VIP 24.2: Markets Reset

A huge debt has formed on my platform, how this happened - I do not know. But I, as a hero, took this incomprehensible duty upon myself! A little while later, I realized that I could not pay it. Community! Please pay this debt for me. Sasha. This is what the new vote should look like.

1 Like

Many members in this community react that" over 250K accounts " is beyond the previous proposal.
We can consider whether 1M or much bigger accounts. 80% of USDC/T treat as bad debt from start is brake trust in this protocol. Phasing is needed.

1 Like

Nah. I’m good

If this proposal passes, there’s no reason for me to care about my money locked in gVires anymore, as I will never, ever, repay my investment. So, I’d say just let Vires fail. I want to be clear, I am completely willing to see Vires burn to the ground rather than vote for your Great Vires Reset.

Guess you should have written better code and implemented better safeguards from the beginning so something like this couldn’t have happened in the first place. Oh well.

Either 1)leave gVires APY intact for a year so that EVERYONE from the day the proposal passes can get a return on their initial investment or 2)unlock all gVires when the proposal passes so we can dump them on your asses and leave or 3) leave APY unaffected. Under no other circumstances would I vote anything other than NO on this bullshit.

4 Likes

This is a terrible proposal for vires holders.

There should also be an offer to buy out vires tokens from holders at an agreed rate for option 3.

For example, vires tokens market price is currently $40, there should be an offer to unlock and reimburse all vires holders at $40 per vires token.

This then enables repayment of debt as well as reimbursing vires holders who would want to leave the platform.

I think this offer could potentially cost $22,000,000. Which isn’t a lot when currently the debt costs $500,000 per day.

I think this solution would be reasonable for all parties.

4 Likes

5 Likes

I laughed some and cried some at this haha. Yeah for real tho accurate AF

2 Likes

I am 600k supplier in USDT market.
350k APY is cut off 0, will get only 5% bonus for 420 days ???
And backed only 20 % shit dollar ???

It’s absolute crime.

2 Likes

Нервы у Саши Иванова не выдержали и он стал посылать держателей Vires в русскоязычном чате в пешую эротическую прогулку / Sasha Ivanov’s nerves failed and he began to send Vires holders in a Russian-speaking chat on an erotic walk on foot.

stop changing the rules in progress, i have blocked currency in vires for quite a long time, now keep changing the rules … stop

2 Likes

Dear Sneed, it is not clear to me whether you realize that your argumentation actually pushes the USDN peg over the cliff (as your solution would trigger a massive USDN sellout). AFAIK This would be good for speculators of platform destruction but not good for gVires holders, as they wouldn’t be able to get out in time and would risk total loss.

[In reply to Sasha]
Some thoughts to the last crawled.
1 million USDN to sell in USDN day trading around 4 million on average (up from 2-7 million recently)? It’s unrealistic. Maximum 400k (but then it’s 1000 days!!!). And the market-making is in a bad state (not in all USDN markets) and this complicates the conversion. If it is possible to convert only money into interest, and this is about 500k / day and this is difficult, why is it 1m per day? Unclear

If the team considers this VIP-24 v.
3 correct (he is now a debt holder), why not pay in USDT/C the same 420 days or less? In addition, you can merge USDN into the pool after liquidation and sell it at quotes, for example, > 0.98 to USDC / USDT (at the same time, 5% is enough and there is no depeg)

If you convert a part to USDN, then everything is proportional and all 600m, otherwise again one group is infringed. Then, by the way, the payment period will decrease accordingly. Everyone received interest, and the group’s damage was >250k. INJUSTICE has not improved compared to VIP-24. Then, by the way, the payment period will decrease accordingly.

The main reason for the problem is 1USDN is not always equal to the margin of 1USDC/USDT (very much depends on the conversion amount) - an oracle is needed. This issue is still not resolved for more than 1 year. Not a bad debt, but a bad pledge of 600m (under the threat of depega). The problem of this arbitrage will be repeated over and over again

vested USDN are locked and do not create value, so their value = 0 for this period? too tough, like 80% of debts are bad.

The option of paying the missing part of the debt by issuing WAVES, for example, within a year or an analogue of NSBT or … something like that, is not considered

Why doesn’t Sasha buy out LP at a price close to 1.3 - this would greatly increase the liquidity of LP - it would give an opportunity to exit those who urgently almost without loss. And save the reputation of the project. It is difficult to agree to a discount of 35-40%, and there are no volumes (market-making) in LP. And in general, due to market making, it would be possible to increase liquidity in many assets, but perhaps Sasha’s dislike for trading prevents him from assessing these opportunities to radically improve the situation (by the way, it has already become better in the USDC/USDN pair)

1 Like

Waves/vires team…

It’s very important you read and actually listen to the sentiment here…The more you treat your investors as hostile enemies, the more you’ll see of this. People are willing to lose money just to spite you,…

3 Likes

As previously said, from a sustainability viewpoint, greed is bad, health is good.
Being a gVires holder that currently relies for his everyday expenses on gVIRES APY, I tend for a YES if some things can be clarified, and this for two reasons:

  1. I do not want to give up on my entire investment following a USDN depeg (see LUNA)
  2. I want to see VIRES evolving on a healthy basis, which would seemingly need some several adjustments from where we are now, along with a general crypto market recovery.

I am looking for clarification on this first point:

gVires holders need enough space to stay alive and stay in the game. Please clarify along with what would be the proposed PROTOCOL SHARE in VIP 24.2?

1 Like

gVires APY remain intact for 1 month following acceptance of this proposal, when the vires token will tank in price because it becomes effectively worthless.

This is the unacceptable part of the proposal.

There should be an offer to buy out vires holders for the market rate of $40, those who wish to keep their tokens can remain, thus the worst outcome would be all holders taking up the offer to leave the platform (unlikely).

If the above was offered, that would be a very sound / sane decision to make.

4 Likes

For my understanding, the two sentences “keeping gVires APY intact” and “additional incentive in USDN equivalent” create meaningless absurdity (or absurd meaninglessness, as by “keeping gVires APY intact” resulting income is obviously counter-incentive), that is why clarification is needed here ASAP.

2 Likes

Jesus people let’s just get it done and fix this thing already. The ENTIRE Crypto market is down 75% and people are complaining bc they won’t get 130% interest anymore for a few months. Someone even wants 80% on supplying stables he said? This money doesn’t come from thin air, it comes from the users of the platform. If half the users of Vires benefit from a proposal/turn in the market/literally anything it will have to come at the expense of the other half of the users. There is no outside money coming in until Vires is healthy otherwise we will just keep canabalizing ourselves with these proposals and limits etc. Something has to give!! 40% and 130% is not possible forever, especially in a bear market! Suck it up and work together before the whole thing crumbles and we all get nothing bc people are trying to be greedy

2 Likes

I hate this attitude, sooooo much.
Yes, entire market is down. So what? If your entire neighbourhood rapes your niece, should you start doing it too? It’s a dumb attitude to have.

1 Like

It won’t be for a few months man. You really think once these assholes get us to vote to take a pay cut the will ever let us go back to the current APY or anything even remotely close? Not even a chance. Feels like Palpatine telling the Senate he’ll totally give up his power once the war is over lol.

2 Likes

I’d be more inclined to just accept it all, if I didn’t have access to blockchain history… It’s soooooo easy to see what Sasha is doing, now that we have a start wallet with the debt to go from, that connects every single waves wallet in some way.

And I gotta admit. Those times when he takes 10 million from collateral, to flip for waves, to then split up the waves into 3 batches, only to collect them on same address, and then do 100 transactions to the same node of 5000 waves each. Like, I don’t know the reasoning, but it seems manipulative…

3 Likes

more details please

1 Like