What are your thoughts on the latest DAO vote?
What do you feel the pro's and con's are to it? Comment below. I'd love to know what the general opinion is.
My personal opinion is that this is a pretty dangerous thing to do, minting 1.25bn fresh SME for one user to own. It could create a Giga Whale on the platform, one that would overshadow all other users. For context, it would be the same size as combining the 10 biggest accounts currently on SoMee. That one account would hoover up a huge amount of the daily rewards, leaving very little for the rest of us on the platform.
https://vote.somee.social/#/proposal/0x1a52f27ea0c4411da55802e783187249cbf7de7686670b077a6314bf9086cf54
#TheIrishPilot #SoMee #DAO
Yeah, not sure myself - been away and just read this. Would it not be better for this person, if they believe in somee to buy the tokens off the market? Admittedly it would spike the price like f**k, but hey...
No, this would benefit them way more since they get 1.25 BILLION SME tokens at an extremely undervalued price no one wants to sell at. So price will have a hard time to move up from here with constant selling pressure.
AwesomeeFacts they don’t get 1.25 billion tokens right away. It’s vested over a year. So that’s kinda untrue that it’d instantly make them a gigabwhale.
zackrspv They will get 104 mill in the first payout. It's gonna make them a top 5-10 holder.
From what I understand this a group of 50 investors. That equates to 25 million apiece. They have invested in other crypto projects, so understand how things work and will be wanting to use their stake to increase their profits. They'll most likely be circle voting themselves and accumulating 60% of the rewards emissions, leaving only 40% for the rest. That means 50 users will be earning/controlling 60% of the rewards, while 5 million users(projected by the Devs for the end of next year) will be splitting 40%. I think that while the money being used for marketing is a good thing, the lack of rewards will disenfranchise the average user and hurt retention. So, we'll get a bunch of people signing up, but ditching the platform pretty quick. There's a lot more negatives, but this is already long.
I think it's important that users who care about the path of the platform buy the SoMee erc20 governance token, because I'm seeing that only around 15 people are voting in the DAO, making the decisions for everyone. At least one big stake is doing so blindly and we need more of us to be represented in these decisions. My problem is I don't invest in any Eth product and neither do many, so bringing in this governance token as a native token, like SME is a best case scenario, but the Devs said that's not the plan. I've been investing in SME and wish I'd have waited, because if this DAO is approved, that in itself could cause many users to leave, because this sets a precedent that could happen over and over further diluting our investments. I don't think the positives, and there are a few outweigh the probable negatives, but it looks like the vote of 5 people will dictate the path of the platform and that looks bad from an investors point of view.