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From YouTube: Governance and Risk Meeting: Ep. 25
Description
In this Scientific Governance and Risk meeting we will were joined by Nadav Hollander, Founder at Dharma Labs, and Max Bronstein, Marketing Manager at Dharma Labs. We spent the early part of the call discussing what the Lever app is, had a discussion about the emerging trend of Dai as a collateral type, the availability of a new source of interest for Dai holders, and how these factors can affect supply and demand.
We then dug into the results of the recent Governance Poll, spoke about next steps, and got a review from Cyrus Younessi from the Interim Risk Team about what the next steps may look like after next Executive vote.
After a Q&A session, if time allows, we will discuss a plan to increase visibility on the Governance process and public communications and determine if the existing solution provides enough flexibility.
Discussion Thread: https://www.reddit.com/r/mkrgov/comments/ayei50/discussion_scientific_governance_and_risk_w/
Podcast version: https://soundcloud.com/makerdao/sets/...
Transcripts (Delayed by 48 hours) : https://github.com/makerdao/community/tree/master/governance/transcripts
Governance and Risk Framework - Part 1: https://medium.com/makerdao/makerdao-...
Governance and Risk Framework - Part 2: https://medium.com/makerdao/makerdao-...
Foundation Proposal: https://medium.com/makerdao/foundatio...
Governance and Risk Framework - Part 3: https://medium.com/makerdao/makerdao-...
Website: https://makerdao.com
Twitter: https://twitter.com/makerdao
Reddit: https://www.reddit.com/r/MakerDAO/
Chat: https://chat.makerdao.com/home
Email: info@makerdao.com
A
Hello,
everyone
welcome
to
the
March
seventh
edition
of
the
scientific
governance
and
risk
meeting.
I
say
this
every
time,
but
I'm
gonna
say
it
again.
This
is
gonna,
be
a
good
call,
because
we
had
some
interesting
things
happening
in
maker
down
in
general,
and
we
have
some
interesting
guests
joining
us
today.
A
Usually
I
have
a
brief.
Little
preamble
and
I
immediately
handed
off
to
Stephen
to
do
the
heavy
lifting
but
Stephens
not
here
today,
supposed
to
even
a
ruiner
travelling,
so
we're
going
to
be
left
to
our
own
devices
and
I
need
to
explain
the
agenda
myself,
so
I'm
gonna
have
to
preambles
today.
The
first
one
is
that
we
are
intensely
interested
in
our
community
and
our
community
is
probably
the
smartest
community
and
all
of
crypto.
So
if
anybody
has
questions,
please
take
those
questions
in
the
chat.
A
If
you
don't
have
access
to
a
microphone
yeah,
if
you
do
have
access
to
a
microphone,
please
feel
free
to
jump
into
the
conversation.
So
we
interrupt
people
if
you
feel
you
need
to
if
it's
important,
otherwise
wait
for
a
pause,
and
then
let
us
know
what
you're
thinking
we
have
a
lot
of
deep
thinkers
in
these
calls,
and
it's
because
everybody
to
have
a
spot
at
the
podium
and
share
your
experience
in
this
space.
I
know
personally,
I
am
no
financial
genius
or
any
additional
insights.
I
can
glean
from
these
calls.
A
They
are
enormous
ly
useful
for
me,
I
want
to
talk
a
bit
about
our
agenda
today.
We
have
we're
spicing
this
one
off
of
bits,
because
I
think
reasonably
sure
this
is
the
first
time
we've
had
a
special
guest
in
this
call.
We've
had
interest
in
the
past,
but
I
think
that
we're
very
serious
about
maker
gallo
we're
serious
about
financial
systems.
A
Why
that's
interesting
for
the
dye
ecosystem
and
maybe
dig
into
some
of
the
mechanics
of
how
they've
designed
their
tool
I'm
also
actually
well
yeah,
okay.
So
the
next
item
on
the
agenda,
too,
is
after
we
finished
talking
about
Dharma
and
why
that's
interesting
will
dig
into
recent
governance
events.
Major.
The
thing
that
we
obviously
need
to
keep
on
talking
about
is
the
stability
of
the
peg
and
how
are
the
activities
that
we've
been
taking
in?
These
calls
have
been
affecting
that
and
those
activities
being
for
the
people
that
are
just
joining
us.
A
For
the
first
time
excuse
me,
we've
had
a
governance
poll
that
we've
we've
posted
three
days
ago
to
determine
the
community's
appetite
for
a
larger
change
than
the
one
that
we
previously
discussed.
A
change
was
to
raise
the
stability
fee
by
an
additional
2%
to
its.
Although
three
point
five
percent-
and
we
saw
that
there
was
a
tremendous,
it
seemed
to
be
a
tremendous
level
of
support
of
that
decision.
Almost
immediately
within
24
hours.
A
Signaling
disagreement,
even
when
in
the
face
of
overwhelming
opposition,
is
important.
So
it's
very
important
that
our
community
gets
together
and
understands
that
this
is
a
signaling
method
and
just
because
you've
seen
somebody
already
sort
of
move
in
a
direction
that
you
either
thought
you
want
to
move
in
or
disagrees
with.
Your
position
doesn't
mean
it's
time
to
just
you
know
not
get
involved,
it's
important
for
everybody
to
see
that
there
are
outliers
here
and
there
are
dissenting
opinions.
A
A
But
the
next
step
is
tomorrow
we
initiate
an
executive
vote
and
that
executive
vote
will
be
implementing
a
new
state
of
the
macadam
ecosystem
and
that
new
state
includes
the
increased
ability
fee
and
the
voting
mechanism
is
continuous
approval.
So,
as
long
as
the
vote
to
increase
the
stability
fee
has
more
people
speaking
there
their
maker
there
than
they
do
in
the
previous
book
and
I
hope
you
in
active
and
when
probably
the
most
my
favorite
part
of
the
system.
A
Strangely
enough
is
the
fact
that
anybody
can
actually
actually
keep
them
that
change
in
the
system.
So
once
once,
we've
we've
tipped
the
balance
into
the
new
state,
I
think
the
last
couple
times
somebody
on
the
Internet
has
actually
executed
that
then
you
face
the
make
it
out
for
us
and
say
it
does
the
36
cents
in
Council,
which
I
appreciate
I,
think
that
that
is
probably.
Where
do
you
have
a
pilot
question
to
David's
anything
that
we
need
to
transfer
I,
don't
know
it's
just
it's.
A
So
we're
going
to
talk
to
Dharma
for
a
bit
and
then
we're
going
to
hand
it
over
to
Cyrus
as
the
face
of
the
interim
risk
team
to
provide
some
context
and
maybe
dig
into
whether
we
saw
anything
interesting
in
the
last
week
or
what
interesting
things
we
can
expect
to
see
in
the
future.
And
after
that's.
If
time
allows
I
want
to
talk
a
bit
about
how
we're
going
to
optimize
this
governance
process
a
bit.
Because
there
are.
A
A
A
Does
that
make
sense
myth,
yep
cool
if
time
allows
at
the
end
of
the
call
I
would
like
to
start
talking
about
how
we
optimize
this
process
of
it,
because
governance
surprisingly,
is
a
fantastically
complicated
thing,
not
only
from
a
sociological
standpoint
or
a
game
theoretical
standpoint,
but
just
mechanically
it's
tricky.
We
need
to
figure
out.
How
do
we
communicate
with
the
community?
Where
do
we
post
our
notices?
How
we
make
sure
people
are
informed?
How
do
we
maintain
those
debates?
A
How
do
we
try
to
turn
around
our
voting
process
in
a
short
enough
timeframe,
for
us
to
maintain
agility
and
velocity
and
in
trying
to
stay
ahead
with
the
requirements
for
the,
but
the
risk
team
sets
for
us
in
order
to
maintain
that
type,
which
I
think
would
be
interesting
all
right?
Well,
that
was
a
bit
of
speechifying.
I
am
done
with
that.
The
next
thing
I
want
to
do
actually
before
I
turn
it
over
to
introduce
Durham
I,
want
to
introduce
someone
else.
A
A
new
old
face
or
an
old
new
face,
I'm,
not
sure
that
either
of
those
things
I'm
very
flattering,
but
we
have
a
new
addition
to
the
team
in
the
form
of
Kenny
rope.
News
and
I
would
say,
knew
all
this.
That
Kenny
is
an
OG
at
maker
Dow.
Who
was
there
at
the
outset,
took
a
little
detour
now
he's
back
of
Kenny?
Do
you
want
to
give
us
a
little
introduction?
Hey.
C
A
I'm
excited
to
have
you
back,
it's
that
deep
insight
into
the
system,
which
I
think
is
enormously
valuable
and
experience
with
governance
and
making
some
hard
knocks
in
the
past
and
come
through
and
having
deep
insight
to
how
these
things
work
is
gonna,
be
valuable
for
everyone,
so
Kenya
will
be
working
with
the
community
development
team,
particularly
in
the
areas
of
governance
and
he'll,
be
picking
up
some
of
the
heavy
lifting
and
also
specifically
involved
with
some
of
the
things
that
I
just
talked
about.
Where
how
do
we
optimize
this
process?
A
C
Well,
actually,
Olin
sorry,
I,
missed
it.
Christine
Kim
asks
hi,
guys
question
about
the
executive
vote
and
the
tipping
to
the
new
state,
any
good
resources
people
can
link
me
to
about
how
it
works
and
has
worked
in
the
past
yeah
Christine
I'm
gonna
post
the
link
in
the
in
the
chat
for
you
of
actually
a
really
great
article
that
somebody
in
our
community
did
yeah.
A
There's
a
great
article,
there's
mechanics
too
available
and
it's
the
resource
that
we
need
to
keep
on
pushing
as
much
as
possible,
but
awesome
maker
Dow
is
from
sine
of
the
central
it's
the
ancient
scrolls
in
the
central
archive
of
everything
that's
happening
in
the
system.
It
can
be
a
bit
daunting,
but
it's
always
a
great
place
to
start.
A
If
you
want
to
figure
out
what's
going
on,
okay,
the
preambles
are
over,
so
I
want
to
I
want
to
introduce
native
and
max
from
Dharma,
because
I'm
very,
very
interested
in
hearing
about
how
liebherr
works
and
digging
into
some
of
the
internals
and
then
maybe
getting
into
a
little
discussion
about
how
that
affects.
Make
her
doubt
ecosystems
who
would
like
the
kicks
off
max
I.
E
Well,
we'll
try
to
keep
it
tight
to
there
to
respect
your
time
yeah.
So,
basically,
Dharma
is
a
peer-to-peer
lending
marketplace
for
crypto
currencies
that
is
administered
entirely
by
smart
contracts,
and
you
know
specifically
for
the
prompt
in
the
context
of
dye.
We
recently
announced
our
integration
of
dye
into
the
product,
and
so
right
now
you
can
go
on
to
Dharma,
levar
calm
and
either
lend
out
your
dye
for
an
interest
rate
or
essentially
put
up
some
ether
and
borrow
dye
against
that.
E
The
reason
why
this
this
exists
is
that
in
Dharma
there
are,
you
know
there
are
two
sides
to
the
marketplace
that
are
lenders,
and
borrowers
and
lenders
have
an
interest
in
having
some
sort
of
timeline
on
getting
their
capital
back,
and
so
it's
it's.
You
kind
of
you
have
to
inject
a
lot
of
the
dynamics
of
the
peer-to-peer
lending
marketplace
into
into
the
system,
so
young
that
the
system,
the
way
that
the
contracts
work
on
an
individual
loan
basis
are
very
similar
to
the
way
CDP's
work.
E
Kind
of
biggest
thing
that
we
have
been
pouring
or
energy
to
into
in
the
short
term
has
been
just
honestly
a
usability
we've
made
made
a
giant
priority
to
basically
build
a
platform
that
is
accessible
not
just
to
Medifast
users,
but
also
to
you
know
anybody
who
has
just
a
normal
cryptocurrency
wallet,
so
you
know
taking
a
step
back.
What
does
this
mean
for
died
and
the
maker
doubt
ecosystem?
Obviously
we
are
immense.
E
Immensely
enamored
with
the
the
die
ecosystem
and
have
I
mean
it's
just
such
an
incredible
inspiration
to
us
to
see
what
maker
is
done
and
I
think
I
think
you
know
like
right
now.
It's
it's
early
days.
We
just
launched
the
die
integration,
and
so
you
know,
I
I
will
copy
out
that
this
is
all
very
like
theoretical
conversation
of
what
happens
if
we
manage
to
get
a
lot
more
liquidity.
E
A
C
G
Just
it's
the
idea
that
there
will
be
different
interest
rates,
because
these
different
credit
facilities
will
have
different
amounts
of
risks
that
go
with
them,
and
so
we
would
expect
a
lowest
cost
credit
facility
to
be
offering
most
operating
most
efficiently
and
hopefully
be
operating
most
efficiently
because,
at
least
in
the
case
of
maker.
Although
it'll
be
interesting
to
see
how
secondary
markets
play
into
this.
G
A
E
E
It's
it's
a
it's
just
a
peer-to-peer
lending
marketplace
where
people
put
out
different
offers
and
requests
for
loans,
and
so
I
can
say
you
know
I'm
willing
to
invest
in
any
loan.
That
is
at
least
a
hundred
percent
collateralized.
That
time
of
issuance
or
I
can
dial
that
number
in
any
direction.
Charlie.
A
E
Yes,
yes,
but
like
the
point
being
that
like
that,
that
is
an
application
layer
constraint
right
now
that
we
are
enforcing,
but
like
that's
very
much
due
to
the
conservatism
of
where
we
are
right
now
and
it's
it's
very
likely
that
we're
going
to
lower
those
thresholds
over
time
and
the
reason
why
we
we
feel
comfortable
doing
that,
because,
whereas
maker
has
the
kind
of
primary
goal
of
upholding
a
peg,
we
you
know
that
that
is
not
necessarily
in
our
incentive
system.
So
it's
really.
E
It's
really
just
about
kind
of
making
sure
the
market
clears
and
are
from
our
standpoint
and
so,
where
I
think
it
gets
interesting.
Is
that
and
again,
I
also
kind
of
gives
me
pause
on
what
this
means
for
the
maker
ecosystem.
If,
if
we
managed
to
kind
of
achieve
meaningful
traction
is,
is
that
you
know
I
think
we
all
know
that
dye
holders,
or
rather
die
issuers
by
by
and
large,
tend
to
be
essentially
menteng
dye
for
leverage
purposes,
the
biggest
kind
of
levered?
E
No,
no
pun
intended
that
that
actually
kind
of
affects
how
much
leverage
you
can
get
is
not
the
stability
fee
or
interest
rate,
but
rather
the
collateralization
ratio,
and
so
it
would
be
I
think
that
that
I,
like
I
guess,
like
I,
said
I'm,
not
I'm,
totally
thought
through
this
yet
but
I
think.
If
anything,
that
will
be
a
more
interesting
number
to
watch
with
regards
to
how
these
different
protocols
kind
of
compete
for
liquidity,
then
the
certain.
A
A
E
E
Perhaps
put
it
bluntly
the
longer
that
the
primary
diamonds
use-cases
leverage,
if
that
remains
the
case
forever,
then
that
puts
that,
in
my
opinion,
puts
the
maker
system
in
a
bit
of
a
fragile
position,
insofar
as
it
is
competing
with
other
platforms
that
don't
necessarily
need
to
care
about
upholding
a
global
peg.
But
rather
you
know
only
want
to
clear
individual
trades,
but.
A
E
E
A
A
F
G
Maybe
it's:
okay
on
a
secondary
issuance
platform,
but
if
the
primary
issuance
platform
succumbs
to
the
competitive
pressures
of
the
secondary
platform,
then
if
the
primary
platform
hits
a
serious
glitch,
then
everything
unwinds
and
so
protecting
the
primary
platform
from
the
drive
to
increase
collateral
efficiency
by
decreasing
the
ratios
I
think
it's
going
to
be
an
important
piece
of
this
point.
One.
D
Of
the
other
questions,
I
have
on
that
I
mean
maker
and
its
fundamental
core
is
basically
a
repo
facility
with
an
unlimited
time
horizon
and
the
term
here
are
a
lining
of
30
days,
or
maybe
you
have
more
terms.
I
mean
you're,
basically
constructing
a
repo
with
a
time
horizon
and
a
reverse
repo,
which
is
very
interesting.
I
mean
it's
a
separate
product,
I
mean
reverse
repos,
don't
exist
for
a
banker
and
the
way
you
at
least
the
way
I've
seen
it
on
the
site.
A
F
I'm
sorry
I,
just
typed
one
in
yeah
turned
off
sorry
I'm
with
that.
Can
you
guys
hear
me
yeah,
okay,
cool,
yes,
I,
just
typed
it
in,
but
I
guess
Nadav.
How
are
you
guys
actually
keeping
this
lending
and
borrowing
rate
at
at
point?
One
percent
isn't
if
it's
a
peer-to-peer
marketplace
for
debt
like
how
are
you
guys?
Are
you
just
like
sort
of
artificially
enforcing
this
and
who's
taking
the
risk
there
yeah.
E
It's
a
great
question,
so
I
mean
yeah
like
the
answer
is
we
are
absolutely
artificially
enforcing
that
right
now,
so
so
you
know
as
an
artifact
of
the
fact
that
we
just
launched
this,
and
we
wanted.
You
know
the
incentivize
liquidity.
We
are
subsidizing
the
difference
right
now
from
our
own
balance
sheet.
That
is
not
going
to
last
forever
because
for
a
lot
of
reasons,
what.
E
Moving
is
the
intake
and
order
book
based
model
essentially,
and
so
the
idea
being
that,
like
you
know,
there
will
be
different
offers
that
lenders
have
and
that
on
the
borrower
side,
you'll
be
matched
with
the
kind
of
best
offer
that's
available.
So
the
rates
that
you're
seeing
right
now,
admittedly
they're
not
necessarily
reflective
of
how
things
will
look
in
the
longer
term.
E
F
E
F
Got
it
so
I
guess,
that's
kind
of
the
that's
kind
of
the
difference
between
borrowing
die
at
maker
versus
borrowing
diet.
You
know
at
one
of
these
sort
of
secondary
platforms,
which
kind
of
makes
sense.
Obviously,
I
think
these
rates
will
probably
go
up
a
little
bit
over
time,
but
but
this
is
this
is
interesting.
What.
C
E
Yeah,
it's
very
similar
to
the
way
like
I
think
that
the
closest
analogue
is
compound,
we're
essentially
a
third
party
arbitrage
or
slash
liquidator.
Once
they
see
that
the
collateral
has
fallen
below
a
certain
value
or
the
LTV
rather
risen
above
a
certain
value.
They
can
come
in
and
purchase
the
underlying
collateral
at
like
a
discount,
and
then
that
will
essentially
compensate
the
lead
lender
and
the
remainder
of
the
collateral
will
return
to
the
borrower.
Have.
E
Yes,
we
have
yeah,
that's
that's
pretty
interesting
for
us,
we'll!
Look!
Ok,
first
of
all,
I
think
it's
important
to
take
a
step
back
from
from
our
narrow
position
like
we.
We
don't
live
only
in
the
universe
of
die
like
we,
you
know
we
plan
on
listing
many
crypto
assets,
and
so
it's
not
necessarily
what
keeps
us
up
and
I
alone.
C
Yeah
I
can
chime
in
briefly.
So
my
understanding
and
correct
me
if
I'm
wrong
is
that
the
dye
savings
rate
will
be
a
function
of
the
stability
for
you,
so
it
will
always
be
less
than
the
stability
fee
and
I.
Think
kind
of
what
we
saw
on
compound
is
that,
like
secondary
avenues
to
get
dye
will
be
important.
Just
because,
like
you
know,
people
will
have
demand
to
pay
down
their
CDP's,
and
you
know
they
don't
necessarily
like
want
to
be
taken
like
a
tax
burden
or
or
anything
like
that.
B
B
You
know
the
150%
was
just
kind
of
something
that
would
set
a
long
time
ago.
In
my
opinion,
based
on
the
data
I've
looked
at
it's
fairly
conservative,
so
I
think
it
comes
down
to
on
a
liquidity,
adjusted
basis.
You
know
who
can
offer
the
best.
You
know
average
collateralization
rate,
so
debt
ceiling
for
dies
right
now
is
about
100
million
I'm,
obviously
going
to
go
up,
I
mean.
Having
you
know,
a
couple.
Peer-To-Peer
loans
offering
a
one
to
one
rate
is
not
really
a.
B
B
So
yes,
I,
think
that
need
to
control
for
the
liquidity
amount,
and
you
know
if
you
control
for
the
liquidity,
then
it
kind
of
comes
down
to
who
has
I
mean.
Where
is
the
largest
insurance
pool?
Who
can
kind
of
you
know
satisfy
the
most
amount
of
liquidity
and
I?
You
know
really
also
risk
evaluation
is
important
as
well
I
mean,
as
Chris
said,
it
might
be
a
race
to
the
lowest
rate,
but
that's
also
dangerous,
because,
obviously,
if
you
get
too
low,
then
you
could
have
a
catastrophe
of
sorts
happen.
B
H
I
was
just
gonna
quickly.
Add
to
that.
There
there's
also
a
a
feedback
loop
here
in
the
sense
of
there's.
No
there's
no
particular
reason
why
there
should
be
one
collateralization
ratio.
That
necessarily
applies
to
all
CDP's
and
I.
Think
I've
heard
this
discuss
in
the
context
of
multi
collateral
die,
but
we
could
have
you
know
125
percent
collateralization,
but
with
a
higher
stability
fee,
you
know
110
with
an
extremely
high
stability
key
or
whatever
else
right,
like
whatever
makes
sense,
and
that
borrowers
can
really
choose.
You
know
what
suits
their
particular
needs.
E
A
A
E
So
two
things
first
of
all,
I
saw
that
there
are
some
additional
questions:
they're
either
posted
in
the
chat
or
that
people
didn't
get
a
chance
to
totally
finish
by
all
means.
If
you
want
to
shoot
me
an
email
afterwards
or
a
message
on
telegram
but
I
or
what
have
you
with
the
follow-up
questions,
please
feel
free
to
know
my
emails,
the
da
bat
Dharma
I,
oh
happy
to
answer
any
questions.
E
Number
two.
You
know
as
the
inner
brain
trust
here
of
maker
we'd
love
to
have
you
guys,
try
and
play
with
the
tool.
I
mean
we
take
a
lot
of
pride
in
thinking
that
we've
built
like
a
fantastic
experience
for
either
earning
interest
on
your
die
or
or
kind
of
borrowing
more.
So,
if
you
guys
shoot
us
a
message,
we
can
we'd
be
happy
to
kind
of
help.
You
guys
a
spot
on
our
wait
list
and
get
you
into
the
system
earlier.
We.
F
A
Let's
dig
into
stability
fees,
governance
and
the
rest
of
that
rigmarole,
so
I'm
posting
link
in
the
chat
to
a
discussion
thread.
That's
related
specifically
to
this
call.
So
if
you're
asking
questions
and
you
feel
that
they
weren't
addressed
appropriately,
we
ran
out
of
time.
The
point
of
these
maker
gov
threads
are
to
continue
these
discussions
for
the
next
24
hours
or
so
or
four
hour
long.
It
takes
but
to
make
sure
that
these
important
threats
aren't
being
lost.
A
So
if
you
have
questions,
you
can
add
them
to
that
thread
after
the
call
I'll
post
a
summary
of
the
major
points
we
discussed
here
with
links
to
transcripts
and
video
and
audio
and
all
the
rest,
and
then
we
can
continue
the
Chancellor
at
this
point.
What
I
want
to
do
is
hand
the
call
over
to
our
internal
risk
team
in
the
guise
of
Nessie,
and
we
can
talk
about,
think
issues
around
how
the
governor's
poll
went
and
what
we
think.
Next
steps
might
being,
hopefully
look
at
a
number
sure.
B
B
Obviously
we
are
not
quite
at
a
dollar
yet
and
oh
sorry,
before
I
get
into
that
we're
looking
at
centralized
exchanges
such
as
coinbase
the
dye
USD
see
price
is
great.
Also
looking
at
BitFenix
we're
looking
at
d,
centroids
exchanges
primarily
eats
a
die.
Also
looking
at
some
0x
exchanges
in
eunice
whap
are
also
gauging
several
OTC
quotes
from
various
OTC
market
makers
and
yeah
kind
of
taking
a
weighted
average
and
using
that
to
evaluate
the
price
of
I.
What.
B
B
A
It's
the
risk
with
graphs
ro
is
that
humans
are
designed
to
create
a
narrative.
So
you
look
at
these
pretty
pink
bubbles,
and
then
you
create
a
narrative
here
and
at
the
risk
of
doing
precisely
that,
can
we
offer
any
theories
about
why
the
pegs
Incans
to
deviate
in
the
last
day
and
actually
I
think
Chris
mentioned
this
in
the
chat
like
it
looks
like
after
the
vote.
A
J
I,
don't
give
me
ones
that
this
should
do
it
joke
you
from
the
mega
team
can
either
agree
or
disagree
on
this,
but
basically
in
in
December
2018
when
each
was
crashing
to
eighty
dollars.
There
was
so
much
demand
for
dye.
That
makers
inventories
basically
ran
dry
and
that's
why
they
lowered
the
stability
feeder
half
a
percent.
Now
the
market
has
subsequently
risen
from
there
and
that's
basically,
what's
caused
the
the
bloating
of
all
the
market
makers.
Balance
sheets
I.
J
Think
it's
really
like
people
have
been
talking
about
like
structural
problems
with
the
supply
and
demand
dynamics
with
dye
I.
There
are
more
people
that
want
to
get
cheap
leverage.
Then
there
are
people
that
want
to
use
dye
for,
like
natural
born
utility
purposes,
I
think
the
much
more
significant
factor
is
just
the
cyclicality
of
the
market.
J
So
in
a
bull
market,
you're
gonna
see
a
lot
more
issuing
of
dye
and
you're
gonna
see
less
demand
for
dye.
So
you
know
the
the
savings
rate
will
come
into
that.
What
you
saw
in
the
market
around
the
stability
free
vote,
I
think
that
that's
just
noise,
what
was
actually
happening
was
eath
was
going
up
which
good
selling
price
selling
pressure
on
diet.
So
you
know
one
of
the
points
that
I
really
wanted
to
make
is
that
market
makers
inventory
is
really
the
lead
indicator
for
the
diet
price.
So
we
really
need
to
be.
J
You
know
why
are
makes
markets
for
die.
You
know
maker
makes
markets
to
die,
I
feel
like
we
really
need
to
to
keep
our
inventories
in
mind,
because
that's
really
the
lead
indicator,
as
our
countries
grow,
that
basically
shows
that
we're
getting
unidirectional
flow
and
something
needs
to
change.
I.
Think
there's
also
a
broader
discussion
around
you
know
with
the
market
makers
around
letting
the
dye
price
float
a
little
more
freely.
So
we
can,
you
know,
see
these
signals
in
the
price,
not
just
on
our
balance
sheets.
Well,.
J
Other
trade
industry
trading
die
basically
moving
moving
our
orders
and
moving
the
price
in
line
with
changes
in
our
inventory
will
basically
allow
the
signals
in
the
market
to
become
obvious
to
everybody.
Right
I.
Think
what's
happened
over
the
last
few
months,
is
that
you
know
we've
had
growing
Infantry's
and
that
hasn't
the
wire
that's
occurred
and
the
impact
that
is
going
to
have
in
the
future
hasn't
been
effectively
communicated
to
people.
People
haven't
record
the
significance
of
it.
J
A
So,
let's
turn
about
this
up
because
I
we
have
limited
time,
but
the
other
things
you're
saying
are
also
super
fascinating
and
I
want
to
get
some
clarity
on
some
of
them.
So
all
right.
What
what
is
the
lead
indicator
here?
So
are
you
saying
that
we
should
be
reacting
specifically
to
each
price
24
hours.
J
J
Not
sure
how
to
mess
it
right,
but
I
can
tell
you
that
when
ethers
falling,
our
inventories
will
be
growing
and
that
will
lead
indicator
food,
meaning
to
increase
the
stability
fee
now
something
that
we
worked
out
here
to
take
it
into
account.
So
we
can
have
appropriate
disclosure
of
this.
These
data
points
and
be
reacting
to
them
in
the
appropriate
time
frame,
getting
it
to
a
point
where
it's
at
today.
You
know
we're
reacting
a
little
bit
too
late,
which
is
why
the
placards
move
ideally
we'd,
be
a
bit
more
ahead
of
the
curve.
A
J
I,
don't
have
phone
numbers
of
mind,
but
basically
we
need
we
need
to
be.
We
need
to
be
acting
acting
earlier.
I
think
you
know
maybe
a
few
we
can
discuss
a
bit
more
of
this
on
future
calls
when
we've
kind
of
thought
about
it.
All
a
bit
more
yeah
I
would
say
that
if
your
inventories
are
growing,
you
know
over
like
20%
week
on
week,
then
you
should
be
moving
stability,
feet,
preemptively
or
just
letting
the
Floyd
a
little
bit
more,
so
everybody
can
see
what's
happening
more.
G
Actionable
well
one
actual
thing
off
this
call,
because
Louie
and
I
were
just
discussing
this
before
the
call-
and
we
have
discussed
this
matter
on
prior
maker
calls-
is
how
to
get
market
maker
data
I
mean
if
we
have
benevolent
market
makers,
I
mean
we
have
maker
the
maker
team
itself.
We
have
wire
I,
don't
know
if
there's
a
third
market
maker
who
would
be
willing
to
provide
data,
not
necessarily
revealing
absolute
numbers
of
inventory,
but
Louie's
idea
had
been
just
showing
relative
changes
yeah,
you
know
the
percentage
changes
and
it's
not.
A
B
J
B
There's
a
lot
unpack
here
and
that
you
know,
even
if
we
get
disclosure
from
from
market
maker
desks,
there's
also
you
know,
having
you
know
having
to
track
accuracy.
You
know
just
you
know,
trying
to
make
scientific
risk
risk
governance
decisions
based
on
the
pure
goodwill
of
certain
large
trading
stakeholders
is
not
it's
not
necessarily
the
terms
desirable
yeah.
F
J
Don't
have
the
answer
for
how
to
this
is
the
really?
The
question
is:
how
do
you
take
into
account
what
is
naturally
an
opaque
data
plan,
but
it
is
actually
lead
indicator
right,
so
I
think
so
I'm
more
like
work
and
thinking
needs
to
be
done
here.
Perhaps
the
solution
can
yeah
I,
don't
have
the
right
answer,
but
I
feel
like.
I
I
mean
one
of
the
ways
that
I've
been
kind
of
thinking
about
this
cuz
total
agreement
that
that
this
is
like
this
is
very
useful.
Data
for
determining
the
die-die
rates
rate
is,
if
it's
possible
to
anonymously,
share
this
data
and
then
have
some
sort
of
output
where
you
know
like
to
essentially
like
you
know,
star
kid
or
star
kid
or
or
do
whatever
and
then
to
have,
maybe
not
like
the
end-all-be-all
data
point,
but
just
to
have
like
a
rough
heuristic
of
like
something.
B
I
B
A
About
to
help
you
out
with
that,
but
I
just
want
to
do
it,
and
first
I
posted
a
link
to
the
discussion
thread
in
reddit
in
the
side.
I'll.
Do
it
again
this?
This
is
precisely
why
I've
been
making
these
dual
host,
because
a
lot
of
really
interesting
things
are
going
to
come
out
of
this
cause.
We
need
to
be
cognizant
that
we
don't
propose
and
make
decisions
and
aggregate
all
the
data
in
these
cause,
that's
impossible.
So
let's
get
the
good
ideas
out
there
and
let's
continue
the
chats
and
reddit.
A
B
Through
the
rest
of
the
rows
yeah-
because
through
this,
this
is
you
know-
probably
the
most
important
part
of
the
call,
so
governance
poll
is
passed.
I
believe
we're
going
to
initiate
an
executive
vote
to
actually
implement
the
2%
change
tomorrow
as
a
Craig
rich
tomorrow,
okay,
tomorrow,
when
that
vote
goes
in
the
the
rate
will
be,
the
stability
will
rise,
and
at
that
point
we
will
begin.
B
You
know
gage
the
market
data
again
it
would
have
been
nice
if
we
had
seen
some
sort
of
meaningful
impact
purely
off
the
governance
poll,
but
that
obviously
did
not
happen.
So
the
few
options
you
know
a
few
different
scenarios
to
talk
about
one
is
that
the
stability
fee
increase
is
a
rousing
success
and
we
see
convergence
to
the
target
rate
quickly.
B
That
would
be
obviously
great
I
think
it's
safe,
fair
to
say
that
a
lot
of
us
are
preparing
for
the
eventual.
The
fact
that
that
may
not
happen
so
the
two
remaining
scenarios,
as
we
see
them
on
the
wrist
team,
is
that
one
is
a
small
but
a
noticeable
change.
You
know
some
upward
pressure,
but
not
all
the
way.
I
think,
if
that
were
to
be
the
case,
the
suggestion
would
be
to
kind
of
keep
the
cadence
going.
B
Keep
the
momentum
going
and
propose
you
know
just
kind
of
same
same
amount,
maybe
same
schedule,
another
2%.
If,
if
we
see
no
change
like
we
did
in
the
last
two
last
two
increases-
and
you
know
we
see
continued
dye
volatility
like
we
have
you
know,
since
we
even
just
discussed
this
last
week,
I
would
imagine
that
there
would
be
more
forceful
options
at
play.
D
Would
I
would
sway
away
from
accelerating
the
number
even
higher,
and
it's
already
a
two
percent
jump,
ignore
the
the
metric
of
one
and
a
half
going
to
three
and
a
half,
but
really
just
the
point
that
it's
expected
even
more
than
that
just
to
be
more
like
novocaine,
you
just
give
it
time.
It
will
take
effect
if
you
keep
doing
2%
every
two
weeks.
What.
B
A
This
is
it's
interesting
point
that
we
should
probably
make
here
is
that
in
the
last
iteration
of
the
voting
or
polling
and
voting
process,
we
use
the
governance
poll
to
discuss
what
a
rate
increase
would
look
like,
and
that
is
unusual.
If
you
have
clarity
in
how
we
propose
the
entire
science
of
the
governance
process
to
work,
because
the
idea
is
that
we
present
a
model
or
some
of
the
risk.
A
You
presents
a
model
with
data
and
evidence,
and
you
know
like
a
jupiter
notebook
or
something
where
everybody
can
just
determine
whether
this
was
really
increased
back
tests
correctly.
But
the
the
reason
why
we're
positioning
things
the
way
we
are
right
now
is
that
we're
involved
in
a
discovery
process.
Where
we
don't
understand,
we
don't
have
a
clear
signal
in
the
noise
for
our
previous
increases,
as
opposed
to
you
know
like
price
of
a
theory
and
with
all
the
rest
of
the
compounding
factors.
A
So,
in
order
to
figure
out
how
we
collect
this
data,
we're
relying
on
the
wisdom
of
the
crowd
to
a
certain
extent,
as
well
as
the
wisdom
of
the
internal
risk
team,
to
make
some
best
guesses
now,
obviously
at
some
point
in
the
very
near
future,
I
hope
that
will
be
behind
us
and
we're
just
it's
just
a
matter
of
us
looking
at
data
and
making
appropriate
results
from
that.
But
I
think
that
what
we
might
see
if
there's
no
clear
signal
coming
out
of
the
next
race
will
probably
investigate
the
the
same
process.
A
B
B
A
Lot
of
people
have
heart,
stops.
I'm
kind
of
I
think
that
we
could
probably
take
that
to
the
the
Reta
thread
and
we'll
continue
the
discussion
there.
Okay
sounds
good.
Okay,
I
want
to
sort
of
put
a
bow
on
this
thing.
I
just
mentioned
it,
but
please
listen
to
this
conversation
in
the
right
a
thread.
We
had
a
fantastic
number
of
questions,
I'm
reasonably
sure
we
got
some
one
of
them
in
the
chat
on
the
side.
So
what
we're
going
to
do
after
this
call?
A
It
is
make
a
record
of
these,
but
what
I
would
really
love
is
for
people
that
asked
the
question
that
didn't
get
answered
to
please
hit
up
that
reddit
thread
and
ask
it
again,
so
we
can
continue
the
chats
there
may
be
in
the
next
call
will
consider
using
that
reddit
thread
instead
of
the
chat
to
attract
messages
or
questions,
so
we
make
sure
that
we
don't
lose
anything
we
can
pull.
Though
the
brain
is
right.
A
Now
this
process
is
going
to
be
evolving
over
the
next
couple
meetings,
as
we
figure
out
what
the
mechanics
of
these
votes
look
like.
Oh
yeah,
what's
the
worth
of
the
air,
so
thank
you,
everyone
for
joining
us
thanks,
Chris,
and
thanks
that
in
the
rest
of
the
Dharma
team
or
doing
a
sentence,
there
are
mechanisms
thanks
Cyrus
for
the
recap.
It
was
great.