This isn’t like the buybacks. No one is dumping on the open market. The wMemo is redeemed and burned. Arbers have to buy the tokens on the open market like everyone else, which then raises the price for holders. Once market price = Backing price then no more arb opportunity
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so if I ever sent my time from one wallet to the other, you want to exclude me? if I staked it in tarot you want to exclude me? because you “hate” whales? what if I sold, bought, sold, bought multiple times? you’re ok with missing people? furthermore you can buy wmemo cheaper than RFV right now, as long as it is cheaper than RFV it will always remain unfair to people who bought above. and it will remain below until ragequit is offered. what do you mean let them? you have already let them buy it below RFV. they bought wmemo for $25k and you bought it for $100k. they got 4 times more value out their money. the end.
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I don’t know how to do it, I don’t know if it can be done. Some people, including Dani I believe, think it can be done. Allowing investors the option of selling at backing price.
It really just has to be offered somehow.
Maybe it doesn’t have to happen first, but right now people have their investments tied up and can’t pull out at the backing price, which was not the deal when they invested.
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I think it’s important to be done first unfortunately. Whales who have been scooping up discount wMEMO can sway votes for the future of WL. It’s best to get it done ASAP.
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Incredibly important to vote yes and put this behind us. Work out the arbs, work out the paperhands, proper treasury management in place, and to the moon. This is programmed.
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In my opinion there is no fair way to do a snapshot. There is no way to distinguish good actors from bad before, during, or after the liquidation cascade.
Either way, anyone buying, even now, is doing all holders a favor by helping wmemo return to the backing price. I don’t think anyone could agree that the protocol is healthy while trading so far under backing.
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This.
The snapshot is not a solution in any way.
Are you not concerned about all the ppl who want to rage quit, sabotaging every vote until they get what they want? Because this is exactly what they will do, they hold the most votes, and they will vote in their best interest. It is best to let them leave.
this is the stupidest shit ive read in a long time. you are basically giving away treasury funds for free for no reason at all, apart from benefitting whales and killing the project.
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obviously they dont hold the most votes. which is why they lost the winding down proposal.
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The only people who should be able to rage quit are those who held tokens before the Sifu story came out. And only for tokens purchased before that time. It’s absurd to allow people to buy a share of the treasury at a discount (ie, after Sifugate). I’m disturbed by allegations that whales - who are supposedly buying in at a discount post-Sifu, are now pushing to open up the treasury so they can essentially raid it.
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Simply don’t sell under RFV and people won’t be able to arbitrage. But if people are willing to sell under RFV, it’s their problem, and other people should be incentivized to buy it.
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There’s no way to satisfy everyone. But a simple solution is that only those who purchased tokens before Sifugate can rage quit, and can only redeem tokens acquired before that time. Otherwise, we allow opportunistic, predatory whales to come in and effectively buy treasury share at a discount. Apart from the community, the treasury is the most valuable part of Wonderland. The opportunists know this and want to get their unfair share on the cheap and - appallingly - at the expense of holders who’ve endured this downturn.
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The only people losing are those selling below RFV.
Whales buying at current prices are still in a better position compared to those who bought at a premium, even if they wouldn’t be able to directly cash out, they will still have more influence (in governance)/earnings (from vc/yield) per $ invested.
Amount in the treasury per wMEMO does not change if whales are allowed to exit or forced to stay.
So unless you think larger treasury = higher profits (in %), then there is no difference for holders between allowing whales to exit or forcing them to stay.
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Winding down the project entirely is completely different to the rage quit option. I think you will find sentiment around the rage quit has been fairly well received, did you not see the discord during the winding down vote compared to now? I guarantee a lot of the NO votes are in favor of the rage quit option.
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which would be the ultimate proof that DAOs dont work because the majority is too stupid for their own good.
all this does is benefit whales at the cost of the treasury. i can basically guarantee you that OP is either a retard or is holding a huge bag bought below backing. likely the latter.
this “scam” that people could sell at backing to then buy in after it to increase their position size is a fantasy. as soon as this gets a yes vote the whales and / or bots will scoop up every bit of liquidity left to then earn a nice 8 figure profit from treasury funds. people who attempts to sell at backing to then buy back will be burned. there is literally no benefit at all for the majority of bag holders.
if you want to benefit the average holder you need to guarantee that arbitrage is not possible. and no matter what you do you NEED to pull liquidity. otherwise this is just a quick method for the rich to become a little bit richer while everyone else has zero benefit at all.
its astonishing that people dont see this very obvious scenario…
no wonder people are laughing about wonderland.
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Not pulling LP is absolutely unacceptable. This will be gamed by whales and bots. Rage Quit is RAGE QUIT. For people who want to leave. Not for people who sell off and rebuy and who then have MORE than people who have faith, support, and believe in continuing? That is INSANE. This is perhaps the greediest, most selfish, non-frog thing imaginable. You want to rage out? Take your backing and get the F out. The very basic core principle of this is LEAVING, not getting ahead of people not leaving. And you think you should audit anything? I’d never trust someone this slimy.
And 5 days of shutting off buying? Come on.
I’d vote a real rage quit, not this.
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Hey folks it feels like there is a lot of frustration in some of the responses to this proposal. I am just a small frog but here’s how I see it:
- This is a business just like any other business. The purpose it to build something that is value additive from an economic perspective
- Currently this business is trading at an almost 50% discount to book value. Everyone here is intelligent and probably has some money in crypto. If we all thought it was worth substantially more than what it is available for on the open market then let’s be honest – we would be buying
- Criticizing the poster of this RFC for buying WMEMO really feels backwards to me. That’s great! The whole point of this exercise is to build something that people want to buy…
- “Rage quit” really feels like a misnomer. There is $2 of treasury for $1 of wmemo right now. allowing shareholders (you, me, all the other frogs) to have their $2 is not a crime. It is just good business
- Most of us (presumably > 50% of circulating supply) are not going to leave the project. And! for those who don’t leave the market price of the token will be much higher once we honor the treasury value
- It is definitely definitely not a good thing to trade under good value because it means that everyone would be better off through a liquidation. The majority of the frogs do not want a liquidation and that is fine but no one here wants to be trading under book value forever right…
tldr; we would very much like for publicly traded wmemo to be worth at least what is in the treasury! otherwise we are not doing a good job of stewarding the project. We can achieve this goal in the short term by taking this proposal. Long term anyone who cashes out their share of the treasury may turn out to have made a good decision or maybe they will look like a fool if those who remain do an incredible job of building the investments etc. This isn’t personal – it is about building value for the community. Please please let’s stop obsessing about whales and sifu and dani etc and just move forward.
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Lets get it, enough discussion. Time to vote.
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I propose you add some conditions DCF:
- remove LP
- window 48 hours
- give some bonus to those that didn’t ragequit?