Repay all liquidations under backing price!

1. General Discussion
#43

I would consider it to be irresponsible because we’ve never been in a position to hit the backing price, so it was impossible to say how it would play out when stress tested. That was a real risk that some either didn’t think about or chose to ignore, and that to me is a high-risk move. Sure we were told that the backing value would be used as a backstop, but there was no precedent to show how it would work in practice, so anyone depending on it was being assumptive.

FWIW, I don’t wish liquidations on anyone and I know they suck to deal with, but this is a learning experience for those that fell victim to this and there should not be anyone to blame except those that took the risk with their own funds

2 Likes
#44

I reckon you from Discord and I feel really sorry for you.

2 Likes
#45

How is it over-leveraging when Sifu literally said he steps in and liquidations below that will never happen…
The only argument you are giving is that you want to be rewarded for de-leveraging in time, which wasn’t even possible for many since the blockchain was full.

You basically say all people that leveraged are idiots. So do you think Sifu is an idiot as he got liquidated as well? Well then you should probably leave the project since you think the project dev is an idiot…

6 Likes
#46

I will not be mad because I know that it’s a possibility and I only invested money I can lose though I may be disappointed that my investment did not pan out.

The docs define very clearly what is certifiably true. That is, the docs define/describe what the code does. What Dani and Sifu have to say publicly about the protocol makes 0 difference to the actual code so I repeat, there was no guarantee that the price COULDN’T go below the backing price and therefore anyone who got liquidated is not entitled to a refund at the expense of everyone else.

6 Likes
#47

Well first ask yourselves what was your liquidation point did it happen today? for me, it was YES my liquidation price is $789 and I say my liquidation price IS $789 because I wasn’t liquidated and the price went all the way down to $750 so Devs did something to prevent we were liquidated.

I want more info before voting, but probably would lean on the side of against, they were working

2 Likes
#48

Even after I was liquidated, the AVAX network was locked up. Another oversight I guess?

1 Like
#49

Absolutely, I practically already have the same stance because i know what’s going to happen. They will get their pay out and be able to leave and i will be fucked since i didn’t get liquidated if EVERYONE who invested lost their money there wouldn’t be an issue. The issue is, is that these guys are going to get their money backed and the people who didn’t get liquidated wont!!! Its unfair that i almost got liquidated, only to not get liquidated and then the people who are in essentially the same position as me who borrowed more than me get it back when i or anyone in the same position as me wont? There are many people who only borrowed 10% or less on their collateral, these people are just fucked then?

4 Likes
#50

Like they use bots to liquidate ppl on abra they could use them too to set a buyback at least near or just below the backing price, i was tryin to repay my mims but all the AVAX chain was stucked for 1 hours and more, then giga drop under 50k and got liquidated (i didnt lvg) and lost all, totally not fair at all, i don’t give a fuck about my 1k$ loss, but for me it’s over frog nation dead

4 Likes
#52

Whatever “encouraged to leverage” means, if you leveraged without knowing the risks you probably learned an important lesson. Next time make sure you fully understand all the implications and don’t trust or follow others.
Refunding doesn’t make any sense, backing price is not a guarantee, why do you think some people didn’t leverage ? were we all stupid missing out?
Obviously a proposal for refund shouldn’t even go for snapshot voting. That would mean the risk was on everyone but not the eventual rewards. Your risk your rewards and your losses.

14 Likes
#53

It was a written guarantee by the devs on the discord, said many times.

2 Likes
#54

“You basically say all people that leveraged are idiots. So do you think Sifu is an idiot as he got liquidated as well? Well then you should probably leave the project since you think the project dev is an idiot…”

NOT WHAT I AM SAYING AT ALL DUDE! what i am saying is that this proposal is garbage because people like you are going to get their pay out> SELL > and leave people like me TO GET LIQUIDATED WITHOUT GETTING ANYTHING BACK! wtf kind of conclusion is that?!?!

3 Likes
#55

Dude. You should seriously consider selling if they don’t refund. Because if they don’t, all trust is lost, and I don’t know why you would stay invested in the project.

3 Likes
#56

If we were holding before why would we be selling? I just want my MEMO back that I’ve had since NOV.

5 Likes
#57

Perhaps we don’t want those people back who over leverage and artificially inflate the DAO’s value? This is the very reason the entire financial system is a mess. FI’s over leverage and take out debt on debt. Even though it’s how the US economy works, the foundation would be 100% more steadfast without it.

I would also argue that the DAO would lose a lot of trust by incentivizing people who were liquidated vs those who bought in at 9k and are simply looking to break even.

7 Likes
#58

Yeah well the guarantee didn’t stop it did it? Now we are facing another dilemma which this proposal obviously wont solve!

Also, the guarantee was to do a buy back of wMEMO using the treasury funds. NOT pay back people their liquidation losses.

2 Likes
#59

THIS a million %. Why would everyone take on your risk with none of the rewards - Bet Big, Win Big, LOSE BIG

6 Likes
#60

If you knew how the process worked you would understand that there is nothing he could have done fast enough to save the liquidations. I was leveraged and managed not to get liquidated because I wasn’t greedy. Those who were liquidated & asking for a handout are double greedy which is the very reason they are in the situation to begin with.

9 Likes
#61

Me too, I began investing late Nov and stayed topped up and adding more throughout the dips. Thought I was safe with a liq price well below the wMemo backing price. Then I get liquidated today.

1 Like
#62

It’s kinda funny to see that people thinks that if one person leveraged, this person is automatically “over leveraged” - and therefore this person’s thoughts and opinions shall be disregarded because “oh well I gotta protect MY share of the pie”. And it’s ok to protect yourself, just don’t bring that “Frog Nation WAGMI” shit anymore. For real.

Do you understand that you trusting your assets to one guy you don’t know the face, the name and only know he wears a mouse avatar on a Discord channel? Yeah, this guy said once the protocol would buyback the tokens if it dipped below the backing price. That didn’t happen and people got rektd.

Tomorrow it can be you.

5 Likes
#63

The treasurer of this project uses leverage with a liq price of 1100 TIME. I had a lower liq price than him (1000) and got liquidated so what are you on about?

2 Likes