Update: Just added another Request For Comment on this. See below:
RFC #2: Another Question: Should those who were given XYO for purchasing a ticket to SPATIAL be placed on the Founding HODL’er Registry?
Right now those who attended SPATIAL and were given are not on the FHR, as we have limited the scope to those who purchased XYO directly from us via smart contract.
If you have thoughts, please provide arguments FOR or AGAINST this. And describe why including the SPATIAL attendees will help create a better long-term XYO Network ecosystem.
Its a real conundrum… They are supporting the community by attending Spatial. On the other hand many XYO supporters did not attend Spatial due to cost and distance but were supporters long before Spatial was announced. These same people that supported the project before Spatial spent probably 10 to 20 times the amount of money purchasing XYO via GAMMA. They could have easily not purchased via GAMMA and just attended Spatial and saved tons of money. It may be a slap in the face to those that purchased at $800.00 per ETH if you consider people as FHR Members for attending Spatial when they received the ticket for free from someone else. If I would have brought my wife with me to Spatial, she would have been considered a FHR Member when she never purchased via GAMMA. She would be a member only because she accompanied me to Spatial. Not too sure if that is sending a good message to others that couldn’t attend because they spent all their money on GAMMA.
But either way you go you will upset a group. I for one support either way.
The value proposition for attending spatial was very strong regardless of belief and support of the project. I.e. 1,000,000 tokens at market value exceeds flight and hotel for many.
Attending spatial was the only way many US persons could obtain XYO (ignoring IDEX). It provided the best insights into the project and blockchain at large, which could be the main incentive for the attendees.
If a person attended Spatial AND has a balance of XYO exceeding 1,000,000 at the time of FHR creation, then they are a Founding Holder, otherwise, they’re a dumper.
I personally have the challenge of having moved all XYO to cold storage, so I would like some way of proving this to XY… This seems to be getting addressed in the first request for comment. Thanks for asking the community Scott.
Agreed @SpeakEasySolutions. I personally bought a lot of XYO at $800/ETH. For someone to essentially get paid to go to spatial and achieve the same status and rewards could be a bit disgruntling. Perhaps tiered FHR rewards as a function of first XYO purchase date would help properly discriminate between various versions of FHR. Could get complex, but isn’t that what SmartContracts are for? In the name of a crypto economy - having a continuous reward spectrum based on investment date could satisfy all concerns!
I do like your “Happy Middle” idea but I would ask for a couple additional requirements.
- If you obtained tokens prior to September US cutoff and they were from IDEX then you shouldn’t be considered for FHR because you could of supported GAMMA Sale. I for one could have obtained 3x the number of tokens if i would have just bought from IDEX.
- If you were late to the party because you didn’t know about XYO but attended Spatial and purchased from IDEX then I would be ok with them being FHR Members.
2) If you were late to the party because you didn’t know about XYO AND COULDN’T PURCHASE TOKENS BECAUSE OF YOUR CITIZENSHIP but attended Spatial and purchased from IDEX then I would be ok with them being FHR Members. IT’S KIND OF HARD TO PUNISH U.S. PEOPLE FOR ONLY BUYING FROM IDEX WHEN IT WAS THEIR ONLY WAY TO OBTAIN TOKENS AFTER SEPTEMBER CUT OFF.
@SpeakEasySolutions Agreed on all fronts. I think there are good ways to properly assess who is an isn’t really supporting the vision and who’s just in it for profits.
That one, thanks!
I think you need to do an extra snapshot since many of xyo supporters couldn’t have bought during the gamma or earlier sales.
Very good arguments! My question for Scott before was: Would you add extra tiered incentives for FHR members who hodl extra XYO tokens from other source (Idex, Ddex, Spatial, mined) and consolidated them in the whitelisted wallet? Certainly, the extra incentives should be lower than for those tokens bought during pre ico/ico and gamma sale. The overall benefit is long term hodling for xyo tokens irregardless of source and also this encourages buying for more tokens to hodl or stake.
This is actually a question for Scott.
I think those tokens purchased from Idex ect would be rewarded thru staking. You can stake any tokens and get benefits that way… the FHR is specifically that, Founding Holders.
Expanding into other types of holders defeats the reason it exists.
The added incentive is still for Founding Holders. Nothing is taken away but a little more can be added.
There was a large difference between Idex cost of XYO and direct cost of tokens from the company during the sale stages. Some of us spent a lot more money (which went to the company) to get the same amount of tokens. Incentives for airdrops and FHR benefits is one of the reasons we chose to do this.
I understand that. My initial buy was when ETH was between $700-840. I wasn’t able to buy anymore from gamma after Sept 4, 2018 because I am US based. Idex was the only option afterwards.
Tiered incentives could be stratified depending on some basic factors like FHR birthday ( early buyers spending more for ETH will have more), amount of extra tokens hodled, and duration of hodling. It may be difficult to do but it can be fair for a lot of people. Just a thought.
My feeling is that the Spatial attendees got their reward with the bonus 1M tokens.
They can stake those or sell them as they see fit.
FHR to me, means people that put money into the company in early days. That doesn’t apply for the spatial token holder.
RFC #2: I think SPATIAL attender are not on the FHR, they give reward from airdrop. In case, they want join FHR, I suggest they should be purchase shares from XYO so they will be list on FHR and become part of community developer XYO. Thanks.
I think this answers my question, Scott. I shouldn’t have a question to begin with. Good day/night everyone.
I bought 45 shares on 22nd August 2018,Am I listed as a founding member?
@scott a simple approach:
Total amount of XYO held enables staking rewards. (Independent of source and FHR status). Spatial attendees can benefit in via this category. In fact - I believe that was the intent of the token giveaway in the first place?
1st investment date enables FHR status and its own unique set of benefits.
Everyone has had the chance to buy XY shares at an early date. Waiting for spatial or exchanges is not a great excuse for not supporting XY early on. When I couldn’t buy gamma, I bought XY shares. I couldn’t even sell my shares if I wanted to (I definitely don’t). This is a uniquely different contribution than effectively getting paid to attend spatial.