Thank you everyone for patience. I am in the middle of my 64hr+ work week (one on, one off). Things have been hectic for me so my time is going to become more limited and as a group we decided to elect @monet-supply as the new compensation project lead.
Don’t worry, god willing I won’t be going anywhere but I wanted to step back from being the ‘self appointed’ lead on this trying to drive everything to step back somewhat and let someone else elected by the group to drive the train for everyone.
Hopeful we will be moving what seems to be a very heavy burden sooner rather than later. I looked at some of the discussion from the last CC on the topic of incentivizing people to work within the protocol. @rich.brown I know is pretty adamant that we don’t get this until we can figure out the details of compensating people for effort.
There are many people that step up here because we have an idea we might be able to make a better world by making a better ‘bank’ but eventually people run out of gas, because they are paying for their own gas (the idea of making time to literally ‘give away’ takes something from somewhere). Rich put it well - people need to eat - but go further than this. If governance doesn’t figure out HOW to compensate people we are always going to get people leaving because they simply are unable to sustain effort with nothing coming back.
I don’t see our MKR whales offering to create some new initiatives backed by some financing on their own (maybe we really don’t want this anyway) so the best we can hope for is to offer them via governance mechanics to provide that financing. Insert plug for MIP14.
We are going to need a really good auditor just to check my work. I might be good, but like everyone am fallible and so far no-one has really stepped up who is equipped and experienced to tackle the auditing for this compensation proposal should it pass governance polls/votes.
Everyone wants a decentralized this that or the other thing. My analysis on this subject suggests you can pick any job in a centralized system and it will cost 2-3x in a decentralized one. This is mostly due to additional checks and balances required to do this in a decentralized manner. Look at POW with BTC. Solves the distributed ledger problem at a pretty high computational/energy cost. I believe the same will be true generally of decentralized systems.
Unfortunately we can try to run at these things but in the end a high degree of patience, and yes work and time will be required to reach the goals we seek. We are also going to fail miserably, in costly ways, often. I don’t think we can avoid this, but we can at least be preparred for these results.
I think people understand this. Particularly our vault owners and those in this system. I am a vault holder. I really love I don’t need permission to drop collateral into the system and mint some cash. It is my job to watch my liquidation point and try not to be overly aggressive unlike our standard financial systems that lever right to the edge in centralized ways, with centralized administrators. There is so much work to do it is daunting. The idea we could break this so that everyone in this system loses everything, scary. But this is what makes building a better world so exciting. We might not be able to change the BS existing systems, but what we might be able to do is transform them from the inside out.
It is why I am here (and I think many others) because I believe if I want a better system for myself I need to offer what I have got. We have to do this for ourselves, no one except you , me all of us can make this happen. I believe in time not just I will be rewarded, but perhaps everyone on the planet. I want to urge people who read this. I know many of you here got wiped out and are feeling left out. You aren’t. I stand and will always stand here for the bigger group of people, gently and politely nudging and sometimes pounding the table to move this system in the directions I think are best for the entire community and not just one part of it. It is my hope that as long as I have breath I will be able to contribute positively to this space. It is also my hope that more people join computer keyboards with minds and similar goals to not just expect something, and someone else to do it, But that (as Rich says) you will join US in making Maker better for all of us. The beauty of this project is that there is so much to do, I think there literally is a place for everyone with energy, talent and above all the desire to contribute. I think in time we will solve the compensation issues - not just for those who got caught in BT - but for everyone who contributed and contributes positively to this project.