DUDE! THANK YOU!!
You are on point
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The only thing that this proposal does in actually is reward the Wonderland management team given their large holdings of wMEMO and other assets. WHAT ABOUT THE INVESTMENT in other COMPANIES the Treasury was used to purchase. THAT NEEDS TO ALSO BE LIQUIDATED BACK INTO THE TREASURY.
Is it fair that Dani and company get to keep all those companies that Wonderland invested in - thatās essentially theft?
I could game the system right now - Iāll just go drop 100K USD on wMEMO today and then get rewarded at backing price - instant money, double my money!!! Everyone else that held on will get screwed because they are still in heavy loses.
The current management team wants to walk away, I get it - its a PR disaster for them. What they shouldnāt be able to do is walk away with any upside that is greater than the distribution of equity that anyone else would get. Hell, they could be buying right now, or right after the vote wMEMO and then get backing price just as I described below.
Will the scams ever stop?
Here is a suggestion. Lock the treasury, open up a class action lawsuit against the owners for wire fraud and anything else they can throw at them. Use the Treasury funds to get this done - we have hundreds of millions of dollars, think the company can afford a couple lawyers and legal fees.
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And you thought you were going to get 80,000% APY returns? Iām sorry that doesnāt suck
Five days is not very realistic for a dispersed community of strangers to come up with a proposal for trustworthy, well-governed team/entity to take over the treasury. I understand that the current Wonderland leadership wants to move on, but they are not providing the holders with any real options.
If you have given up and will wind down the treasury, I donāt think that it is fair to holders to distribute the likely mixed collection of coins that compose the treasury, including complex tokens that some people donāt know how to redeem let alone manage and do not have wallets set up to receive. I think that you need to unwind the treasury over time and return āmainstreamā tokens such as Avax or stables.
In addition, this likely is going to rewards the whale(s) that wrecked the project with their attack on the peg if you redeem to current wMemo holders. This would show the worst side of DeFI and only underline the perception that crypto is open to abuse and investors need protection because the industry does not defend the interests of small investors. This is not a matter of people making informed investments that donāt work out. This is a situation where the financial position of a project was attacked and those same individuals can now acquire parts of the treasury at huge discount. Sounds a lot like the ugly side of TradFi.
Iām not sure what snapshot to lean on or whether you have the rights to arbitrarily airdrop to people who may no longer hold wMemo. It just sits badly to think that whoever drove the price down a few days ago may now get a double benefit of acquiring some of the treasury if they have bought wMemo at a discount with some of their winnings from earlier in the week.
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Yup. I actually thought this was a safe project to put my savings in due to its basket of assets. So in a way it wasnāt putting all my eggs in one basket. The only weakness I thought was that the protocol itself might be shady, but when I saw Dani was fully doxxed I was comfortable. Did I ever think Omar Dhanani, the literal biggest exit scammer in crypto was sifu? Not in my wildest dreams. This has been a surreal experience. Especially seeing a Vice article in my feed about wonderland. Truly surreal. Wonderland is a very apt name.
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Totally agree. Dani and Sifu walk away will millions. Dani should pay out of his pocket. Again. Because this his negligence. Again.
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Ummā¦ I wasnāt liquidated.
This is not a good proposal, void of a lot of critical detail needed to make an informed decision. As it stands Iāll be voting no and looking to alternatives. The likelihood is that no liquidation of the fund now would result in a satisfactory outcome. No different to any other distressed asset that goes into insolvency. Owners / creditors will only ever get back cents on the dollar when forced to wind down in unfavourable market conditions.
Instead, if we can come together with some sound proposals that look to manage the existing fund through risk adverse investing then thereās the possibility that everyone can exit at their chosen time (not all at once) with a more favourable return. Iām happy to roll up my sleeves and help contribute towards this.
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How about keep the tresury running with a view to paying everyone back to a better backing. Like before Dani confirmed sifu or even the bsgg snapshot for āthe most loyal holdersā. Everyone doesnāt need to be paid back at the same time. It would be more work for that lazy pot smoking moron though.
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Yes 100% !!!
People are voting for dissolution impulsively, without even any understanding of what the outcome will be!
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Probably part of their plan as well.
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Do not vote for this proposal !!
The Wonderland team have much more work to do before this thing winds up if thatās whatās in store !!
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Abracadabra merger would have been great
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Bro, I knew the crash was coming I moved my assets to TIME because it seemed to be one of the safest beds due to the size of MC compared to other DAOs
a 47% swing in one hour for protocol this size is 100% manipulations. Plus why is Dani getting $20M leveraged and liquidated. How big of hit to the price action is having the founderās purse liquidated twice! in one month
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I want to take Dani boy to court tbh which there was a more concerted effort for that
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a 47% drop due to liquidations. Its the game. The price had been trickling down for weeks with the rest of the market down.
By far one of the best solution based comments out there which make logical sense. I hope someone takes note of this and seriously considers everything mentioned in this comment.
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āDue to this we think that if the proposal is voted against, and no counter proposal within 5 days is made by the community with relevant people who are willing to take over the multisig and willing to take on this challenge, we will still unwind the treasury. We donāt want anything to happen to usersā funds, and we would not feel confident to delegate the whole treasury to a non-structured replacement.ā
OK this is BS. Even if we vote against this proposal, the community has 5 days to produce a counter proposal, with people ready to step in!!, or the vote against this proposal will be nullified and the treasury dissolved !!!
Look at what is going on people !!! Protect what is rightfully yours !!! Prevent dissolution until due diligence has been performed !!!
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I really think Iām going with that rout if they donāt make it right. All Iām asking to reimburse me the difference between the liquidation price and backing price
The price was fine. It was literally recovering. It was when the moron in cheif decided to delete TIME and switch to WMEMO was the beginning of the end. No vote on that btw.
There should have been a transitionary period where both WMEMO and MEMO could be farmed for revenue share on the site. Eventually people would have worked out itās easier to just convert to WMEMO then add their MEMO manually 8 hours.
The man is a moron.