*** Basic Summary/Abstract ***
As yam mcap is keeping drop, there is no good way to return to stable positive rebase right now. So let’s temporarily turn off the rebase feature until the mcap is reaching some predefined threshold value and keep above it for more than some days.
If we are not taking some actions here, the mcap could continue to drop to $3m - $4m which could make our investors make more lost and there still not even a penny of income for our treasure. Let’s face this hard situation honestly and protect yam investor’s best interest.
*** Motivation ***
Make Yam Community Consensus United Again!
*** Risks ***
As there is enough funding in yam treasure for new product development and marketing, I don’t think there is any risk.
*** Specifications ***
Turn the rebase feature off first to stop yam’s mcap continue to drop and this will not cause any damage to the team and the treasure itself.
Let’s turn the rebase feature on again until the following two conditions both meets:
Yam mcap is reaching $15million
Yam’s mcap is above and equal $15million for more than 7 days.
If both above conditions are satisfied, then the rebase feature will be turned on and this could or couldn’t go through the voting system again.
Let’s Save Yam’s Mcap
- Yes, stop rebase to save yam
- No, let yam’s mcap continue drop
I would like some reasoning as to why disabling rebase would increase the market cap. I’m also not a fan of loaded poll answers like “No, let yam’s mcap continue to drop”. I voted no, not because I want mcap to drop, but because I don’t understand the reasoning behind this proposal.
Is it because of the “negative rebase spiral”? If that’s the case, we could just artificially change the scaling factor and get into positive rebase immediately. Or is it due to stopping the treasury mint percentage? If that’s the case, it’s also possible to disable just that aspect temporarily. I’m not sure that’s a great idea, since that’s kind of central to YAM, and I think turning it back on will be a much harder proposal to pass than turning it off is. It was also already cut in half less than a week ago with no data to go on the affect of that.
@daddypig Thank you for taking the time to write this.
I understand what you are asking and by temporarily turning off the rebase function until MCAP reaches $15mm and holds for more than 7 days.
If temporarily turning off the rebase function DOES makes the MCAP go up you’ve got a problem:
- Once it gets turned back on after 7 days of over $15mm, it will cause the MCAP to go down again. Which is very bad for anyone who buy at $15mm+. Then they will directly blame the team for scamming them.
If temporarily turning off the rebase function DOES NOT makes the MCAP go up:
- Then this is not very useful.
Temporary doing something for the sole purpose of making the number go up or not down, is not a good solution to anything. Ultimately value comes from utility not just from speculation. Let’s focus on long term goals @daddypig.
Your vote is misleading.
Yes,stop rebase to destroy yam
No, Let yam’s treasury continue to grow
Let’s get the first step out first. Disable rebase feature to release mcap and also release yam price as our #1 yam holder is dumping on us. We can not wait rebase cut yam market value into $5m, $4m, $3m…
Will the #1 yam holder stop dumping if we remove the rebase? Can i talk to him?
You got my ass. As a proposal writer, I have my personal interest as this is very import proposal in yam’s history. Please bear with me this time, not next one!
All community members and core, the other reason is that our #1 yam holder is dumping all his yam into market. In order to defense yam’s value and not let the value we have build up in the past months crash. Let’s agree with each other this time. We can not let negative rebase cut another $2m-$3m from the current mcap.
It seems he already made final decision. Maybe another project is designed for him/her.
This is a bad idea and not based on any sound economic reasoning. Stopping rebases at x mcap is arbitrary. This is also sacrificing positive rebases under that threshold.
I’m with you on this one. The polls are not subtly biased.
The purpose of this proposal is to stop the price of the currency from falling, but the price of the currency is a market action, and you don’t have sufficient evidence that the Rebase mechanism is suppressing the price.
But, at least in the brief history of YAM, the Rebase mechanism has not yet performed positively.
I think what YAM needs right now is a rethinking of the overall institutional architecture, which is not a simple switch.
I think this is getting ridiculous with all of these proposed changes to the rebasing mechanism. This last cryptocurrency trend raised the treasury by over 100k in a relatively short period of time. These are precious funds for a startup in this space. We already halved the rebases recently. To go from half to none without testing a variety of market conditions (longer term bear/bull cycles) is irresponsible. The focus on price alone is irresponsible.
The rebases get us closer to $1 and WHEN another boom occurs YAM’s treasury would greatly benefit from this by the narrowed distance to the positive rebase.
We need to focus on longer term appreciation, rather than these short term micro-cycles. This proposal is a knee jerk proposal bc “price go down” and I believe would hurt YAM much more than help it. This will have little to no impact on the market cap but will have a significant impact on treasury accrual and funding for the projects/marketing and the people being compensated (and to be compensated for their work).
Let’s not forget that the funds raised via rebases also help build a price floor for YAM.