Proposal for P125 staking behaviour

The method described in your post sounds good on the surface until you realize that it only benefits the impatient people who want money right away.

Explain me why?
If I want to sell on the secondary market (like a LP implementation) I can. If I don’t want, I’m stuck with Ooki staking for years. How is that getting the fund quickly?

You realise the amount of money for the buyback is the same, right? You still give back to the community the exact same amount at the exact same time.

The only difference is really that ooki as to actually buy the token at 1$.

This is the standard method used by many popular defi protocols

Remedy token isn’t new either. They were used by pancakebunny, belt, …

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Ooki DAO will buy the token back at the lowest offer. If everyone wants exactly $1 then that’s fine. If some want to sell back early then they can. With the planned method the people selling back early would make it so that everyone else would get paid back sooner. I don’t think many would support this proposal in reality. Both the DAO and anyone who actually plan on getting $1 for their P125 would vote no.

Belt even had to change their first implementation because of how bad the LP implementation was for their user that got affected.

https://medium.com/belt-finance/4belt-compensation-remedy-4belt-r4belt-details-c75c1980e90c

Liquidity Pool
Listening to our users is what made us realize that a Liquidity Pool between 4Belt-r4Belt was not the answer. No matter how lossless the pool was, it created a division of yield between old and new 4Belt users, as well as a complication for our users in choosing which pool to invest in. We redesigned the pool to leave 4Belt as profitable as it has always been while also yielding compensation to r4Belt holders. There will not be a separate pool for r4BELT. r4BELT will be used as a tool to give additional yield on top of 4Belt yield as compensation for affected users. We deeply thank our users for their honest feedback that led to this improvement

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Read the room, there is no-one against here about it, and no-one in telegram either.

The only way you will get your token at 1$ earlier is by having other people getting f***ed first. You realise that, right?
The money is not magical appearing from nowhere. Ooki lost 22M in a stupid hack, they have the moral duty to try they best to pay back their user.

Not find ways to pay the least they can.

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This proposal will extend the buyback period for sure, but I higlhy doubt that it would be x10 the time. It is true that the pool allows impatient users to sell early, but will also be drained instantly the moment new funds come in (people will bot the sh*t out of it) and most people won’t get any funds for a very long period of time.

Let’s assume that Plumbus is correct and the pool idea pays off everything to the patient holders in 5 years and this proposal takes 10 years to repay (both random numbers for the sake of argument, with the current profits that the protocol makes we can only dream for something like this). As someone that lost a lot of money I much rather get 1% of my money back each month so I have something to work and live with, rather then get nothing for 5 years and then get the entire amount.

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A dev got hacked and priv key was compromised. If you feel that it is his fault, or the protocol’s fault, you can hire an attorney and start a legal case.

If you don’t, you probably realise that your chances of winning in court are close to 0, and the only one that has a moral and legal obligation of making you whole, is the hacker (group), and you should report the theft at your local police station.

If neither of these options doesn’t suit you, there’s a third option, but it’s not an option that you as a victim can dictate the terms. Only the bzrx holders can do that, and although some of them did not want to compensate anything at all, a majority has agreed to use 30% of the future platform revenue to buy P125 up to 1 usd as a gesture towards the community and in return get support for the rebrand.

If option 3 isn’t attractive enough, I’m sorry, but I’m afraid this is the best the bzrx holders will offer.

Of course, if all those people above that are in favour are also bzrx holders, they can start a snapshot vote and proof me wrong.

Sorry what are you talking about?

you can hire an attorney and start a legal case

Who talked about this? No one brought this point here. This is to discuss how to pay back people that got they money stolen.

If neither of these options doesn’t suit you, there’s a third option, but it’s not an option that you as a victim can dictate the terms. Only the bzrx holders can do that, and although some of them did not want to compensate anything at all, a majority has agreed to use 30% of the future platform revenue to buy P125 up to 1 usd as a gesture towards the community and in return get support for the rebrand.
If option 3 isn’t attractive enough, I’m sorry, but I’m afraid this is the best the bzrx holders will offer.

I’m very well aware, that’s why I’m opening this thread to discuss, what I believe, a better method.
I following whatever protocol is in place: open a thread for discussion, get support and hopefully get a vote in the favor.

Though:

but it’s not an option that you as a victim can dictate the terms

Realise what you are saying and who got affected. I strongly believe that once most people realise their money is gone for good, they will extremely vocal against Ooki.

We’re talking about people that all used Ooki and provided money that power the system.
Do you really want that the first thing during Ooki rebrand is a bunch of people that explain how badly there were treated by Ooki and how Ooki did everything it can to avoid reimbursing people fully?

I’m also helping the community on Autofarm, and the Venus accident, that they are still dealing with, is a massive slowdown on their growth. Everyday we need to deal with upset consumer, people warning other, ect…
I’m not sure why Ooki would want to follow the same path, when they could avoid it.

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When will we know what we can do with our p125-tokens? Listing the p125-usdc pair on an exchange like Binance would be enough. Everybody could buy and sell p125 including ooki could buy back at the lowest price lets say each month with the 30% of their earnings.

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@AresWhisky thank you for your thoughtful proposal. I am one of the victims who lost USDT and now has P125 who would like to get involved and stay current on the quickest path to get back to liquidity or refunded through buy back. Anything I can do to help?

Hey @equanaut!

I think the next step if you support this proposal, is to rewrite it to make it clear why the LP option is a bad idea and why staking would be better. For P125 holder and Ooki holder.
We need to convince enough Ooki holders to get this vote up and get them to vote for this proposal.

Putting it for a vote in the telegram channel may be the best first step. Once Christmas and new year are past and people come back to the conversation.

Getting some proof about what I am stating could be useful (user message, screenshot, other companies that went down this path, …)

The bullet points are something like the following:

For P125 Holder:
LP will open the door to the following:

  • Constant low liquidity at a very low price for a very long time. Every time there will be a buyback, users will feel cheated they couldn’t sell at a correct price and will become vocal again. This will be a monthly recurring event of bad press.
  • Insider trading. Even if they do not use it, the team will be blamed for it. Since the best time to swap would be just after a buyback, the price will rise rapidly and drop rapidly back down
  • Bot will optimize all of it: Which will be seen as insider trading by most people.
  • Impossible to get cash out without forfeiting your debt.

For Ooki holder:

  • The platform cannot work properly without having the P125 holder supporting it. With the current sentiment that the money is just gone, while the Ooki holder got compensated 100%, people are very vocal and will destroy the rebranding effort.

  • Yes it will take longer, and yes it will cost you more, but that’s the natural way to go. You lost money, you should repay at least the money lost. It’s very hard to sell anything else than that when Ooki holder got 100% back right away and state that “we want everyone to be compensated fully”.

  • Check the AMA with Chainlink, the Twitter post & the telegram group. People will dedicate themselves to destroying the platform if they feel like they were cheated.

  • People will not move on to something else if they feel cheated, even in a year. Go to autofarm discord and telegram, just for one day, and see how many messages they are getting about the Venus accident. It’s not pretty and it hurts.

For everyone reading this, especially Ooki holder, know that I only want the best for Ooki. Either implementation we use, I’m very much aware that the only way to get my cashback is through the success of Ooki.

I’m proposing this plan because I truly believe it’s the only way to get people on board and limit the amount of backlash this will create.

the Ooki holders should realise that for the platform to generate fees it needs us P125 holders , if we manage to get even small part of our lost funds back we will use it straight away in the platform , this way slowly the platform will start to generate more fees , because now as you can see most of the users who have been trading are left without available money to keep trade , that means for the platform to start generate fees again will need completly new users which will take a lot of time and by that time to pass many will give up and the platform will die