# Risks

`$MTAPE` is experimental. Before you sign, check the contract addresses, treasury balance, whether your balance clears 10,000 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 `$BEM` includes unharvested miner output and `$BEM` still sitting in the treasury. 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`.

The owner can send treasury BNB, unused parts, and circuit NFTs out. Nobody else can. That is a custody power. 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 10,000 `$MTAPE`, no new accrual. `$BEM` already booked can still be claimed.
* Portal, the token, the dead address, and pools are excluded.
* A transfer keeps booked `$BEM` on the sender. The receiver earns only later deposits.
* A buyer who arrives after a deposit does not receive that deposit.
* If nobody holds a qualifying balance, `deposit` is refused and `$BEM` stays in the treasury.
* Reward debt rounds up. A sole holder can be short 1 raw `$BEM` unit.
* Preview includes unharvested miner output. Booking needs a harvest and a successful deposit.
* There is no lock. Claiming and selling immediately is allowed.
* Flap's Portal owns the Dividend. It can change the floor, exclude an address, redirect who receives a claim, and emergency-withdraw the deposited `$BEM`. This treasury cannot block that.

BEM has 8 decimals. `$MTAPE` has 18. The Dividend scales by `2^128`. BEM is not NAV and cannot be swapped for treasury BNB.

## Fees

This Flap launch takes 5% on buys and sells. Flap's commission comes out of that tax first. On the fork we ran, the commission was 5% of the tax, so the treasury received 95% of the tax. Flap sets that commission. `dividendBps`, `lpBps`, and `deflationBps` are 0.

A tax is a spread. It makes fills worse in exchange for a kit budget. No volume, no new budget. While the token is still on the curve, Flap also charges its own protocol fee beside the tax. That fee does not enter the treasury.

## Liquidity

Flap migrates to Pancake V2 when 800,000,000 tokens are sold. This treasury never receives the LP, so it cannot withdraw it. This paper does not claim the LP is burned. Later depth comes from that migration and from the market. This project does not promise to add liquidity.

A pool this project does not control 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` |
| Flap | Curve, tax, migration, Dividend admin |
| Pancake | Outer pool after Flap migrates |

```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 | Factory, treasury, and the Flap token are not deployed |
| CEX listing | None |
| Stop, change tax | No matching functions |
| Owner withdraw of BNB, parts, miners, sitting `$BEM` | Owner only. `$BEM` already in the Dividend is not included |
| Redeem at treasury book | No redeem function |

You can follow Flap's tax dispatch into the treasury, then `KitBought`, `Taped`, `Started`, `MiningClaimed`, `BemDeposited`. Claims emit on the Flap Dividend, not on this treasury. Numbers follow the contracts.