285 ETH ! What am I gonna do?
Loie
Public
Seen by 235
We received a generous donation of 285 Ether and it’s time to decide what to do with it!
Take a look at the proposal.
Griff Green
Sat 26 Jan 2019 7:01AM
I think i need to make a loomio too.. it would be nice for the Giveth DAC to get more DAI
Poll Created Sat 26 Jan 2019 7:30AM
Giveth DAC DAI Adjustment and Background on DAI Exchange Closed Thu 31 Jan 2019 10:02PM
Background
The Giveth DAC currently has 0 DAI: https://beta.giveth.io/dacs/5b37da13a239ac21b383d4da
When we first did the original vote on this, it took about a week to transfer the funds out of the multisig. In that week the price of ETH crashed about 20% so I donated the portion of ETH needed to cover the big ETH milestones (about 107ETH) and have been converting the ETH using the dollar cost average approach, hoping the ETH would pop back up.... It hasn't.
In that time however, I also had discussions with Lanski and have been observing the DApp's needs for ETH vs DAI. We are quickly moving towards a DAI heavy model.
My plan was to convert all the ETH to DAI that is needed slowly to hedge our exchange risk, converting more on positive days and less on negative days. Then at the end, find the average price of the conversion and divide it between the DACs using that average exchange rate. I am about 1 ETH away from achieving this assuming these loomio's don't go thru.
Here is the spreadsheet where I track the donations: https://docs.google.com/spreadsheets/d/1buZEDn47jx7jkelKOl7BvdbWu_JF0JF1S93I3Sw0FGs/edit?usp=sharing
Here is the address that is holding these funds:
https://etherscan.io/address/0x8a1239fe1b3e2353b4b846dfd3ebf654e6a72f1e
Tension
The Giveth DAC has 35.7 ETH left form the Anon donation yet to be donated to the DAC, and the DAC needs DAI badly.
Proposal
Instead of converting only 25 ETH into DAI, we convert the entirety of the 35.7 ETH into DAI continuing to use the daily cost averaging method.
Results
| Results | Option | % of points | Voters | |
|---|---|---|---|---|
|
|
Agree | 80.0% | 4 |
|
| Abstain | 20.0% | 1 |
|
|
| Disagree | 0.0% | 0 | ||
| Block | 0.0% | 0 | ||
| Undecided | 0% | 41 |
|
5 of 46 people have participated (10%)
Griff Green
Sat 26 Jan 2019 7:33AM
its really just converting 10.7 ETH into DAI to give the the DAC some extra DAI to play with... worthy of a loomio, but for transparency i wanted to detail out how everything is going.
Josh Fairhead
Sat 26 Jan 2019 8:38PM
I'm fine with said moves, Its good to be diversified though so a little Eth might not be a bad thing
Kay
Thu 31 Jan 2019 5:14PM
It is a bit sad to have to do this at this point in time - privately I would probably go for a CDP, but that is not an ideal solution as well. Seeing that we need DAI so much, I'll agree with the proposed solution.
Loie
Thu 31 Jan 2019 5:30PM
trusting the expertise on this as you griff are the closest to this issue every day, all the days
Josh Fairhead · Fri 1 Feb 2019 5:01PM
Raising thought: theres two proposals around similar agendas, can we batch them? It might be too early to tell but would it make sense to give someone a mandate to adjust ratios without polling? Or a board of people to do so? Or should this be case by case?