Is there still any doubt that this was a scam? We have to start a campaign to notify all new entrants to Maker, so that they do not put money into something that from one day to the next can take away everything you had entrusted. It is the only way to pay attention to us, we must go out to show this in all the crypto and defi forums.
ETH has got a 5X run, from 80 to 400 DAI.
What are we doing here?
Are we still discussing whether people should be compensated with DAI?
Compensate with ETH
There is surely a different way to handle this. We should try not to be destructive but creative.
Maybe we should make a poll of our own. A blockchain enabled poll.
At first we need the votes for our own compensation proposal - from the 0 bid victims. And afterwards put the proposal up for vote in the MKR system.
This system relies on the vault holders. Don’t forget that they provide value support for dai, but the vault holders are not involved in voting governance, and they have to pay a stability fee. What a joke!
The governance of mkr fails unless the vault holders are allowed to vote.
Long For Wisdom is against a compensation. It seems.
And so are the 17 unique likes of this post.
The latest vault compensation poll 13.July to 16.July has only 33 unique voters and was about how to compensate. Not about the if. We should offer a way simpler and faster way.
It is way to complex and cumbersome. And it intends to compensate with DAI. If more DAI is needed, then more MKR will be issued to the large MKR holders (auctions are in large batches). The small people should stay away. That concentrates and centralizes MKR even further.
The first vault compensation poll 6.April to 13.April had 76 unique voters and was all about compensating or not. (There is mentioned, that in the next poll should be decided if compensation is issued in DAI or the collateral, and to what percentage).
This is all made just to complicated and does not serve the users or the MKR holders to reach a fair conclusion.
At this late time in the bull run there is still a fair and simple way for fair compensation.
A single poll can and should bring a solution.
Issue more MKR and use MKR tokens for compensation.
The Poll should have 6 options:
1) Full compensation in MKR with fixed rate of 1MKR per 2ETH; 1MKR per 2200 BAT.
(Collateral in BAT or ETH) times (24.67%) minus (stability fee);
2) 80% compensation of 1);
3) 70% compensation of 1);
4) 60% compensation of 1);
5) 50% compensation of 1);
6) do not compensate with MKR (other solution needed).
Which ever option gathers most votes, is to be executed.
Some executive from the foundation should put it in Maker words…
The fixed exchange rate for MKR/ETH/BAT is open for discussion.
I am digging.
Yeah - I would like to know more about that person.
Hello everyone this is vault# 6194. Can anyone explain in simple words what is going on with compensation plan? as far as i understood i should be in compensation group. Did maker start paying back, or they are still busy with whatever they are doing.
The IF Question. April 6 to 13 was decided to compensate. The details (like compensation with collateral or Dai) were left for a future vote.
The How Question. July 13 to 16 was a proposal declined for how to compensate 0 bid victims.
The How question is the one still to be answered.
The maximum mathematical compensation FORMULA is
But MakerDAO doesn’t have the ETH or BAT for full restitution. So we have to find a compromise.
At debate is if the compensation can be done with MKR instead.
The Maker DAO working group decided long ago, that any restitution will be payed in DAI with a reference price from March 12 2020 (black thursday). That is basically mathematically the smallest possible payout.
@Kukkio I like your thinking. Using MKR to compensate makes sense to me.
Your example of a single poll seems clear and simple and addresses all points.
I am still editing my typos on the go…
Hey @supermisa , the current version of the compensation plan was voted down. The working group is currently debating which alterations to make to the plan in the hope of producing something that MKR Holders will approve.
No one has received compensation yet.
Who ever stole my ETH has more than tripled their value since.
MKR holders have nearly tripled their value too.
The hurt is still fresh
MKR price before the crash was almost 600$. Today it’s a few dollars more.
They didn’t have their tokens stolen at the bottom though.
My cdp was looking good before the crash. Still showing 0 now.
I’m just saying it still hurts
You are not alone…
I support this too - would be nice to see things move forward with the new proposal which keeps things much more simple.
The longer this process take, the more painfull it gets… I am still amazed how these 0 bids could happen.
The value of the collateral is the basis of the protocol, isn’t it?
Like to thank anyone contributing to a fast solution
It takes longer, because the intend is not to compensate.
ETH 3 folded since, Maker as well…
Any news on the new vote ?