I think there must be some genesis FEI holders who already sold their Tribes… Which means your price equilibrium would work for them… and push Tribe prices higher points.
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Hi Bruno,
Allowing everyone for redemptions wouldn’t be bad for Genesis participants who genuinely want to leave. It would be bad for participants who’d like to stay. People would buy FEI from the open market just to redeem it for 1$. That isn’t arbitrage, that’s speculation. And with DI and Burn both turned off, that will be at the expense of TRIBE holders as it opens up to a much much larger redemption then it would actually be if we only allowed Genesis participants.
I do agree with the proposal as it’s technically simpler to achieve and more practical, but for it to be in the same spirit it has to be restricted to Genesis participants only. Because if it isn’t, I think this will become a kind of a pump and dump with respect to FEI and TRIBE both. Two tweaks I would personally want in that proposal is that keep it restricted to Genesis participants, and secondly, burn all the TRIBE that is redeemed to prevent a pump and dump situation.
I agree with your points with the exception of captured TRIBE via the redemption. The TRIBE tokens can be used for other uses (eg LP rewards, integration projects, community-based incentives, etc). But I suggest that this pool of TRIBE would be timelocked and/or drip-fed slowly back into the ecosystem to prevent a pump and dump.
Yeah there are several things we could do with the captured tribe post redemption. The point being, we shouldn’t immediately release it. There could be other ways of holding it apart from burning.
What happened in Genesis no preswap:
Alice gave X ether and received Y FEI and Z TRIBE as airdrop.
Undo is:
Alice gives Y FEI and Z TRIBE and receives back X ether.
Is this what is being suggested? If not, I wouldn’t call it an undo…
I support the proposal,Team core should quickly adopted and take action.
Source: Crunching some numbers from the Genesis
From this numbers, the great majority already sold their TRIBEs and would need to buy at mkt.
Yes Siddharth, I agree with this point, allowing only for Genesis participants we can have less redemptions.
But If I understand well the other proposal, the idea is to return ETH and not the peg $1. As ETH had a price increase, everyone would want to redeem and it would drain the PCV. Do not seem good to the ones wanting to stay for the long term.
I don’t know how I could overlook that detail. If the other proposal is about redeeming ETH and not the $1 peg then that would be completely against the long term interests for sure.
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Hello Redyori,
This proposal could mean the end of PCV.
As ETH is USD 2.340, I see an incentive to everyone redeem and PCV goes down to 0. I also think the premise for those who bought FEI was to be exposed to a stablecoin and not ETH volatility, so I think is more fair to return $ 1 and require the bonus TRIBE from Genesis participants.
In the case ETH decreased in price, nobody would ask for their ETH but would ask to receive $1. And I think they would be right, because they bought a stablecoin with peg $1.
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Best idea around. This was risky project. Costs related to risk have to be beared by those who want to exit too
Hi Bruno,
I think I understand the point. My main argument was that undo implies something like a refund. This is not an undo, it would be if the investors provided usdt. I find the name of the proposal very misleading. With all the chaos in the project overall, the language barrier etc. lack of clarity is the last thing that is needed. I would like to ask for a rename in order to stay as you say fair.
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.
Very few comprehend the long term effects of what is happening right now. And btw they are leaving the project one by one, ironically they are the people that can actually fix your protocol (I hope you are not relying on the tech expertise of the team for the protocol, sorry team but that is what you have shown until now)… I can guarantee that out of the 11 people that decided the FIP1 vote, none care even whether the peg is respected, they all want to maximize the value of their TRIBE. Short or long term, we can only guess and hope.
What I see here is a group of investors very consciously trying to punish other group of people for investing in the very same project (and most of the people on both sides have no real voting power 
). Do they deserve to be punished, I am not here to make a call on that and I think no one should as it has nothing to do with the future wellbeing of the protocol.
If you remove the wish to punish your investors (the TRIBE airdrop burn or whatever it is planned to happen with it), this proposal becomes FIP-1 but only for genesis participants: reimburse the FEI bought at genesis at 1 USD. They purchased a stable coin and they are given a chance to be reimbursed as if it was…
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I would still ask for ETH even if ETH is 1500. But that’s not the point. $1 or ETH, I will still take (the only thing I don’t want right now are my Fei and Tribe) please take any action promptly.
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In the case ETH decreased in price, everyone would be worse off and this why we should stop looking in each other’s plate and act quickly.
Anything that was promised by the whitepaper has been thrown out of the window, fei was supposed to be a stablecoin and tribe holders were supposed to gain from the upside of the project but bear the downside. It is clear that none of this is true anymore and this why doing a real undo in the sense of “you give what the protocol gave you, you get what the protocol took you” is the least bad solution.
There will be still a lot of ETH in the PCV and the supply of tribe will shrink considerably if the redeemed tribe is burned. People who actually believe in the project will have a real chance to move forward from there as if people who redeemed where never there in the first place + they get a bonus from people who gave up and exited already.
How is it unfair since people who are left in are actually better off than if they were the only one participating in the project in the first place?
The only line of thinking were you would vote against this is if you think that you trapped fei holders and you want to get maximum upside from this situation. I suspect that it is the position a few tribe holder holds and this is why we need the team to take their responsibility.
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I think we should include non genesis participants because the coins has already listed. any trade happens help FEI/TRIBE in some way. It created trade volume, we cannot say only genesis participants were helping FEI/TRIBE, people who trade FEI/TRIBE after genesis are not. It cannot create a pump and dump, because people buy FEI and TRIBE will be redeeming with the exact ratio and not dumping. If they are buying to redeem, that is fine, because it helps to push the price up. also excluding Genesis participants complicate the redeem process.
Tks for sharing your perspective, Redyori. Why do you think returning TRIBE bonus would be a punishment for FEI Investors? They would only return what they received in Genesis, nothing more.
Hello Brisket,
In my opinion, this Undo Button Proposal is fair, because FEI investors can go out with zero loss. They bought a stablecoin and they are receiving a stablecoin.