Rename the blockchain, create a burning mechanism, reimburse the people 100%
Blockchains always moon when they are renamed!!!
wow âbrilliantâ, if the validators were not on board, it is âtheirâ fault for not compensating people who made losses in their bridged assets.
3 Likes
Please have the members speak up on their own, not through a messenger. At this point, I have no idea why none of the core team members dare to speak up against the duo.
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@lij @stse I appreciate the care, thought, and planning that went into making this proposal⌠so it grieves me to say this but the proposal is extremely disappointing, very insulting, arrogant, cowardly, tone deaf, and entitled. Minting and distributing over 3 years? This is what everyone has been waiting for? Seriously, no buy in or responsibility taken from the foundation treasury? Proposal is posted by a generic faceless account made 10 hours ago? Where are all of the other options presented by your team that you rejected? Why were they rejected, and why canât the community vote on those options also? If validators choose to not accept these options, âwe will resort to no reimbursementâ ⌠thatâs how you choose to end a proposal to the Harmony community, the so-called âcritical componentâ to Harmonyâs success?
12 Likes
How about you borrow the 100m to rebuy all the assets and use the planned ONE printing to repay the loan over the 3 years
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They wonât give up a dollar of their own money because they know the project is a failure and they will never get it back.
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This is an absolutely terrible idea. Please under no circumstances mint more tokens. This will destroy the project!
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Hey, Iâm gonna suggest something completely out there but itâs practical and it might work:
Project Teams: run a mint in depegged stables, burn the proceeds.
Not nearly as crazy as a couple people holding an entire blockchain hostageâŚ
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How does the snapshot vote work? Is it only for validators? I think the community should be able to vote and we will need time to un-delegate as well
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As a Harmony $ONE investor without holding any de-pegged assets, either I vote for 100% or 50% reimbursement or donât vote at all, I am the loser. I feel sorry for myself. Thank you so much, Harmony Team.
1 Like
Yes, this is similar to what I suggested.
New and existing projects could allow people to purchase or product with depegged stables.
In lieu of grants the project would be able to redeem a set amount of depegged stables with the harmony foundation.
No reimbursments.
Fix the problem.
Your solution is a hand out to the affected users at the expense of all other users, and in the end it does not solve any problem. Assets are still unbacked and defi is still broken.
There is one way forward if you want this chain to have a future . Bridged assets must regain their backing.
4 Likes
So the projects would be eating the loss?
The core team Harmony members have been held hostage by itâs project leaders. Their level of unprofessionalism, centralized, opaque decision making has wrecked the chain & is continuously hurting the chain. The total disconnect in communication & disinterest to engage with project stakeholders is appalling.
Over the years, many co-founders of this project have left until recently & one former employee is suing the project for wrongful termination since 2020. They have ruined the community Treasury worth almost billion dollars through disastrous investments, impractical working mandates & un-focused business & developer growth thesis.
It has also come to my knowledge that atleast one of their recent VC meetings failed miserably due to lack of proper preparedness. This proposal cannot be allowed to get shoved down the communityâs throat
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Because there is a lack of appropriate quadratic voting process.
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Does not let the community understand if other core team stakeholders are in favor of this objective too. A chain that was projecting future goals of community ownership cannot reach such lofty goals if project leaders are unwilling to participate in community discussions via video conference/in-person.
8 Likes
Wow Harmony team, you have reached a new low⌠Do you seriously think your investors are that stupid to not see through this thinly-veiled attempt to escape responsibility? What youâre doing is effectively a Ponzi scheme, but in reverse. By minting more tokens without increasing the funds theyâre backed by, youâre effectively stealing money from assets that werenât affected by the bridge to try to partially compensate those who were. Youâre not fixing the problem, youâre simply robbing Peter to pay Paul.
Or, another analogy, what Stephen Tse (Iâm guessing heâs the mastermind behind this) is suggesting here, is rather than cleaning up dog shit that happens to be in the middle of the floor, Harmony team will just spread it around the floor so the particular spot doesnât stand out.
9 Likes
They donât care at all as long as the ones at fault, Stephen and Li donât lose anything personally you can take the fall and itâs all good.
They basically turned a hack into a rug.
Wow⌠this is a big FU to the Harmony community and its investors. How shortsighted and stupid @stse be? @stse thinks increasing token supply and fcking the investors are good things.
@stse go re-learn the basics of supply and demand. I think you failed that part in school.
Itâs time to hard fork Stephen out of Harmony otherwise heâs going run this sh*t to the ground.
3 Likes
With huge inflation, no accountability and loss of credibility, Harmony ONE will die anyways.
Use the treasury to repeg.
Start a new blockchain, ONE is 1:1 redeemable in the new blockchain.
Let community decide if you deserve a second chance.
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Canât agreed more with your statement! Their stupidity fcked up with 2/4 multi sig and now theyâre fcking the investors over.
@stse is not built for executive role. He has no business acumen. Need to just put his head down and program and let someone with more business experience run the foundation!
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But, it wouldnât benefit them at all. They both probably have tons of ONE tokens and will lose a lot in $$ by devaluing the token.