I am starting this thread to have a single place for Updates on the above. I will edit here so people can see the current status and items yet to be worked on. My time is limited and LongForWisdom is a much better forum organizer so bear with me.
20200602_2253 Based on problems with vault data, the compensation group is going back to original compensation model and working up the compensation plan the working group can all agree to. The hope is we will have this ready within a week to present for forum polling/discussion before moving it to an on-chain poll and governance votes.
Sorry for the delay folks. I think it was necessary to explore this even though it dead ended not so quickly. It gave us a better perspective that hopefully will help us move forward with determination and ultimately successful resolution for everyone. I know this has been hard on all of us and the process tortouse like. I think my own biggest dissappointment is the longish time frame here. But if we put this into perspective against what courts do with these things should be significantly faster even if it probably won’t satisfy anyone fully. We all are learning how to apply new decentralized models and unfortunately are finding it requires more people, working longer to get the same thing done as a centralized model.
I am hoping to have a better update by the weekend and no later than early next week.
Be safe, sane, and secure folks.
EDIT: One last thing a few of you have written me offering help and I really appreciate this and would take people up on it but what we really needed was a developer who could pull on-chain data and then be able to cross check issues as they cropped up. It literally took me a week to get an answer on missing collateral. A few weeks just to get the on-chain data for my first report. It looks like good crypto devs are hard to find and even harder to hang on to. Right now I think the working group is pretty settled with our movement forward and data from my liquidation and compensation report on hand. We are still going to need an auditor to check over everything and no-one in the group has even moved forward on that step other than to have it ‘as a step’ in the compensation plan.
If a professional on-chain analytics group wants to assist here please feel free to contact me [email protected] or hit up @rich.brown or @LongForWisdom as contacts on this because we know we will need an auditor here at some point once governance decides the conditions for compensation to simply check my work which will be a vault by vault compensation breakdown over the ETH BT liquidation class. 320-960 vaults more or less depending on conditions and time frames.
BTW: A number of you fall outside this class - I am keeping notes on all of you I just don’t know exactly how we are going to deal with the first class of compensation claims, much less the class that falls outside the first. The compensation group is hammering out details of this as I post this update.
FIRST UPDATE (EDITED)
20200521 Status Update
While working on a comprehensive compensation plan we discovered there are more classes of people affected by Black Thursday than just those who were liquidated. One example is @Vault2288 but there are others. Trying to reconcile the issues to present to governance a Compensation Package to vote on, as well as fund successfully, becomes more complicated because the amount of compensation will be determined not just by the class of vaults selected but also the compensation ‘formula’ offered so that governance can be presented with a price tag. This is a non-trivial task and made even more difficult without resources…