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They will just return the eth. People who deposited will need to pay gas fees to claim it back though. And yes the saga definitely isn’t over - there will be ma
by dharma1 5y ago
They will just return the eth. People who deposited will need to pay gas fees to claim it back though. And yes the saga definitely isn’t over - there will be many more collective fundraising DAOs going forward!
- samwillis 5y agoNot only that, I believe they had to exchange the ETH for USD before the auction to prove their holding. They now need to turn the USD back to ETH. ETH crashed by about 10% yesterday afternoon (which could be due to them liquidating that much ETH, that would be a big story itself) and so they will have lost a fair bit there!
- dharma1 5y agoI think FTX agreed to return the same amount of ETH regardless of fx rates but let’s see. ETH daily volume is over $20b wouldn’t have made a material difference.
- danuker 5y agoYou underestimate how much of that volume is bots echoing and amplifying any tiny market jitter.
- dcposch 5y agoIf they were holding USD during the crash, that is great for them. Means they may end up with more than they started with. It would be a pretty funny outcome: "hey sorry we couldn't buy the Constitution, thanks for sending us 10 eth last week, here's 11 eth back"
- samwillis 5y agoYour quite right. Should have had my fist coffee of the day first!
- covercash 5y agoI only put in ~$20 worth of ETH to participate in the community excitement, the gas fees were 2.5x that so it won’t be worth it for me to reclaim it. I’m sure there are others in a similar boat who won’t be getting a refund. I hope they’ll donate whatever is leftover.
- dharma1 5y agoI think it will be up to $PEOPLE holders to decide what to do with the treasury that isn’t claimed
- nottorp 5y agoWhat do you mean? It costs $50 to transfer $20 in ETH? How does that liberate one from the banks' tyranny?
- zarzavat 5y agoCars were also slower than horses at first. They are working on ways to increase the capacity of the network but it is not going to happen overnight.
- rvz 5y agoExactly. The 'banks' are still laughing at Ethereum with the slow transactions speed and the very high gas fees involved, just for a simple transfer. Making it useless for buying food. Everyone needs to eat.
- spky333 5y agofreedom of choice. it'll never be perfect, but it will get better. we now have another option we didnt have in the past.
- nottorp 5y agoWell, i'm in the EU and wire transfer fees are capped at 2 EUR no matter the amount. And they're close to instant. I don't see the improvement here.