I’ll repost what I said in another thread recently:
From a protocol integrity standpoint, we should mint at least some more YFI. YIP 0, which was proposed by Andre, passed. That YIP called for inflation. I voted against YIP 0 at the time, the vote was close, but I lost. Rejecting that vote sets a bad precedent and suggests that votes do not have consequences. To give meaning to YIP 0 and the voting process in general, we should mint some additional YFI. It can be 1 YFI, 1000 YFI, or something else. The point is there was a vote and it should be respected and implemented. I would then suggest we put all the minted YFI in the treasury for whatever future uses we vote for and then immediately burn the minting capability.
This would put meaning behind an earlier vote but also put a hard cap on the amount of YFI. The minted YFI couls be put in treasury andcould be spent on any of these things the inflationists want or could be burned, distributed to holders, or used to support the protocol.
I cant believe this discussion is even ongoing, and I’m slightly embarrassed this appears in our newsletter. Fewer than Few understand!!! Who are these bleeding hearts? No fortitude, no fire, and completely lacking the Yearn vision. Lord of Mercy - FORWARD! FU
Thank God Andre made the burn proposal and this can all end very soon.
Let’s make sure to give the man whatever makes him happy. Maybe a friendly nod in the street, or your YFI rewards for a month when the protocol matures and rewards increase.
But probably don’t mint coins. I’m quite confident that would go against what the man has tried to build.
Indeed, the proposal to make it impossible to ever mint YFI again has been made, by Andre himself. Let’s make him proud. Learn about Yearn, marvel at the vision, and if you can, reward the man by making him happy.
It sounds like this proposal was born from the best self-sacrificing intention, but for deeper reasons finds itself misguided. Learn Yearn, it’s fun .
Andre also proposed YIP 0 (which called for YFI inflation). It passed.
Andre also proposed a transferable governance token (gYFI), and as a group we basically rejected it without adequate discussion.
I don’t know the full context for those proposals. I can agree you’re bringing examples of Andre implying being interested in some other, perhaps even contradicting option. However, neither refutes the fact he submitted a proposal days ago that permanently destroys the ability to mint new YFI.
Are you suggesting we go directly against his own proposal in an effort to give him what he wants ?
Actually, I am proposing that we consider the issues, particularly involving minting and burning the minting capability, carefully and do not adopt a proposal simply because Andre proposed it. I voted against inflation at the beginning (on YIP 0), but I lost. If votes are to have meaning and if we are going to be seen as fair and governed by majority votes and fair rules, we should consider giving affect to YIP 0. After that we should burn the minting capability.
I’m not saying we should blindly do what Andre says. I feel like you’re not engaging with the point I’m trying to communicate. Unless you do, I don’t think there’s much point in continuing our back and forth.
What is this proposal about if not helping Andre? Does it help Andre to go directly against what he proposes? Please show an error in that logic or let’s move on and find another way to make him happy (:
I think we actually agree for the most part. I would burn the minting capability as Andre’s most recent proposal calls for. But before that I would mint some additional YFI and put it in the treasury. This would also give affect to Andre’s very first proposal (YIP 0, which prevailed) and establish YFI as a protocol with the utmost integrity – which should be something all of us, including Andre, should aspire to.
Well, fair enough! It still looks like the burning will happen sooner, and even if it could be done in time, group sentiment seems pretty strongly against. Nevertheless, we indeed seem to agree in spirit . Let’s keep that up, and make sure he and those close get well rewarded .
Oh come on… Almost the whole community was ready to inflate to 50k and few were complaining. These conversations are important to have imo. Inflationists will always have a crazy uphill battle in convincing holders so I really don’t see the issue. No one is saying print for devs, charity etc. we are talking about the guy who made most of us ridiculous amounts of money. I’ve personally shifted and would prefer to fund YFI for Andre through market buys vs. minting but that doesn’t mean it’s a bad discussion to have…
Also, charity is important and I’m personally proud of the Yearn contribution to the gitcoin grants. Not all roi should be measured on the immediate impacts in our pockets.
Nice. Let’s not get a big head thinking how valuable we are to YFI. Andre was going to get here with or without any of us. He carried us here. Clutch as fuck. He’s Jordan and none of us are Pippen. We are just bench or fair weathered fans. Check the Guinness book of world records and I believe Andre holds the record for founder who created a 1 B Unicorn and received the least amount of compensation.
I don’t know if this proposal is still alive, but if it is I really cannot believe that people are taking it seriously (or ever did). If you want to give money to Andre then take a fee from transactions or earnings. Please for the love of all that is holy let us not get into the whole inflationary money printing game. That goes against everything that crypto and DeFi and YFI stand for.
Although I’m against both this and “burn the keys” proposals (both seem premature imo), I’d like to highlight that you seem to be missing the fact that 3000 YFI would’ve been 0 if not for all the amazing work Andre and the team have put into building yearn. 10% for the team doesn’t sound like much to me, but I’d rather talk this when we finish building the protocol and dissolve.
No one said that Andre should not be rewarded, or at least I didn’t. My point is that we ought not act like a Central Bank and print a bunch of coins as a superficially painless way to reward him. if you want to reward him then tax transactions or rewards and pay him from that. DO NOT PRINT MONEY. If you can’t see the difference then we are going to have problems.
Why stop at 3000 then? Why not 300k YFI?
If people want to reward Andre, I’m ALL for it. He’s amazing. I’m just strongly against printing more money to do such rewarding.
Andre’s address is well known. If you want to send him YFi, go for it!
Not everyone made ridiculous amounts. I have family that just bought their first speculative YFI investment. Again no one said dont pay Andre. The only thing we are discussing is how and how much. I am not for a 10% yfi print even if it saves all the dying children in name a country
Edit: meaning play even the most crazy of heart strings i am anti inflation
That’s fair and I agree. I was only replying to you because your first post didn’t discuss the how and how much (which is important). It felt more like an attempt to discredit folks who don’t mind inflation and I don’t think that’s very productive to any conversation.