This is a terrible idea. Short term pump and then the inevidable dump. I cannot believe this is passing atm. I would sooner back the 500k to go to the DEV's to support operations than vote for this obvious attempt to force pump and dump the market and leach easy money from the Dao's actions. Can people not see this is a bad, bad idea as this is forcing a market effect that relies on market demand that just isnt here atm, I'll be readying my DEC to dump the pump on the Dao too once the Dao purchases and buy it back for 30% less when the dump finishes. Why can't we just be patient and wait for Land Staking which has the potential to remove 150K X 10k X 5 DEC from the market in card staking alone let alone future building, item and spells sinks (Go do the maths - I'll give you a hint we dont even have close to that kind of circulating supply of DEC)..............Let the team create new DEC sinks and remove DEC creation E.G Leaderboard and card burning and LP's etc. and let the playerbase ease us into the peg. Not send out an open invitation to crash the security of the Dao.
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If the proposal had said SPS, I would have considered it far more heavily. I really hope some big whales in here really think hard about the quick gain verses long term security. If we just stay patient we are looking at achieving something quite remarkable. We are little more than a few K close to triggering peg in a bear market without the need to really push for it even under such terrible world market conditions and a depleted playerbase post bull market. The event was a success, the expected drawback has come, but we are on the cusp of 1.5 land and staking and my goodness watch the flywheel take off without the need to throw the Dao's weight at it. At any moment someone could snap up remaining DEC and push us to peg...And once land 1.5 staking drops, there are going to be players everywhere looking to purchase DEC. And then the hype of SPS climbing as people start burning for DEC. This is as solid a no I've ever given and I'm a regular no guy.
Exactly my thoughts. Wait for the roadmap to deliver, assess, then think about making further tweaks or proposals like this.
I am so glad you are able to articulate these facts clearly.
I just hope the rest of the community can come around to our ideas. I've tried to convince as many people as possible in replies in this post's comments.
These might be viable options but that is not what this proposal speaks of. At least not what I can see in OP. No one here disagrees with the need to diversify and everyone is aware of the current risk of continually holding stable coins given the current assault on crypto by 'The powers that be' but the risk of throwing the Dao's stable coins for DEC is too great and the exploitation too easy. Why would anyone here with who identifies their contribution to SPL as a significant investment from them risk part of their future insurance policy in this game on a quick gain that will only invite bad actors to participate is beyond me. I would prefer the notion of using stablecoins to buy limited availability assets like tracts, SPS, cards or nodes etc as you mention. But that's off topic with the proposal here.
I can totally believe this is passing, because frankly DAO governance is utterly batshit crazy stupid. Governance is determined by the votes of the economically illiterate or the self interested bot farm whales. So I no longer expect anything other than complete idiocy from the DAO