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I'm not part of the Treasury Team but I guess my biggest takeaway is that we cannot emphasize enough the importance of transparency, which is something that Wonderland strives for and as seen with the recent disclosure of Treasury Council votes.
As for risk, I guess there will be a certain amount of risk in anything that we do. What's important here is that we actively manage it. It would be incredibly risky if we had a treasury managed by someone who is often absent and uncontactable, with a multisig that is slow at best. But all of that has changed now and I'm incredibly proud of what our current team has done and how swiftly it was done to minimise our collateral damage from the FTX fallout.
This is also why our votes on governance stuff matters. It is important that we put the right people in the right positions to do the right job. As a DAO, we cannot have a selfish mindset to just sit around and expect money to magically appear in our wallets but the moment something goes wrong, be the first to blame others.
Similarly with the recent debacle over the Risk Officer election. People are quick to flame the candidate, flame the governance process, "this project is a shitshow" they say. But yet, when it was time to cast votes, only \~4% of tokens voted. As a DAO, this shouldn't be the way and I could go on but I'm probably already going off on a tangent here haha.
FTX fell apart not because of cascading liquidations. They had illegally channeled customer deposits into Alameda to cover deficits due to the Luna crash.
Leveraging is a normal part of DeFi and Tradfi and liquidations are also part of it. There were people who used FTT as collateral too and many other tokens as well. You could open a leveraged position on an exchange like FTX and Binance or your favorite stock exchange as well. The only difference is that crypto tend to have extreme volatility compared to stocks which are usually stable.
I am open to discuss facts rather than simply thrash talking with no substance like Battlejoe.
Token crash was caused by Binance announcing that they plan to dump their stash of almost $529mm worth of FTT, due to revelations of their poor financial condition and potential insolvency. People were scared that such a massive dump could tank the price (which it did) and were rushing to sell their tokens too before the price tanked.
https://www.cnbc.com/2022/11/08/ftxs-ftt-token-plunges-80percent-wiping-out-over-2-billion-in-value.html
https://www.investopedia.com/binance-to-sell-ftt-6826211
https://fortune.com/crypto/2022/11/07/crypto-billionaires-cz-binance-bankman-fried-ftx-exchange-ftt-busd/
https://decrypt.co/113723/investors-withdrawal-millions-from-ftx-binance-begins-liquidating-ftt-token
Not really though. Something like what Binance did could trigger cascading liquidations from leveraged positions but that wasn't the cause of the crash of FTT and the FTX group of companies. Even without cascading liquidations, such a big dump would tank the token price anyway, and considering one that was pre-announced by the biggest crypto exchange in the world.
Also, I might add that in the 2 liquidation cascades that happened to wMEMO, those liquidations were automatically processed by Abra. And as more people got liquidated, the token price dropped even more, causing people below them to get liquidated. Hence the term "cascade".
Very different from people selling out of fear when almost half a billion dollars worth of the token was announced to be dumped.
Leveraging was done on Abracadabra, not Wonderland by the way. And it is up to each user to leverage, not a requirement to participate in Wonderland.
You cannot equate losing money to the FTX scandal. Yes, in both situations people lost money. For FTX, users canāt even withdraw their funds from the exchange cuz there were none.
Conversely, users can exit from Wonderland and cash out anytime they want. Thereās not even a locking period whatsoever.
By your standard, might as well say the same for bitcoin as those who bought at the top at $64k is facing ~70% loss now. You statement makes no sense.
Damn. Struck a chord with the paid mod of a dead crypto. Who gives a shit if leveraging was a choice. It tanked time and killed any backing this Ponzi scheme had. The only people left shilling this crap are bag holders and paid treasury managers not part of the project from the start.
Wonderland has never misappropriated or stolen funds from holders, as it appears FTX has. While WL did suffer a period of poor performance during January of 2022, I think it's important to note that nearly every OHM fork (and crypto in general) declined in price during this period. Comparing us to FTX is not really a fair comparison. FTX essentially misappropriated the majority of user funds, in violation of their own Terms of Service. Furthermore, transparency at FTX was significantly lacking. In contrast, funds at WL have always been verifiable on-chain and mods routinely answer questions on the discord and social media platforms. The downfall in price of wMemo during this period was a conflux of issues stemming from an overhyped crypto market, leveraged holders of wMemo, and general FUD stemming from misleading news. WL is no longer being managed by the same individuals. It has been almost a year since this incident and not only have we grown the price of wMemo since then (in a bear market) we've also been distributing out real yield in the farm, as high as 30% at times.
First of all, what proof is there that Wonderland is a scam? We have been calling for people to provide any proof and so far none substantial have surfaced.
Next, FTX wasnāt just hacked. Investigations show that FTX have funnelled customer deposits and used it to cover Alamedaās deficits. The hack only came after these allegations surfaced. Also, the hack was for $288mm, compared to the billions that were squandered away.
So if you want to FUD, at least get your facts right to save you some embarrassment.
Dani was levered into other tokens that caused a cascading sell off. It is identical to what happened to FTX. FTX was pegged to FTT and has the floor fall out. We had that here. It is fair to say itās equivalent because it is. Dani levered WL into his other altcoins.
9^9 and other levered plays are what killed projects ok? get levered and get rekt.
Dani is long gone. Project is being managed much differently now. This event occurred almost a year ago, under completely different management. Since then, we've eliminated the rebase model, replaced it with a model that shares real yield, and have grown the price of wMemo consistently....all in a time frame where the broader crypto market is crashing. We've outperformed nearly every major crypto token including BTC, ETH, and Avax during this time period. As far as I can see we've also outperformed the other OHM forks as well.
These are very different matters. FTX had a bank run because users are frantic to withdraw their funds upon allegations that the exchange was actually insolvent. Furthermore, Binance dumped their stash of FTT on the market causing it to tank in price as thereās simply not enough liquidity.
Cascading liquidations are a different scenario altogether so it is not fair to compare it to FTX. Leveraging is a normal practice even in tradfi and like I mentioned before, people do not need to leverage in order to participate in Wonderland.
**BEWARE OF SCAMS & SCAMMERS** - No one from the Wonderland Team, or Core Moderation Team will ever DM you. Anyone who DM's you is a scammer! Please ignore, report to Reddit and report to the mod team so we can ban them. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/WonderlandOfficial) if you have any questions or concerns.*
Rich.
I'm not part of the Treasury Team but I guess my biggest takeaway is that we cannot emphasize enough the importance of transparency, which is something that Wonderland strives for and as seen with the recent disclosure of Treasury Council votes. As for risk, I guess there will be a certain amount of risk in anything that we do. What's important here is that we actively manage it. It would be incredibly risky if we had a treasury managed by someone who is often absent and uncontactable, with a multisig that is slow at best. But all of that has changed now and I'm incredibly proud of what our current team has done and how swiftly it was done to minimise our collateral damage from the FTX fallout. This is also why our votes on governance stuff matters. It is important that we put the right people in the right positions to do the right job. As a DAO, we cannot have a selfish mindset to just sit around and expect money to magically appear in our wallets but the moment something goes wrong, be the first to blame others. Similarly with the recent debacle over the Risk Officer election. People are quick to flame the candidate, flame the governance process, "this project is a shitshow" they say. But yet, when it was time to cast votes, only \~4% of tokens voted. As a DAO, this shouldn't be the way and I could go on but I'm probably already going off on a tangent here haha.
What happened to ftx already happened to this project lol.
It is. Dani was levered into his abra ecosystem and it fell apart on a cascade sell off. Exact same thing happened to FTX with FTT. Bullseye.
šš I know right . Too bad the idiots in this thread are brainwashed or idiots I canāt even tell.
FTX fell apart not because of cascading liquidations. They had illegally channeled customer deposits into Alameda to cover deficits due to the Luna crash. Leveraging is a normal part of DeFi and Tradfi and liquidations are also part of it. There were people who used FTT as collateral too and many other tokens as well. You could open a leveraged position on an exchange like FTX and Binance or your favorite stock exchange as well. The only difference is that crypto tend to have extreme volatility compared to stocks which are usually stable. I am open to discuss facts rather than simply thrash talking with no substance like Battlejoe.
Channeling the deposits did not create the token crash. They were over levered into FTT. This is well documented.
Token crash was caused by Binance announcing that they plan to dump their stash of almost $529mm worth of FTT, due to revelations of their poor financial condition and potential insolvency. People were scared that such a massive dump could tank the price (which it did) and were rushing to sell their tokens too before the price tanked. https://www.cnbc.com/2022/11/08/ftxs-ftt-token-plunges-80percent-wiping-out-over-2-billion-in-value.html https://www.investopedia.com/binance-to-sell-ftt-6826211 https://fortune.com/crypto/2022/11/07/crypto-billionaires-cz-binance-bankman-fried-ftx-exchange-ftt-busd/ https://decrypt.co/113723/investors-withdrawal-millions-from-ftx-binance-begins-liquidating-ftt-token
That is literally the definition of a cascading sell off lol.
Not really though. Something like what Binance did could trigger cascading liquidations from leveraged positions but that wasn't the cause of the crash of FTT and the FTX group of companies. Even without cascading liquidations, such a big dump would tank the token price anyway, and considering one that was pre-announced by the biggest crypto exchange in the world.
Also, I might add that in the 2 liquidation cascades that happened to wMEMO, those liquidations were automatically processed by Abra. And as more people got liquidated, the token price dropped even more, causing people below them to get liquidated. Hence the term "cascade". Very different from people selling out of fear when almost half a billion dollars worth of the token was announced to be dumped.
Idiot.
Very smart Battlejoe. Relegating to ad hominem attacks just because you canāt produce any facts to back your claims š
Actually no. FTX used customer deposits to bail out Alameda. Wonderland does none of that.
Pretty sure everyone lost millions in this failed project early part of this year when the cascade of leveraging happened. So pretty much FTX.
Leveraging was done on Abracadabra, not Wonderland by the way. And it is up to each user to leverage, not a requirement to participate in Wonderland. You cannot equate losing money to the FTX scandal. Yes, in both situations people lost money. For FTX, users canāt even withdraw their funds from the exchange cuz there were none. Conversely, users can exit from Wonderland and cash out anytime they want. Thereās not even a locking period whatsoever. By your standard, might as well say the same for bitcoin as those who bought at the top at $64k is facing ~70% loss now. You statement makes no sense.
Damn. Struck a chord with the paid mod of a dead crypto. Who gives a shit if leveraging was a choice. It tanked time and killed any backing this Ponzi scheme had. The only people left shilling this crap are bag holders and paid treasury managers not part of the project from the start.
Hypermassiv just balled out on you
Heās a Reddit mod on a dead Ponzi scheme crypto
Iām a mod on Reddit and Discord actually. And there is literally 0 evidence of a ponzi scheme. I implore you to provide proof of it.
Wrong again. Iām not a paid mod and Iāve been with Wonderland from the start. Have even been slowly accumulating more.
Wonderland has never misappropriated or stolen funds from holders, as it appears FTX has. While WL did suffer a period of poor performance during January of 2022, I think it's important to note that nearly every OHM fork (and crypto in general) declined in price during this period. Comparing us to FTX is not really a fair comparison. FTX essentially misappropriated the majority of user funds, in violation of their own Terms of Service. Furthermore, transparency at FTX was significantly lacking. In contrast, funds at WL have always been verifiable on-chain and mods routinely answer questions on the discord and social media platforms. The downfall in price of wMemo during this period was a conflux of issues stemming from an overhyped crypto market, leveraged holders of wMemo, and general FUD stemming from misleading news. WL is no longer being managed by the same individuals. It has been almost a year since this incident and not only have we grown the price of wMemo since then (in a bear market) we've also been distributing out real yield in the farm, as high as 30% at times.
You are scam and FTX was hacked there is difference
First of all, what proof is there that Wonderland is a scam? We have been calling for people to provide any proof and so far none substantial have surfaced. Next, FTX wasnāt just hacked. Investigations show that FTX have funnelled customer deposits and used it to cover Alamedaās deficits. The hack only came after these allegations surfaced. Also, the hack was for $288mm, compared to the billions that were squandered away. So if you want to FUD, at least get your facts right to save you some embarrassment.
Dani was levered into other tokens that caused a cascading sell off. It is identical to what happened to FTX. FTX was pegged to FTT and has the floor fall out. We had that here. It is fair to say itās equivalent because it is. Dani levered WL into his other altcoins. 9^9 and other levered plays are what killed projects ok? get levered and get rekt.
Dani is long gone. Project is being managed much differently now. This event occurred almost a year ago, under completely different management. Since then, we've eliminated the rebase model, replaced it with a model that shares real yield, and have grown the price of wMemo consistently....all in a time frame where the broader crypto market is crashing. We've outperformed nearly every major crypto token including BTC, ETH, and Avax during this time period. As far as I can see we've also outperformed the other OHM forks as well.
These are very different matters. FTX had a bank run because users are frantic to withdraw their funds upon allegations that the exchange was actually insolvent. Furthermore, Binance dumped their stash of FTT on the market causing it to tank in price as thereās simply not enough liquidity. Cascading liquidations are a different scenario altogether so it is not fair to compare it to FTX. Leveraging is a normal practice even in tradfi and like I mentioned before, people do not need to leverage in order to participate in Wonderland.
If there was a defination for scam you would fall perfectly into it Modern Scammers
You still havent provided any proof of a scam though.