> ## Documentation Index
> Fetch the complete documentation index at: https://docs.cashmere.exchange/llms.txt
> Use this file to discover all available pages before exploring further.

# Risks

> What you can lose in Mountain, and when.

> [!WARNING]
>
> You can lose all of the funds and assets you use with Mountain. CSM, Barns and goats can lose all of their market price, and there may be no market.

Nothing here is an offer. Mountain is not open in some places or to some people. The [founding sale's notice](https://docs.cashmere.exchange/mountain/barn-raising.md#not-an-offer) names them. Read the [Terms of Use](https://terms.cashmere.exchange/).

Where this page and the code differ, the code decides what happens on chain.

## What you can lose, and when

| When | What you can lose |
| - | - |
| Buying a founding Barn | The price. It is paid at once to the Cashmere wallet, with no escrow |
| The key to the Cashmere wallet is lost or stolen | The ETH in that wallet and any unsent Public rebates |
| The launch is never sent | Barns get no token, and you do not get your price back |
| Issuance is never started | No Forage. The code sets no deadline |
| Paying above the final Public price | A wait for Cashmere to send the rebate after the sale ends |
| Trading in the launch hour | A tax of up to 90%, and the holding cap |
| Trading at any time | The tax on each trade, up to 10% a side and changeable at once, plus the 1% pool fee |
| Taking out liquidity | The tax on your principal, even if the position never traded |
| A Barn lot, a Permit, a toll or Salt | All of it |
| Turn Out, a Deed move or a Barn close | The toll stays spent |
| Any cash-out | 2% to 60% of the gross. Nobody can tell in advance what it will be |
| Closing a Barn, binding a goat, a goat's cash-out | The Barn and its Deed, or the goat and its Bell, for good |
| Anything left in a goat's own wallet | What is not swept is lost at the burn |
| 90 days with no activity | A Barn's unwithdrawn Forage, or a goat's whole balance, to a reset. Never the Barn, the Deed, stalls, the goats themselves or topped-up CSM |
| Selling CSM | A sale that would push the price below the floor band fails. Once net selling has used up the band (at most 25 ETH of buy orders), you may not be able to sell until new buys or other liquidity come in |
| New Barns | More Barns can be sold after launch, so existing Barn holders can be diluted |
| Wanting to sell a Barn | Transfers are off at launch and need 7 days' notice to switch on |
| Selling a Deed | The whole balance goes with it, and its goats go back to Grazing |
| Buying a Deed | Its balance can be spent right up to the sale. Check what it holds |

Apart from the Public rebates Cashmere sends, nothing you pay in Mountain comes back to you.

**What a Barn is not.** See [The founding sale](https://docs.cashmere.exchange/mountain/barn-raising.md#what-you-get).

**The team.** The team holds real powers over Mountain, and most of them take effect at once. The team keeps 70% of the sale ETH above the first 25 ETH, and 15% of the Gatehouse each Trek at launch settings. After a Trek with net buying, the Treasury Safe gets the Gatehouse's 70%, and the plan is that half of it goes to Cashmere (see [Future plans](https://docs.cashmere.exchange/mountain/future-plans.md)). So in those Treks, the team and Cashmere get 50% of the Gatehouse in all. No code locks the Treasury Safe's 166,500,000 CSM. Each key and what it can do is on [Roles](https://docs.cashmere.exchange/mountain/roles-and-settings.md).

## The details

> [accordion] Trading and the pool
>
> * A swap can fail because of a price limit that would part-fill it, your slippage, or a sale that would push the price below the floor band. Once net selling has used up the band, you may not be able to sell until new buys or other liquidity come in. A failed swap costs gas only.
> * CSM can reach other venues. Mountain does not count them, and they may not follow Mountain's rules.
> * Large trades, including trades by large holders, can move the Season and change where the Gatehouse's largest share goes. Do not read them as a guide to anything.
> * Buybacks are what the contracts do with ETH. Nothing has to run them, and these pages say nothing about any effect on any price.
> * Uniswap's pool manager has a protocol-fee switch that could set a protocol fee on the pool later.

> [accordion] Barns and Forage
>
> * Forage per stall falls as Mountain grows and when the Season falls. New Barns are sold every day, so the number of Barns is not limited to 1,000.
> * When the issuance budget of 432,900,000 CSM is spent, Barns and goats get no new Forage, only the Herd Share.
> * Old listings can fill the moment transfers open. Cancel any listing you no longer want before then.
> * A Limit Break change or fault, or a new validator setting from the owner Safe, could block Deed transfers.
> * A Deed, Bell or Bale held by a smart account changes hands with the account. A buyer of such an account also takes the seller's remaining key control.

> [accordion] Goats
>
> * Move NFTs and unlisted tokens out of a goat's own wallet before you bind.
> * Binding gives up any Goat Street rewards that are still pending. A bound goat gets no Goat Street rewards or credit until its Bell holder registers it again in Goat Street's soft stake. Credit not delivered before the bind can be lost at the burn.
> * Allowances given by the goat's wallet stay open after the bind. Revoke them before you bind.
> * A goat pays the higher of two Gate fee rates, so it can pay more than a Barn at the same moment.
> * Goat Street's contracts and their admin are outside Mountain. A change there can affect bound goats.

> [accordion] Staying active
>
> * One Check in, which costs gas only, restarts the clock for everything in your wallet. Do it at least a day before your reset date. A chain halt does not move the date.
> * Trading CSM and Goat Street actions do not count as activity.
> * A warning can fail. Keeping your wallet active is your job.

> [accordion] Code, chain and site
>
> * The contracts can have bugs or design flaws, or be attacked. Security reviews and tests lower this risk but do not remove it. Many parts cannot be changed or paused, so a fault may not be fixable.
> * Robinhood Chain can halt or slow down, reorder or censor transactions, fork, or change its rules.
> * Helpers the team runs can be late or fail. Anyone can call the public ones, such as settling a Trek or a reset. Buyback and vault steps need the operator key or the owner Safe.
> * The site and the services it relies on can fail, show wrong data or be attacked. You can use the contracts without the site.
> * These docs can be wrong, incomplete or out of date.

> [accordion] Keys, scams and fake tokens
>
> Fake 'Cashmere (CSM)' tokens exist on Robinhood Chain. Mountain's token is only the address on [Contracts](https://docs.cashmere.exchange/mountain/contracts.md).
>
> * You can lose access to your wallet through theft, phishing, malware or a wallet fault.
> * Mountain never asks for your recovery phrase. We never send you a DM first. Never sign a message or a transaction you do not understand.

> [accordion] Law and tax
>
> * Laws can change, or be applied in new ways, in any country. That could restrict Mountain or your use of it, or force parts of the site to close.
> * Tax rules for crypto-assets are uncertain and differ by place. Your taxes are your own.
> * Blocking access to the site does not change the contracts. The sale contract cannot tell where a buyer is. A buy made from a restricted place still breaks the Terms.
> * Nothing here is financial, investment, legal, tax or other professional advice, or a recommendation to buy, sell or hold anything.

## Off today

Salt Lick, Salt Block, Hay Bales and drops are built but off. None of them has a date, and any of them may never open. If one opens, it brings its own risks. See [Built, off today](https://docs.cashmere.exchange/mountain/built-off-today.md).


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