Grace under pressure is a magnificent sign of good character.
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kudos to the mods especially on Discord for staying level-headed.
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Thanks arcology,
That means a lot 
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Bruno,
This solution does not guarantee anything.
I hold all TRIBE, so how does it benefit me,
When this project failed and I my TRIBE got devalued I was willing to wait, my intention was to hold and not dump after Genesis is over, even after this project came to a bad I still have some faith and hope for the best and willing to wait, but now this new proposal is 0 benefit to me and it is burning through the treasury.
So I have so faith in this project and hope for the best, but the idea that in order to get some staking benefit i have to now buy same amount of FEI is crazy…
So I have to put more faith into project and lock up more of my money into something that is already not working and is already devalued is might not work when I am better of investing into something else where i certainly get a better return.
All we got is promises and it does not benefit alot of people that only hold TRIBE.
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I see your point. You could swap TRIBE for FEI if you want to stake and earn the rewards. It may be a better strategy than just holding TRIBE.
But even if you prefer to just hold TRIBE, you can benefit from a high buying pressure from FEI and TRIBE from investors looking to earn rewards. This will also save some PCV as the FEI will have less sell pressure. This will improve the valuation ratio of TRIBE.
But why you guys so short term minded?
- Sell pressure release => FEI closer to peg
- More stake reward => TRIBE demand
- 1 & 2 => TRIBE price up
You don’t have to swap for FEI NOW. You can WAIT till above 3 happen, then you can buy more FEI (which is capped at $1) with your will-be-more-valuable TRIBE.
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Bruno,
I am not going to sell TRIBE for FEI, it makes no sense to sell it for 1.28 when at Genesis we got it for 3.15 or something around that. I am just going to HODL, I do hope it appreciates in value.
This proposal is bad for people that swap TRIBE 100%.
This is what they are doing so crying is not helpful and wont change much, I am just expressing my displeasure with this proposal.
Thanks for understanding.
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I understand your view. I think this proposal can help us to move forward and help to appreciate Tribe value also.
Agree. Waited almost 7 days for one-way solution. Team said worked for this.
If we vote no, we lose our time and opportunity again?
And this hurt pre-swappers.
What happened to undo button? It seem oks for everyone.
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Hey Nano
It seems implementing the Undo button would require more dev time, right now, moving forward with the protocol to focus on integrations is important. Building uses, and creating value for both Fei and Tribe are important in the long run.
And if all the FEI holders and arbitragers deplete the PCV that was largely put up by pre-swappers then there will be no possibility for an undo button ever in the future. Hands down without a doubt the pre-swappers paid the highest price ever paid for the lowest amount of tokens while the FEI holders got 10% for free and diluted pre-swappers. This proposal all allows non pre-swap genesis participants out WITH A PROFIT while pre-swappers are screwed. Don’t talk about caring about the protocol because screwing the voters in the system doesn’t value the protocol.
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Unfortunately, the team chose to ignore those who participated in preswap.
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Hey zmzm,
I dont believe that the team “ignored” pre swappers. In fact I think this proposal builds value for the project as a whole long term, by allowing things to move forward. Creating emphasis on governance, and the power of TRIBE to use the PCV as a potential investment fund to build MORE value, thus driving the price of TRIBE long term.
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I and other tribe investors have throughly researched into this project . We relied on false fraudulent disclosures that led us into this predicament. I have faith that the team will do what is right and return the eth to the genesis tribe investors.
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I do not feel confident to vote for this proposition for now.
How and when will real mechanisms be put in place? Are we talking weeks? I can see whales already buying up FEI with the promise of selling as soon as possible because FEI isn’t providing them any other opportunity than quick profit in the short term…
Why not wait for the new audits and more things to be ready to activate this kind of redemption mechanism simultaneously with “real” mechanisms that aim at maintaining peg? In that case FEI would have less sell pressure and we won’t see FEI going back to 0.8$ with all redemption reserve gone.
Also, why sacrifice so much of the governance treasury? This is very short term and we might regret this very soon. Especially since what is called tribe staking in the title is in fact just for rewarding LPs who may not always be tribe holders or believers and simply opportunists (until another opportunity looks more promising and they disappear). I understand we need to reward tribe holders more since they have lost a lot as of now, but this easy solution (doing what we are doing now, but double) does not convince me at all mid and long term. We really might regret this.
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Hey Jason,
If you reference the Genesis FAQ in the discord, you will see that the Genesis was changed to uncapped.
Q: Is there a cap for amount of ETH committed?
A: No, there are no individual or collective caps
Do you mean to stake in RARI knowing that TRIBE APY is around 1%? Is that an alternative?
Yes, I was simply saying that in addition to this being something the team could potentially consider, you can do something with your TRIBE to generate some income, also as @sf.mjones said above.
“You can go to Rari (Pool 8) and supply part of your TRIBE as collateral. Once you have this deposited, you can take out a loan in FEI against your TRIBE (up to 40% of your deposited TRIBE or something). Note that the staking / contract fees are high”
Bro YOU are the one that pre swapped at an unknown price. Nobody forced you to pre swap, you took the blind risk of buying a coin without seeing a price tag. Yet you’re mad at someone else? Sorry you lost your $50 I think you’ll be ok and hopefully you learned a lesson
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I agree - this is how I feel as well. The team should at least allow pure TRIBE staking. I still have PTSD from the genesis and to ask me to buy FEI after all this, my heart just can’t take it, my vision gets a tinge of blue just thinking about it. Please team, help.
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