Shocks me to see how selfish many of the voters are, making fun of the liquidated borrowers on social media. And these are the people that should decide. The hidden penalty fee was a straight up mistake by Balanced that should be refunded needless of a vote. Very frustrating if this money will be used on other things.
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I think it’s so unfair what happened and I will not stop to fight this.
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I don’t think it helps that some of the proposals have been greedy from both sides - those liquidated or those not.
The best one in my opinion was the one that would return 1/4 of the liquidated amount and distribute 100k BALN to borrowers.
Even the 1/4 alone would have been fine as that would at least negate the emergency funds gains and help ease the pain on liquidated users(but not reward them) but the BALN distribution does help with us that had to sell off other assets to avoid liquidation. I even pulled my LP in order to sell off bnUSD and add more collateral thus missing out on rewards.
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All of us in this forum have studied the issue very well and understand what went on. The average BALN staker seems to not have a clue. Everyone with a decent IQ understands that some kind of a refund has to be made. The emergency fund has our money.
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We could be done with this now, easily returning a portion of the fee as a compensation for all the error. Instead we have to go through a shitstorm in the weeks ahead instead of building. Sad.
It is difficult to draw a line at where the personal responsibility ends and the unsuitable mechanisms start. However you feel about it, wherever you stand on who deserves to get what refunded, we all are suffering since word is getting out and the price of BALN is falling and there is still no solid resolve on how to stop it happening again which I assume means people are not borrowing? I certainly wont borrow again as I cant always be available to ensure I have time to payoff in the case of a market crash.
I say give as much money back to as many affected people as possible without Balanced losing out but only do it when there is a fix for the issue.
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Why cant there be a fail safe where you can set a maximum loan level and when rebalancing reaches that it simple sells off your colateral and pays the debt in full. It could be an optional feature swithched on or off and either a one off charge every time its triggered or you could charge a daily amount whilst its switched on? This would allow people who cant watch the markets all day feel secure and others to manage their loans as they like?
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I think if nothing passes then Balnced Network should step in and do what is advised by the admin …
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Je suis sous le choque je pensais que la communauté était soudé c’est à vomir
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Would be a nice feature for balanced but it does sounds like something Optimus.finance would do. Over complicating balanced might not be ideal.
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Has the problem with scale and the number of transactions at once the blockchain is capable of processing been thought into the reasoning of reverted transactions or reason for the rebalance to act like it may seem faulty slow or not working but in reality working as intended… I was under the impression its the users responsibility to manage postion and risk which would include the number of cabable transactions. “The ICON loop blockchain can do 3000 transactions per second (TPS) per channel/layer with additional layers/channels added later. This means the ICON loop blockchain can scale to 9,000 TPS or more if the demand is required. This eclipses most blockchains on the market today.”
As it’s not a proposal of changing any structures in Balanced I think a majority of votes would do in this case as opposed to earlier votes that were about changing the mechanics. If “yes” is above 50% it should be enacted in this case in my opinion.
I understand the need of 66.66% in other cases because they can be important changes of the protocol. However, this vote is different.
Imo it would be simplifying balanced.
I get a bit confused as to who balanced is targeted at. It seems there are a core of dev background users who feel it should be only for people with extensive knowledge of the industry. But on the other hand the UI which imo sets balanced apart from the others is very much aimed at making it simplistic for people who don’t have that extensive knowledge to get involved.
Correct me if I’m wrong but surely the aim is for high volume of users to make the platform as profitable as possible so why would you cut out the majority of potential users by not offering a feature like this. Yes optimus may be simplified for nubes or whatever you want to tag them but optimus is not an exchange and as a retail. Ustomer I want to use balanced. I really don’t see what’s complex about balanced anyway, its not the complexity that got loads of knowledgeable experienced people liquidated it’s the flaw in the processes set. If it wasn’t a flaw why are they considering giving money back.? I was invested since day on, sold on the fantastic UI, and I am really impressed with the whole project and how its run, but with these issues I now have my doubts.
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Hi Guys. What do you think to include some numbers?
Let’s say we have a simple example:
Price=1$.
We had 1000 icx as collateral with Loan 100 bnUSD (LTV=10%). Maybe we could agree that this is not so “risky”. Without the rebalance, the price of ICX would have to fall to $ 0.15 for liquidation to occur (before change to 85%).
We wake up tomorrow with the following stats:
Price of icx is 0.4$.
Collateral is increased (due to rebalanced) in terms of icx from 1000 to 1500 and decreased in terms of bnUSD from 1000 to 600$. The loan is increased from 100$ to 400$ and this is the point of liquidation.
What amount do you think is fair to give back?
(Please correct me if I miscalculated something)
Alright folks - this thread has served its purpose. I’m going to clean up the discussion and lock the thread so people have the opportunity to review proposals without so much back & forth. Please feel free to take any conversations to DM. Thank you