Looks like this is ready for a Temp check?
6 Likes
yes please and thank you, looking forward to what the community votes for! Just curious though, what are you thoughts on this?
1 Like
One thing I didnât see in the proposal is the 2.5 billion bsl tokens to be burned. Does that need to be added into the proposal? Or was that already done on the Eth side so there are only 7.5 billion tokens that need to be migrated over from Eth?
Keep BSL/ETH for now.
It should go to temp check and be voted on.
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since you are talking by market cap how would you treat the slp of ethereum since its bigger than the one in hbar. that should pass directly according to you with no leverage of some kind?
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My thoughts are that I have been doing bsl hold for 3 years, if the bsl goes from 1 bsl/eth to 1 bsl/hbar I vote in favor since personally I donât see that much benefit of having bsl/eth in the long term it makes it confusing for less experienced users and I have already fallen for scams that BSL is also on the Polygon network, which is false, also the exposure that any BankSocial holder has to the ecosystem depends on the amount of BSL they have, not its monetary value.
But I donât see the point in migrating in relation to the price of BSL to another chain since you are punishing many users who bought ETH where they knew they had x voting power for the ecosystem because you say it is fairer that they have less influence because I think You donât look at what banksocial is from the beginning it is the amount of banksocial and the profits it can give to users not the value of each bsl, if the case arises where the value is looked at before the amount vote against
9 Likes
I agree. The ONLY way this works is if the migration is done 1:1. Assuming this proposal only gets voted on by holders of BSL (ETH), then they would be crazy to agree to any type of migration based on relative token value between the ETH and Hedera chains as they would be voting to dilute their positions.
3 Likes
Can we specify this;
âsubject to changes based on the movement of HBAR prices post-migration.â
Which migration?
yeah I agree, does that mean we get a 1:1 ratio at the time of screen capture at the price hbar bsl was at moment of the time of screen capture, and if there is a small price fluctuation in the migration process then we get what the screen capture says the price of hbar bsl was at? or do we just take that part out?
It should include hedera voters tooâŚthey will potentially be impacted significantly if ethereum side doesnât catch up to their price.
1 Like
i disagree, of the 7.5 billion tokens migrated, most will not be for sale and the remaining that are will be boughten up quickly and the price will resume the uptrend. just look at the hedera bsl volume. Speaking as a hedera bsl holder myself, besides what matters most is whatâs best for banksocial to grow and reach its goals.
Its a dao their vote will count.
1 Like
If you change this part on the convertion ratio: on migration day, subject to changes based on the movement of HBAR prices post-migration. Leaving just -Conversion Ratio: 1 BSL/ETH = 1 BSL/HBAR on migration day.
3 Likes
Matt, i am right there with you. Ive been listening to John and the team on AMAâs since over 1-1/2 years. Ive dreamed of the day we got the attention we deserve, and then to have my shares just sitting in this dead ETH pool, while the migrated to my #1 holding and project of most convision Hedera, we got left behind, no price action. 1BSL Literally does not = 1 BSL. In fact it takes about 2.5 ETH?BSL to equal 1 HBAR/BSL. That is not fair. Can you imagine if Apple for example did a migration and their share holders took at 250% loss on the trading pair!? Poeple would love their minds. Well, that is exactly what has happened. To fix it, they just need to send it all over to Hedera, i mean, Hedera is the fastest,cheapest L1, of course it went on fire when you do transactions for a fraction of the price. At this point, a 1:1 swap really would be fair, then all our shares/tokens in Banksocial would be of equal value. Metamask integration makes it so people have access to HTS tokens, so there is no need for a separate ETH pool.
4 Likes
I agree with this 100%
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We have the bridge via Metamask, people can buy HTS tokens from metamask. You also have bridges like Heliswap that allow other chains interaction.
I agree about changing it. it should just say the 1 bsl/eth = 1 bsl/hbar!
3 Likes
well said! I totally agree a 1:1 ratio is the way!
3 Likes
As a long time holder of BSL, i have mixed emotions about all this. On one hand, I was very excited about the move to Hedera. What i did not anticipate was migration that left one chains tokens worth 1/3 the other. In traditional finance, if this were to happen, you would be sued or and all out mayhem would break loose. No investors should have to take a beating, especially when these are the âoriginalâ investors. This is also a horrific arbitrage situation, which frankly does not look good for any company, project, or the leaders of the company. Banksocial moved to Hedera because they believe it is the future and is the most high tech, predictable fees, security, etc. So why not move 100%. Instead of leaving your valuable investors behind on the ETH pool. I vote 100% yes for a 1:1 move.
7 Likes