►
From YouTube: Governance and Risk Meeting: Ep. 77
Description
Please join us and help shape the future of the MakerDAO.
Agenda
- Intro with Rich Brown
- Lots of discussion
Links
- [Video/Voice](https://zoom.us/j/697074715)
- [Dial-in](https://zoom.us/u/acRbIMDvK)
- [Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk@group.calendar.google.com&ctz=America/Los_Angeles)
A
A
What
we're
going
to
do
today
is
sort
of
a
Yolo
themed
call
where
we
will
kind
of
watch
the
situation
develop
as
a
group
and
be
able
to
offer
moral
support
and
information
as
required,
and
maybe
just
discuss
some
emerging
trends
if
it
turns
out
that
there's
also
an
appetite
for
just
like
let's
get
back
to
business
as
usual,
I'm
entirely
open
to
that
as
well.
I'll
leave
it
up
to
the
community
to
decide,
but
please
be
prepared
for
us
a
foundation.
A
Members
endorphin
I
know:
there's
lots
of
super
important
super
busy
people
on
this
call
to
drop
in
and
drop
out
during
the
course
of
the
next
hours,
but,
like
I,
said,
I
prefer
communication
as
opposed
to
silence.
So
that's
that's
kind
of
the
context
here
so
I'm
willing
to
take
suggestions
or
hear
ideas,
or
maybe
we
could
just
chit
chatting
see
it
was
what's
going
on.
A
C
A
A
D
So
yeah
it's
hard
to
differentiate.
What
happened
this
morning
was
that
there
was
a
30%
drop
in
the
etherium
market.
That's
a
fact:
the
Oracles
were
not
able
to
get
their
price
updates
through,
because
the
network
gas
price
has
gone
well
over.
A
hundred
gray
that
has
been
resolved
as
far
as
I
can
tell.
The
Oracles
are
now
updating
that
did
kick
off
a
bunch
of
collateral
auctions,
and
now
this
this
may
be
speculation.
D
We
either
do
not
have
makers
bidding
on
it
or
the
keepers
bidding
or
the
keepers
that
are
available
are
not
able
to
get
their
transactions
through
because
of
high
gas
prices,
and
with
what's
happening
is
there
is
one
keeper
that's
putting
in
effectively
zero
or
very
low
ball
bids
on
these
auctions
at
300
gray,
gas?
So
those
are
getting
through,
but
no
counter
bids
are
happening
against
those.
The
system
is
now
in
negative
surplus.
There
is
a
delay
on
minting
new
maker
to
recapitalize
that
for
two
days.
E
D
C
C
C
Their
position
was
already
under
collateralized.
What
address
don't
get
any
amount
back
that
they
in
principle
should
have
if
the
markets
were
operating
efficiently.
Like
you,
you
know
you
always
expect
to
lose
something
on
the
liquidation,
but
now
currently
or
at
least
for
these
ones,
that
are
one
with
the
zero
bids
they're
losing
everything.
E
A
A
So
yeah
I'm
not
entirely
sure,
like
I
said
this
is
going
to
be
a
yellow,
meaning
and
there's
two
things
that
could
happen.
That
could
be
furious
debates
and
all
the
rest
of
it
and
plenty
of
activity
or
there
can
be
uncomfortable
silences
and
we
all
know
how
much
I
love
those
so
the,
but
that
there's
still
things
that
we
can
do
there's
regularly
scheduled.
A
A
So
maybe
we
can
mix
it
up
a
bit
Wow
yeah,
but
it
won't
go,
isn't
what
it's
pointing
out
that
maybe
everybody
is
having
experiencing
PTSD
right
now
we
could
get
both
things
happening,
so
I
got
distracted
as
well,
so
maybe
pretty
much
did
you
want
to
talk
a
bit
about
the
information
that
you'd
yeah
and
then
alternate
back
and
forth?
I.
F
Okay,
so
migration,
it's
actually,
there
is
a
bright
spot
in
the
last
few
days.
Migration
is
actually
doing
much
better
than
then.
There
is
a
few
weeks.
Last
few
weeks,
I
supply
was
pretty
stable
if
I
could
even
increased
about
a
week
ago,
there
was
some
sign
meeting,
but
we
haven't
seen
any
repayments,
and
then
three
days
ago
we've
been
noticing
some
drops
inside
supply,
some
larger
CDP
repayments.
F
Why
did
this
happen?
And
this
theory
that
before
CDP's
were
mostly
defending
there,
fertilization
ratio
by
the
posting
additional
eater
and
they
clearly
didn't
want
to
repay
the
debt,
because
they
would
need
to
pay
fees,
some
of
them
weren't
willing
to
do
that.
But
then
a
sitter,
you
know
started
to
really
started
to
dump
heavily
some
of
them,
possibly
just
capitulated,
and
we
just
said:
okay
I'm
migrating
to
MCD,
because
when
I
mean
MCD,
I
can
finally
get
out
close.
F
My
position
so
I'm
guessing
that
actually
the
following
Peter
price
force
them
to
make
this
migration
because
it
somehow
coincides
with
with
the
recent
drop
in
the
last
day.
So
here
I
have
some
charts.
This
is
the
chart
of
how
many
CDP's
migrate
over
time.
Clearly
there
was
a
drop
a
week
ago
and
then
two
weeks
ago
also-
and
then
it
picked
up
still
only
about
five
to
ten
CDP's
migrating
per
day,
but
there
was
an
increase
in
last
few
days
and
here
is
breakdown,
so
we
can
see
that
about
1.5
million
was
repaid
fully.
F
It
was
mostly
due
to
three
larger
CDP's,
the
inc
repayment
of
migration,
sixty
four
in
total
and
about
eight
hundred
eighty
thousand
sigh.
He
is
paid
in
maker.
This
was
mostly
yesterday
and
two
days
ago,
something
today
and
then
we
had
some
regular,
the
payments
smaller
ones.
What's
also
note
notable
is
we
had
quite
a
lot
of
means.
F
This
is
for
last
weeks
by
the
way
and
I'm
guessing
that
this
minting
activity
is
coming
from
at
the
keepers,
because
there
were
some
liquidations
as
well
and
they
needed
sila
quiddity
or
I
was
also
seeing
some
users
just
still
think
yesterday,
like
normally,
and
the
number
is
not
that
low.
Actually
what
else
yeah
the
other
thing
is.
The
current
drop
in
price.
I've
noticed
that
there's
a
lot
of
CDP's
who
will
get
or
who
are
getting
click
with
it
at
the
moment
there
were
bites,
but
the
position
the
option
that
it's
still
not
closed.
F
So
this
is
the
amount
if
this
gets
closed
and
we
can
expect
some
penalty
fees
collected.
So,
ideally,
we
should
actually
the
maker
should
actually
get
more
piece
and
just
from
the
stability
result,
because
the
penalty
is
actually
higher
and
then
most
of
the
piece
deseeded
is
oh.
So
in
that
it's
actually
a
positive
outcome,
it
seems
currently
and
that's
basically
it-
and
here
you
can
see
how
many
CDs
in
SD
are
actually
below
the
liquidation
ratio,
but
are
still
are
getting
liquidated.
A
F
A
G
H
A
G
Sure
so
the
debt
auctions
have
a
delay
built
in
so
they
won't
trigger
for
48
hours
until
from
the
beginning
of
the
of
the
liquidation
of
the
vault,
so
I
think
the
liquidation
started
earlier
this
morning,
maybe
like
sometime
in
the
past
for
five
hours
so
say
in
a
little
less
than
two
days
that
debt
auctions
will
kick
in
the
the
issue
of
the
zero
bids
that
we're
seeing
in
the
collateral.
Flip
auctions
does
not
apply
to
the
debt
auctions
for
their
structured
a
little
bit
differently.
G
G
$50,000
into
a
price
of
200
and
that's,
it
can
be
thought
of
as
the
minimum
price
that
needs
to
be
bid
on
for
mk.
Ours
is
$200.
If
that
auction
does
not
clear,
then
it
will
reinitialize
at
20%,
higher
or
20%
lower,
so
right
so
160
roughly,
is
where
the
auction
will
reinitialize
and
we'll
keep
dropping
the
price
by
about
20%
until
it
finally
does
clear
how.
B
G
So
now,
what's
interesting
is
that
governance
has
the
has
the
option
to
if,
if
they
wanted
to
to
tinker
with
these
parameters
before
they
kick
off
this,
this
might
be
so.
The
trade-off
here
is,
if,
if
governance
does
not
want
to
mint
MKR
at
a
to
quicker
rate,
then
they
could
they
could
set
the
parameters
of
the
auctions,
clear,
you're,
more
sleep
over
period
of
time,
at
the
trade-off
of
having
bad
debt
sit
in
the
queue
for,
however
long
that
may
be
so
initially.
G
I
think
that
the
two
day,
the
two
day,
delay
that
we're
currently
experiencing
was
for
a
variety
of
reasons.
One
was
I
think
the
main
was
was
just
to
give
the
collateral
auction
time
to
finish,
because
you
don't
want
to
trigger
the
dead
auction
before
the
collateral
auction
begins,
which
obviously
wasn't
that
not
it
that's
something
we
had
to
worry
about
in
this
case,
unfortunately,
but
additionally,
that
that
that
auction
does
give
people
are
keepers,
time
to
get
their
bearings
figure
out.
G
What
kind
of
what
kind
of
price
they
would
want
to
bid
for
MK
are.
The
debt
auctions
are
probably
have
significant,
significantly
different
game
theory,
mechanics
and
then
the
collateral
auctions,
because
there
is
obviously
there's
no
easy
way
to
just
arbitrage
out
the
debt
auctions,
like
you
could,
with
the
collateral
options.
G
The
debt
sit
there
in
the
system,
I
think
that
could
be
so
I.
Think
classically
like
the
the
optics
of
having
the
debt
sit
there
for
an
extended
period
of
time
might
be
not
desirable,
but
given
that
this
is
kind
of
primarily
a
kind
of
I'd,
say
protocol
issue,
but
the
etherium
layer
in
terms
of
like
the
gas
prices
and
off
the
auctions
it
might
be.
You
know
the
community
might
find
it
acceptable
to
to
lengthen
that
out,
knowing
that
the
bad
debt
will
eventually
be
cleared
on.
D
E
D
I
saw
raised
the
the
debt
surplus,
the
system
surplus,
which
wouldn't
really
help
us
right
now,
but
as
the
system
recapitalize
--is
it'll
give
us
a
little
more
padding
for
Black
Swan
events
like
this
in
the
future
and
then
possibly
lowering
the
eath
stability
fee
too,
because
we're
above
PEG
and
lowering
the
DSR
to
a
wider
band
to
help
recapitalize
the
system
and
I
I.
Don't
know
how
to
propose
that.
That's
a
governance
call
so.
D
Lowering
the
ether,
a
stability
fee
and
also
lowering
the
DSR
potentially
out
of
the
current
range.
You
know
right
now
the
last
poll
was
was
for
1%
spread,
but
I
we've
we've
talked
about
em
and
we've
got
a
pretty
solid
justification
for
going
to
a
0%
DSR
fee
right
now
until
the
system's
recapitalized.
But
that's
something
that's
out
of
the
the
hands
of
the
smart
contracts
team.
We
can
code
it.
We
just
need
to
make
sure
that
that'll
pass
governance.
G
We
were
that
we
didn't
hit
any
osm
risk
on
the
drop,
although
it
was
certainly
closer
than
then
we
would
have
liked
so
I
think
right
now,
there's
like
a
50
million
empty
buffer
and
the
eath
debt
ceiling.
That
I
would
hope
that
that
would
be
lowered
immediately
in
terms
of
the
stability
fee
and
the
DSR.
The
thing
that's
up
for
discussion.
D
G
I
G
G
G
C
D
C
Right
now,
these
options
that
are
being
one
with
zero
bids
are
having
to
horrific
effects.
One
is
every
one
of
those
auctions:
that's
one
with
a
zero
bid.
100
percent
of
the
debt
from
that
auction
becomes
system
system
debt
and
increases
how
much
is
going
to
be
going
out
and
flop
auctions
over
the
coming
days.
The
number
two
thing
is
every
time
one
of
those
zero
pence
goes
through
the
poor,
CDP
holder
that
got
liquidated.
They
get
nothing
back,
they
lose
all
of
their
eath.
C
You
know,
even
if
they
got
liquidated
at
say,
130
percent
collateralization
ratio.
You
know
normally
with
the
liquidation
penalty.
Okay,
you'd
expect
to
get.
You
know
some
fraction
of
your
eath
back,
but
in
this
case
they're
getting
nothing
back
and
the
system
has
no
recourse
to
wreak
on
state
them
in
any
way.
At
any
point,
for
that
you
know,
Empire
holders
could
discuss
doing
some
sort
of
you
know
refund,
for
those
CD
orders
to
get
screwed,
but
that's
a
conversation.
You
know
for
all
the
impaler
holders
to
have
right
now.
H
B
B
C
J
What
are
the
incremental
pieces
that
you
could
fix
to
get
this?
What
is
that?
What
is
the
exact
item
that
needs
to
be
fixed
to
cause
it
to
Vegas
solve
the
issue,
because
emergency
shutdown,
ism,
is
a
catastrophic
move,
and
the
question
is:
is
this
a
catastrophic
issue
and
if
it's
just
a
critical
issue,
what
needs
to
be
fixed
to
get
voted
on
to
deploy
it
tomorrow?
I.
C
It's
mostly
a
problem
of
either
lack
of
keepers
or
lack
of
liquidity
for
keepers
to
bid,
and
also
there's
this
now
this
one
keeper
who
basically
has
this
huge
lead
on
everyone
else,
because
they
have
a
huge
amount
of
capital
built
up
from
winning
all
these
auctions
and
if
some
other
keeper
does
try
to
compete
with
them.
You
know
this
keeper
can
outdid
them.
B
D
B
I
Don't
think
that
this
is
just
like
a
protocol
problem
of
a
theory
I'm
like
I,
think
that
this
could
be
solved
with
a
different
type
of
auction.
I
think
the
problem
is
that
you
have
to
submit
a
bid
at
the
time
of
liquidation
and
I.
Don't
think
that
that
is
necessary
like
there
could
be
some
model
where
collateral
is
being
auctioned
and
people
have
already
pre-registered
bids
some
percentage
below
a
market
rate,
so
they
could
say
I'm
willing
to
purchase.
I
You
know
ten
thousand
died
worth
of
aetherium
at
two
percent
below
market,
but
I'd
be
willing
to
purchase
twenty
thousand
I
worth
of
aetherium
at
three
percent
or
thirty
thousand
I
worth
of
aetherium
at
four
percent
below
market,
and
they
could
effectively
stack
liquidity
relative
to
the
market
price.
The
collateral
is
being
auctioned
and
they
could
do
this
in
advance
and
that
could
just
like
sit
waiting
for
collateral
to
be
auctioned,
and
then
we
don't
have
to
submit
transactions
at
the
time
of
the
auction,
and
that
could
avoid
this
problem
in
the
future.
D
C
Engineering
project
they're
now
taking
this
stuff
back
east
price
has
stabilized.
So
at
some
point
you
know
liquidations
and
of
course
this
is
banking,
that
if
price
doesn't
take
another
nosedive
but
with
the
price
stabilized
you
know
at
some
point,
liquidations
will
stop
and
the
bleeding
will
stop
right.
The
keeper
who's
bidding
zero
can't
hurt
us
if
there's
nothing,
to
bid
on
but
I'm.
C
J
The
ignorance
on
the
smart
contract
side,
but
is
how
hard
would
something
like
a
fix
being
that
it
can't
be
zero,
and
it
has
to
be
greater
than
the
than
half
of
the
most
recent
recent
oracle
price,
something
that
would
inhibit
it
from
being
zero,
but
yet
still
allow
there
to
be
something
that
gives
incentives
for
arbitrage
and
thereby
keepers
to
bid
on
it.
I
don't
know
how
hard
that
would
be
to
code
or
employ
something.
D
C
It
would
certainly
be
an
intermediate
response
where
it
wouldn't
help
us
with
the
crisis
that
we're
currently
in
the
middle
of.
But
if
there
were,
you
know,
we
could
certainly
push
out
a
change
say
with
the
next
couple
of
days
and
then
of
eath
price
crashes.
Five
days
from
now
we're
at
least
more
ready.
The
system
takes
less
of
a
beating.
It.
J
J
A
A
Expediency,
I,
guess
and
maybe
local
wisdom
you
as
the
resident
process
expert
you
can
weigh
in
on
this,
but
I
think
that,
obviously
it's
still
very
early
in
the
day,
but
we
have
a
vote
coming
out
tomorrow,
and
so
there
might
be
some
decisions
need
to
be
made
about.
What's
going
to
be
in
that
executive
based
on
the
world,
is
it
exist
right
now?
Possibly
the
risk
team
would
want
to
weigh
in
on
that
at
some
point.
I
B
E
D
A
A
discussion
that's
been
raised
a
couple
times.
Here's
me,
as
the
average
Joe
on
the
street
Heather.
Could,
though
Joe
history
I
looked
at
the
key,
burdock's
and
I
can't
make
heads
it's
a
of
it.
So
how?
How
much
of
you
know
procedural
cognitive,
I
know
technical
overhead?
Does
it
require
any
of
these
things
set
up?
Do
we
have
resources
that
could
quickly
on
board
great
I,
mean
new
people
into
this
system,
or
do
we
just
point
them
to
the
docs
and
say
like
now?
H
H
If
there's
not
a
really
robust
ecosystem,
Liquidators,
so
I
think
from
my
experience
it
was
a
little
complicated
to
look
at
and
try
and
figure
out
and
try
to
run
one
obviously
to
the
extent
somebody
can
help
make
that
more
accessible
for
everyone.
I
think
that
would
be
a
no
regret.
I
mean
the
the
STD
system
had
a
button
where
you
could
liquidate.
Like
the
you
know,
I'm
not
saying
somebody
necessarily
needs
to
build
that,
but
working
towards
a
slightly
easier
solution,
I
think,
is
a
really
good
idea.
I.
J
Think
we,
let's
split
that
to
sit
this.
The
discussion
really
is
that
we
don't
like
the
fact
that
it's
having
a
price
of
zero
is
horrible
right.
There
should
be
market
incentives,
it
should
be
a
market
mechanism
that
keeps
people
wanting
to
do
keepers,
but
we
need
to
make
sure
there's
a
floor
on
the
price
and
thus
far
the
price
had
been
zero,
which
is
why
I
suggested
fifty
percent
just
something
that
is
not
catastrophic
of
zero,
but
yet
it
still
provides
plenty
of
incentive.
Maybe
it's
80%.
J
E
I'm
one
of
the
guys
with
great
for
training.
We
do
a
lot
of
Defy
stuff
in
this
space
and
we
aren't
running
a
keeper
for
the
primary
reason
that
the
docs
were
just
not
that
helpful
and
we
had
a
lot
of
other
stuff
to
deal
with
and
I
think
a
big
priority
going,
for
it
should
be
getting
those
things
to
be
more
understandable
and
more
clear
and
crisp,
because
it
exactly
as
to
what
we're
doing-
and
we
would
definitely
be
more
than
happy
to
to
get
that
underway.
Right
away.
E
E
A
A
A
A
What
what
happens
so
the
situation
is
going
to
develop
to
those
the
course
of
the
day
and
probably
we're
not
going
to
get
clarity
by
the
time
at
the
end
of
this
call
happens,
but
there's
communication-
that's
starting
we're
going
to
be
the
foundation
will
be
starting
at
a
three
thread
in
a
minute.
If
that
hasn't
happened.
Already,
it's
going
to
be
a
forum
thread
that
I'm
going
to
kick
off
and
I
had
been
trying
to
in
another
window.
A
While
we've
been
chatting
to
keep
a
central
thread
going,
so
everything
track
what's
going
on,
and
then
we
need
to
do.
We
need
to
sort
out
what
some
of
these
plans
are,
whether
it's
additional
keepers,
whether
it's
some
some
spells,
that
are
held
in
reserve
or
whether
there's
going
to
be
a
recommended
from
the
wrist
knew
about
some
monetary
policy
that
we
went
to
affect
for
tomorrow's
executives.
I
think
that
now,
in
this
forum
is
just
about
throwing
ideas
on
the
table
and
making
sure
that
no
stone
has
been
unturned
and.
B
A
G
Don't
think
there's
any
official
mandate
as
far
as
I
know
of
a
specific
threshold
or
or
event
to
trigger
emergency
shutdown.
Right,
it's
at
the
said,
governances
discretion
I
mean
maybe
some
some
rules
of
thumb
that
could
be
user
is,
as
he
shut
down
the
less
harm
trying
to
do
a
flop
auction
for,
let's
say,
20
million.
G
B
J
J
J
D
H
Should
we
take
a
moment
to
talk
about
price
because
I
think
that's?
What's
something
people
I've
heard
this
multiple
times
in
the
last
few
minutes
the
dollar
for
thing
so
just
to
clarify,
if
you
look
at
like
order
books,
dy/dx,
for
example,
dye
does
sort
of
run
up
with
a
few
trades
and
then
comes
right
back
down
gets
armed
a
little
over
a
dollar.
A
lot
of
these
trades
have
been
executing
like
a
dollar
one
$9.00
to
five
just
sort
of
this
morning,
so
it
doesn't
seem
to
be
like
running
up
unbounded.
H
It's
certainly
elevated
right
now.
There's
no
reason
that
shouldn't
regulate
itself
down
I
mean
if
the
dye
price
like
starts
running
up
to
$1
$3
for
I,
do
reasonably
expect
arbitrage
to
come
in
and
mint
more
and
sell
it
and
make
a
profit
I
mean.
That's
that
appears
to
be
happening.
Right
now
is
when
the
price
does
try
to
run
up
much
higher
people
do
sort
of
start
selling
from
somewhere
and
I
can
start
checking
the
mint
transactions
to
see
if
people
are
maintaining
more
to
sell.
B
H
B
Maybe
I
think
it's
like
kind
of
dependent
on
like
what
happens
right
like
like.
If
we
bring
it
down
now
and
as
you
say,
if
bullish
then
yeah,
it's
gonna
incent
as
much
more
bitter
to
go
along
and
we're
gonna
end
up
with
the
peg
dropping
lower
but
like
if
in
the
future,
instead
of
stabilizing
it
going
up.
It
goes
down
further,
then
we're
in
like
an
even
worse
position.
So
like
it's.
H
Is
also
a
good
question
about
that
in
the
chat,
so
you
know
in
terms
of
liquidity
crunch
the
still
atif
he
doesn't
fix.
A
liquidity
crunch
and
I
really
doubt
that
there's
a
lot
of
system
participants
that
are
sitting
there,
saying
hey
I'm,
not
going
to
engage
in
short-term
arbitrage,
because
there's
a
long
term
cost
associated
with
the
stability
fee
is
primarily
an
overtime
cost
in
terms
of
short-term
trades,
it
doesn't
make
a
huge
difference,
I
think
on
people's
decision-making
processes.
I
Just
to
try
to
understand
the
run-up
in
price,
so
the
shesh
right
I
wanted
to
bounce
this
off.
You
just
to
confirm
that
I'm
understanding
this
I
think
what
happened
was
as
the
price
of
eath
dropped.
Other
Fiat
books,
dried
up
on
some
exchanges
and
then
people
started
buying
into
I,
guess,
like
buying
into
eath,
died
and
then
started
to
run.
I
The
price
of
eath
died
up
and
I
think
the
price
of
die
USD
went
up
because
there
were
arbitrage
errs
that
were
arbitrage
going
across
some
like
fu
SDF
died
and
died,
USD
books,
so
this
caused,
like
net
die
books
to
go
up
right
because,
like
if
ethers
dropping
you
wouldn't
expect
there
to
be
a
surplus
on
USD
die
unless
somebody's
arbitrage
during
USD
die
across
some
other
die
book.
So,
like
F
die
and
F
die.
H
I
I
could
see
that
I
mean
I.
Obviously,
I'm
not
gonna
be
done
certain,
but
I
could
see
that
being
a
reasonable
impact.
The
other
thing
that
I
think
contributes
is,
as
you
have
a
lot
of
these
liquidations
occurring.
You
know
zero
price
notwithstanding,
people
would
be
sourcing
die
in
order
to
engage
in
liquidations,
pay
down
positions,
etc.
H
Someone
also
asked
in
the
the
maker
rocket
chat
about
the
side
price
graph,
so
I
I
also
pulled
the
the
side
trading
data.
It's
basically
the
same
situation
as
with
dye
I
mean
those
things
have
been
so
well
locked
to
each
other.
That's
what
you
can
reasonably
expect
so
volume
weighted
average
price
for
last
24
hours
looks
like
like
$1
to
6
and
then
most
recent
trades
were.
You
know
a
bit
higher
around
$1
for.
E
G
G
B
B
H
So
I,
don't
I,
don't
want
to
also
speculate
too
much
I
prefer
to
focus
on
things
that
we
do
know,
but
I
was
seeing.
Someone
mentioned
the
potential
that
these
transactions
were
going
through
at
lower
gas
prices
than
other
transactions,
and
so
you
know
people
were
sort
of
questioning
whether
there's
like
a
minor
involved.
It's
prioritizing
their
own
transactions,
the.
D
D
D
D
A
E
A
G
Rich
there's
actually
some
interesting
governance
questions
discussions
to
be
had
if
we
did
want
to
go
ahead
and
lower
the
stability
fee
and
the
DSR.
How
does
this
conflict
with
the
governance
pole
that
just
ended
today
versus
potentially
setting
up
a
new
one
or
just
jumping
straight
to
an
executive,
or
there
needs
to
be
some
some
clarity
around
that.
A
K
A
You're
getting
revenge
on
makes
that
guy
secure
that
question
in
you
basically
and
long
for
wisdom
earlier
I,
don't
know
that
this
is
unprecedented,
so
we
we
have
like
we
do
have
precedent
for
emergency
technical
fixes,
but
this
is
like
we're
potentially
coming
into
a
territory.
We
have
emergency
monetary
fixes
and
I
have
no
idea
what
that
looks
like
print.
So
we
haven't
discussed
it.
A
Presumably
well
yeah.
Here's
I
don't
want
to
lead
the
conversation,
so
I'd
love
for
somebody
else
to
start
jumping
in
there
and
start
talking
before.
I
continue
saying
what
I'm
going
to
say,
but
like
there
we
have
a
risk
team,
that's
been
empowered
by
the
eCos,
but
the
governance
ecosystem
to
be
domain
experts
and
make
decisions.
A
B
A
This
because
of
policy
and
procedures,
probably
so
I,
think
that
obviously
we
can
hash
it
out
in
the
forum
after
the
call-
and
this
is
like
these
ancient
discussions-
that
I
never
will
never
stop
harping
on.
But
how
much
debate
is
adequate
when
do
we
know
in
consensus,
has
been
reached
what's
the
definition
of
an
emergency,
and
you
guys
decide
all
these
things
right
now.
Our
ancient
questions
need
to
be
answered
and
I
think
that
we're
going
to
probably
have
to
answer
some
of
them
today.
C
A
A
A
I
have
three
different
windows
open
that
I'm
chatting
in
actively
right
now,
so
if
somebody
else
wants
to
go
in
there
and
start
the
forum
thread
for
like
Black
Thursday
or
something,
and
we
can
start
figuring
out
what
next
steps
look
like,
but
in
the
absence
of
somebody
getting
there
before
me,
I
think
that
we
spend
the
rest
of
the
day
engaging
actively
in
that
thread
figuring
out
what
the
plans
are
starts.
Collecting
like
I,
said
all
the
threats
of
different
teams
that
are
looking
into
different
potential
solutions.
B
A
A
G
G
So
right
now
it's
as
I
mentioned
it's
scheduled
start
under
48
hours
that
could
be
pushed
out
or
once
they
do
begin,
the
auction
duration
could
be
spread
out,
there's
kind
of
a
number
of
different
ways
that
this
could
go,
but
I
think
the
question
is:
what
are
we
trying
to
optimize
for
in
terms
of
getting
keeper
interest
in
the
flop
auction?
Well,.
J
A
Anything,
it's
also
mitigating
the
damage
it's
exposed
by
people
are
exploiting
that
system
or
using
it
effectively.
Now
we
want
to
turn
this
thing,
so
is
is
that
it
feels
like
that's,
probably
going
to
be
the
mechanism
right
so
risk
smart
contracts,
teams
need
to
aggressively
coordinate
today,
and
sometimes
the
next
few
hours
come
up
with
our
proposal
of
what
an
executive
for
tomorrow
looks
like
right
and
then
we'll
discuss
with
outlook,
but
what
I
voting
that
in
looks
like
I
guess.
A
The
other
question
too
is
is:
do
we
need
to
have
an
emergency
executive
today,
so
the
kibo
brought
that
up
in
the
sidebar.
So
is
it
because
we
still
have
this
24
hour
delay
right
so
I?
We
need
to
have
some
kind
of
indication
of
what
timelines
we're
looking
at
and
if
two
days
it's
going
to
be
too
long.
We
need
to
initiate
something
today,
just
another
discussion
that
risk
and
smart
contract
seems
in
the
community
should
be
having
in
the
forum
I'd
be
interested
in
hearing
opinions.
J
The
keeper
is
an
issue,
but
it's
also
an
issue
of.
Is
there
enough
capital
between
all
the
community
participants
out
there
to
buy
up
all
this
massive
debt
I
mean,
and
if
there
is
enough,
commute
capital
out
there,
what
prices
are
gonna
buy
it
at?
Is
that
really
a
long-term
damage
to
the
ecosystem?.
I
G
So
sorry,
to
jump
back
to
the
debt
auction
for
a
second,
so
I
think
that
the
rationale
for
having
the
debt
auctions
run
as
quickly
as
possible.
Is
that
typically
there's
I
mean
there's
supposed
to
be
a
lack
of
confidence
in
the
dye
price
if,
if
it
is
unpacked
or
if
there's
bad
dad's
sitting
in
the
queue
but
I'm
not
getting
the
sense
that
there's
any
there's
any
doubts
and
the
stability
of
died
right?
In
fact
it's
too
expensive.
G
So
that's
definitely
an
argument
for
lengthening
out
the
debt
auctions
to
help
minimize
the
damage
to
women
just
to
help
the
efficiency
of
the
em
care
options
right
is
there.
Does
anybody
feel
like
there's?
This
burning
need
to
clear
that
that
that
that
out,
like
ASAP
or
is
it
something
that
can
be
handled
over
the
course
of
days
or,
if
not
weeks,
even.
H
J
J
G
G
Your
speculation,
but
if
the
debt
was
large
enough,
that
the
dye
community
was
worried,
then
we
might
see
a
dip
in
the
dye
price
because
there'd
be
fears
of
of
haircuts
right,
and
so
there
might
be
incentive
for
the
for
the
governance
community
to
clear
out
that
debt
as
quickly
as
possible
to
restore
confidence
for
the
dye
price.
But
it
doesn't
appear
to
me
that
there
is
a
lack
of
confidence
in
the
dye
price
or
I
mean
it's
obviously
hard
to
make
art
to
draw
conclusions
at
this
stage.
G
A
E
E
A
A
G
Another
thing
another
thing
they
want
to
talk
about
talking
about
in
the
rocket
chat
as
well
is
that
there's
obviously
desire
to
lower
the
DSR
and
the
stability
fee
to
kind
of
help
ease
the
quiddity
just
wanted
to
good
edge
points.
It's
not
all
the
times.
I,
it's
not
kind
of
an
immediate
one-to-one
relationship.
We're
gonna
see
lower
the
stability
stability
fee.
It
just
magically
makes
the
diagnosis.
Excuse
me.
K
One
can
I
be
hard,
yes,
so
how
about
greasing
DSR
spread,
I
I
put
it
in
the
chat,
but
but
it
wasn't
like
put
up
to
the
discussion.
The
SR
spread
should
both
has
the
effect
of
so
increasing
it
of
taking
died
from
the
sr22.
The
market
so
increasingly
include
liquidity.
Also,
it
would
help
to
capitalize
the
system
like
tool
to
decrease
the
level
of
adept.
So
maybe
that's
an
end.
K
B
E
B
B
G
G
K
Like
all
these
auctions,
well
putting
aside
the
problem
of
zero
beats
in
flat
state
that
start
working
right,
then,
actually
all
these
options
further
decrease
the
liquidity
and
increase
the
diaper
price
above
the
pack.
So
we
also
should
have
some
mechanics
to
flash
some
additional
dye
to
the
market,
so
so
decreasing.
Dsr
helps
with
that.
K
E
H
I
can
but
sorry
for
the
background
noise,
so
what
I
was
just
talking
about
was
with
the
duration
of
the
auctions
Cyrus's
earlier
proposal
about
lengthening
those
time
periods.
I
do
think
the
risk
right
now
is
something
happening
too
quickly,
people
being
coming
in
under
bidding.
You
know
with
a
zero
price,
etc
you're
not
having
enough
time
for
other
Liquidators
to
come
in
and
successfully
bid
at
more
reasonable
prices
and
then
you're
losing
potentially
more
money.
That's
that's
what
I
mean
by
time.
E
H
G
B
B
B
B
A
Yeah
I
want
to
second
that,
obviously
the
situation
is
rapidly
developing
and,
like
I,
said
earlier
numerous
times
that
people
are
still
pulling
all
the
threads
together.
There's
different
groups
of
domain
experts
coming
up
with
plans
and
contingencies
and
suggestions,
and
they
all
need
to
coordinate.
A
What
steps
need
to
be
taking
this
one,
whether
that's
today
or
tomorrow,
or
real
through
the
executive,
look
forward
to
suggestions
from
risk
teams
and
some
are
contract
teams,
but
we're
also
very
very
interested
in
the
ecosystem
itself,
offering
up
its
solutions,
so
don't
lose
track
of
that
thread.
Please
join
us
in
the
forums
and
contribute
to
the
discussion.
One.
B
A
C
A
Do
we
not
lose
the
thread
on
these
like
this,
the
you're,
a
regular
listener
and
a
longtime
fan
of
these
governments
cause
you'll
know
that
we
won
our
common
themes.
Is
apathy
versus
urgency
versus
denial?
Well,
maybe
that's
the
pyramid
that
we're
working
with
so
bad
things
happen.
We
furiously
attempt
to
react
to
those
bad
things.
Then
afterwards,
you
figure
out
how
bad
it
was,
and
then
we
all
get
relief
this
not
that
any
more
and
that
we
move
off
their
lives,
hoping
that
the
bad
things
never
happen
again
and
you'd
be
really
great.
A
B
Like
I'm
not
so
worried,
if
there's
like
lots
of
discussion
on
that,
third-
that's
fine,
oh
nice
and
things
but
yeah,
like
we
kind
of
need
to
figure
out
what
we
want
to
do
like
immediately
as
soon
as
possible.
So
what
is
stuff
like
about
changing
how
options
work
yeah,
like
anything
that
can
be
discussed
later,
should
be
discussed
like
this
I
guess.
A
Yeah
we're
in
a
brave
new
world
here,
so
we
have
our
currency
ecosystem.
We
have
we
to
achieve
consensus.
We
need
to
have
people
join
the
debate
that
we've
also
seen
over
the
course
of
the
last
year.
It
seems
that
that
incurs
operational
and
cognitive
and
government's
related
overhead.
That's
a
slow
process.
If
we
had,
we
had
a
dictator
just
tell
us
what
to
do.
It
would
be
so
much
simpler,
but
that's
not
the
world
we
live
in
happily,
so
we
need
to
expedite
this
process
and
figure.
A
That's
how
agile
we
you
know
we
can
beat
in
the
face
of
rapidly
developing
events
in
the
ecosystem.
So
let's
use
this
a
good
learning
experience.
So
please
join
that
forum
thread
up
your
suggestions,
look
for
clarity,
ask
piercing
questions
and
then
will
everybody
can
get
together
and
do
their
best
to
actually
have
some
kind
of
a
plan
in
place
by
the
end
of
day,
hopefully,
and.
G
I
think
a
quick
recap
from
the
governance
side,
for
what
we're
considering
is
sounds
like
lowering
of
the
dsr
instability
fee
to
ease
of
liquidity,
concerns,
on-die,
delaying
the
debt
auction,
somehow
to
give
us
more
time
to
gather
information
and
then,
with
regards
to
the
collateral
auctions,
either
I
mean
looking
to
source
keeper
liquidity
for
the
collateral
auctions,
so
no
more
zero
bids
and
then
and
then
the
risk
there
is.
If
that
doesn't
happen
and
there's
a
another
large
eath
drop,
then
there
could
be
more
trouble.
B
B
B
B
B
Anybody
else
on
you,
yeah
I,
mean
I,
don't
know
point
in
that.
We
don't
like
overreacting,
can
also
cause
problems
in
the
future,
but
like
at
the
same
time.
If
flow,
we
have
problems
now
so
yeah
I
think
we
could
reach
stand,
reduce
at
least
at
least
some
focusin
is
quite
a
big
change,
but
then
we
also
saw
a
quite
a
big
drop
and.
E
G
E
C
E
B
A
A
A
A
Yeah
yeah
we'll
be
rescheduling
at
the
very
least,
but
just
a
general
Q&A
session
I
think
is
sort
of
off
the
table.
So
if
people
wanted
to
hang
out
and
just
ask
random
questions,
that's
cool
I
am
going
to
stop
recording,
though
in
the
interest
of
the
sanity
of
people
that
are
charged
of
transcribing
these
things,
and
so
we
get
that
started
and
potentially
I'll
hand
off
the
option
for
call
David
yeah.