Noak

4Joined Mar 2022

Comments
3

Interesting development. This changes the nature of the project completely...   I have some threaded questions, mostly related to the new "problem" of high initial donations that's mismatched with a low initial pool of recipients:

  1. So, are you looking to convert the entire initial value ($3M?) into GLO on day 1 and then give away slowly? If so...
    1. How fast would you plan on donating it? What's the limiting factor? How to ensure you're not creating a dependency on UBI that then creates new problems once it is reduced or removed (supposedly after 5 years?)
    2. Would all of the monies go towards UBI, or might some go to for example the cost of certifying new villages and recipients? If not, who bears that cost?
    3. What is your strategy to handle  yields going up and consequently the value of the treasuries go down? How would you ensure staying at 100% collateralisation?
  2. Or... are you planning on instead only converting the resulting yield into GLO? And, if so..
    1. Would the monies backing GLO be stored and managed separately from  the original treasuries?
      1. If so, a similar project already exist (GoodDollar.org), why not just join forces with us instead of reinventing the wheel? We already have a wallet, a two-token model, a DeFi marketplace, a classifieds marketplace, non-KYC verification of unique users,  a very active community, a DAO, and 450,000 users already. We would love a partnership with you guys.
      2. Will other external backers be asked to similarly stake their donation and donate yield?  If so, can backers withdraw their stake, or is that considered a permanent donation? Or might you support both options (as GoodDollar does)?
      3. Or if their donations are converted into GLO directly: Are they immediately distributed to users? If not, how would a buffer mechanism work?
    2. Or would you treat all monies the same (yield is reinvested into the stake) and so just start with an insanely high over-collateralisation?
      1. Back to the original question, would it not make sense to increase speed of GLO-distribution in this scenario?
      2. If and when you get external backers donating
        1. Are all their donations are converted into GLO, your collateralization ratio could go down fast. You're willing to relinquish control of this ratio to random external backers?
        2. Or if you're only converting at whatever the current collateralisation ratio,  then... in the beginning they would create a minimal amount of GLO, which would make it super hard for you to recruit any new backers at all. And once you approach 100% then any new large donations would create a supply shock. Back to the question of buffer mechanism?

Not critical, just curious. 

I can also suggest you partner not only with GiveDirectly but also with ImpactMarket. They operate on a similar basis, qualifying villages and villagers. They are already crypto-native, and they support people with flip-phones, removing the need for expensive smart phones. Having more capacity to distribute initially could help you with kick-starting your new economy.

Interesting development. This changes the nature of the project completely...   I have some threaded questions, mostly related to the new "problem" of high initial donations that's mismatched with a low initial pool of recipients:

  1. So, are you looking to convert the entire initial value ($3M?) into GLO on day 1 and then give away slowly? If so...
    1. How fast would you plan on donating it? What's the limiting factor? How to ensure you're not creating a dependency on UBI that then creates new problems once it is reduced or removed (supposedly after 5 years?)
    2. Would all of the monies go towards UBI, or might some go to for example the cost of certifying new villages and recipients? If not, who bears that cost?
    3. What is your strategy to handle  yields going up and consequently the value of the treasuries go down? How would you ensure staying at 100% collateralisation?
  2. Or... are you planning on instead only converting the resulting yield into GLO? And, if so..
    1. Would the monies backing GLO be stored and managed separately from  the original treasuries?
      1. If so, a similar project already exist (GoodDollar.org), why not just join forces with us instead of reinventing the wheel? We already have a wallet, a two-token model, a DeFi marketplace, a classifieds marketplace, non-KYC verification of unique users,  a very active community, a DAO, and 450,000 users already. We would love a partnership with you guys.
      2. Will other external backers be asked to similarly stake their donation and donate yield?  If so, can backers withdraw their stake, or is that considered a permanent donation? Or might you support both options (as GoodDollar does)?
      3. Or if their donations are converted into GLO directly: Are they immediately distributed to users? If not, how would a buffer mechanism work?
    2. Or would you treat all monies the same (yield is reinvested into the stake) and so just start with an insanely high over-collateralisation?
      1. Back to the original question, would it not make sense to increase speed of GLO-distribution in this scenario?
      2. If and when you get external backers donating
        1. Are all their donations are converted into GLO, your collateralization ratio could go down fast. You're willing to relinquish control of this ratio to random external backers?
        2. Or if you're only converting at whatever the current collateralisation ratio,  then... in the beginning they would create a minimal amount of GLO, which would make it super hard for you to recruit any new backers at all. And once you approach 100% then any new large donations would create a supply shock. Back to the question of buffer mechanism?

Not critical, just curious. 

I can also suggest you partner not only with GiveDirectly but also with ImpactMarket. They operate on a similar basis, qualifying villages and villagers. They are already crypto-native, and they support people with flip-phones, removing the need for expensive smart phones. Having more capacity to distribute initially could help you with kick-starting your new economy.

Thanks.

Ugh! I wrote my application the very week this was announced. Was very excited. I'm now reading these comments about getting a confirmation response and... can't find any confirmation in my inbox. Second guessing myself now if I really ended up pressing the final submit button. Would be heartbroken if I missed for that reason only. 

-quietly sobbing over here-