I agree that Maker can and will add collateral types (MCD was all about that right?!). The idea that this has priority over improving system mechanics and other important topics to my mind sends the following message to the community “well we did a few things to the system, we hope will work and stop other problems in the future” along with another message “don’t get liquidated you could lose it all” and oh btw “we are onboarding PAXG, LINK, and whatever else” just doesn’t seem prudent when one is looking at getting a bottom line here of profits needed to fund the DAO in the 5-10M minimum/yr by system DAI growth to approx $.5-1B DAI and a stable thriving community.
I completely agree with your “I’m worried we’re tossing levers just because we have them, without considering the long-term effects.” I will add I am worried we are basically leaving open huge holes in this system exposing not just DAI and vault holders, but the entire DeFI ecosystem and Ethereum itself to a financial risk event that literally lays waste to the entire ecosystem. Everyone will throw up their hands and start blaming everyone else. Personally I find the risk of such an event growing dramatically and steadily reducing my own exposure in this space to get out of the way.
I also agree with you that I wonder if people really are taking into account the macroeconomic picture here. I mean even if Maker could command 1% of all crypto capital this amounts to no more than 2B collateral at this time. At 300% LR this means maybe $.6B. We were pushing $140M just on ETH on perhaps 2% of all ETH before getting smacked down 40-50M DAI on approx 190K ETH and are at 1.66%.
I think I am just going to leave my whole - lets improve the system first - before jamming it full of other collateral and trying to grow it like mad by 10’s if not 100’s of collateral additions aside. My impression is many folks subscribe to a view that somehow magically adding collateral is going to fix any of the other larger issues here and nothing else really needs to be done other than that. My personal view is that if we fix what people percieve are the issues with the system currently we can grow much more with ETH, LINK and other correlated assets because the system will be ready and made more robust against these correlated asset moves… It is also my view that IF Maker as one of the most important DeFI participants can help provide the confidence in the crypto DeFI space that it could lead to a massive market cap growth phase in Ethereum based tokens as well as other coins creating the environment to safely and sustainably grow and support these protocols. Literally to get to where Maker wants to be we need a crypto market cap 5x to $1T and if Maker can be the leader in this - we will have 5-10% of all ETH ($5 -10B value at $100B ETH cap and $1T total cap) and god knows what ever other coins deposited in our most highly valued system for a most highly trusted and valued DAI stablecoin.
Sure IMHO, sure this is opinion, maybe or maybe not an expert in anything (sure people can toss that out if they want opinions vary). My real concern here is that instead of good solid steady growth of the entire crypo-economy people are going to push for the get it quick and drive this entire ecosystem and its participants into one or more thursdays that will be even blacker than 3/12-3/13 and last a hell of a lot longer. As I like to say. I will be happy to be wrong on this as this is how I usually learn something new and fortunately i am still learning. Unfortunately I keep learning over and over that usually when I think something is bad it usually is worse and not better.