Emergency fund - goodwill - blackswan event - refine proposal

Proposal Discussion
#1

I would like to keep the conversation going, and think we can refine the proposals that were taken up for a vote.

If Balanced rebalancing mechanism spinning out of control isn’t an emergency I am very curious about what is? Also there where emegency measures taken to stop the spiral from going down futher. Also I am curious what the emergency fund should be used for if not for blackswan events like this.

It has come to a 50/50 decision of the proposals. People that don’t want other iconists to be compensated and people that want to have everybody compensated. liquidated and non-liquidated Balanced users. Also I am taking in consideration that a lot of people had to sell all there BALN to pay of loans and coudn’t vote for any of the proposals.

Many balanced users had to sell at a loss to keep them from being liquidated, and think they should be compensated as well as for the liquidated people. I saw great conversations going on and good ideas. So please keep the ideas coming so we can make a proposal that everybody can agree on.

7 Likes
Liquidation event (refund)
Direction Forward, User Growth, New Assets
#2

They said the majority voted for proposal would be voted on.

The majority per person per percent is 1/4 refund and 100k baln distributed.

That now needs to be voted!

2 Likes
#3

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#4

In this second vote a simple majority of votes should do.

5 Likes
#5

Was really disappointed more people didn’t vote to do the right think and account for such a black swan event. I unfortunately wasn’t surprised though. The majority of users liquidated or effected most by the rebalancing likely had to sell off their BALN. I wasn’t liquidated but had no choice but to sell off all my BALN (as well as almost every other crypto asset I had). This essentially means that the majority of those holding BALN were likely less effected. No BALN, no say…it’s a crappy situation as the majority effected won’t have BALN

Unfortunately greed is often human nature and I don’t think we’ll be able to convince BALN holders to rethink their decision. Not good for the platform

5 Likes
#6

Regardless of the sour people in the community:

The vote of no refund was 52.23% of 543 voters …

The vote of 1/4 refund was 50.67% of 672 voters …

50.67% of 672 voters is greater amount than 52.23% of 543 voters!

1/4 refund was the leading vote in which the networked asked us to vote for!

4 Likes
#7

Don’t manipulate the numbers. Number of voters doesn’t mean the same amount of votes. More Baln more voting power

#8

over 60% voted so i think the 1/4 will be put up for second vote i dont see why not

1 Like
#9

the vote is stupid most people sold off there baln to pay there loan and then got liquidated then they expect us 2 vote plus buy more baln to vote and boost there platform/coin absolute joke i hope the balance team understand a refund should be made asap and all these negative people who are out for them selves to vote and do the right thing on the next vote

1 Like
#10

How’s that manipulation. It’s maths

1 Like
#11

This is true actually. @benny_options should we be expecting the vote to come through in the next few days?

1 Like
#12

They put so many proposals up to confuse the situation benny needs to pull his finger out seriously there are alot of unhappy users he needs get this second vote up asap thier rebalancing spiraled out of control i keep seeing this is what it was intended to do what rob people for tyere excess colleteral they need to refund us asap they put us thru this vote procedure for what to waste our time carry on acting like they can do nothing and my story and this scam will be all over cointelegraph and a few others mark my words then will see how there platform grows to scam others watch very soon if this is not seen to !!!

#13

You keep calling it a scam. Nobody made you take a loan. Nobody made you spend that loan. You took on too much risk with not enough liquid funds and you lost. Nobody to blame but yourself

3 Likes
#14

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He replied this on twitter when someone asked what happens no ‘no refund’ won the vote. So I assume their tweet wasn’t worded correctly!

#15

Mate ive already explained many times my loan was 150k they took 210k excess collateral if not sorted then il take actions sotheyre no refund won

#16

I tend to agree that returning the penalty isn’t really too hard work!

I accept that peoples repayment goes for sure!

1 Like
#17

So you spent your $150k Lon and didn’t have any funds available to pay it back. How is that anybody else’s fault

#18

I think he did have funds to pay it back but added ICX to collateral which in turn caused more loans with rebalancing rather than paying off the Bnusd loan

1 Like
#19

I respect your opinion bro I just think it’s not as black and white as you’re portraying it. There’s many factors in this event

1 Like
#20

When reverse balancing happened you got more icx in return. Should have sold it right away when that happened