You could present the changes for the the temp check then.
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Yes please, can we also include Hbarsuite in the process? They are a DEX on Hedera using Smart Nodes so failed transactions costs.
Oh wow someone later mentioning a bridge 1:1 ratio for those wishing to got to Hedera with $BSL*; again counter argument to leave the network as is for an on/off ramp for ETH usersā¦but again my bias towards Hedera on gas fees alone.
But I agree with users ideally would like to see ETH migration but open to what the team and community think is best for growth awareness. Not having the same price (despite what I see in-app) though I know there are differences between ERC and Hedera in both respective wallets.
What has ETH done for BSL so far ? Nothing but getting buried by countless of crap. If I have ETH can I come over to Hedera easily? Yes you can do it through MM.
And also why pay for 10 dollars gas fees man
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Ive thought about suggesting hsuite as well, but there are way more uses on SS right now and we need the exposure on the hedera side. I think that is something we should add in the future once hsuite gets more adoption. I do really like the tech behind hsuite.
Thereās no rush or need to move ETH/BSL over to Hedera. I have a hard time understanding how someone is given a choice to buy BSC/BSL or ETH/BSL, chooses ETH which is obviously a more expensive chain to play on, and not take responsibility for that. The migration should not be about whatās āfairā. It should be about whatās ārightā.
The truth is, regardless of BSC/BSL and ETH/BSL having the same contract address prior to the HBAR migration, they have still always been 2 separate chains, and 2 separate LPs. Sure, maybe they follow closely together in price and people try to arbitrage, or buy into both choosing the lower cost at the time, but there should be no entitlement to ETH/BSL holders to absorb the price appreciation of HBAR/BSL. That would introduce (in theory) 2x the current sell pressure on Hedera natives who just bought in after the first migration. Now you would instantly double the circulating supply 2 weeks later? I get it, it will happen eventually since it seems part of the long term plan anyway, but thereās not enough liquidity in the Hedera ecosystem to sustain a migration like this twice in such a short period of time.
If people are not happy with their ETH/BSL position, either get out of it and do something else, or do you part as a community member and see if you can work with the team to start marketing BSL more on the ETH side.
For what itās worth, if the migration were to be approved, I wouldnāt be upset. Hedera is the superior network and makes the most sense long term, but I would definitely have to sell the majority of my BSL position to protect myself from potential massive price drop from the dilution. Buying back in after though. NFA. Just my thoughts and opinions. Iām not an expert. I may not even be smart. But thatās what makes sense to me.
I wouldnāt get too hung up on the price differential between BSL on the ETH chain and the Hedera chain. There is obviously a lack of support/conviction for BankSocial from the ETH side of the house which explains why the Hedera side trades at twice the price. However, if the migration proposal is approved, I am convinced that the ETH side will be bought up in anticipation of the migration to bring it towards a comparable valuation as the Hedera side - itās a no brainer arbitrage decision.
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I hold both eth bsl and hbar bsl. After the migration my bsl wont be for sale and I bet you a majority of the 7.5 billon bsl transferred from eth to hedera wont be for sale either. The remaining that do get sold will be bought up so fast, the price will continue its uptrend. Just look at the volume for hedera bsl. Also I agree with you, hedera is by far the better tech and makes the most sense for banksocial.
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I also hold both. Believe it should be 1:1 so that everyone has an equal voice.
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So this seems to be the bottom of the matter. The reluctance of BSL/hbar holders to migrate is mainly the possible dilution of the value of their tokens with the migration. They prefer to maintain that premium valuation even if it is at the cost of not doing what they deep down know is right. They know Hedera is a better L1 and the app and the ecosystem would benefit with the complete migration, but they do not want to lose that premium in respect to their own pairs. I donāt think any of the participants in this forum are here for short-term benefits. So think yourself, what should be the priority? That temporary and relatively short gain? Or the life-changing profits for all of us if this platform reaches its full potential in 3-5 years?
In my opinion that way of thinking is a mistake:
(1) even if there were no migration, the price difference is probably transitory, each token no matter in which L1 it is created has the same value within the ecosystem (it will receive the same staking interest, it will have the same functionalities on the exchange, the same voting power, same credit card benefits, etc) except more commissions on exchange. Then it is very likely that the price difference will be corrected naturally in the short term. If the decision is made to migrate, the adjustment will be even faster.
(2) This is a source of division and confrontation within the community that is not necessary. A useless fight that contributes nothing to the platform/ecosystem. I know, I know, and what about the āEth giant whale bagsāā¦?? Letās hope that those stupid billionaires will come to buy our tokens for 100x one day by chance!! Perhaps we should issue BSL in Bitcoin tooā¦ As I said before, letās think about what is best for the app, letās collaborate to improve the governance system, provide feedback on the products/website, use all the appĀ“s functionalities ourselves, contribute ideas about new functionalities, constructively criticize what could be improved, etc.
If we are united and build something good together, outside investors will come to offer us what we are all waiting for by our own merit.
Letās think bigger and better
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WOW, well said! I fully agree. This is the way.
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can you please repost this on the temp check!
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This is my take on things. Personally, I believe that the dao will eventually vote on migrating ethbsl over to hedera. This will happen. I believe the migration should be 1:1 but, the prices on both chains must be pretty equivalent before migration occurs. Ok, so how can we achieve this? One way, is we can take a very small amt of the slp and do a tiny marketing push on the eth side to bring up the price near hedera bsl value......then migrate over. ( If we vote on that and it passes, we may not even need to use slp funds because community may just buy eth side up)
Another way, is for us to display how powerful our community and dao can be. We can all do our part, put out the word, get on socials and shill ethbsl for being at a huge discount right now because the token value is the hedera bsl price. (since we "plan" on moving to that chain shortly.) If successful, this should make both chain holders smile and we can move forward as a community without any divisiveness because of what chain we hold on. (Based on some discussions in chat)
Just a suggestion, but prez said we have pause functions for security/other issues. We could pause both contracts at the same time (for a very short period) to do a seamless migration when the time is appropriate. When unpaused, all bsl will resume trading on the hedera chain at the same price. (If pausing, we may only need to do eth side)
This is all assuming the migration passes. Maybe I'm jumping ahead of myself. š Most importantly, I'm curious what prez and the team think is best for banksocial moving forward because they got the inside. š
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I appreciate the perspective. It certainly is a lot to work through. I am thankful that we have the opportunity as a DAO to process these things. Curious to see which way it will go.
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1 eth BSL = 1 bsc BSL = 1 hts BSL is what was promised to everyone who bought into this project. Changing that now would tear this project apart.
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Also Iām dumb, I forgot John mentioned and has spoken on it a few times now that it was a compatibility issue with features they needed, so its not an option.
Regardless with the topic overall, anything to keep a migration to Hedera chat going and finding the best ways to help the project overall.
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we could also have a lockout period for the migrated tokens so that we can ensure the price will not be dumped for a period of time.
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Letās just do it. It will put an end to all the confusion
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If people wanna dump they will do it now why wait? Also it wonāt be fair as BNB side never had a lock up time
Thatās not true when the prices are different. If you wanted just 1 price, it should have always been in 1 chain
Bnb side didnāt need a lock out because it was only their liquidity that was used so no added value from elsewhere (which is the case for the eth side). And having a lockout period of whatever length the doa agrees upon helps stabilizing the market.