You are correct. I apologize for that outburst and will edit… I would truly appreciate it if someone, anyone, were to address the giant elephant in the room: How the f**k was it possible for Dani to raid the WL treasury to the tune of generating a $9M loss for WL owners with ZERO in return?
At the VERY LEAST, we should get a truckload of mSPELL $ for $ to make WL whole and allow some upside. I mean, wtf??? Where have all the capitalists gone?
In the spirit of speaking the obvious, what is the intrinsic value of a MIM farm anyway? It seems that ABRA owes WL $9M. Let’s imagine WL decides to take a bag of mSPELL to cover the $9M, and MIM emissions are distributed to wMEMO holders. So now WL has a mSPELL farm emitting MIM tokens. Have we seen an audit of MIM? Is this $9M secured with something else until WL recovers its principal? Or is it unsecured and a blowout like UST leaves WL with a bag of dung?
As for this proposal, for arguments sake, assume WL says “no” to Dani’s hope of us bankrolling his dreams. I would be shocked if there were alternative sources for Dani to get his hands on $100M in a deal as sweet as this, since no informed VC/PE or whale would extend this size of a line after the SIFU debacle showed a monumental blindside when it comes to recognizing existential risk.
Sadly, this blind spot eliminated the goodwill and trust Dani had generated, in essence, obliterating Frog Nation. Only because of the will of the Frogs has the protocol survived this far. Have people forgotten that Dani was on the verge of liquidating the protocol unilaterally because he had no faith in anyone from the community stepping up and taking the helm? Our “community” has more professional experience, knowledge and ability than 100 Dani’s.
In a gesture that was likely made on a whim, without clearly thinking it through, Dani publicly promises to make whole investors who irresponsibly decided to leverage a rebase protocol to tilt. Why? Because of the liquidations that occurred below the backing price. The problem was not the liquidations. Those levered positions should not have been there to begin with. But moving on, he fails to follow through on this promise because, well, it was a very very bad idea to start with. A reputation hanging by a thread was hit with a blowtorch.
When screening potential traders for a spot on my desk, I am immediately drawn to a candidate with several massive failures/blowups in the early part of their career followed by a series of modest successes. This shows an evolution of character and propensity to learn from mistakes. When I see a massive success early on followed by a string of modest to severe blowups, I shred that resume immediately. It suggests the early success was primarily luck, right place right time, etc… But what’s worse, the early success is leading to extremely poor judgment as the individual is chasing his own performance like an addict chasing the feeling after taking their first hit from the crack pipe.
I am often tempted to accumulate so much wMEMO that I could control the outcome of obscene proposals. But then I remember how much I enjoy MAKING money and how shitty I feel when I lose money.