Agree, and I’m in full support of the buyback up to backing option. Lets get this to a vote.
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In the interest of transparency, can you show the calculation you made to show how $10m can achieve the buyout outcome you wish to achieve (presumably elevating the actual price to the backing price so that the minority can leave at the backing price)? My calculations (minus LP fees and other benefits) come closer to the $200m to achieve this feat. Still a hugh blow to the treasury, albeit, once voted, this can be done over a longer period than RQ, but still guaranteeing stagnation until it is completed.
The RQ option will deplete the treasury. Even the Professor is against it now saying it will cost the treasury upwards of $200m (see his latest proposal).
This proposal should be voted down now, whilst in the RFC stage. At this stage it is one man one vote. If it gets to the snapshot stage, the whales will use the voting block power they have, because they have more Time, to make it difficult again for us to vote down. Make sure it does not get to that stage and that the majority`s voice is heard.
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Just use buybacks. I will vote against RQ.
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Buybacks sound like the way to go. Let’s vote on it.
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I agree that we need to resolve this ASAP, but I’m not convinced that the options, as laid out, are the most expedient in draining the community of rage-filled wMEMO holders. Certainly, one likely outcome of the vote as proposed is that the Rage Quit option will be easily defeated, as Option 1 will peel off enough of the vocal minority behind Option 2.
If the community was not asked to vote on buybacks that were supposed to be automatically triggered before, why are we asking for the community’s permission to do it now? In my opinion, buybacks are what the DAO implicitly empowers the Treasury to execute to resolve matters in the best interest of Treasury, community health and token value.
If we agree strategic buybacks, done quietly without trumpeting the matter to everyone within shouting distance, can bring price closer to backing and that the spread is profits returned to wMEMO holders, why not move on this immediately? The matter should not require a vote, move on buy backs now.
As the price closes the spread, rage quitters waiting for a vote they know they can’t win will lay down the cards and sell, which is what many did over the 24 hours after the ex-CFO green-candled the price above $30K. At a discount from backing price. Letting the air out of the balloon via an unannounced back back strategy serves the same purpose and achieves the same outcome as a rage quit option, which would end up being moot.
Direct quote from @dfcgod on twitter: “as long as we can get back to backing, im happy w anything.”
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Winding down the project: pay people the backing price for their tokens.
Rage quit: pay people the backing price for their tokens.
They are basically the same, difference is you are free to choose RQ.
And following this logic, we already voted “no” on winding down, so we basically voted “no” for rage quit, too. Also, the fact it would cost 30% of the treasury (300M, currently the treasury is 636M, so more like 50%), it’s a hard no from me.
(If you think about it, you ask me to give away my invested money so somebody can get his/her gains. No, thanks. But if you are a big supporter of giveaways, I send you my wallet address, I accept all kinds of tokens, ETH, BTC, AVAX, TIME, BNB, etc. 
)
Exactly congratulations by being someone who makes sense. Everyone else here seems hit by Down syndrome. Why should we owe something at backing up price when they can sell and pull out.
Definitely I will vote No can’t do charity with our money because hey I made a bad trade.When Zhao will give money back to those who made bad trades on Binance oh well that’s fine.
This can’t happening The Professor proposal is idiotic sounds like SIFU desguised behind Professor pseudonym. No no rage quit no anything.You don’t like sell take your loses go or stay and bare the loses .
Is no way on Earth that we compromised to such a stupidity.
This is why I’m against Professor plan or other proposals that sustain this idea fuck no.
I’ve read all the comments to this proposal and I have had a change of heart on the Rage Quit option. I now agree that it should be put to vote. At the end of the day, the community must make available an exit vote for long-time wMEMO holders feeling trapped and wanting out. It is the only way to disarm the influence of disgruntled actors whose self-interest is in direct conflict with what’s best for the community going forward.
Having said that, the Rage Quit vote will almost certainly fail, and the minority who vote yes will be left pretty much in the same boat, only more frustrated.
As it is currently written, the proposal will be soundly defeated. But with the following changes, I think wMEMO holders who intend to stick around might actually support it and help swing a yes outcome:
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Move the eligibility snapshot to the day Dani woke up, learned the auto buyback didn’t happen, got rekted and tweeted: “Wtf??? :(” That was 1/25. That is the precise demarcation date that separates long-time holders (who bought above backing, saw the price drop like a falling knife past backing, and counted on the ex-CFO’s word to defend the backing price) from new speculators who never previously owned wMEMO and piled in after that date to arb the spread.
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Lower the RQ buyback price to 5% below the Treasury backing price.
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Open the Rage Quit buyback window for 48 hours and close the LP to trading during that exchange period.
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Distribute via airdrop wMEMO tokens sold back during RQ window to wMEMO holders who owned tokens before 1/25.
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Should the vote pass and the RQ option is made available, no BSGG or other token airdrops will be distributed until after the RQ window closes.
The proposal should also make clear that post-RQ buybacks will be executed at the Treasury’s discretion and that all purchased tokens will be burned. When and at what price buybacks will happen will not be announced in advance, and not subject to vote.
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for sure! this is the miost logical thing to do by far.
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You know everything is not that black and white. What about those who previously owned some and DCA’d along the way ? What about those who sold before your snapshot for any reason (losing money in the process) and bought again after ?
You can’t possibly think there is only 2 categories of people here, the good frog vs the evil arbs.
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I agree with mcgeorge here. Here’s what’s gonna happen if this proposal went thru.
- Let say, at this Rage Quit claim event, WMEMO price stands at $30K
- Wonderland let ppl trade MIM from the treasury with their WMEMOs at backing price, let say $40K per WMEMO. At this point, WMEMO price will start to drop since many ppl are selling. Let say after a few hours, WMEMO price goes down to $27K.
- Liquidity is not removed (which is really2 stupid), so all the people who sold just now (item 2.) above go to sushi swap and buy WMEMO again at $27K per WMEMO. (discount by $13K per WMEMO)
- Then, they come back to wonderland and trade for MIM again with the treasury at backing price ($40K), instantly making a profit of $13K per WMEMO. At this point price plummets again to $25K per WMEMO.
- Since liquidity is not removed (stupid decision again here), then, they go back to sushi swap and buy again more WMEMO at discount ($15K).
- Then, they go back to wonderland again and trade with the treasury’s MIM again with instant $15K profit this time.
- And this will go on until the treasury is left empty…
I am going to join these people (whales) making instant profit during the Rage Quit event if this proposal goes thru. Dont blame me, you guys vote for it.
The price would pump if people started buying, even $5M-10M in buy pressure would push the price above backing. And treasury can’t be emptied unless everyone cashes out, backing will remain the same no matter how many people rage quit.
The only people losing would be LPs and those who sold under backing.
Another naive person here. Look, if you enable liquidity pool open (at sushi or wherever) while you paying people above the current price, who would be stupid enough not to take advantage? You only thinking about people buying, buying what? buying into WMEMO at this current reputation? The only people that would be buying WMEMO during the rage quit event are the smart people who’s going to arbitrage the heck of the situation (buying low at sushi swap and selling high-backing price at wonderland).
I am all for the rage quit, man. But if you don’t stop trading WMEMO outside of Wonderland during rage quit event? well, hell’s gonna let loose man hahaha. Try it! I dont mind making some quick bucks anyway hahahaha yeah let’s gooo…
But people are not selling, they’re sending their wMemo to the treasury. The price only go up until backing.
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Ok, i’m confused. During rage quit, we can “send” our WMEMO to treasury and “receive” MIM at backing price?
Alright, then if I’m rage quitting (which I am not, maybe) so I can send my 1 WMEMO to treasury and receive $40K worth MIM, right? then I take my new $40K MIM and buy WMEMO at $30K at sushi swap and “send” the newly bought WMEMO at $30K to “receive” $40K worth of MIM, and continue the process, no?
How is it different than what I said up there?
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Because in minutes the price will organically go up from those buys, so it will be a very short window of opportunity for arb.
Alright, let go for it, hopefully im minutes I can manage a few rounds of arbitrations. Let’s gooo…
Anyway I’m not in favor in keeping trading open during the RQ window, but it honestly wouldn’t matter much.