RE: SPS Governance Proposal: Special Promotional Sale for Riftwatcher Packs
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As @bronko pointed out, this will lead to a massive reduction in card prices. Your proposal would allow the purchase of RW at 2.10 $ compared to the current 3.49 $ on HE, while the current EV is 3.81 $.
I see your intentions, and they are very good, but it's just not wise to try everything at the same time. We have an issue with both DEC and SPS supply and inflation, and the last few weeks have seen several proposals and initiatives to work on those issues.
If the market doesn't get the option to adapt but gets flooded with more proposals and initiatives, the results are just paralysis and shifting value within the ecosystem.
The company and community decided to burn RW and sell it in DEC to solve the issue, and this promo sale works against this decision by obscuring its effects. Standing alone, it would be great, but in the current general conditions set by the company and the community, it isn't good.
The main issue that remains unaddressed is that the inflation we have within the economy is primed to dilute value. But the excessive ponzi rewards we're handing out to asset holders of non-productive assets to artificially hold up their price (nodes, land, soulbound) are basically beyond return.
especially since all of them are close to becoming productive assets. The only issue is that I could have said the same thing six months ago; just as it was a burden back then, it's a burden today.
Neither the past proposals nor this will have any meaningful impact before we reduce the overall inflation paid out to unproductive assets, either via reduction of inflation or increase of demand, by bringing those developments on.
However, the least favorable thing to do right now is to divide the decisions made by a new decision in the opposite direction (favor SPS for RW), as with this proposal.
Possibly upwards of 190 million SPS to be stacked by the DAO, as mentioned above over 1/6 the current total float of SPS publicly issued to be owned by the DAO. Upwards of almost 6% of all SPS to ever be produced through this promotion to be taken in to the DAO Treasury, to help ensure additional ongoing viability for the DAO following the SPS in game reward airdrop.
Seems quite a small sacrifice for a single set that no one in the DAO voted for cards to be printed. I realize there is a major incentive to burn these cards if you own them so you can see a slight uptick in their value, while ignoring a massive opportunity for the DAO and those that stake SPS.
This is a major problem and why we are in the situation we are in. If this were in an in game set it makes much more sense to simply burn them and move on since the game is expected to come up with a new set roughly every year.
It's unfortunate you don't see the value of the DAO taking in such a massive amount of SPS WHILE BUYING LOW. If you think SPS will always be 2 cents or lower we are sadly in a spiral that will be virtually impossible to recover from.
As stated in my first comment I think the idea is great @cryptkeeper17, I also see a big benefit in the DAO banking as much SPS as possible.
However, as per my first comment, it is not the right time for this proposal. If this would have been proposed during RW priced in SPS it would have been a great idea but not with the last major changes to RW distribution by matt.
It's being done in conjunction and changing nothing on the schedule that is currently active, other than the packs possibly selling out and the DAO taking in a massive amount of liquid SPS. Respectfully disagree--I hope you like the expeditious release of the next promo set the company will dump upon us--it's going to cost the DAO as a lost opportunity of upwards of 190 million SPS.