This is the way. Harmony team needs to be sued
8 Likes
Hi team, about the âUncollectible Loansâ part, we have the same problem, can you add our users to the list as well?
Youâve done this completely backwards. In order to afford repayment, you need to first reestablish a stable ecosystem e.g. repeg or alternative so projects have a reason to build here, people have a reason to make long-term investments, etc.
This purely inflationary solution does the oppositeâcreating a financial incentive to sell all ONE now and build elsewhereâwhile also punting on the repeg.
Please please please hire experienced management and communications professionals to handle this cleanup. Please. Seriously, please. Weâre begging at this point. Please.
Please.
22 Likes
inb4 zachXBT teaches us about what happened with the Harmony Blockchain
8 Likes
I understand the situation of the bridge being hacked is bad, that said I think this solution has significant problems. The additional mint will dilute the token further, and now instead of just people holding bridged assets, everyone with ONE assets will take a hit. For some this going to be getting slammed double.
Is there not a more creative solution? Someone mentioned upping gas fees a little and reserving those tokens as a means to buyback depegged assets, but what about something further? Iâm guessing the math wonât work out on that to buyback depegged assets at any rate that will actually make an impact, but it could be part of a multifaceted solution.
There is currently an issue with developers leaving the chain. The harmony grants system has been somewhat chaotic. The bridge has been hacked and the assets drained, what if there were a way that these could all be solved at once?
Offer grants to any new or existing harmony project (that is community/dao/team/whatever approved). If they allow users to buy assets on their project with existing depegged assets, harmony will buy the depegged assets from the project up to X amount. This would allow the community to use depegged assets for something of potential value. It would incentivize development. It would also be a more organized system for projects to receive grant funds. At the end of the day, the funds would still come from harmony coreâs coffers, but theyâd be getting projects in return.
Turning the depegged assets into essentially a âreceiptâ that can be claimed for grant funds for approved projects. Obviously there would need to be additional measures taken to prevent exploitation. This would give the depegged assets a value, which is the best, and possibly only way, to mitigate this situation.
This doesnât necessarily need to be exclusive, it could be done along side a partial mint or something. But it has the potential to add value to the chain, reward the people who do so, and alleviate the loss for those impacted by the bridge hack. Just minting to reimburse seems like an inevitable downward spiral.
@EddNorris I know youâre an active dev on chain (sorry I donât recognize many of the other names), thoughts?
9 Likes
Just read all the comments, you will see the future of ONE.
If you guys really want to make ONE successful again, just start a fundraising or reimburse the 100M over a periods of 5 years without harming other investors or Hard Fork or the worst thing adding more tokens, which will kill this project right away.
My opinion: Reimburse the ammount in the course of 5 years from the treasury or aby fundraising or once the token price is high.
Best option is to buy your own coin at this price and distribute it once it is at ATH 
.
9 Likes
Since Stephen has no bullet left I suggest the
Option #3: Stephen sells this startup to some VCs but he is not allowed to keep that money. He has to send it back to the treasury and let the VC sharks manage this chain.
9 Likes
Firstly we are not updated about what truly happened ?
We are forced into choosing 1 out of 2 option that has been presented ?
Where is the community voice ? We are not slave to fund your aspirations
8 Likes
Yeah, itâs frankly insulting, but look at what happens when you expect the centralized organization responsible for keeping chain operations moving along to come up with the plan for us?
To an extent, this is the response we deserve. This is the team that chose to steer the ship.
4 Likes
Hello Stephen and team, BAD PROPOSAL
This proposal doesnât help the chain rather harming brutally. You are hurting investors who bought in after the hack. This is not at all a good plan.
Try talking to peers in the industry. You are imposing your ideas on investors.
4 Likes
I think the proposal will work, If they can repeg and save the chain, even over a 3 year time period, One should have a circulating supply of about 20B.
That means $20B Would have to flow into one for it to hit 1 dollar, which is a 50x (5000%) gain from here.
Everything checks out, Next need some new burning functions thrown in and the proposal is much better.
2 Likes
What a slap in the face.
No need to even bother voting on this one.
We waited over a month for anything and itâs this?
Thanks for not taking responsibility, couldnât even have a team member put their name on this, eh?
13 Likes
Howâs LUNA2 doing right now?
4 Likes
Thanks for reading my mind and spoke it out.
2 Likes
I would have even preferred to read you were looking for a way to work together with a defi project (E.G. @UniteFinance) to achieve repeg of all stolen funds with the help of the communityâŚ
Iâm pretty sad to see weâre only given 2 options that only impact everyone that has put faith in Harmony.
8 Likes
Give the community the chance to pay as much back as we can! Weâre already 90% down. This feels like youâre asking for 5% of the 10% we have left so Harmony can save its own money? And also asking us to trust the teams judgement going forward with no solid plan or guarantee that any money we choose to keep here will even be safe.
2 Likes
Why not do this instead:
- Get a VC to lend you the $100M and use this money to buy back the bridge assets.
- The VC can get the 5B One which slowly unlocks over 3 years (or more if necessary).
- Restore the bridge using the newly purchased bridge assets and hardfork from the day before the hack.
This proposal at least saves DeFi on Harmony, which seems more important at this point.
If you donât re-peg these assets, it seems quite unrealistic that Harmony is going to survive.
7 Likes
Would you rather have a VC control 5bn of the supply, or it distributed across the affected community? With one entity holding 30% of the supply⌠bye bye decentralization.
Also, thereâs probably no VC that would take this ultra high risk deal, so weâd have to offer them way more than that.
Complete slap in the face. Horrible proposal and ONE leadership showing how out of touch with reality they are once again.
5 Likes