Thanks for the transparent update @joey.
This has been a rocky start, but I trust you and the rest of the team are holding the community’s best long term interests at heart. Keep pushing and I’m sure we can get FEI back to $1 while preserving as much of the PCV as possible.
you are wrong… if you dont believe this project… sell all and get out please thanks
Well written post ! I commend you for that. We all want this. Even the TRIBE holders want this immediate fix ! But can you give us a guarantee that the peg will hold ?
@rock-the-blocks I agree - we just needs longterm stability vs short term. I’ve lost a ton; however, I still think that a functioning protocol vs a quick fix will serve all stakeholders better. “If you’re going through hell, keep going” - Churchill
Turn on the reweight, no more proposal and votes needed.
the 1st supporters all in prison.
without confidence, FEI project is no value.
You want prison 1st supports ?
Then no/few supports.
I also disagree that FEI holder could redeem at $0.9 or even $1.0 as they have also benefited from the free TRIBE airdrop, what’s the point why we have to guarantee that they leave without loss or even with a profit?
Unless there are compensation for TRIBE holders in parallel, such proposal is just to let TRIBE holders bear all the loss. This is not fair to TRIBE holders and no one is going to vote for a plan that make yourself suffer a further loss
Why not return ETH back to the TRIBE pre-swap investors?
Because FEI is a stablecoin, and TRIBE is a risky investment like a stock. More risk and more reward/loss. Tribe is the ONLY one that should be speculative. FEI is meant to be $1.
I am incredibly disappointed at the team decision. I sold my FEI and TRIBE and won’t be contributing much to the discussion anymore. I sold them not because I think they won’t go up in price, but it’s because I think this project’s value is in fundamental at conflict with my personal value.
I got in DeFi because I want to make the world a better place than what it is now. Also I think it will make me a lot of money. Those two things don’t have to be either or, I want both.
I realize that every one of my action now will help build the future. and this is not the future I want to help build.
long term thinking is important
Thank you for your transparency.
That’s right, the total amount of pcv determines the price of Tribe.
1, I suggest involve all the IDO holders
2, redeem it will according the ETH number ignore the eth price
3, no exit to FEI alone
After reading the white paper and official reports I made a decision to invest in Tribe. As seen below the report states that the ETH contributions to the PCV will be capped, but this is not something that the FEI team did and they collected more ETH than what was required. I would have never invested in Tribe knowing that they would not meet this commitment. The Fei protocol project is accountable for disclosing false information and misleading investors who invested in good faith. Now it is us Tribe holders that bootstrapped their project who are now suffering from significant losses due to their false disclosure of information.
@joey Mayby you read this already. I copied this from @redyori and think it right…
"I think that finding a fair solution is an ill-posed problem. The voting power is with the TRIBE holders, they can’t make an objective call of what is fair and it is foolish to expect them to do so. The only people that can/must remain impartial are the team members. Their actions until now have been to stick with the community vote (which was basically 11people really making the call). So while they thought they were supporting the community, in fact, they were just enforcing this massive centralization that we ironically have in the DAO I hope this won’t stay the same and they will take a stand sooner or later. But I diverge…
The argument for a refund (true undo) is simple, investors purchased a stable coin, what they got was not a stable coin. They should get their investment back with opportunity cost. This is obviously never going to get voted by TRIBE holders, because it’s not about what’s fair, it is about what’s best for them. Not for the protocol, for them."
Reweight is basic mechanism, why stopped for so many days? where is manual reweight or force reweight?
Also I don’t understand that the team was supporting option1 at first but vote option3 at last, which makes no one satisfied and much more delay and hopeless. You can never make everyone satisfied but you are now making everyone unsatisfied…
In fact, everytime it reweights pcv get profit because only a few sell at $1 but many sell at $0.9 or even under that, this part of “earning” can be profit for tribe holders.
After all the reweight must be reinstated ASAP then everything can get to the right path. tribe is worth nothing without FEI going back to peg.