As the title says, Dani and 0xSifu have proven to be irresponsible with the treasury and personal funds. Liquidations after liquidations.
If they get liquidated, it’s their own fault. But, now, they are trying to pay the liquidated folks (The same folks who screwed the average wMEMO holder) back because they are not aware of the risk of leveraging?
No wonder the backing price couldn’t hold because everyone is using borrowed money to buy $wMEMO, totally screwing up the folks who used their hard-earned money to enter wMEMO position.
I am pretty disappointed to see 0xSifu position on paying for liquidated folks instead of distributing to folks who never leveraged before the dump.
Dani and Sifu themselves are playing with leverage, totally setting a bad example for people who are new into DeFi (Folks who want to focus on the investment DAO idea.)
I propose this, every address which never leveraged and held before the dump (Snapshot 26th 00:00 UTC) should get the wMEMO distributed to them to cover all the losses throughout time.
The long-term holder and believer are constantly getting screwed by the cascading liquidation.
The leverage game is completely done by pro and killing all Frogs.
Follow 0xSifu method, pay back liquidated folks.
Follow holders method, distribute wMEMO to the holders who never leveraged (Snapshot 26th 00:00 UTC)
Of course it’s a free market. And leveraging is in spirit with the whole Cryptoverse. However we’re killing the protocol with the fucking leveraging and the only thing it’s doing is bleeding money from Wonderland to Abracadabra. It literally fucking up the MC to bleed money into a different protocol where the profits are reaped and washed clean. No DAO or Hedgefund w/e the fuck we are at the moment should encourage all their users to leverage when the asset, even with rebase is constantly dropping.
This is the third purge I’m witnessing. And people keep being retarded and doing the same. Meanwhile I paid off my leverage and now people get reimbursed? Again it’s a free market but it’s a mega retarded move. Focus all that energy in getting profit share and removing dilution before we nuke our own treasury in the midst of buybacks under backing and reimbursements that kill the confidence holders have in the project.
Of course the MC is down again today and rebase is still going on. Which also pressures the price down. I can see another cascade in the future and people will act surprised again. If it wasn’t clear earlier please: Remove dilution, deploy profit share and stop with the retarded buybacks for a backing price that’s also shit.