LBI-GOV Vote on Hard Cap and Open Call for Proposals

in LeoFinance4 months ago

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Authored by: @bozz

Two items on the agenda for this @lbi-gov post. The first has to do with setting a hard cap for the LBI token. @silverstackeruk has noted that the volume of people converting Leo tokens to LBI tokens has significantly decreased. It appears the majority of LBI token movement is happening through direct buys on the secondary market like hive-engine and Leodex. In light of this, The LBI team is proposing a hard cap of 275,000 tokens.

The total number of LBI tokens currently minted is 250,000. To date, 220,005 LBI have been issued directly from @lbi-token. On hard capping, 20% of the supply will be reserved for content creators based on this post. This would give a LBI token hard cap of ~275,005 (depending on buys between now and implementation). @silverstakeruk is considering burning five LBI tokens to establish a hard cap at 275,000.

Voting will open once this post is published. As this is not a proposal vote, the window will stay open for one week versus two. Voting will close April 4th and then votes will be counted.

YES

If you agree to have the LBI token hard capped at 275,000 with the five additional tokens being burned please type YES in a comment on this post.

NO

If you would like to keep LBI at the current spot with no cap type NO in a comment on this post.

Please be sure to use the account that you are holding your LBI in so that we can accurately tally the votes. It would be very helpful to us if you included the number of LBI you hold in your comment so we can accurately calculate your upvote value based on the table below:

1/ 10-99 LBIs will earn a vote equal to 1
2/ 100-499 LBIs will earn a vote equal to 2
3/ 500-2,499 LBIs will earn a vote equal to 3
4/ 2,500-9,999 LBIs will earn a vote equal to 4

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The second item on the agenda is the fact that the @lbi-gov team is now actively accepting proposals for the first vote that will be taken at the end of May. @sliverstackeruk laid out the guidelines very clearly in this post.

Please note the six sections that the LBI Governance team will expect each post to have. Each of these sections should be clearly identifiable using bold or header formatting. Please be as clear and specific as possible in your post. This is you pitching your proposal. Additionally, please ensure that you use the tags #may21lbigovproposal and #lbigov

Proposals will be accepted until May 7th. Through the week of May 10th to the 14th all proposals collected will be put to a popular vote. The top five proposals will be formally presented on May 17th and for the next two weeks voting will be open. The top two voted proposals from that two week window will be passed.

As you can see, the window for proposals is fairly long. After the May vote, it will be a full six months as was originally established. Please keep this in mind if your proposal concerns something that is time sensitive.

To recap:

Proposals are Due May 7th
Proposals must include all six sections as established in this post
Proposals must use the tags: #may21lbigovproposal and #lbigov
English is preferred for proposals but not mandatory. If posting in another language, please use a translator.

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NO 10,001 LBI hodl

I'd like to see at least a 300k hardcap

SPI was created with a ONE MILLION Hardcap, which was not going to happen,
so we voted to cap it a lot lower. LBI is brand new and we could give it a
little more time. If I knew about the next possible spinoff, CBI

I might be content with what we got now LOL
But I like 300k better than 275k Because at some point,
I'm going to come back to LBI and dump moar into it...

Posted Using LeoFinance Beta

I agree, 275K is a strange number.
But there are always miners, which people seem to go mad for. Or maybe they just want the new thing, whatever it is 😁.

I had thought of miners for LBI but the scammer miner killed that dream.

Miners, for LBI...
seems to me that would violate a hard cap?

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Prolly 😎

🤣

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What's KANDA?

TeloKanda is a hive engine token with the express purpose of onboarding Africans to HIVE. We have a large and thriving discord, the token has survived it's P&D phase, and is moving back closer to a solid price standing. The founder citimillz [Favvy] 🟣 #0505 @citimillz is building a strong setting and I had to engineer some discord VooDoo into the settings because we had a slew of BOTS that had things in a major conflict, and it was over run with BOTS. Now we have manual authorization of all new accounts, so I will take care of you Auntie if you just ping me, and I am around. Otherwise the mods are pretty quick. LOL

I am sending an invite, Kanda is worth a look, it also has CHL tokens and a strong TWITTER following as well. They award a lot of valuable tokens, TELOS and CHL plus Kanda!

https://discord.gg/RzXASnrTK7

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Thank you @underground 🙂

Telokanda has helped in promoting cryptocurrency and blockchain tech which has led to thousands of users being onboarded onto many crypto projects like Hive, Telos, ChallengeEOS etc.

NO


I think we should revisit at the one year mark for setting a hard cap on the tokens. I think now is to soon.

No, it's too soon. Let it run for at least a year. Right now my earned LEO goes into the new LeoFinance projects. There's a whole new bLeo pool to fill. Once that is done more LBI is a perfect destination for more of my LEO.

I really don't understand the haste in capping. Let it grow slowly and give the fund time to develop.

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No. I think we can get higher than just 275k LBI if we have some patience. Give people some time to buy more, especially the new ones that will now be triggered by the nice hike in Hive (and Leo) price of late.

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YES - 4610
lbi richlist

I disagree, but votes for you anyway 🤣

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NO, why hurry for a cap when we are so keen to delay dividends ?
We might link both as well, cap when we start paying dividends.

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I think you have a great point here. Dividends should be paid out before we consider hard capping LBI. So investors can see how the ROI looks like.

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I still think there's a middle ground here. The problem with these proposals is that there really needs to be a few days of discussion and THEN a vote. Let people voice their opinions and rationale BEFORE asking for a vote. That way you can make an informed decision by seeing all arguments rather than voting on your own drawn conclusions. I voted YES and I'm still leaning that way but I can certainly see extremely valid arguments for NO.

Here is why I'm still leaning YES. My LEO and everyone in before me (and after but before Cub) who sent in LEO provided LBI with the Cub they received. If I let the fund double in size, that doesn't double the Cub. It cuts my return on that Cub by 50%. I get that new holders will have to add more LEO than what the fund is "worth" per LEO so the dilution shouldn't really be felt. For example, if a 10% stake is worth $10,000 of a $100,000 total, then if someone comes in and doubles the fund to $200,000 then my now 5% stake of $200,000 will still be worth the same $10,000. But, like I said, where does that factor in the Cub I provided? Someone buying today gets the benefit of that Cub and lessens my benefit through dilution. At least that's what it seems like to me. Especially if Cub moons. They buy in today for 1.1 and in a month Cub goes to $30. My dividend is diluted where theirs is enhanced.

Anyway, like I said, if we had a discussion period and THEN a vote, we could talk about altering this proposal before voting on it.

I would like to see the number capped now at the "soft" number of 275,000. If people really want in, pay the market price. However, I would like to leave maybe as much as another 225,000 tokens left in reserve for future use cases. If we decided we wanted to open it up to new people, we could take a vote and do that. We could also decide to allow current users who want to increase their stake the ability to have first right of refusal on buying those new tokens.

If I have to vote on this current proposal, I will stick with my YES vote for the reasons mentioned above.

Posted Using LeoFinance Beta

Sounds like you have the workings of a new proposal that you should write up and submit for the next vote. I will be keeping an eye out for it! Make sure you follow the guidelines laid out above and in the post from @silverstackeruk.

Posted Using LeoFinance Beta

I agree with you about an advance post where discussion could take place before the vote; I'd also like to see that ballots are set with a minimum 66% majority vote in support of the proposal.

I guess the benefit of pooling is that we are all getting wealthier through the compounding effects of every contribution. So although an account might miss out on "their" bit of cub, they are benefiting overall from the total contributions. There are people working on this voluntarily, for example, we all benefit from their contribution.

Except that the CUB drop was priced in and all new LBI buyers are paying for your (actually the Fund's) CUB when they buy LBI. Because CUB already added to the LBI value. SSUK is doing this all above board, Legally, morally, properly and actually the best way AND sticking to the whitepaper 100%.

Not saying you don't have some good ideas but it does sound like a whole 'nother fund if the changes were made that you are spitballing. I use that term to avoid confusion with a "proposal" because we have an exact mechanism in place for a "proposal".

Posted Using LeoFinance Beta

no not yet 71 I think so far

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No. I know that my investment will be worth more in the short term but 275k LEO max? Isn’t the team wanting more LEO. I’m worried this will stagnate the project. At least a buyback plan will ensure I can sell my tokens if I want, if the buyback plan isn’t also voted out!

Posted Using LeoFinance Beta

NO

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I am going to vote NO on this one. 2260 LBI. I have to believe that part of the decrease has to do with the "sudden" introduction of CUB finance. I think once the hype from that dies down people may decide to start moving their LEO back into LBI. I think not imposing a hard cap now and then revisiting it in three to six months would be the best course of action.

Posted Using LeoFinance Beta

It is a project that is just beginning because it sets limits. Right now, the bullish season has shaken things up and investments are in a daily reshuffle. When the spring is over, people will want to invest in a project that gives them a chance to get rich slowly and the issuance of tokens will probably grow again.

We must give the opportunity to people who are not aware of our existence to join the project, also new users who come because of the bullish season and because of all the work that is done from LEOFINANCE.

Closing the topic is to take away the possibility to continue to grow from those of us who own a small amount of tokens. And the prices would benefit the few who have a considerable amount of LBI-TOKEN. For those of us with 100, 200 or 300 tokens, prices would have to reach thousands of dollars to make a difference to our finances.

Give the opportunity to grow to those who do not have large capitals to invest, to those who are adding little by little in the hope of one day having financial freedom.

I am a 301 LBI token holder.

"No"

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NO

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No.

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YES cap those precious little tokens. I am a lowly pleb with just 100 tokens to my name

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Yes

YES

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I vote YES to cap as this will allow for there to be some price appreciation created in the LBI tokens as well as the value they represent. However, I would like to see the number "soft-capped" at 275,000 with a hard cap at 300,000-350,000. This would leave some room to potentially open it up again down the road if we decide it would be beneficial to "raise" more capital for other projects by letting new people in or existing holders to raise their stake. That would still require a vote from the token holders but would keep the flexibility there if deemed necessary. Just my thoughts. Maybe if some more people read this and like it we can amend the proposal. Just seems prudent to me.

Posted Using LeoFinance Beta

I believe of those numbers there are still about 30,000 tokens held for conversions. Those are included in the 275,000 number.

Posted Using LeoFinance Beta

No, 20% of the total is for the "content creation team". 20% of 275,000 = 55,000 plus the 220,000 already minted gives you the 275,000 minus the 5 he is going to burn.

Posted Using LeoFinance Beta

This I agree with. I didn't see any room for 30k tokens but I miss stuff all the time... 🤣

Posted Using LeoFinance Beta

Do you always invest in funds you know nothing about?

🤣🤣🤣

  1. Price is appreciating NOW, w/o a cap of any kind. It's by design...
  2. Soft cap is not in the mix, you're asking for a hard cap and then saying it's really a soft cap and can be hard capped later?
  3. At least you know un-capping would require a proposal and a vote. Uncapping would be much more difficult to get a consensus than just voting NO right now. Seems you are voting to cut your own nose off now, then convince the surgeon to reattach later, but it's much more expedient to just not cut it off in the first place!
    The Vote Counters will not try and interpret your intent, they are simply looking for YES or NO... 🤷‍♂️

🤷‍♂️

Posted Using LeoFinance Beta

YES. I goal is 100 LBI and I am close enough that I can get the rest before it is hard capped.

Posted Using LeoFinance Beta

YES (232 tokens = 2 votes) - maybe think about 300k for the cap - gives an extra 25k for a little wiggle room ???

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I like 300k TOO< but you really need to change this to a NO Vote
to make 300k a Possibility.
YES means you want 275k right now

Posted Using LeoFinance Beta

yes

Posted Using LeoFinance Beta

YES - 2,001.92

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YES!

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A successful meetup and its commemorative badge

Yes

Posted Using LeoFinance Beta

Yes (100 LBI). Scarce is the way to go.

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Yes

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Yes

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Yes

I vote YES
I would set hardcap at 300k to leave some space for new investors, but I don't see them coming - let's not kid ourselves, it's not likely we'll mint another 20k

YES, for a hardcap ... the market on Hive-Engine will still exist so everyone who wants LBI can buy them there. But hardcapping the token will sure help with appreciating the value from LBI.

Posted Using LeoFinance Beta

YES , let the price increase :) If people are interested to buy , they can buy from the market is my opinion .

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Yes, 2186 at the moment, which might change till the closure of the vote.

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YES! I've been buying from the market anyway.

Posted Using LeoFinance Beta

Buying direct increases the LBI stake and our earning capacity.

Posted Using LeoFinance Beta

That is true but you can't stop people selling.

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I need to buy more LBI. I will be back later tonight to vote

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Yes. Buying from the market is often cheaper anyway.

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Yes

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Yes.

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Yes, Hard Cap

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Yes
377 LBI in pocket. Not enough I Know 😞

Yes

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I vote Yes with my 1077 LBI.
I think it will be good for LBI holders and for LEO that it doesn't become too big a whale. Too many eggs in the one basket and all that.

Posted Using LeoFinance Beta

Yes for me. Stick a cap in its &*%% :O)

Posted Using LeoFinance Beta

Edited to include my LBI total as I posted from my LEO alt by accident LBI stake 1262

umm how many tokens do you have?

Posted Using LeoFinance Beta

Why?

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cux a 25 rep makes it look like you are just trolling, and the post calls for you to list your tokens anyway, so my guess is you have no vote, therefore you have no voice and are really just screaming "FLAG ME!!!"

Posted Using LeoFinance Beta

Well, I aint trolling.

So flag away :OD

Posted Using LeoFinance Beta

Why?

meester leo  Fraud

Posted Using LeoFinance Beta

Oh, alts. You know. Sometimes I answer with my alt which has my LEO stake

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🤣

yeah I'm sure everyone knows who you are

Vote was not close anyway, it's capped

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I know, I read with great relish

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I only like relish with other non-sweet condiments, but YEAH!

💪😎👍



Nice to meet u meester💥boom

U can call me UNDY
I'm coming up on my 5th year in May... the 11th to be exact.

Posted Using LeoFinance Beta

I too have forgotten whn I was on an alt account and replied as the main... no biggy I guess 😂😂

Posted Using LeoFinance Beta

Yes for me. Stick a cap in its &*%% :O)

bitch ass

Posted Using LeoFinance Beta

Lol, dick

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🍆

Thanks 💪😎👍

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twelve-sixty-two and a HALF!

🤣

THAT Meester... gotcha

Posted Using LeoFinance Beta

Lol, don't forget the half!!!

I commented from the wrong account :0D

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YES! I have 718 tokens. :)

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Yes

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Yes. 32 LBI. Hardcap and hold another vote on dividends at the same time. Use airdrops to increase dividends, instead of price of token.

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YES , HARD CAP WILL ONLY IMPROVE THE PRICE LEVELS !

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meester Leo's little sister, I presume?

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My goodness, you arent very good at this

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🤣

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YES

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Yes for the Hard Cap please!

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YES, just like that
42.631

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Yes

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I would say "NO"

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Hey there.
YES . The cap is not a problem at all as the holdings of LBI should grow to other tokens with the profits generated, so the utility of the token is guaranteed: When 1LBI will equal to 2 LEO, 1 CUB, 2 BLANK and 0.5 RUNE the market will pump it alone.

And giving it scarcity, we assure as well a healthy hive engine / leodex liquidity market, something that right now is still a problem (lack of enough orders both in buy and sell)
The original 250K looked more nice anyway, but oh well.

All this thoughts above are the exact reason why for example Bitcoin doesn't need to have a supply of 300 millions. The utility and value of each token is enough. Ask to Berkshire Hathaway Series A holders ^_^

In other reflection, I'm still worried about the outcome of the dividend yes/no vote. A 51% vs 49% looks like a Democracy Victory, but it shows that we are not very aligned as a "Director's Board" members that we are all. I was in the losing side and this (the MAIN value proposition of the token) needs to be addressed, once and for all, soon again.

My 1000 LBI cents.

Posted Using LeoFinance Beta

I was thinking about the split on the dividends vote, too, @bozz, @alexvan, @renovatio.

I run a decentralised consortium: whenever we run a ballot the proposal has to reach a minimum threshold of a two-thirds (66%) majority vote in order for the change to take place. We've done that to avoid splitting the consortium and to ensure there is truly a majority vote for any change.

That also sounds like a great candidate for a proposal. Please feel free to submit that in accordance with the guidelines in this post.

I'd love to, but I am fully committed and my contribution is running the Saturday Savers Club over on the @eddie-earner account and raising awareness about EDS and EDSM. However, the idea is there for anyone to pick up and run with. I have replied to @dagger212's comment as well and maybe the two ideas could be combined into one proposal, @bozz.

Yes

Posted Using LeoFinance Beta

@silverstackeruk on Discord answered these couple of questions:

1 - When new tokens are now being issued, how is the LEO price they're issued for calculated?

Price is currently set to 1.1 LEO, this will change soon to 1.15 LEO as the LBI real token value is 1.11 LEO. The price is set by real LEO value rounded up to the closest 0.05

2 - And what does this added supply mean for the value of both the fund itself and the price of current LBI tokens?

It means very little when issuing 50 tokens into a 230,000 token fund. When we issue tokens with a premium by rounding up to the closest 0.05 LEO, we increase current holder holdings by a fraction each time someone buys directly from @lbi-token

--

My Vote:

So newly issued LBI tokens aren't cutting into the value of current holder's tokens because they've been bought at a premium and added LEO to the fund.

For this reason I'm voting NO with my 5001 LBI.

I would like to continue growing the fund itself, rather than make LBI token's scarce on the resale market for small holders to be able to dump at a slightly higher price than they're actually worth.

If you want to cash out, then rules of the fund allow you to cash out for exactly what they're worth now anyway.

Posted Using LeoFinance Beta

I'm voting NO for this one. 5K tokens, 4 voting power.

Let's start issuing dividends before thinking about setting a hard cap.

YES - 5000

No, don't have enough LBI to have my vote withing equal 1, I need some more and this could take some time !

Posted Using LeoFinance Beta

Just under 10 LBI

HURRY!!!

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Yes !! I'll buy it today !

Done ! I have it !

I'm sending votes to help!!

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Yes

People don't buy because you constantly changing the rules, keep the airdrops, and postponing the dividends.

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I can't speak to the "changing the rules" portion, but the LBI plan for the airdrops was made clear when they were announced by Leo. The community has voted on postponing the dividends in a fair and legitimate vote. Personally, I still send Leo over every now and then to be converted. None of the policies or vote outcomes have deterred me from doing that.

Posted Using LeoFinance Beta

I know what you're saying and understand that. It's all true and legit, but people still not buying.
With a hard cap, people will buy even less, because current holders want to become whales. The same will happen to SBI.
The price will go up, holders will sell. No fresh blood and both projects will be stuck.
But that's just my opinion and no one needs to agree with it.

Posted Using LeoFinance Beta

The price will go up, holders will sell. No fresh blood and both projects will be stuck.

Very true. I personally started selling some of my LBI because I had to take advantage of the Hive pomp especially when there are no dividends yet coming from this end. I personally too missed 7HIVE to 1 LEO bull as having purchased LBI with my dear LEOs.

Posted Using LeoFinance Beta

The price will go up, holders will sell. No fresh blood and both projects will be stuck.

Good point.

Posted Using LeoFinance Beta