If there’s anyone to be listening to, it’s this guy. I’m changing to against
3 Likes
Hey guys, saw that this conversation has moved to Yearn governance. Just wanted to clear up a couple points
Matt luongo is devops199fan… that’s interesting
It’s also not true. If you don’t believe me, look at our writing style, posting hours, etc, etc. We met through his interest in various stake farming schemes and Keep, and share a couple Telegram groups.
and have been clear on their site about phases.
They haven’t. That screenshot doesn’t say “the Ren team custodies all funds deposited via the RenBridge”, it says “a network of Darknodes called the Grey Core”. I appreciate that my position as one of the tBTC protocol authors makes people unsure of my motives, and cry partisanship. But two members of the team have agreed that the system as-is isn’t decentralized, and that the team could walk with the funds. I don’t think it’s appropriate to treat it as secure as WBTC, at least for the time being.
5 Likes
Thanks. Learnt a lot here. Side with Andre.
1 Like
Matt, appreciate you reaching out here.
It’s also a nice try.
While they haven’t managed to communicate as effectively as possible, they have made significant progress and are still on track with their roadmap which has communicated this is one phase on the path.
The fact that they are becoming more popular and widely used does not change the cadence of their execution on the roadmap.
Also, consider how far do you really think they would get with $100m of stolen BTC?
And it’s just $100m.
There’s a far bigger prize than that when they beat you and win the market.
I’d recommend you focus on your own product instead of trying crab-bucket others work.
2 Likes
Yes, I’m totally fine with this, just offering suggestions! Community decides what to do with it 
2 Likes
A poll that “Yes, we do want a renbtc vault as soon as an effective strategy by Andre can be developed” or signal vote is good. Just like SNX, it helps set a clear priority signal what the community wants. But the formal proposal part about the strategy itself I think can be set aside for now—I’d rather wait for Andre to propose a strong strategy that is uniquely effective to renbtc rather than rushing a suboptimal (risk/reward) strategy. YFI is a minor example, not that big of a deal but the strategy has stalled and wasn’t sustainable with Cream and I think it was too rushed (perhaps it would’ve been better to wait for AAVE, price oracle, etc?). From a PR perspective, having a strategy start then stop and change too often is a bad signal for new entrants (first time BTC entrants who panic that a strategy stops on week 1).
Re: Ren decentralization — that’s the end goal, not their current phase, but the greycore seems solid, which includes members like Curve and Kyber. We can use more conservative language that lets people dyor and shouldn’t claim it’s fully “decentralized” (without an asterisk or link to more info).
3 Likes
They aren’t custodying today, just the Ren team – would be nice to stop spreading that misinformation. That’s on the roadmap, but today it’s custodial.
Look, you’re a direct competitor with incentives to trash them, but you need to focus on making your own product better. I can’t read anything you say without a block of salt.
He asked if they could collude, they said yes, why? Should they have lied?
Well, they didn’t, they are making great progress and they’ll probably beat you because you’re too busy trashing them instead of focusing on your product.
Again, how far do you really think they’ll get with stolen BTC even $100m?
They literally cannot and will not be able to spend it as they will be blacklisted.
And it’s like $100m is a lot of money to you?
As I said, much bigger prize than $100m when they beat you while you pull crab-bucket moves.
3 Likes
-
The greycore is custodian of funds on RenVM right now.
-
The greycore is a group of 13 darknodes.
-
The RenVM team controls all 13 greycore darknodes right now.
-
The plan is to give control of these greycore darknodes to other projects during the next phase of mainnet.
Matt, we’ve clarified several times now - on Twitter, on Telegram, and now here. We’re not spreading misinformation.
To the entire yearn community: if our progressive decentralization plan makes you uncomfortable, then don’t add us! We understand that our approach will rub some communities the wrong way.
We’ve taken this staged mainnet approach precisely because we believe it’s the most responsible way to launch a brand new type of smpc network that holds user funds. It has not been taken in order to mislead the public or to cut corners on network security.
13 Likes
I’m directly quoting the team.
Matt, we’ve clarified several times now - on Twitter, on Telegram, and now here. We’re not spreading misinformation.
Andrew, I’m not claiming you are. I was responding to another poster. To be clear, none of the things I’ve pointed out are “don’t trust the Ren team”, “the Ren team will take your money”, etc. Just that it’s possible, and those risks should be clear.
1 Like
If andre says no we vote no, simple. Maybe this vault will come about later.
Thank you for sharing your groundbreaking revelation.
4 Likes
Yeah that’s a different topic to RenBTC structurally, I’m in agreement with Andre on the vote, there’s just another thread in this thread from Rens competitors hijacking the topic
I would still like to see a renBTC vault even if a different strategy is implemented; I am not technically focused. I think it said something when Curve worked with Ren early and it would too for YFI.
1 Like
reading through it seems you’re the one who brought matt into it? what’s with the tryhard shilling dude, your bag feeling a bit heavy right now? chill out take the L and try again later.
no, i didnt.
you literally did tho
1 Like
I’d recommend reading the actual discussion on twitter, thanks.
i recommend rereading what you actually wrote that i’m replying to… smh
emphasis mine… i didn’t say anything about twitter and neither did you
The discussion is over, let’s agree to disagree and get off each other’s backs.