Community SIP initiative to freeze 0 cost basis allocations

General Commons
1

We should formulate another communiy SIP to continue discussuons on reducing VP power on 0 cost basis wallets like @Armando pointed out, we should put it into vesting for 5 years with a 3 year cliff (no rewards) to bring it to pairity with $SOV multi year stakers that bought at 20$ 30$ 40$ $SOV and held all the way down, still staked.

Its not a good fair system built to have free riders overtake our decentralized bitocracy & if we can vote for improvements i think its only fair to reward loyal paying $SOV users to a better position within our community by freezing these large toxic allocations out.

In no way does this harm our system i argue it will make it better , stronger, and its a good marketing fit for promoting why people need to own Sovryn & Stake , we are a fair sovereign decentralized community!

2

That 8 (founder?) wallets which voted down the community SIP won’t ‘agree’ with this approach.

But this thoughts even came from one the founders/core team so…

(I just believe he had in mind for community to sacrifice more, rather than himself)

3

Fair idea. Pretty sure if you put the amount of $$$$ that people who voted Yes in the last SIP comparing to those 8 wallets, Yes cost basis outmatch No by like 30-40 to 1 at minimum, but still those 8 wallets manage to disrupt the vote because of their zero cost basis free coins.

Should have the last SIP up again and freeze any zero cost basis wallets as per Armandos idea.

4

What is 0 cost basis means in this context? Is it just founders, team? Is it complicated to find out?

What if they received it as compensation for working on Sovryn? Wouldn’t the only people who good make that distinction be the same people this proposal would affect?

5

what has really been built to reward enormous amounts of SOV tokens for that work?

if they are comitted to Sovryn there should be no issues to have a bit longer vesting for their tokens, im ready for a discussion to maybe lower vesting to 3 years with a 1 year cliff to match our community stakers.

i think our community is ready to compromise after some discussion to meet a fair outcome for all.

6

Sovryn is above all about ownership. It is designed to prevent exactly the kind of ad hoc infringements of property rights that you are proposing here.
So Bitocracy - by design - has no power to enforce limitations on SOV ownership or staking.

1 Like
7

So basically it is designed to have a safety net in case ‘things go wrong’ according to those who started the project and have the maximum benefit?

Sadly for those who voted against tho, this SIP is passed as it was considered as a proclamation SIP as confirmed by SOV team with 5/50 limits.

8

by this logjc , it were designed to rob the little guys as prices been dumped on buyers heads for 3 years straight

0 cost basis whales sitting comfortable waiting to cash out down the line, and now you, ororo armando and others want people that already lost all their money in SOV to further stake & vest for years because it benefits your bigger allocation