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.
Loie Thu 3 Jan 2019 7:44AM
@lanski
1) Yes, they would get access to the same amount per week that's already agreed upon. In order for me to delegate for them tho, the way it works in the dapp is "donations" are made in their name. So far, Griff has been donating like 12 eth in someones name and 1800 dai in their name. That way when I go to delegate their chosen amounts to different milestones, I can pull from that bank of donation whether the milestone needs eth or dai, and it lasts me a few weeks before having to re-up and do the donation process again. This way, instead of those donations coming from griff's pocket, they'll come from this 285 eth.
Does that make sense?
Pol Lanski Thu 3 Jan 2019 7:47AM
It does! Looking forward to actually using an aragon DAO and being able to do it ourselves! Thanks for the clarification :)
Loie Thu 3 Jan 2019 7:51AM
@lanski Re: the split down the middle:
2) There are several outstanding debts from the past that need to be paid. Bowen's salary, Kay's salary, and rent on the office in barcelona i think already amounts to about 100-110 ETH. There are probably other little ones that I haven't thought about, and since we only started making dai milestones recently, most historical payments will be in ETH, so here you can see the reason to have approximately 120 ETH go to the Giveth DAC and just ~25 ETH worth of DAI to the Giveth DAC for things that aren't funded by the Unicorn DAC.
Pol Lanski Thu 3 Jan 2019 7:53AM
That's all good! What I mean is that we might have to put MORE in these in order to give Kay and Bowen more leeway than just paying the debts and give them some security on their next month's salary: It's good to know that you are going to be paid for sure and on time because you know that the money is budgeted for this and nothing else!
Loie Thu 3 Jan 2019 7:58AM
ah i see
Poll Created Fri 25 Jan 2019 7:08AM
Change the ETH/DAI ratio going to the Unicorn DAC Closed Wed 30 Jan 2019 10:02PM
Unicorn DAC will change the ratio of ETH v DAI to be DAI heavier :-D
Proposing a simple change:
Convert 75% of ETH for Unicorn DAC to DAI. So, 142.5 ETH becomes 106.875 ETH worth of DAI, and 35.625 left in ETH.
In the previous proposal in this thread, we chose to split it 50/50.
Now that we are deeper into the shift of making most milestones in DAI, the need for more DAI has become clear.
Note: This DOES NOT change the split between Giveth DAC and Unicorn DAC, it's only how Unicorn DAC is handling their half.
Each week in the Unicorn DAC's funding of milestones, there are way more DAI milestones than ETH and often I have had to bug griff to last minute donate more DAI because the person in whose name I'm delegating has run out of DAI.
You can see in the pics the amount of ETH vs DAI delegations that happened in weeks 5, 6, and 7.
Results
| Results | Option | % of points | Voters | |
|---|---|---|---|---|
|
|
Agree | 100.0% | 7 |
|
| Abstain | 0.0% | 0 | ||
| Disagree | 0.0% | 0 | ||
| Block | 0.0% | 0 | ||
| Undecided | 0% | 39 |
|
7 of 46 people have participated (15%)
Loie
Fri 25 Jan 2019 7:11AM
it will make my life easier and people will get paid faster! due to not having to wait on re-upping dai portions all the time
Kay
Fri 25 Jan 2019 1:01PM
Unicorn DAC with its fixed allowance is a good example for the problems that come with volatility. Interestingly the sheet is full of absolute numbers, where a percentage would maybe make more sense. Anyway - I see DAI are big in Giveth and we probably need them in an even higher ratio.
Josh Fairhead
Fri 25 Jan 2019 4:12PM
Notoriously bad at math I gaze at the sheet and then agree with the text because if theres a need then please do!
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?
Kay · Thu 3 Jan 2019 11:49AM
I have been voicing a wish for a treasurer for some time now - I would love to see you step up to this Pol! At the minimum it would be a set of proposals dealing with incoming and routing on donations, as well as calculating running budgets.