An emoji reaction is the best @MaewouOne can produce when asked/provided with other information. Not even some retrospective on previous behaviour. classical internet troll reaction imho, would love to have harmony 1 community mods ban fellers like you
Care to share the lost funds overview? Not that one can hack you having a wallet address. Would definitely create some credibility
So they need $5M to make a token usable in DeFi? That’s what they’ve come up with in 3 weeks?
Yeah censorship is amazing when trying to create a meaningful conversation. Especially if that person being censored is only shouting and not able to communicate / be understanding. Seems very childish and it is. unfortunately it is required nowadays on the internet because everyone feels entitled to share his/her/its opinions without trying to understand what the other person/party is saying.
How is it different: (i already explained above.) They won’t get the 5% of the printed inflation (those funds are (planned to be) used for LP and Dapps) and as stated… They will burn any leftover rONE etc at the end of the 3 year plan.
Reimbursement of all victims is currently not feasible (as stated in various posts here as in twitter spaces etc… ALL IT TAKES IS READING UP and asking around if you do not understand instead of bashing/being hurtful)
Seems that most of you are just mad that some people might get paid for actually restoring defi (or proposing a plan) for h1. The 5% statements (time and time again) showcase that you do not read/understand said proposal.
Again. go read up. Uneducated takes like you show here do not contribute to the conversation and progression.
Flagging and hiding posts that only ask legitimate questions is totally unacceptable considering the importance of the topic at hand: the recovery of 100,000,000 dollars…
Ok, sorry you can’t handle a dissenting opinion. Ultimately, all you can say is they need $5M to add liquidity for their token and they will burn it when it could go to reimbursing the victims. So they will destroy $5M for what? That could make thousands of victims whole. Recovery One is pointless. Nothing good has come of it and its better to shut it down and just go to the original proposal and use this $5M to reimburse people.
Sorry you’re so fragile you can’t handle that its a TERRIBLE idea, no different than the original Harmony proposal and is merely an attempt to profit off this attack. It’s completely unnecessary to have $5M in LP tokens for this. In fact, the entire thing is unnecessary and its obvious they are just trying to make a profit using the same proposal that was already resoundingly rejected. Just go back to the Harmony proposal and get on with it. Inflate it away over 3 years and add this upfront component to immediate reimbursement instead of millions to Recovery One. No third party in there trying to sandwich off 5%. It has no reason to exist let alone a $2.4M up front price tag + 5% markup in perpetuity.
Not only did the community reject inflation, but now this is inflation plus wasting/burning $5,000,000 with reckless indifference to the victim’s immediate need to be repaid. It makes no sense. That could reimburse entire asset classes of stolen funds. Instead, Recovery One will use it to their advantage, burn it and destroy it? How is that remotely a good plan? Why would you need $5M in liquidity, $2.4M up front? At the very least, print $5M and repay the victims immediately or better yet, pay that out of the treasury like the community proposed. Paying them $2.4M up front so they can have the most liquidity out of any token on the entire blockchain is just ridiculous (let alone they plan to destroy it anyways) and that entire upfront $2.4M should absolutely go to victims now, not in 3 years.
Oh I am having a great time and I don’t think it has anything to do with the fact that I might be fragile. It has more to do with the fact that it does not contribute to a productive conversation. That’s the whole reason I flag and bring it up.
About the 5% and 2.4Mil upfront requirement. It might be wise to read the proposal again. I’m probably not versed enough in English to explain it better than proposal explainer.
Look, you’re probably the only one here to have fun and you’ve flagged a ton of people which have been unflagged so ultimately you are incorrect on the community guidelines but I will maintain my posts within them.
Seems they will get $2.4M upfront as liquidity for this and then ongoing 5% of everything and this is their explanation of why they need 5% in perpetuity to siphon reimbursement off the victims compensation. Its inflation - but worse. Harmony’s plan was printer go brrrrr. Recovery One’s plan is printer go brrr but we’ll take 5% for our ecosystem partners first.
Makes no sense to me? What’s that mean to you. 5% on $100M is where the $5M would come from so their “ecosystem partners” will get that money. Recovery One is a for profit enterprise with its ecosystem partners getting that not the victims and its delaying the reimbursement and ultimately making it worse. I don’t have all day to be on the forums but I checked back in and this is going backwards.
If Harmony has to resort to printing it away, 100% of it needs to go to pay back the victims as soon as possible. That 5% to make rONE potentially even work is a huge risk and could result in the payback period to the victims going down significantly, even to 2 years. And it might include some upfront component instead of 2.4M towards the initial liquidity. It’s a massive investment in this which only serves to delay the payback period and force a massive haircut on parity.
unfortunately not here for the fun. Thanks for maintaining babak, lets keep it fresh & clean!
I do not agree with your take here. Without ecosystem partners there will be no ecosystem. The 5% of everything is again an assumption and not a fact. rONE and ONE not used will be burned, that also could be the case for that 5% fee. Again, I do not know it either, it might be clarified/fleshed out further.
Furthermore, liquidity provision is not permanent. So I strongly believe those funds utilised for rONE ecosystem creation could be retired in a tranched methodology after a 2 - 3 year period.
The Recovery One proposal is a proposal that suits most stakeholders imho. ecosystem partners profiting from this is again unfortunately an assumption.
Without an ecosystem there is no ecosystem. selling all (using current treasury) would bankrupt harmony. makes sense to not do so. The main criticism of the initial proposal made by harmony1 was that it inflated current users a lot. Therefore this renewed idea has been suggested
The new proposal gives a way forward for believers and a quick way out for those looking for a way out (where TBF, still amazing plays could be made buying up depegged tokens…)
Looking forward to hear about next steps/developments from the rONE team (including creating a transparent webpage with all factors/variables stated).
It is even worse since uncollectible loans are not even discussed in this proposal.
Without users there is no ecosystem. The fact is, the ecosystem is mostly gone. The time to save the ecosystem and lock it down as since past and now is time to take care of the users.
Its a matter of how much of the upfront payment can be. But the maximum should go directly to the wallets Harmony already identified as impacted by the hack as soon as possible. Not millions of dollars in ONE for liquidity pools and staking and grants and everything else that’s getting added into this by the Recovery One team. Harmony gave out enough failed grants. Its time to pay back the users and move on from this.
As much as possible out of the treasury has to be part of this immediately to those affected. 2-3% as in the Recovery One proposal is simply not enough. If that’s all it takes to bankrupt Harmony, there’s different problems at hand. Its going to hurt no matter what but letting it linger on and provisioning percentages for unknown partners is making it worse.
How is this any different? Now the ecosystem partners of Recovery One will get 5% of that inflation not the hacked victims. Its just inflation but 5% less to those hacked.
This team is totally out of touch or does not seem to understand that, for the very survival and growth of Harmony, impacted users should be a top priority for payment, above all other considerations.
Furthermore, asking the holders of 70 million dollars in stable coins to exchange them for the equivalent of 46 million (66% only!) of a volatile token rONE (a solution that miraculously popped out, created from scratch, with no other utility and value than those artificially/virtually created according to a completely fanciful mechanism and variables, and for which they project a hypothetical price in 3 years), is for us a huge farce.
To ignore nearly 70,000 users whose lives have been impacted by the theft of millions of their dollars is, at best, a monumental strategic error, at worst a cynical and self-serving calculation by a few individuals, which we are not willing to accept without any action.
This rOne proposal is completely unfair in the sense that implementing hoops to jump through and given a volatile and arguably a worthless token(ONE tokens) over the course of 3 years, is infuriating.
Why is it so difficult to take a chunk out of your treasury and just pay us back and let us run. Go back to basics and build your tech out with a skeleton crew. This is the reason people invested in the harmony to begin with, not the garbage that proceeded to be pumped out. Honestly the fears, of saying people will run(which is what will happen) is really indicative of the lacklustre mess that this team built. Disrespected your DAPPS, staff and community.
Pay us out, reset your platform and build your rep again and learn from the many mistakes you made. If you can’t build back, then just shut down. At least you’d have paid everyone back though.
For those who are so quick to defend Harmony’s interests, which obviously does not assume any responsibility, here are 4 examples of average impacted wallets (some of our group are bigger, others smaller for a total of 2.5M 1assets representing 31 wallets at present time but still growing) which illustrate the reality and the legitimacy of our approach aiming at recovering these funds from Harmony and its managers.
Feel free to join DM me on Twitter @MaewouOne
Hey guys,
Figured that I should chime in and say first, thank you for taking the time to be active in regards to the recovery process. I know that it has been drawn out, but in the past month that Recovery ONE has been formed, we’ve seen a lot of positive traction and are nearly ready to cast a vote to rONE holders (awaiting smart contract audits and UI). Also, since our team has stepped in and begun to address the numerous issues at play, we’ve seen the Harmony core team making headway with new strategic partners, a new bridge solution, and the elastic RPC. I understand that some members of the community still desire for the core team to handle this, and in many ways they are via constant communication with partners and R1, funding, and engineering updates in preparation for a positive vote. This is new territory for everyone and if the community can take massive action in order to restore defi to the chain I believe that we can also take further action in order to make this a space that we can trust, build upon, and succeed in.
To clarify on the 5%, this figure does not amount to $5M. It is 5% of the proposed minted tokens, which is currently about 2.4b ONE in total. In addition, this is a treasury ask in order for R1 to continue to adequately govern and build partnerships which drive utility to the rONE token and defi in Harmony. In addition we do expect to receive compensation for our work in establishing a system of governance and for creating lasting, strategic partnerships. We believe that with defi kickstarted and a clear path towards recovery, which is bootstrapped by initial treasury funds, that any payment requested by our team is justified and shall not be abusive. We will provide the community with a document to outline our payment expectations once that is clearer! Also, we should have some exciting, meaningful announcements coming soon to further establish how we are creating utility for rONE. Furthermore, the nature of R1 and the very scope of our project has evolved significantly since we started, and we are excited to be able to take charge in the restoration of Defi on chain.
Zoufou, to your questions. Yes, we have been in communication with Defi protocols and received feedback, and we are collaborating on solutions.
Well, we simply disagree on this one then 
I agree with your point of view here. I still believe the funding provided by h1 is not up to par for the ***up they have created and its certainly pushing to much on community effort. All i’m trying to say and believe is that the best way forward is trying to solve it ourselves (at least partly while it shouldnt be our responsibility). I fully understand that its hard to take a big loss on your assets, fact is that the current proposal is a way forward (not necessarily the best…)
just imagine what the big people wallets could actually achieve providing LP.
I truly believe the new proposal (although sub optimal to my liking) is a better version and a much more nuanced version of it. Yes there will still be inflation, there will also be a whole ecosystem to play around with it… thinking of fluctuation in ETH and BTC vs USD/sat pricelevels. Heck even thinking about a new pegged stable (like USDS) and ample liquidity can boost up those offset onchain prices.
So you are admitting that you had a twitter space where 18 community proposals were submitted but ultimately, your plan here is move forward with rONE redemption and conduct whatever voting in rONE token? There will be no community vote on proposals unless they convert their tokens to rONE and take on the risk of this working?
Its the core team’s responsibility. They clearly want to shirk it off to Recovery One who wants to profit off it (or its partners will) and then largely place it on ONE holders who had nothing to do with it to get inflated by 2.4B tokens with a hard fork and give Recovery One a 5% cut.
Who are the partners who will get this money? So its not all LP?
Why is it worth such a huge amount to attempt to make a utility token at the ONE holders expense and not give to the victims?
How are you going to use this money to adequately govern? Why is that more important than paying people back with it?
So what you’re saying is Recovery One is going to get paid upfront out of Harmony’s treasury instead of the hack victims? The hack victims get the inflation but Recovery One gets millions up front from the Treasury under your proposal? Definitely needs to be clarified where these funds are coming from. What is the order of operations? Harmony hard forks, mints 2.4B, gives 5% up front to Recovery One or Harmony uses its current ONE treasury on hand to pay Recovery One this 5%?
What will you do to build partnerships and who will the partnerships be with?
What will you do to build “utility” to the rONE token (sounds like a project of its own building its own utility for its own token).
Why are you asking for millions of dollars to build a utility token of your own at the expense of paying back the victims faster and at a higher parity merely with ONE directly?
Do you really think its the most efficient way to reimburse people to make a second utility token rather than using ONE?
Its simply wishful thinking. If you assume $0.66 on the dollar to rage quit, there’s TENS of millions of dollars rONE that’s going to be immediately dumped on this less than $2.4M liquidity pool (which is not even going to be $2.4m apparently with the “partnerships” and utility efforts) and you will spend millions more to “bring utility to rONE” and give an untold amount to undisclosed partners. The numbers don’t add up. With this reduction in face value, there’s still $60+ million of depegged assets so there will be a rush for the exits and no amount of liquidity or promised future utility will outweigh this.
What exactly will you do to build utility? Yield farming?
Why is that a good use of time and energy to figure out instead of reimbursing the victims with this up front amount?
Do you agree that this wild goose chase to “save defi” has delayed the reimbursement of the victims and introduces a significant amount of risk that the parity price of rONE even remotely stays at $0.66 on the dollar while you build this promised utility? Not to mention you have done nothing to save defi because AAVE is still locked and DFK (98% of the TVL) is gone. Defi is over. Throwing millions at it rather than victims is a fool’s errand. Why should you pay AAVE before victims when they let the exploit of their own platform continue for hours and also never incentivized Harmony’s deployment. It was only Harmony providing ONE to incentivize it - more inflation.
You guys keep saying you are restoring Defi to the chain with your partners. Who are they? Not DFK. How can you claim to save defi and 98% of the TVL is leaving the chain? This needs to be transparent. Who are the “Defi partners” and how much of the ongoing 5% will they receive? How are you choosing them? Why do you think this is better than using this 5% to pay back victims? When will Recovery One receive this ongoing 5% royalty on the victims of the attack? Is it paid monthly or the entire thing is proposed to be up front without going to the victims first?
What provisions have you put in place if this fails? You are proposing putting millions in the LP pool on a GAMBLE that this works at all. Guess what? Its NOWHERE near enough and immediately millions of rONE are dumped. How will you create utility to revive the price or there will be new bagholders created who now get MUCH less than $0.66 on the dollar and millions of losses inside the LP token. This is a beyond reckless proposal and it sounds like you are saying there won’t even be a vote.
If you don’t immediately sell your rONE you could get much less than that because even with the $2.4M up front payment, you are explaining that you will allocate how much of this to partnerships? Who? You will be giving them this ONE to do what? So even less will be in the liquidity pool. It will be a race to the exit on who can dump first in order to get the $0.66 and if you don’t happen to be awake right when the contract opens, you probably will wake up the next day to FAR lower parity value. The proposal is extremely flawed in that it will allow for any speculator to dilute the parity value by buying unpegged assets now at $0.10 on the dollar and get a free 5x before some victims are able to exchange theirs for $0.66.
So far you’ve said a whole lot of flowery language about saving the world but nothing of any substance on how it will work or why so much money should be thrown at it and send the victims even further to the back of the line.
At least @Pioneer is admitting that the core team is attempting to shirk responsibility with this scheme but clearly they can and should be held liable for the actions of their employee being phished. I don’t think threats of litigation are going to matter, they won’t understand their responsibility until its a court order so you really need a preliminary injunction.
They are responsible for the actions of their employees as their agents. Plain and simple. Respondeat Superior. Their employee got phished and that clearly breached a duty to protect these funds. The systems protecting the keys were maintained by them and got breached. No reasonable person would think they met any standard of care with a 2/4 multisig. Its an open and shut case. Its night and day they are responsible but they are not going to respond to anything but actual court orders.
Given you are contacting on behalf of some of the largest Plaintiffs here, you really ought to get the ball rolling before they try to jam this through or you will be stuck holding the rONE bag and hoping “wen utility?”
Do we know how much it would cost to repeg/reimburse all wallets that fit the following criteria:
I’d assume it would cover a large majority of users, which would help bring some confidence back to the team if we can focus on the majority of small wallets first
Hundreds, if not thousands, of small wallets could be repaid in full up front at the 100% parity value with the $2.5M instead of giving rONE millions in liquidity, governance, partnerships, grants, etc. to figure out utility for glorified yield farming.