Just a few more statements from Sifu about the backing price. Most notably, defining the backing price as “…The backing price is the price at which we can afford to buy every token in circulation.” This is not a promise of automatic buyback. Those in favor are conflating the backing price with a stop loss.
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Is this on the website or twitter? Is it easily accessible to the investors who lost tens of thousands to this enormous and instant dip? We didn’t get clear info on that. Only way to know is to search on the Discord messages.
It was explicitly stated and explained in the docs…
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It’s nobody responsibility to warn you, you are the sole responsible of your decisions. Indeed many didn’t understand what they were find and that’s sad but hopefully many will learn
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anyone who got liq’d under backing price should be repayed their losses, everyone else knew what they were doing having that much leverage
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Then get on the discord. Who said twitter is the HQ for defi projects? It’s on you to conduct due diligence on the projects you’re investing in. That said, it’s quite apparent in the DeFi community that Discord is the defacto platform for defi project correspondence with those closest to the projects. The very nature of “IDO”s (Initial Discord Offering) is a testament to that fact. Your being under informed is not the responsibility of those who took the time to create discord accounts and we’re able to make sounder decisions.
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I don’t think it’s right to demand your losses be offset by the treasury. Abracadabra offers amazing features but using them at all comes with a risk. I just want to address a two arguments from the pro-refund crowd that I’ve read today.
- We dipped below the backing price
Sifu has said multiple times that the process of buying back is a manual one. It makes it impossible to buy back exactly at the backing price. The initial dip from $1300 to $700 lasted less than 30 minutes before huge purchases came in, presumably the buy back.
- Sifu encouraged a near-backing price liquidation level
He is not your financial advisor. He can’t tell you which level fits you and you can’t assume you are safe because you replicate his own risk level. Sifu doesn’t control the market, he got liquidated himself which shows you he doesn’t get it right 100% of the time, he’s human like you and I.
The treasury is just not meant to be your insurance fund, imagine asking Binance for a refund on a leveraged position. A refund from the treasury would be a huge disservice to anyone who doesn’t leverage or that hasn’t been liquidated.
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Exact same thing happened to me. Transaction wouldn’t go through on Uniswap or trying to deposit in Abra I think because of the volume
People still don’t understand the are many options to take by leadership without taking a cent out of the treasure. The problem with humanity is the inability to empathize. Since you didn’t have an opportunity to grab some mims from abra to borrow, now you virtue signal by giving lectures on leveraging and dyor. If abracadabra bank was an outside entire from Daniel Sesta empire, then perhaps nothing could be done. The reality is that it is HIS bank that baits wmemo holders to engage in leverage while his treasury brags about a liquidity price of 1100. Honestly, this is life and we are all responsible for our actions, still there is always a choice to be caring and virtuous and recognize the failings in this system. Finally, is a good businesses desicion to restore those rekt by liquidation UNDER treasury CFO bagging number. Is a call taking care of your people.
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The interpretation of the backing price is incorrect in this proposal. As it is a manual process, requiring multi signatories, it is unreasonable to expect that it is set up to cover a quick spike down in price. It is more reasonable to consider the fact that it may take many hours to initiate, particularly considering that the signatories cover multiple time zones in various parts of the world.
If the proposal is allowed then we create an atmosphere of moral hazard, where participants are encouraged to take undue risk with their leveraged positions, thus leading to the inevitability of another cascading liquidity event, like we witnessed today.
An added concern is that investors that did not leverage, but who instead took the safer decision to simply stake, are punished by seeing their part of the treasury eroded, to compensate those who took the risk of leveraging.
I therefore vote against the proposal.
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Where? Not the 1 TIME backed by 1MIM please.They say they have a backing price, meaning they have to back at this exact price.
Against.
Sifu said several times that the price can fall below the backing price. We have seen it happen to DAOs on every chain (Hector DAO was below backing price for weeks). It should not be the responsibility of the protocol to look after your leveraged positions.
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That is clearly in relation to sellers and not those leveraged.
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Totally Agreed
- Project like this have their fundamental based on people trust. With what happens today that trust is trembling.
- Those people that was liquidated below backing price, was me most strong hand and loyal frogs ever exist. because they believed in Sifu word, Danielle and TIME project for a long time. Time price hit 870, far way below backing price that Sifu said they gona hold.
- Inclusive there is a lot of people that tried to repay or deleverage into this cascade liquidation, but they couldn’t because network congestion or the swap tolerance.
- Another possibility may have been to stop liquidation from the abra contract itself. I always heard Danielle saying that he work for the people no for on project or another, if the contract have this feature probably may have been stop this massacre.
I lost 6.4 wMEMO, almost everything i got. I really believe in Danielle and his team and Wonderland as VC project. I was holder for like 3 months because I trust. I just want to ask for a partial refund to try to start again with something.
Maybe can be wMEMO that you can claim every month or something like that to avoid massive sell’s again.
Probable the people that said no to this proposal are these who don’t believe, they sell before, wait to the massacre and then buy again. I really think these are no the loyal frogs that this project are looking for.
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I empathize greatly. In fact, I got liquidated $30k on Saturday Dec 3rd with a Bitcoin leveraged position. It was aweful, I never felt so shitty in my life. But I wouldn’t want to force others to pay for my mistake because I would not have shared my profits were I to have won big on the trade. There are a lot of people invested in TIME, and most of them are in the negative. How do you think they feel when they hear that now there’s a proposal that will require further loss because of the risky behavior of traders? Empathy is a two way street.
Let’s make one thing clear. This project, and all OHM forks, are based on game theory mechanics that state in order for all of us to win we all gotta play as a team. When people are 9,9ing or 6,6ing, we’re no longer playing as a team. The protocol breaks. Long term 3,3ers need empathy from the competitive chaps that look to increase their lead through these more risky approaches, otherwise the game mechanics will always be theoretical. One thing I know is that loss can be humbling, and perhaps these liquidation cascades are simply the result of passing greed. Maybe this is what’s needed to make 3,3 work long term.
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I was liquidated, after 3 hrs self adjustment. now I accept what happened.
It’s only myself to be blamed, it’s too stupid to think my 943 liquidation price was much lower than the backing and sifu’s price, so I would be safe.
For those who are not liquidated but have similar thoughts as I did, please consider repay your mim, your today’s 35% healthy doesn’t mean tomorrow it will still be.
I was in Wounderland since Oct, borrowed at 25%, healthy index was over 70%. never expected someday liquidation would happen to me.
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I haven’t leveraged, but it broke my heart to see so many get liquidated so fast. I was trying to buy the dip, and Sushi and/or Avalanche was bogged down so I simply could not perform that transaction. I can only imagine the horror of the people trying to deleverage. I think it is a simple matter of what’s fair and right, and I want to keep these frogs growing strong together in the pond with me. I would like some sort of compensation to occur for those who were liquidated during the network/site issues. I understand that there were people leveraged even lower that did not get liquidated and are offended that we would do something for people who weren’t as “careful” but the truth is, it could have kept going and got you too! Would you have been chill if you were sitting there trying to deleverage and seeing the “pending” for an hour?
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Just imagine if Sifu came along and said:
“Hey, this is what we’ll try to do: xyz. But you can’t trust that it will have any efect, or even that we’ll be able to do it at all because of risk. What I say has no value or meaning. Sorry!”
Great! DeFi~Frog dream over for me then! Bye! Better play roulette! Whats the point of a treasury and a backing price if not to protect investors from volatility? Just a bait-n-switch?
If this doesn’t get passed, “frog nation” not any better than MF Global.
iTs yOuR FaUlT YoU DeGeN BoRrOwEd mOnEy, YoU ArE A FiLtHy uSuReR AnD We dOn’t nEeD YoU In oUr fRoG NaTiOn aNyWaY
Fine!
Also, since the wMemo is no longer with me, my vote won’t count as much anyway! So much for the DAO! Ha! What a joke!
If this doesn’t get passed all the frog-projects will fail forever, there was supposed to be a synergy and a ecossystem.
Just to be clear: I wanted to hodl for 2 years minnimum! Would gladly accept if the liquidated wmemo was repaid over time.
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So if everyone just 3, 3’d, we’d all win. This is supposed to be what is best for everyone. Now a bunch of people like you, over leverage your position, get liquidated, cause a cascading effect that brings the $TIME price crashing down again, bringing the price down for everybody and now you want to be reimbursed? Maybe if more people just staked we wouldn’t keep having these mega crashes… VOTED AGAINST
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