SPS Governance Proposal: Swap BUSD/USDT For DEC

Thank you for trying again <3 full support from me

Thank you for trying again, this proposal has my full support!
Also clever to use USDC for the purchase as it won't interfere with Clayboyns proposal should both pass.
Fingers crossed!

Since we can see DEC supply falling by about 100M (not considering RW pack sales) per month do you think it would be a better idea to buy SPS. It seems like DEC getting back to peg is inevitable at this point. I am open to changing my mind but it seems like buying SPS would be a better move.

"It has been stated many times that getting DEC to par value and activating the "flywheel" is one of the most important things for the Splinterlands economy."

^^
That isn't reasoning. That's merely stating something that has happened. It does not make it correct. It's been stated many times that the Earth is flat, so "reasoning" makes this so?

As is, this proposal is just a great way to watch no less than 20% value evaporate instantly from the DAO. Knock on benefit of taking a hard pegged, fiat backed holding and transferring it to a no peg fantasy chase.

Might pass this time though, since plenty of people are convinced this is a good idea. Add in the bag holders that see this as the obvious golden exit door that it is. Of course, we can't forget the speculators that all assume an easy buck will be made betting that DEC crashes right back to where it was after the last USDC is spent. Kinda makes voting no on this as the noble choice, since that probably puts the financial interests of the DAO in front of your own.

Getting DEC to peg is critical. After 2 failed proposals I was not going to attempt a DEC proposal. I also think the DAO should never own DEC and burn any DEC it possesses. The reasoning for this is that the DAO can mint DEC with its own SPS tokens if it ever needs DEC. The DAO holding DEC is just holding its own inflation and pointless.

All of that said, I'll be supporting the proposal. I think you should still include BUSD on the chance that this splits the vote and my proposal doesn't pass. BUSD has an expiration date. I think both proposals need to pass.

Something needs to be done with the BUSD reserves too (while smaller). Binance will be dropping support for BUSD in favor of FDUSD. The same logic applies to SWAP.BUSD and associated diesel pools on Hive-Engine.

I supported this the first time, and happily support it again the second time. I think we should do both this AND the SPS one. Thank you @bulldog1205 for resubmitting this.

thanks for the proposal.
in my opinion dec is the right choice. because we are helping to finally get the flywheel moving, the faster dec disappears the faster people have to burn sps to get dec.

but i think busd should be there too, because we should get rid of them as soon as possible

I'll vote yes. I don't really care that much either way, but I do agree that holding BUSD is stupid.

Thanks for keeping after this, Bulldog!

Again, voting No unless then max purchase price is $0.8 per 1k DEC.

I wish we would be able to get this Proposal passed this time. At least @clayboyn's Proposal to buy SPS has gotten a great deal of support. I'm happy to support both DEC and SPS purchases.

I still don't like this one because I don't think the SPS Governance should have DEC. Then they have to sell it sometimes which hurts the price. Then what happens when we need them to have SPS? Clearly the would have to sell the DEC and push it way down.

Personally i think this is similar to creating an artificial demand for the token. DEC may get to peg sooner but once SPS burn starts and more DEC is printed than demand, it will fall again under the peg. The cycle will keep on continuing. Most of the time DEC will always be under the peg and in high demand seasons, it will come close or above the peg which will enable the flywheel till the demand is diminished.

Better way of using DAO fund would be provide LP for DEC pairs instead of just buying and hold DEC.

Most likely scenarios after proposal passes is everyone trying to buy DEC now and flip it and sell to DAO at higher prices till dao stops buying and DEC fall back to peg again because of no demand.

People may argue that demand is coming with land and other updates but if it is then DEC will go to peg, we don;t need to artificially spend DAO funds!!

Better way of spending DAO funds is where DAO creates demand for burning DEC and give out some rewards in return like burn event. Rewards could be Riftwatchers or Give Out other cryptos. Let it be a competition where everyone fight for rewards and we will burn more dec than DAO is acquiring for same amount of rewards.

That will help the flywheel start earlier and all the SPS DAO owns will be wroth a little more.

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Some pretty big names against this one. I tend to agree and would rather the funds go towards supporting the card sets and company development. Leave DEC to the people (and Land).

Thank you for participating in SPS DAO Governance @bulldog1205!
You can place or monitor SPS Stake Weighted votes for and against this proposal at the link below:
Link to this Pre-Proposal

Updated At: 2023-09-30 02:22 UTC

I will sadly have to vote no to this. Reason is that right now we have a like 2 other version on including the one that Matt should pass soon to ask the DAO for 250k$ (so some of these could be used then to pay for Rebelion instead.

Another thing is that I would rather sell these for BTC or to buy more SPS (that can later be used as reward once the airdrop will be over in a few years from now). But yeah, buying DEC could be used to create some liquidity pool I give you that, but I would rather that us the player get the good ROI on these pools instead of having to compete with the DAO on that.

So for those reason I'll be voting no but thanks @bulldog1205 for trying to put something out there, I appreciate your effort but for the reason above I can't approve this version.

Next time if you were to do another one, I suggest you take the time to ask people around first so that you can tailor something more precise and make sure ahead of spending 100k DEC that you have the support from the majority of the community to avoid these getting rejected for small details that could have been fix ahead of time and approved by everyone before sending this through. (but that's just my 2 cents)

I still think this concept is going to basically have the DAO absorb sell offs at DAO expense which is why I voted no last time. I mean I've been stacking DEC for months and I now own more DEC than I need (trying to do my bit for peg) and would jump at the chance to offload it for .00095 after having purchased it for .0007. Easy money. Thanks DAO.

I would however consider voting for this if the I could be assured purchases were a staggered, consistent buy-up adding preassure on the DEC stocks over time. E.G. 286k gets staggered over the course of 1 year in buy-ups, slowly putting heat on supply to .00095. This would have a much more fluid effect and prevent people simply dumping on the DAO and making it a pump and dump scenario.

maybe I am just dumb:
But the DEC has been relatively stable for some time - it's not intended to be a hard peg it's a soft peg - the assets got over printed (which back the peg) and the peg adjusted - SPS is getting crushed because it has no use case other than voting along with there being too many places you can still get DEC - to fix this doesn't require the dao to spend money unless it wants to buy more cards and package them together to make free to play decks that spilt the earning with the DAO (but I don't feel that is even necessary) - the game needs to be more fun for people who don't have land and are just grinding away - STOP MAKING IT ABOUT THE ECONOMY make the game more fun the economy will come - that being said if you want help the SPS price it MUST BE THE ONLY WAY TO GET DEC! (burning it)

It is not possible to get perfectly par with US Dollar, because the US Dollar is volatile and has inflation. It is enough that the sum of all DEC is stable. A better way to adjust the DEC - US Dollar exchange rate is to accept 1000 DEC for 1 $ in every new shop sale.

Absolutely not in favor of fleecing the DAOs assets to play market god in any circumstance.

It is already evident that the DEC supply has been dropping steadily month after month. Its only a matter of time until it stabilizes at peg.

All this and the stablecoin assets are the only real value the DAO has at the moment to pay the devs since the Splinterlands company seems to be imploding. If we want this game to continue to exist we need to save its assets to pay for development.

I'm against buying DEC as it's tinkering with tokenomics inside the economy again.
As boundaries around this shift often, I don't like placing DEC as "the most important asset" right now. One-two more years and we may have some source of DEC inflation again, because reasons.... And DAO gets stuck with DEC bought under outdated assumptions.

I would be voting for swapping BUSD for BTC - or better use BUSD to fund the Rebellion proposal -> Team can cash out and put it to good use. Keep the other stables in the DAO.