Couldn’t agree more. How can anyone trust Sifu and the team if they didn’t honour their words to support backing price. It fell 20% below the backing price. If they are happy to liquidate us using bots on abra why can’t they have bots to supporting the backing price???
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This exactly.
All these people saying they don’t want “their treasury” used to refund people, don’t realize it isn’t their treasury.
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Liquidation bots protect MIM lenders while a backing bot would be accessing treasury capital that is secured by a multi-sig. This wouldn’t be the same process.
If this pass I’m out. Treasury is not here for this purpose.
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Oh and just to add context:
At 1100 per Time I tried to deleverage and got stuck in the txn to approve Abra to move my wMemo.
Got stuck for half an hour.
Then, I tried to deleverage. The price of Time was at 1000 by that time.
I set slippage to 3%, nothing. 5%, nothing. Custom 10% nothing. Always the slippage warning popped up.
I was left without any action to take to prevent my liquidation price. I’ve been forced to watch my 1wMemo become 0.23.
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Is he asking for a handout? I have nothing against leverage, I was leveraged myself. But I do have something against being over leveraged and expecting a handout upon liquidation.
It should also say something to everyone bitching about Sifu not moving quick enough for the buy backs if he got liquidated himself.
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I saw that the price went back above backing over on trader joe. So you can say the promise was kept.
It was never going to be possible to stop a liquidation cascade dropping the price under backing for a time.
I don’t know what people were thinking, using leverage when we already saw how the price of DAOs can drop so fast, so suddenly. Sorry for those who lost out. But there is no chance they will be paid out. They are as likely to compensate people who sold out along the way because the price dropped down from $10k.
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If I’d be in the team, looking at the result of this, I would buy back instantly the wMemo liquidated. To avoid buying higher tomorrow.
blockchains, smart contracts, code is law, decentralization…. And yet someone thought they could rely on a person buying back fast enough to peg to backing price… DYOR.
Perhaps you are also leveraging MIM into anchor thinking that stables can’t loose the peg? Good luck!
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If you leveraged and got rekt that is your fault, there are plenty of diamond hands that did not irresponsibly borrow then go to sleep as their liquidation price was reached. Too many buybacks will wreck the treasury, no treasury = no community. If the buyback is done in a way that upsets a majority who is not benefiting from the repayment, it will cause MUCH more issues with the price of memo.
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Good initiative. But, I think that nothing will happen. I can prove that I improved my leverage to below the backing price and got luquidated. I guess that the right thing to do is to recover our loss (if you did not lose all) and sell at a profit. In the long term, investors will leave the project and there were not going to be a 10K soon as they will profit instead of a long term investment. They need all those that got liquidated to reach that again. As soon I am at a profit again, I will sell. That is for sure.
10000% agree! Def wouldn’t be fair.
Getting hacked and getting liquidated are two completely different scenario’s. You can’t even compare the two.
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I think it’s worth noting that Avalanche clogged up and those of us who were trying to deleverage 30% above our liquidation price all got stuck. Not sure that’s fair to call greed but also I don’t think it’s reasonable that we’d get paid back in full - maybe a % is a more fair comprimise?
PENDING TRANSACTION IS NOT ON THE DAO’s END, im sorry but it had to be all caps
you should learn how to speed up txn
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The treasury isn’t going to reward you for taking excessive risk. GTFO.
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I think it’s worth noting that Avalanche clogged up and those of us who were trying to deleverage (for me 30% above my liquidation price) all got stuck and not just b/c of gas fees. Not sure that’s fair to call greed but also I don’t think it’s reasonable that we’d get paid back in full - maybe a % is a more fair compromise?
Also disagree with the last comment - I’m already buying back in and have every intention to hodl looooong but bc of reasons out of my own hands lost my whole position that I’ve been building since early Nov.
Very Frustrating. I totally agree with this proposal as we were not able to payback our loans. I wasn’t greedy at all, my health position was at 50% and it crash suddenly. I tried to do anything that was possible to repay, and it all got frozen. I truly think i did everything i could to save my collateral, but it was out of my hands.
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The market goes up, the market goes down.
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The only fair thing is 0%.
There was no such guarantee as “can’t go below backing price” otherwise everyone would leverage and wouldn’t be sustainable.
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