With the recent sh!tshow happening, I’m sure many frogs have lost a ton of money. The basis of this entire project has always been that participants trust and cooperate with each other within the framework. However, we had a bad actor(aka your CFO) which completely broke the trust and the entire project. You don’t hire a child molester to be a pre-school teacher do you? I am proposing for Dani to dissolve the project, think through a proper project. Meanwhile, use whatever’s left in the treasury and return it back to the frogs, based on the last snapshot for the airdrop(regardless of those who sold or not, they deserve to be compensated).
I am also proposing that people who got liquidated due to leverage should not be compensated. We played the game properly yet we got unfairly punished. If we bail these people out, what kind of message are we sending across? I’m sorry Dani but I cannot sit back and watch my fellow frogs get punished because of a few bad apples, while those bad apples get compensated. This is unacceptable.
- Dissolve and get compensation from treasury (and restart anew)
- Continue with Wonderland’s merger and remove sifu
Yes please, 100% behind this
Sorry but I need to be made whole. We need to be reimbursed for this shady F
100%. Liquidate the entire treasury, stop the buybacks, and buy all the TIME and wMEMO back from anyone that wants to sell at the highest price the treasury can afford (Not Dev team)
After that, dissolve the project and let Dani start again elsewhere.
EDIT: This reply has 19 likes and I’ll leave the original message above.
I’ve cooled off over the last 18 hours and when I first wrote this message I was voting on emotion. I was pissed at being 85% down like many of us are. That said, i have now changed my opinion. Obviously Sifu has to be removed for the publicity of the protocol. With the huge treasury still available I’d now vote to change the treasury management and continue at least for now. I’d like to be less than 85% down and realised, if possible.
That said, if the treasury is liquidated, a snapshot should be taken from just before Dani’s tweet about the $40k wMEMO buyback. Rewards the HODL’ers above all else.
I will propose compensating those who kept holding all the way up until the last proposed snapshot for the bsgg airdrop(provided they didnt screw us over by over-leveraging).
The proposal makes sense. Will you be able to clear up the mechanics closer to any discussion? Snapshot of what and when? Just TIME, MEMO, wMEMO, or all? Where will the cut-off(s) be? How will the monies be reimbursed, and in what metric or coin/token? I fully realize there are more questions than answers, I am only after some details and/or assurances.
Surely this is in Dani’s best interest. No one will ever trust him again if he doesn’t do this.
Yes I will do that. I was looking through sifu’s old tweets and found this
I am proposing we compensate all those who held up until 11th Jan.
No. You don’t get a bailout because your voluntary investment went sour.
Let’s get Sifu out, the abracadabra merger completed, TIME / wMEMO holders receive a premium bid in SPELL. Let Wonderland die and move on.
Let merger arbitrage do it’s thing so if you want to get out you can for a higher price, or if you want to stay you can remain as part of Abra.
it was a voluntary investment based on the assumption that everything was disclosed. our cfo being a criminal was not disclosed and as a result of that news, many ppl lost their money. Dani knew a month earlier but chose not to do anything. and the reason why i proposed this is so people can get their money back then decide if they want to stick around with abra
Thanks. If you are referring directly to Snapshot, chains, and tokens (the idea), good stuff. But I am not sure a BSGG form of reimbursement will appease or help most. That 100mm tokens is only currently worth ca 4,3mm - which won’t go far. Maybe MIM?
Yes, I agree this needs to happen asap!
Yes. Maybe in MIM or in AVAX.
I want USDC, another stablecoin on AVAX, NOT MIM.
Having kicked out Sifu will boost the price a hell of a lot. Lets get the project back on the road before looking at what value can be distributed to wMEMO and TIME holders.
This is an artificial low ebb and not a good time to dissolve, if that is what people want to do (which I doubt).
Strange thing, MIM dopped down yesterday. Until then it was actually more expensive, by a lot, to buy things with USDC.
When I bought wMEMO I changed my USDC to MIM to get a much better price.
I think the MIM dip was just a temporary thing. Abra is still strong.
The point here is, no one at the time invested in Abra or SPELL, people brought TIME to stake, then were advised/encouraged let’s say, to wrap their TIME, no one who has lost to date, invested on the premise of an Abra merger and turning TIME / MEMO in another token, they invested in Wonderland.
I’m all for this - I sold yesterday as I wanted to cut my losses (invested $15k total in November, pulled out $4k yesterday - glad I did as price has tanked more) so would hope the snapshot would predate this lol