Hi guys,
I got totally REKT. Lost all my ICX (± 200k ICX). Been with ICON from the start as a ICO investor and bought monthly extra. I did take on allot of risk I am aware of that. Have to start all over again. I did repayed a part of my loan. But probably because of reverse balancing the liquididation price did go up further and got liquidated. A day later all new proposals are coming in. Would be nice If we can do something about this. Also curious on how many got affected by this.
Can you explain to me why the ui doesnt display the penalty fee?
AGAIN: When you get liquidated the collateral is still your posession. it just gets sold to cover your loand/position. All excess amount is still yours!
All I see is people making a bunch of excuses. You all took on too much risk on a volatile asset in a volatile market. If you didn’t know all the details including the penalty fee then why did you take out a loan in the first place. Ignorance is not a defence. You got burned and now you don’t want to take responsibility.
I had the same thing! 256,000 ICX my loan started at 80k
I had notes on my phone when to get my laptop and add money etc.
My loan then went to 105k and my liquidation price in turn rising making liquidation out of my control! - feel like I’ve been stitched right up!
If I was liquidated in a short on a bull run my limit wouldn’t just be increasing and adding money on. I see what you’re saying but I don’t feel it’s a plane black and white as what you’re saying either. But you are also entitled to your opinion
I have to admit myself too that i didn’t understand rebalanced fully and trusted ux/ui as safe measurement for most of my small borrows ( now larger ). There should have been tutorial about how the system works, if we want to avoid these kind situation later on like “must read” or “must practice” before taking loans. Because if faqs are given in their faces before use and how system “supposedly” works, i think many people would had been more much more caution on taking loan. Me as taking only small little loan like stupid little amount became much larger loan, all though easily manageable but i would have to image some people who taken much bigger loans than mine and had sudden rebalanced their dept to be more than comfortable with. I’v seen people keep telling people who got liquidated “truth cold facts” like why u are so “clueless” etc, thing is. Not all people are educated as others particularly when rules are set mainly as side option for read and given that, many people just simple ignored important of the rules and how system works.
If we are trying to get mainstream users onboard, system should be able to tell newbies these rules before hand too. imo.
Because there is no penalty fee displayed! I think the whole dao wasnt able yet to figure out how liquidations should work.
Can someone explain to me how the liquidations on balance work? Who can liquidate those positions? Is there like a liquidation market?..I didnt even get a message or a transaction on the app to see that I got lilquidated its just empty!
I have managed the loan fine during the crash and am not in any direct risk for liquidation but I do understand the surprise for most people that got liquidated. I did my homework and read the documents but was not anticipating this.
I think it is fair that the liquidation fee will be (partly) reinbursted. Its also a chance to show that even in Defi people can be reimburst to make it more accesable in the long run.
Allright. So we just show the message before starting the app: Read the whole whitepaper otherwise you get screwed over!
I’ve been using Balanced since the beginning. So far, there has been no reverse rebalancing like this one. Request a full refund to the liquidator.
Same, What we saw yesterday and the past few days was a disaster. i have also been in this from the beginning luckily haven’t been liquidated. I feel for those who got their loan increasing without them wanting it.
Luckily I moved all my ICX a few days ago to optimus so no harm done for me.
I consider myself an advanced Balanced user and I always made sure to have max 33% of TVL loan and I always have bnUSD spare to pay back my whole loan.
But still I would probably have been liquidated if I was in vacation or something during the last 48 hours, which is quite frightening.
That’s why I am pro refunds of liquidation fees. (the difference from 67% to 85%) The liquidation could have happened to all of us under unlucky circumstances. Even without being greedy with leveraged loans.
And be honest guys, nobody saw this huge amount of rebalancing coming. Not even the creators of the platform.
Since most people seem to want to reinburse something, the question becomes how much of the liquidation fees should the DAO give back. Is it possibly to vote a percentage (instead of yes or no) such that the mean of all votes becomes the reimbursement total?
I appreciate seeing posts like this. Some people are being so aggressive and just not part of a team community! I want everyone winning all the time I’d never be so heartless to just be anti people who have lost things with a slight unfair move! It’s shocked me
I think they should send it all back and the and give you a time limit to buy out at the original liquidation limit! (Bringing you into the same bracket as people who sold other things at a loss to pay - makes them feel equal also) 24h to pay it … if you can’t pay it in 24 hours and it had already dropped beneath you would be liquidated anyway so take the coins.
If you can buy them back out you wouldn’t have been liquidated if the rebalancing wasn’t pushing you off track.
Not even the whole loan to be paid just to be pushed back or something. It’s hard to say.
15% is obviously better than nothing but I still seem it’s a little unfair due to what many feel is a site error
I also think that icon will lose everyone who got liquidated and right now the community is probably at its weakest I’ve seen!
I agree with your idea in the redo. If people could have had their locked ICX for 5 mins and been able to sell it then no everyone would have been fine and prevented the cascade.
Agree, it will be good business to use the reserve to maintain these iconists. Big picture it makes sense.
Agree, it is not required, but the compassionate thing to do and will pay back ten fold.
I also agree with this idea. Sentiment is very weak and I fear many investors will be gone for good without recompense. This is an excellent solution.