview includes unharvested miner output. Booking needs a harvest.
* There is no lock. Claiming and selling immediately is allowed.

BEM has 8 decimals. `$TAPE` has 18. Scaling uses `1e36`. BEM is not NAV and cannot be swapped for treasury BNB.

## Fees

The 5% trade tax is immutable after deploy. Kit money is the 4% miner share, the launch surcharge, and four fifths of post-grad `swapTax`. The 1% fee, counted inside the 5%, does not enter the treasury.

A tax is a spread. It makes fills worse in exchange for a kit budget. No volume, no new budget.

## Liquidity

LP is sent to `0xdead`. There is no project withdraw. Outer depth equals leftover inventory and BNB at graduation, minus a possible 0.35 BNB peel to the treasury. Later depth comes only from the market. After graduation, this project does not promise to add liquidity.

Permanent depth is not thick depth. Thin books, slippage, and no follow-on market-making can still happen.

## Not operated here

Mining depends on protocols that are not in this repo. If they halt, this paper does not guarantee kits can still be bought, taped out, or paid.

| Protocol | Use |
|---|---|
| Firsto | Buy parts |
| TapeOut | Tape-out |
| PodMining | Start and emit `$BEM` |
| Pancake | Outer pool after graduation |

```mermaid
%%{init: {"theme":"base","themeVariables":{"primaryColor":"#1a120c","primaryTextColor":"#f5ede4","primaryBorderColor":"#953307","lineColor":"#f46622","secondaryColor":"#221710","tertiaryColor":"#120d09","edgeLabelBackground":"#120d09","noteBkgColor":"#221710","noteTextColor":"#f5ede4","noteBorderColor":"#953307","actorBkg":"#1a120c","actorBorder":"#953307","actorTextColor":"#f5ede4","signalColor":"#f46622","signalTextColor":"#f5ede4","fontFamily":"inherit"}}}%%
flowchart TD
  Treasury["Treasury BNB"] --> Firsto["Firsto asks"]
  Firsto --> Parts["NAND and LATCH"]
  Parts --> TapeOut["TapeOut"]
  TapeOut --> PodMining["PodMining"]
  PodMining --> BEM["BEM"]
  Firsto -.->|no live ask| Idle["BNB sits undeployed"]
  PodMining -.->|emission or interface stops| Dry["No new BEM"]
  classDef hot fill:#f46622,stroke:#f46622,color:#120d09
  classDef dim fill:#120d09,stroke:#3a2416,color:#b9a693
  class Treasury hot
  class Idle,Dry dim
```

Solid edges are the paths this launch depends on. Dashed edges are the two failure modes the contracts cannot route around.

## Not in this version

| Item | Status |
|---|---|
| Second token | Not provided |
| Lock one NFT, split shares, 72h buyout | Not in these contracts |
| Audit report | None |
| Mainnet addresses | `MicroTapeFund` / `MicroTapeTreasury` not deployed |
| CEX listing | None |
| Stop, change tax, owner withdraw BNB | No matching functions |
| Redeem at treasury book | No redeem function |

You can follow `Buy`, `Sell`, `PairTax`, `TaxSwapped` into the treasury, then `KitBought`, `Taped`, `Started`, `ClaimedBem`. Numbers follow the contracts.