Guys, there’s a place called Uniswap that’s selling FEI at 84 cents right now. Go buy as much FEI as you can, and vote $1. It’s free money.
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I would like to know what the team thinks.
I personally am against draining the PCV.
I think an investment into any project in crypto is a risk that people take willingly and the solution to this problem should not be about pleasing the overly vocal FUDers, but doing what is right for the project.
Yes, there was issues with the launch, but that is part of the risk and draining the PCV to saitisfy the unhappy to the detriment of the project is not the solution, the FEI will eventually balance and they can sell then.
The idea of bad publicity is overrated as well, once the project works more people will be using it because its a good project and because it has good fundamentals and because its beneficial to them, nobody is going to care that it had a rough start and if you dont give into the demand of the FUDers people will respect that you made hard decisions that put project first and not caved in to a bunch of demands of these FUDers. Draining the PCV is really going to set this project back.
Lastly I personally would like to the Team take control of the decisions right now, you guys are the specialists, it is your project, you need to make hard decisions, you have the most experience. Why should the projects future be in hands of people that are not experts in this field and are not qualified to make these decisions, to me this is madness.
Yes There is a governance side to it, but lets not forget that this governance mechanism is only for the community to make some light decisions when the project is working, the purpose of governance ability is also the make this project more decentralized and give it neutrality so to give faith to other protocols who wish to use it or build on it. This is not the time to play democracy or give power to the mob of unqualified people.
Make some hard decisions and take personal control of the project and not give in to the pressure of FUDERS.
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That’s my point.
Either 1/ the proposition is inherently divisive, or 2/ the division predates the proposition and most of us can’t see passed this bi-polarization.
From my standpoint, it is the 2\ that is currently clouding a lot of discussions (not all of them).
I definitely empathize with you on the feeling following the genesis - and I am not saying it was perfect, or fair.
But to move forward, imho we need to think differently than “they got away with this, etc.” (I know it is reductive and it is not how you think as you articulate very well your thoughts - but for the sake of clarity I choose to put it like that).
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Joey has wrote on discord he hopes for $1.00
All 3 options have merit for both practical and philosophical reasons. Most important in this vote is it allows the TRIBE holders to voice where to take this
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Banteg’s proposal is almost identical to the FEI $1.00 option.
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The argument for 1 is simply that TRIBE is responsible for the peg, and if FEI was trading at .80 because of an ETH crash then TRIBE would need to inflate to restore the peg. For $.90 it is similar but also with a preference on retaining more PCV. The “no action” outcome would mean a preference towards other methods of supporting the peg beyond a direct reserve stabilization likely integrations and other demand generating mechanisms.
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Trust me. Tribe holder never vote 1$
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Thank you for the thoughtful response.
- It is, of course, hard to know who’s right. What did guide your decision to not preswap? What was your plan of action after genesis? I’m genuinely curious.
I will explain my own thinking. My imagination is limited to only three options:
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You recognized that preswap wouldn’t be the cheapest price of tribe in at least the few moments following genesis, and made a bet that you’d be able to secure a better price if you stayed alert to the market. In this case, you either already bought the tribe and the price fell significantly after you bought (on average - of course some people bought near the current price). Or you haven’t bought TRIBE yet. In this case now this proposal affords you an opportunity to sell your FEI at a dollar and buy TRIBE after its price likely falls from the nearly immediate draining of PCV.
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You thought you could get an airdrop and dump it. I’ve addressed this scenario repeatedly elsewhere. TLDR, I have no problem with people trying their hand at this bet. I have a problem with people asking to be bailed out when it doesn’t work out for them.
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You didn’t understand what you were investing in. You thought genesis was the best moment to buy FEI for a stable coin user. You’re very disapointed to find out that, in fact, genesis was the riskiest moment to buy FEI. In this case, even though it’s the most ignorant decision, I’m most sympathetic to the idea of a bail out. But I have a hard time believing that this represents a large portion of the pool. It’s hard to tell what’s what. But that’s just my intuition. And I think, from what you just said about your calculations throughout genesis, that this doesn’t represent you in particular.
- I acknowledge my arguments are emotional. And I’ve intentionally let these emotions out over the past few days to balance the avalanche of emotions coming from the people that would most disagree with me. Perhaps in a forum designed differently, our discussions could be more carefully thought out. For I do agree with you that emotional thinking rarely leads to the right business calls. However, I’m afraid that everything that’s been happening at the moment has been overwhelmingly emotional. And part of what I try to explain in my first post on this thread is that we should all do our part to tease out those emotions before the vote. This is likely impossible. But I’m optimistic that just a little effort to this end might nudge us in the right direction, whatever that is.
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ok Joe, I will vote option 3 no change, it seems like the peg is already starting to move in the right direction. Once again Joe, my opinion is you guys should take control of the project but regardless thanks for the post.
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A lot of people seem to be framing their decision making and thoughts based on the fairness of who bought what when and how they’re going to be compensated for it.
I take a different perspective. As a Tribe token holder, I’m basing my decision on what is best for the long term sustainability of the protocol. If peg stabilization is able to be achieved and maintained, the protocol will naturally grow to be multiples of its current size. Let it grow into its PCV as Fei demand picks up once integrations get going. If someone aped in and profits a quick 20-30%, big deal. I think the value of the protocol is potentially multiples of what it is today.
For those reasons, I’m voting to redeem at $1 to get the peg stabilized as quickly as possible.
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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
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I completely agree. Whatever happens, I’m optimistic we can move forward. After all, in the worst case scenario, what “they’ll get away with” is a relatively small profit in the context of defi. I can tell you right now that if we do choose to release sell pressure, I won’t make a peep about it in the future. What’s done is done and the best way is to move forward. I’m only so loud at the moment because I think it can make some difference to express our opinions honestly before the vote.
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I guess you dont have any tribe to vote lol
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I only agree with this proposal if the redemption is ONLY available to genesis participants
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disagree with full $1. FEI users also got a TRIBE airdrop. together, that makes FEI genesis holders mostly whole.
In contrast, tribe holders are still pretty screwed having been exchanged at 3.x FEI per TRIBE.
$1 redemption is unfair to TRIBE holders.
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Ok hear me out.
We give FEI holders option to redeem their FEI for $0.9 if they wanna keep say 20% of their free TRIBE airdrop, but if they want to redeem it for $1, they lose their free airdrop and that TRIBE is then proportionately airdropped to the current TRIBE holders.
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I would agree with you if that actually created a peg at $1, but history (and real world examples in forex) suggests that the $1 peg only holds while FEI is being paid out of the PCV. After thats done, the peg will fall back to 80 cents or wherever it was before.
Its a confidence issue and just paying out FEI holders at $1 won’t solve it. The protocol needs to be rethought for the peg to hold. That is a longer term process.
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I didn’t think about the TRIBE airdrop for FEI genesis holders. I agree with you then about $0.90.
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If the TRIBE is in their wallet, it wouldn’t be possible to force it back, would it? Without some more complicated smart contract. $0.90 would keep it straight forward. Not opposed to your concept, just concerned about making it work correctly without any additional problems.