why haven’t the whales invested though? if bsl has been around for years on eth what makes you think they will invest in bsl in the future if they haven’t already?
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I believe it’s due to regulatory issues that may be slowing things down a bit. Gotta follow those rules…
Im sure hedera will be or is available world wide, They made it a point to elect a governing council across different continents and across different sectors.
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That doesn’t matter. My grandpop is not going to go on Sauceswap or figure out how to use that and go through all those steps and learn about crypto. We need to have easy purchases in an app or web app - just like a bank does. We want to be the Amazon of DLT, we need to make purchases just as easily, go to a store in a mobile app or web app - connected to various forms of payments and click purchase done.
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They don’t exist. All people are looking at is the possibility of having buyer from eth come to BsL. The facts is they will move to where the volume is.
[Originally posted on the Hedera Reddit]
Sounds complicated. And only 48 hours to claim the new tokens? Do I have that right? I want the migration as I hold HBAR as a long term and want them to get all the glory of this project. But I don’t want to screw this up either and lose my holdings.
no reason that we cant bridge the token back over to ETH as WrappedBSL and create a liqudiity pool. The idea is that this makes it easier for staking for the community if you can all be in on LP on Hedera with ease of staking and low cost on Hashgraph.
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I thought we’ve never considered bridges before because they were vulnerable to hacks? Don’t know anything about the technical side of it. Just curious.
This is my summary of the conversation:
PROS
(1) Coding and maintenance of the app/platform will be easier. This is the core of the Bank Social business. If we help to build an app and platform that is useful to thousands or millions of users, our BSL token will revalue up, without needing to please outside investors.
(2) Ecosystem will be simpler. No more useless time wasted on arbitrations, bridges, premiums, which token should I buy? Let’s wait for the ETH whales, etc. No more community confrontation nor division for an issue that does not contribute anything to the Bank Social core business.
(3) Low trading fees. Exchange and transfer of our BSL token will be less costly, quicker and safer.
(4) Hedera Growth. Someone here compared the large number of accounts in ETH vs Hedera, it’s true. However, despite this disadvantage Hedera makes around 115mill trx/day vs ETH 1mill trx/day. If you understand the technology and compare networks governances and history, it is pretty obvious that Hedera is leaps and bounds ahead, and I would expect multiple times more growth and upside from hbar vs ETH. And since the 4% SLP tax will be collected all in hbar we will potentially have more upside from our not used SLP resources. We are a bank, we must excell in resource allocation!!
(5) Hbar Staking is very simple, secure, and liquid. Hbars do not leave the account and you can change your allocation instantly without notice. Although the returns are low (max 2.5%), we can count on this return when the DAO does not find better yields. But a new world is opening and we will find much better deals.
CONS
(1) Loss access to the ETH ecosystem. Remind you that those mythical ETH whales have done nothing in three years and the BSL price has been going down and down until recently when Hedera came into play. Hedera people is understanding and valuing our project higher than ETH community. But if one day those ETH whales wake up from their slumber, We can always wrapped the token and create a liquidity pool in Uniswap.
(2) Loss Hedera side premium valuation. Each BSL token has the same value inside the ecosystem, no matter the L1 where it was created. That is, each token will receive the same staking interest, same voting power, same credit card benefits, etc. The current price discrepancy is probably transitory. Besides, the migration, as I understand it, is largely a code issue, not a market issue (directly), the price discrepancy will be gone if the vote is positive.
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There will be no time limit on claiming your tokens.
The 48hrs window is for the dev team to start the migration
As a community I think we would be better off thinking about how to improve the products we are offering to the public (although harder), than trying to please investors or doing price talking (although easier).
What can we do?
Let’s be users of our own products, test the app and other platform products, provide feedback and ideas about new functionalities, and help build a better app/platform/web.
We also can help to build a great ecosystem, consolidate and strenghten governance systems, and elevate our discussion in this forum providing good information and understanding to all of us,
Let’s think long term and be unite
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agree to this. same thing was done by DOVU
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We are not at that point in the game. Not at all. Bank Social is actually a very specialized investment. A disruptive enterprise being born recently. Don’t expect everyday people to understand the implications of such. Regarding utility, I do not think either we are prepared to receive an avalanche of users right now. But over time, the platform will evolve (CU on-chain, Exchange open to the world, more TradFi inclusions, more loans are granted, governance consolidated, etc) and more and more people will start using the platform. Liquidity will come naturally. The scenario you describe (Amazon of DLT, etc.) is of course desired by everyone, but this will not happen because we have the tokens in ETH.
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Let’s get this done so we can move along with the project.
1 eth BSL = 1 bsc BSL = 1 hts BSL
This is what was promised to everyone who bought into this project. Changing that now would tear this project apart.
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If we end up migrating and have one token, is it possible to burn 5 bi more tokens. So in total we will burn 10 bi and keep 10 bi in circulating supply. I think it makes more sense if we have one token that we have an even circulating supply of 10 bi and that is it. Thoughts? Possible? @PresidentHODL
What do you think about PresidentHoDL saying they can bridge back to ETH? That changed my answer for me and that it seems best for the project from a technical standpoint. Cheers!
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Any updates on when we going to get this to vote? I feel like this Saudi Arabia announcement is going to push Hedera’s price up quickly…
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@PresidentHODL - Any idea when we might be able to vote on this? It looks like we have enough initial votes from the temperature check to bring it to a final vote. Thanks!
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Wouldn’t any conversion ratio need to depend on the market cap of the liquidity pools? If the ETH tokens migrate over to Hedera for it to work the ETH would need to also be converted to HBAR.