►
From YouTube: Governance and Risk Meeting: Ep. 30
Description
The theme for this call will continue to be 'Demand/Supply Imbalance'. Steven will present us with a thought of the week. Rich will discuss the continuous polling proposal and review the results of the current poll. Cyrus will review the State of the Peg and provide some analysis and solicit the community for next steps. We'll then spend the rest of the time in a general Q&A session.
Discussion Thread: https://www.reddit.com/r/mkrgov/comments/bbvcg7/discussion_scientific_governance_and_risk/?
Podcast version: https://soundcloud.com/makerdao/sets/governance-and-risk
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-risk-framework-38625f514101
Governance and Risk Framework - Part 2: https://medium.com/makerdao/makerdao-governance-risk-framework-fc8939f3d4e9
Foundation Proposal: https://medium.com/makerdao/foundatio...
Governance and Risk Framework - Part 3: https://medium.com/makerdao/makerdao-governance-risk-framework-part-3-7a4c620f4077
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
B
No,
we
didn't
start
recording
so
I'm
going
to
do
the
preamble,
then
I'll
hand
it
off
hello.
Everyone
welcome
to
the
Thursday
April,
eleventh
edition
of
the
Scientific
governance
and
risk
meeting
I'm
going
to
do
the
same
speech.
I
do
every
single
time,
so
I
apologize
if
you're
being
listening
to
this
on
soundcloud,
because
you've
heard
it
28
times
now.
We're
super
excited
to
have
the
sheer
volume
of
in
selecting
these
calls,
and
we
want
to
make
sure
that
we
leverage
them
as
much
as
possible.
B
So
if
anybody
here
has
a
question,
a
comment
or
observation
they
want
to
make.
Please
do
not
be
shy,
type,
a
question
in
the
chat
and
somebody.
If
you
don't
have
a
microphone,
somebody
will
come
along
and
hopefully
identify
that
and
read
it
out
to
the
rest
of
the
group
or,
if
you
do
have
a
microphone
feel
free
to
view
interrupts,
because
we
do
it
to
each
other
all
the
time.
There's
no
reason
why
everyone
else
can't
get
in
on
that
as
well.
We're
going
to
talk
a
few
about
a
few
different
topics
today.
B
One
of
them
is
we're.
Gonna
have
an
introduction
by
Stephen
for
the
general
thought
of
the
week,
I'm
going
to
talk
a
bit
about
how
the
poll
went
and
some
options
for
what
polling
looks
like
in
the
future
and
then
we'll
get
into
possibly
can
because
that's
where
the
meat
of
the
conversation
is,
and
once
we
hear
from
risk,
we'll
have
a
Q&A
session
and
see
if
we
can
get
to
the
bottom
of
this
whole
crypto
money
thing,
then
we're
also
interested
with
that
Steven
I'm
going
to
hand
this
off
to
you
and
thank.
A
You
firstly
hello
everyone
and
really
thank
you
very
much
for
for
participating.
I,
think
see
the
turnouts
that
we've
had
of
the
plot
past
one
month
to
two
months
has
been
fantastic
and
really
helps
us
to.
You
know,
consider
all
the
challenges
that
is
posed
by
the
make
it
out
system,
but
you
know
again
I'd
like
to
reiterate.
Like
rich
has
you
know
there
are
basically
three
themes
that
we
wanted
to
cover
in
these
goals.
The
one
is
the
demand
and
supply
dislocation.
A
Thank
you
very
much,
in
fact,
we're
going
to
hear
from
one
of
them
today
and
what
I
like
what
our
folks
to
do
is
listen
carefully,
and
you
know
from
that
sort
of
take
a
take
leap
out
of
the
page
and
see
if,
where
you
could
possibly
contribute
as
well.
So
again,
your
the
theme
that
is
still
on
our
minds
is
the
demand
and
supply
imbalance,
obviously
with
one
eye
on
the
speculation
of
eat
another
one
on
the
stability
of
died.
Now
we
have
a
whole
bunch
of
very
interesting
questions.
A
To
answer
I
mean
one
such
question
is
you
know
why
create
diet
from
the
CDP
when
price
of
dies
below
$1
now
something
to
mull
over
something
we
can
chew
on
in
in
this
particular
meeting,
but
also
keep
in
mind.
While
we
figure
out
the
answer
to
these
questions,
we
got
to
remember
that
this
is
a
decentralized
governance,
rather
decentralized
scientific
governance,
and
we
have
to
be
thoughtful
of
the
fact
that
we
are
facilitating
ideas
that
are
ultimately
up
to
MKR
governance
to
decide
on
and
considering
that
this
is
a
continuous
process.
A
B
B
Let
me
back
up
one
second,
so
as
a
community,
we're
sort
of
we're
sort
of,
we
are
literally
iterating
on
what
governance
looks
like
and
that
changes
week
to
week,
I'm
encouraged
by
those
changes,
because,
week
to
week,
the
process
improves
and
and
here's
sort
of
a
picture
of
how
the
process
has
improved.
Since
last
time,
I
want
to
reiterate
some
of
the
conclusions
that
are
some
of
the
support
that
was
expressed
in
the
subreddit
about
this
new
process
and
solicit
some
questions
from
the
people
here
or
comments.
B
So
the
idea
is
this
and
I'm
going
to
borrow
liberally
from
a
small
manifesto
like
published
in
a
comment
thread
last
week.
But
after
our
last
call,
it
occurred
to
me
that
we
might
have
been
falling
into
a
bit
of
a
rhetorical
or
a
cognitive
dissonance
problem
where,
in
the
last
few
calls
that
we've
had
it's
become
binary,
that
the
framing
of
our
discussions,
where
we'd,
eventually
sort
of
narrow
in
on
the
discussion
about
whether
the
community
is
feeling
hawkish
or
dovish
or
aggressive
or
conservative,
and
based
on
this
trying
to
identify
the
sentiment.
B
Most
ad
hoc
sentiment
analysis
coming
up
with
a
number
that
appropriately
represents
that
sentiment,
and
that
was
a
complex
process.
And
so,
after
the
call,
we
had
this
long
debate
in
the
rocket
chat,
and
it
led
me
to
making
this
this
proposal
in
the
maker
subreddit
that
proposed
instead
of
us,
trying
to
determine
as
a
group
what
signals
we
are
identifying
and
what
signals
we
need
to
acquire
from
a
wide
range
of
potentially
unidentifiable
people.
B
What
we
can
do
instead
is
move
into
a
process
of
continuous
polling,
as
opposed
to
determine
whether
a
poll
is
required
and
this
this
continuous
polling
process
is
fairly
standardized,
and
that
makes
the
mechanics
on
our
site
a
lot
easier
and
it
makes
predictability
for
the
the
outside
world
a
lot
more
understandable
as
well.
The
idea
is
that
every
Monday
we
will
enter
a
new
governance
poll
into
the
system
and
that
governance
poll
will
contain
a
default
range
of
options
of
stability,
fee
options
to
choose
from
rates.
B
Now
that
seems
to
be
a
hundred
bits
from
zero
to
five
to
four
sorry.
As
an
increase
for
the
following
week,
then
we
allow
the
community
to
determine
which
of
those
options
they
find
most
palatable.
When
we
come
into
this
governance,
call
we
review
the
results,
talk
about
any
other
issues
that
might
have
cropped
up
during
the
course
of
the
week
or
review
numbers,
and
then
that
leads
to
an
executive
on
the
following
Friday
and
this.
This
weekly
cadence
is
at
that
point.
It
becomes
sort
of
this
loose
framework
for
forward
guidance
as
well
it.
B
And
then
we
just
do
that
until
what
I'm?
Assuming
is
some
point
in
the
happy
happy
future
very
soon,
where
we
all
determine
that
this
is
slightly
the
owners
and
no
longer
required,
and
then
maybe
we
we
stop
the
cadence
until
there's
a
peg
deviation
that
needs
to
be
addressed
and
or
that.
Obviously,
this
is
a
trap
that
we
can't
fall
into
the
world
or
the
world
is
never
gonna.
It's
not
going
to
look
the
way.
It
does
right
now
in
perpetuity,
so
it's
entirely
possible
in
a
month
or
two.
B
We
need
to
start
presenting
negative
options
on
a
weekly
basis
versus
stability,
feet
decrease
and
that's
the
plan
that
we're
looking
at
right
now,
there's
a
bit
of
a
speechifying,
so
I
want
to
stop
here
and
there's
my
buddy
Aviv
with
a
question.
So
if
somebody
has
any
comments,
questions
tweaks
improvements
to
the
process,
I
would
love
dearly
love
to
hear
about
them.
Aviv
did
you
want
to
ask
whatever
you
just
type.
C
Yeah
sure
I'm
just
curious
if,
if
there's
anyone
who
thinks
that
that
spread
might
not
be
ideal,
just
because
we
have
to
ask
this
question:
where
is
the
equilibrium
stability
fee?
It
really
room
stability
feet
is
somewhere
high,
like
25
or
30
percent.
You
know
we
heard
some
people
talk
about
that.
They
think
that
it
could
be
quite
quite
a
bit
up
there.
D
A
couple
comments
on
the
government's
so
I
think
we've
been
very
fortunate
in
the
past
that
we've
had
kind
of
a
convergence
in
ideas
between
this
governance
call
reddit
social
media
and
the
governance.
The
official
governance
poll,
at
least
in
the
past
I,
think
this
last
week
was
maybe
the
first
time
where
we
saw
a
bit
of
a
divergence.
Where
seems
like
the
call
we
had
last
week
and
the
governance
poll
were
in
line
but
read,
it
seemed
to
go
the
opposite
way:
they're
kind
of
the
general
sentiment
there
was.
D
You
know
if
if
we'd
listened
just
to
read
it,
then
you
know
we'd
be
talking
about
completely
something
completely
different
and
first
off
I.
Think
decentralized.
Governance
is
hard
and
you
know
there
are
obviously
there's
obviously
a
big
topic
of
contention
and
the
wider
kryptek
community
coin:
governance
versus
aetherium
governance,
and
now
we
have
our
own
Flair
of
maker.
Doubt
governance
as
well,
and
there's
been
you
know.
D
A
couple
comments
on
you
know
is
our
style
of
governance
too
centralized
you
know
if,
if
we
have
a
few
large
MKR
holders
kind
of
swinging,
the
governance
polar
the
executive
vote,
one
way
you
know
what
happens?
Is
that
good
or
is
that
bad
I,
just
I
just
want
to
kind
of
bring
up?
So
it's
on
people's
minds
that
we
might
run
into
a
situation
where
you
know
we
can
have
a
really
great
call
on.
You
know
on
the
weekly
call
and
have
really
great
write
a
conversation.
D
Then
then
the
governance,
poles,
complete
opposite
or
the
executive
voters
complete
opposite
so
just
some
to
mull
over
for
everyone
as
they
think
about
governance.
I
will.
My
personal
opinion
is
that
MKR
holders
are
the
only
one
with
skin
in
the
game.
You
know
they
have
capital
at
stake
so
that
definitely
you
know
I
me
personally,
I'm
not
worried
I've
kind
of
been
around
the
crypto
circuit
a
little
bit,
but
I
know
that
this
could
be
an
issue
when
things
start
to
diverge
hard,
and
we
saw
a
small
glimpse
of
it.
This
week,
yeah.
B
I
agree
and
I
think
that
this
there's
there's
a
couple
different
sort
of
the
meta
issues
going
on.
One
of
those
is
governance
is
hard
and
it's
always
been
hard
and
it
will
always
be
hard.
There's
no
magical
algorithm
coming
to
save
us,
crypto
blockchains
or
not.
We
also
are
going
to
see
this
push
and
pull
of
stakeholders.
Humans
have
a
tendency
to
pick
camps,
and
so
we're
gonna,
see,
camps,
form,
I.
Think
that
a
lot
of
these
things
are
our
risks
that
we
should
all
be
prepared
to
understand.
B
I
think
this
is
kind
of
a
meme
that
I've
been
trying
to
repeat
in
conversations
as
much
as
I
possibly
can,
but
from
my
perspective,
governance
isn't
a
problem
to
be
solved.
It's
a
problem
to
be
handled,
as
is
elegantly
in
this
investigated
or
as
fairly
as
possible,
but
it's
not
something
that
goes
away.
I've
been
in
coops
for
many
years,
and-
and
this
is
precisely
the
way
government's
governance
looks,
but
it's
good
that
you
raised
those
issues,
particularly
because
this
is
another
kind
of
meta
consideration
that
we
need
to
take
into
account.
B
B
This
should
come
as
no
surprise
that
I've
seen
the
same
thing,
because
I've
been
in
a
tear
in
the
subway
this
for
the
last
two
days,
but
I
got
the
same
impression
like
the
that's
interesting
that
we
see
the
same
volume
of
people
that
are
like
you
guys
are
burning,
make
it
out
of
the
ground
because
of
Iowa
and
as
I
dug
into
this
I
had
occurred
to
me
or
did
occur.
To
me.
D
And-
and
it
also,
it
also
emphasizes
kind
of
this
notion
of
scientific
governance
that
we've
been
trying
to
instill
in
the
community
and
not
emotional
governance.
There
was
a
quite
a
few
people
that,
were
you
know
all
of
a
sudden,
very
concerned
for
maker
dad's
reputation
and
its
growth
and
its
adoption
and
I
think
it's
important
to
realize
that
you
know
the
the
primary
driver
of
our
growth
and
adoption
is
a
stable,
isn't
stable,
died,
stable,
peg,
yeah.
B
And
that's
that's
actually
the
message
that
there's
there's
something
some
really
great
responses
in
subreddits
as
well,
very
considered,
very
well
thought
out
and
back
data
and
all
the
rest
of
it.
But
the
line
with
my
own
personal
thinking
on
this
manner,
but
I
I'm
heartened
by
the
fact
that
the
there's
there
seems
to
be
a
promote
perspective
and
I,
just
I,
just
caution
against
people
at
CERN,
saying
that
they've
found
a
general
consensus
or
an
understanding.
B
But
this
is
the
one
that
I
personally
have
chosen
for
my
own
biases,
but
the
large
maker
holders
that
I've,
seen
or
spoken
to
seem
to
have
this
very
clear
understanding
that
the
success
of
this
system
is
hinges
specifically
on
this
ability
to
die.
If
there
is
no
short
term
gains
to
be
made
here,
there's
no
secret
game
theoretical
conspiracies
of.
B
What's
the
only
thing
that
matters
is
that
long
term,
stability
of
the
diet
is
better
for
every
single
actor
in
this
ecosystem
and
I'm,
hoping
that
that's
a
message
that
keeps
on
getting
put
out
there
I
feel
like
I
kind
of
gone
off
script
here
a
bit
so
I
want
to
make
sure
that
we
don't
lose
the
conversation
about
the
polling
system.
Has
there
been
any
questions
in
the
chat
there
about
the
polling
system?
We
did
do
we
have
like
another
thread
happening.
B
It
looks
like
a
new
thread
so
with
that
I'm
going
to
I
was
hoping
to
come
up
with
some
pie
charts
for
everybody
to
show
how
the
governance
system
use
the
usage
of
the
governess
system
has
increased
over
time.
My
Python
script
broke
last
night,
and
so
I
do
not
have
those
so
I'm
just
going
to
talked
about
talk
about
numbers.
Obviously,
anybody
who's
had
a
look
at
the
voting
portal
and
see
that
there's
a
overwhelming
support
for
a
4%
increase.
B
B
That
actually
has
the
breakdown,
but
we've
seen
not
not
only
an
overwhelming
support
for
a
4%
increase,
but
we've
also
through
stake
weight,
but
we've
also
seen
overwhelming
majority
of
voters
that
came
up,
selecting
that
as
well
and
another
great
range
of
whales
and
I
can't
remember
with
all
the
classifications,
all
the
way
down
to
krills
voting
for
one
percent
and
then,
which
is
great
and
I,
want
to
continue
to
see
that,
because
this
is
something
we
talked
about
a
few
calls
ago.
But
signaling
here
is
is
paramount
and
I've
done
it
myself
and
I.
B
Did
it
myself
this
time,
I
I
I
am
the
grill,
and
so,
even
if
you're
not
going
to
move
the
needle
getting
out
there
and
signaling
that
you're
in
your
support
for
any
one
of
these
options,
is
an
amazingly
important
data
point.
We
need
to
know
whether
you
know
90%
of
the
stake
weight
is
on
one
option,
but
you
know
90%
of
the
individual
voters
or
another
option
that
signals
that
there's
something
we
need
to
address.
So
if
even
if
you're,
not
gonna,
move
the
needle,
please
vote
anyway.
B
So
that's
another
little
speech
of
fun
and
we
saw
sixty-four
voters
in
total
signal
for
the
4%
increase
represented
vast
majority.
The
state
graders
already
stated
this
fifty
thousand
maker
placed
into
that
going
option.
I
think
that
this
is
potentially
one
of
the
records
for
voter
turnout.
So
this
is
that
comes
back
to
my
week
over
week.
Incremental
improvements
are
good
enough
for
me
speech,
so
obviously
apathy
is
being
combatted
here
and
we're
seeing
more
people
engaging
with
the
system.
What
happens
now
is
that
we
get
to
talk
about.
B
We
could
talk
about
the
way
that
the
vote
shook
out
and
what
the
implications
are
in
the
Q&A
session.
But
ultimately,
what
happens
next
is
tomorrow
at
9:00
a.m.
PST
and
4:00
p.m.
UTC.
An
executive
poll
will
go
out
the
options
in
that
what
it's
sort
of
continuous
approval
voting.
So
it's
you
signal.
Your
support
for
the
existing
picture
of
the
system
or
voters
will
signal
their
support
for
the
new
picture
of
the
system,
which
will
include
a
four
percent
increase
for
a
total
of
11.5%.
B
E
B
E
B
System,
yes,
oh
yeah,
this
is
something
that
we've
we
were
discussing
when
we
were
considering
this
continuous
polling
option
and
having
like
a
wide
range
of
options
is,
are
we
going
to
dilute
the
signal
and
NK
pine
or
sage
wizard
whenever
he
speaks
it's
worth
listening
to?
As
pointed
out
that
there's
some
interesting
behaviors
that
we
can
start
looking
for
in
that
model
and
andrius,
because
people
can
change
their
votes
or
restate
their
signals
whenever
they
want?
B
The
assumption
is
that
that
state
people
will
begin
to
capitulate,
and
if
it's
there's
a
wide
distribution,
then
over
time
people
will
begin
to
aggregate
into
their
next
best
options.
How
well
that
works,
not
entirely
sure
we
haven't
seen
any
action
yet
but
nobody's
locked
into
a
vote
after
they
wrote
their
welcome.
E
B
F
Oh
geez,
which
is
a
bummer
I,
think
I
mean
a
lot
of
people
are
getting
really
hung
up
on.
You
know
voter
turnout
and
stuff
to
be
honest,
the
scale
that
make
it
as
art
people.
It
is
the
biggest
indicator
of
success
when
nobody
turns
out
to
vote,
because
you're
only
gonna
vote
when
there's
misalignment
and
a
line
alignment
is
everything
so
right
now.
The
reason
why
I
go
back
to
goals
is
because,
no
matter
how
long
I
want
to
argue
with
the
person
sitting
next
to
me,
I
can
do
that
all
day.
F
But
if
there's
no
Northstar
that
we
know
of
whether
that's
look,
the
big
goal
is
stability
and
all
that
stuff.
But
you
might
say,
the
execution
strategy
for
the
next
three
to
six
months
is
to
let
the
peg
slip
and
re
manage
expectations
that
it
is
a
soft
peg
within
three
to
five
percent,
and
the
goal
is
to
reach
one
to
one
over
the
next
three
or
five
years.
F
B
F
B
You
so
that's,
it's
gonna,
be
super
hard
for
a
lot
of
reasons.
So
a
lot
of
a
lot
of
people
need
to
agree
on
a
public
forward-facing
statement
like
that
which
would
be
an
adventure
what's
the
utility
of
it.
This
is
the
parts.
Are
you
saying
that
it
creates
an
expectation
or
would
raise
some
consumer
confidence
that
you
know
like
2%,
either
way
is
a
fact
of
life
or
1%
is
the
goal
I.
B
B
D
B
F
That
go
into
everything
because
you
could
make
it
stable
for
the
next.
You
can
make
it
$1
for
the
next
week
and
if
the
goal
is
to
have
it
be
$1
to
$1,
you
know
or
stable
in
five
years
time.
The
building
blocks
that
make
that
happen
are
much
much
different
than
a
lot
of
the
things
that
we're
sort
of
you
know
trying
to
throw
trying
to
throw
it
at
basically.
So
yes,.
B
I
can
speak
to
that
specifically
I'm
glad
you
brought
it
up,
because
this
this
is
sort
of
a
recurring
meme
as
well.
The
short
answer,
and
it's
going
to
sound
glib,
is
we're
doing
all
of
that
and
here's
the
explanation
that
there's
because
people
are
so
especially
in
this
Ben,
you
are
so
engaged
hyper
engaged
with
risk
parameters.
The
peg
voting
there
be
it's
easy
to
get
into
this.
B
This
mode
of
thinking
that
maker
doubt
is
obsessed
with
the
stability
fee
and
their
peg
is
you
know,
90%
of
the
activity
that
happens
and
maker
down
I
can
assure
you
that
that
is
not
the
case.
Maker
Dow
is
large
and
complex,
and
there's
a
lot
of
people
working
their
little
fingers
to
the
bone
to
achieve
all
those
goals
that
that
have
been
just
listed
out
there.
B
So
it's
easy
in
this
venue
to
think
that,
like
hey
maker
down,
is
playing
with
one
lever
and
they
should
be
trying
to
convince
people
to
use
die,
and
it's
important
to
remember
that.
That's
exactly
what
we're
doing!
There's
no
binary
critical
path.
Here,
there's
developers
furiously
working
on
multi
collateral
business
developers
furiously
working
on
new
partnerships.
There's
the
list
goes
on
and
on
not.
F
Totally
I
just
think
yeah,
maybe
any
kind
of
clarity
around
goals
and
stuff
like
that
is
it's
available.
I
know
you
guys
are
executing
like
crazy
and
all
of
this
stuff
is
a
function
like
it's
a
result
of.
Actually
you
people
teams
graduate
to
this
problem,
but
yeah
I
mean
there's
a
there's,
a
lot
of
stuff
that
I
feel
the
goal
goals
in
place,
which
everyone
can
either
you
know.
Basically,
people
need
to
get
behind
and
yeah.
That's
all
my
suggestion
with
any
kind
of
clarity
on
that,
but
thank
you
very
much
appreciate
it.
F
B
I
love
that
and
I'll
make
sure
that's
cold
or
specifically
in
the
summary
post
and
the
discussions
right,
because
this
is
yeah,
you
I
think
you've
identified
something
that
needs
to
be
discussed
over
a
series
of
calls
and
hashed
it
yeah.
Let's,
let's
do
that,
let's
figure
out
what
the
short
midterm
and
long
term
goals
are,
at
least
from
the
community's
perspective,
and
see
how
we
can
get
that
to
inform
the
foundation
as
well.
Yeah.
E
B
Yeah
and
that's
another
great
question,
so
that's
two
or
three
pronged
approach
at
this
stage.
The
voting
portal
is
a
tool,
that's
being
rapidly
iterate
it
it's.
It
doesn't
look
like
it
doesn't
look
the
way
it
was
did
when
it
launched
its
new
and
improved
and
there's
an
even
newer,
improve
their
Perdition
coming
in
the
next
month
or
so,
which
will
facilitates
no
increase.
The
notifications
across
our
properties
that
so
people
know
when
they
visit
a
maker
site
that
there's
a
vote
happening
on
risk.
Ranbir
has
changed,
we'll
be
adding
potentially
some
features.
B
I'm
not
gonna,
make
promises
for
the
UX
people,
but
some
tweets
that
allow
a
more
efficient
selection
of
ranges,
particularly
on
these
polling.
So
we
don't
have
to
collect
three
different
pages,
though
P
some
additional
audit
trails,
so
people
can
look
through
the
history
of
the
votes,
particularly
with
the
executives,
because
the
UI
just
isn't
designed
for
that
right
now,
so
there's
a
significant
number
of
improvements
that
are
coming
through
the
voting
portal
itself.
B
We
know
how
to
do
polling
data,
and
so
people
can
just
come
to
the
site
and
see
what's
going
on
and
they
can
come
to
any
one
of
our
socials
and
figure
out,
hopefully
what's
going
on.
But
how
do
we
push
notifications
to
people
and
that's
a
significantly
harder
question
to
answer,
because
we
don't
know
who
holds
maker,
we
don't
have
their
email
addresses
of
their
telegram
handles
and
it's
it
sounds
like
a
bit
of
a
cop-out,
but
I
would
love
for
people
to
suggest
the
ultimate
solution
to
us.
E
B
It's
been
my
secret
belief
for
years
now
so
happy
to
see
that
that's
the
case.
I
just
realized
that
I've
been
taught
why's.
The
meeting
and
I
had
I
was
hoping
to
talk
for
five
minutes
and
it's
already
9:30.
So
it's
that's
really
important
that
we
hand
this
off
to
risk
at
this
point
so
Cyrus,
can
you
provide
us
with
some
pretty
crunch
numbers
yet
yep.
D
D
D
G
G
One
of
my
concerns
is
the
peaks
and
the
valleys
both
have
kind
of
been
trending
down
over
the
past
few
months,
which
seems
like
a
more
long-term
trend
which
I
know
we've
been
talking
about
a
lot
of
problems
with
diets:
okay,
a
shorter
term
problem,
but
this
is
interesting
considering
the
next
graph,
which
is
this
kind
of
consistent
trend,
has
happened
both
in
times
of
decreasing
and
increasing
eighth
price.
So
that's
just
something
for
us
to
unpack.
At
some
point,
people.
B
G
Although
a
little
slower
in
case
connections
need
a
second,
so
yeah,
the
first
graph
here
is
the
naive
trading
volume
and
the
Viwa
price,
so
there's
been
pretty
significant
volume
in
the
past
week
or
so,
and
it's
actually
sustained
higher,
even
though
the
price
has
been
falling
significantly.
So
that's
potentially
something
to
be
concerned
about,
and
the
next
graph
was
eath
price
and
the
dye
price.
So
what's
interesting
here,
sorry
I
can't
see
chat
comments
if
people
are
commenting.
G
Oh
just
let
me
know
if
there's
questions
so
here
is
the
eath
price
and
the
dye
price
I
mean,
as
has
been
mentioned
before,
on
these
calls.
There
is
a
fairly
consistent
kind
of
negative
correlation
between
these
two
things.
As
the
eath
price
runs
up,
I
think
we
tend
to
see
either
people
take
that
as
an
opportunity
to
draw
more
and
hold
on
to
riskier
loans
or
as
an
opportunity
to
go
ahead
and
leverage
further
on
eath,
and
then
you
know
in
the
process,
sell
dye
for
potential
US
dollars
to
purchase
Moree.
G
So
here,
which
was
one
of
the
interesting
things,
I'll
double
click
on
the
dye.
That's
been
minted
and
burned,
and
the
supply
so
March
22nd
was
the
last
stability
fee
increase.
So
what
was
interesting
is
that
obviously
there's
a
little
bit
of
run-down
leading
up
to
that
increase.
Probably
people
burning
in
anticipation
of
experiencing
a
higher
rate,
which
is
something
that
I
think
we
tend
to
see.
G
So
there
was
this
one
day
where
there
was
a
bit
of
an
uncharacteristic
peak
in
wipes
but
and
those
I
believe
due
to
like
one
large
CDP,
but
then
in
the
few
days
after
that
it
started
to
run
back
up
again
and
then
it
basically
crossed
back
up
above
the
supply
level
before
the
or
at
the
time
of
the
increase.
So
clearly
to
me
that
says
that
the
four
person,
the
7.5%,
was
not
a
significant
enough
deterrent.
G
E
G
Obviously,
but
what's
interesting
is
that
had
actually
started
to
level
down
a
little
bit
in
last
couple
days
so
with
the
dye
supply
going
up
and
the
collateralization
ratio
kind
of
coming
down
a
little
bit
we're
seeing
less
like
more
tolerance
for
risk,
I
suppose
I
would
say
which
kind
of
makes
sense,
with
the
increasing
price
I
think
people
tend
to
get
bolder
with
their
CDP's,
as
mentioned
as
the
east
price
runs
up,
which
is
kind
of
what
leads
to
some
of
the
depressed
dye
prices.
I
think
do
we
have
any
data.
C
Think
it
concerns
it
could
ultimately
demonstrate
some
really
interesting
color
in
terms
of
people's
sensitivity.
You
were
mentioning
that
you
know,
as
the
price
hasn't
gone
up
or
when
the
when
the
stability
was
7.5%,
that
that
wasn't
enough
to
deter
hope
that
you
don't
know
necessarily
that's
from
new
CDEP
builders
or
sorry
by
the
way.
Someone
in
the
rocket
chat
says
that
90%
of
the
compound
borrowing
is
him
or
her
just
pointing
that
out.
B
E
B
D
B
B
Sorry
work
yeah,
I
probably
did,
but
that's
not
what
I
meant
we're
at
45
minutes
after
the
hour,
so
we
have
15
minutes
left
and
the
last
five
minutes
was
going
to
be
for
a
recap.
So
let's
try
and
get
some
questions
and
well
we
have
a
chance,
as
we
have
just
to
frame
a
discussion.
We
have
essentially
with
single
collateral
dial.
B
But
there's
sort
of
this
recurring
question
about
whether
in
fact
we
do
have
an
additional
leaver
in
single
collateral
die
and
that
Liebherr
potentially
could
be
the
debt
ceiling
and
we've
gone
back
and
forth
on
reasons
why
that
might
be
a
good
idea
or
might
be
a
bad
idea.
I
am
NOT
a
financial
wizard,
so
I'm
not
going
to
make
any
predictions
about
that,
but
maybe
Cyrus
you
can
or
Stephen.
B
Actually,
with
the
risk
framework
knowledge
embedded
in
your
head,
you
might
be
able
to
provide
some
clarity
as
well,
but
but
maybe
we
can
start
off
with
just
like
a
really
brief
discussion
of
what
the
debt
ceiling
is
meant
to
do
and
why
it's
there
and
then
maybe
we
can
break
off
and
see
how
they
could
potentially
be
reconfigured.
For
other
reasons,.
D
One
is
one:
is
people
want
to
do
it
in
parallel
to
accelerate
the
dye
price
and
the
other?
Is
people
want
to
do
it
in
lieu
of
a
stability
fee
increase
because
they're
kind
of
not
happy
with
what
the
increases
so
to
do
it
in
instead
of
I
think
is,
is
not
a
great
idea
and
I
want
to
be
cognizant
of
time
and
don't
really
want
to
get
into
that
right
now.
D
I
think
doing
it
in
parallel
could
be
something
to
consider
and
discuss,
but
at
this
at
the
same
time
given
given
what
I
said
about
my
view
on
its
function,
you
know
I'd
be
interested
in
hearing
other
people's
opinions
on
you
know.
Couldn't
we
achieve
the
same
effect
by
just
more
aggressively
raising
the
stability
fee,
yeah.
B
I'd
love
to
hear
that
as
well,
because
I
keep
on
reminding
people
I'm
a
financial
neophyte,
but
I
think
that
we
have
an
idea
where
we
guess
what
will
happen
if
we
allow
the
community
to
relieve
a
system
to
hit
a
debt
ceiling.
But
we
don't
know
because
we
haven't
tried
it
and
not
knowing
what
will
happen
if
this
part
that
makes
me
nervous.
B
C
Yeah
I
mean
you
know
it's
normal
level
where
the
water
line
would
be
is
all
of
a
sudden
higher
which
are
using
an
artificial
tool
to
cause
it
to
be.
There
question:
it's
not
what
would
happen
if
you
hit
the
ceiling
that
that
part
is
kind
of
obvious.
The
question
is:
what
happens
when
you're
no
longer
hitting
the
ceiling?
Is
you
you
now
have
to
rely
on
market
forces
to
kind
of
recoup
your
artificial,
like
mechanism,
to
cause
it
to
go
temporarily
higher?
How
do
we
have?
H
Guess
I
would
say
my
concern
right
now
is
we're
at
ninety
five
cents,
and
my
concern
is
that
you
could
have
a
big
dislocation.
You
could
very
easily
go
from
ninety
five
cents
to
80
cents
or
even
lower
and
spikes
and
I
think
those
dislocations
would
be
damaging
for
the
reputation
of
dye,
so
I
would
say
at
95
cents
we're
in
a
pretty
emergent
situation
regarding
the
long
term
reputation
and
so
for
me,
I'm,
not
so
much
worried
about.
H
What's
gonna
happen
down
the
road
I
mean
we
know,
we've
got
a
tool
coming,
that's
basically
going
to
take
care
of
of
demand
right
now.
We
don't
have
much
organic
demand
for
dye,
but
when
we
can
pay
people
ten
percent
interest
rate,
if
it
needed
to
go
that
high,
then
we
can
get
people
to
hold
dye
in
that
in
that
case.
But
we
don't
have
that.
Now,
all
we
have
is
raising
rates
and
the
debt
ceiling
and
I
think
both
of
them
should
be
used.
H
H
F
Think
I'd,
like
the
time
in
here,
I
think
the
so
there's
always
this
organic
demand
for
dye
and
that's
some
amount
that
we
don't
really
know
and
it's
probably
lower
than
we
all
really
wanted
to
be.
So
this
like
organic
demanded
eyes
and
ity
DX
or
other
platforms
like
Agra,
will
have
organic
demand
for
died
forever.
Dye
is
locked
up,
I.
Think
dye.
F
Lockup
is
going
to
be
a
really
good
metric
in
the
future
to
really
just
kind
of
provide
a
price
floor
for
dye,
and
we
want
this
organic
demand
for
dyed
to
be,
unfortunately,
large
compared
to
the
total
outstanding
supply.
So
when
we
come
when
it
comes
time
to
talk
about
the
debt
ceiling,
I
think
we
should
consider
like
what
ratio
of
organic
demand
for
dye
is
total
outstanding
supply
for
died,
and
then
my
people
are
leveraging
long
ether
to
generate
dye.
That's
you
know,
that's
making
dyes
2x9
die
for
every
10
is
just
like
love.
F
B
B
E
A
general
question
about
like
using
the
debt
ceiling
as
a
policy
tool
right.
Imagine
we
lower
the
debt
ceiling
and,
and
so
wouldn't
we
have
an
indicator
of
when
we're
going
to
be
sort
of
at
the
expiration
of
that
move.
Just
judging
by
the
market
maker
inventories
like,
for
instance,
as
the
market
maker
dye
inventories
shrink
that
would
signal
to
governance
that
we
can
now
raise
that
ceiling
and
then
there
would
be
some
runtime.
Therefore,
that
imbalance
to
happen
again
really
I'd
love
to
hear
anybody's
thoughts
on
that
I.
G
So
I
do
have
a
quick
question
regarding
the
market
maker
in
inventories.
So
let's
say
the
price
drops
and
market
makers
decide
to
dump
inventory
or
let's
say
we
lower
the
ceiling
and
that
eats
into
market
maker
inventory.
What
happens
do
we
do?
We
have
we
thought
about
this
kind
of
what
happens
to
the
ecosystem
for
obtaining
dye
when
market
makers
are
not
really
kind
of
arbitrage,
inge
and-
and
there
is
a
bit
of
a
liquidity
crunch
on
dye,
do
we
have
thoughts
on
what
happens
to
the
price
of
dye
or
in
the
supply
I.
E
G
The
so
the
reason
I
brought
it
up,
because
there
may
be
some
merit
to
considering
the
idea
that
having
lower
liquidity,
Ford
I
would
actually
drive
up
the
price
of
dye
and
increase
kind
of
the
value
on
the
premium
for
CDP
holders
that
are
actually
taking
the
trouble
to
draw
it
out
and
then
provide
that
liquidity
to
the
market.
So
maybe
like
it
is
possible
that
it's
actually
a
potential
problem,
that
the
market
makers
have
had
this
inventory
of
dye
and
have
been
eating
up.
G
That
spread
kind
of
in
the
sense
that
maybe
that's
pain,
that
the
market
should
have
been
feeling
to
help
keep
the
price
of
dye
at
a
more
healthy
and
stable
level.
Because,
if
that,
if
those
market
makers
have
significant
inventory
and
the
price
advise
depress,
that
reduces
the
potential
confidence
and
I
think
it
was
Matthew.
That
mentioned
this
in
the
chat
hitting
levels
like
ninety
five
and
consistently
following
those
levels
down
is
a
legitimate
concerning
point
I.
G
B
Right,
that's
an
amazing
question
and
it's
obviously
something
that
needs
to
be
explored,
so
I've
just
posted
a
link
to
the
comment
or
the
discussion
thread
for
this
call.
It
is
sometime
in
the
next
hour
to
I'll,
be
reviewing
the
video
and
providing
a
summary
in
that
thread,
but
if
people
have
questions-
and
they
want
to
continue,
this
discussion
right
now
feel
free
to
jump
into
maker
gov.
It's
that
link
that
I
post
it
and
make
sure
that
your
questions
are
answered
and
that
we
maintain
some
velocity
here.
A
A
This
is
exactly
what
this
call
is
for
to
facilitate
these
kind
of
our
minds
to
to
contribute
towards
creating
what
we
need,
but
at
the
same
time,
being
cognizant
of
the
fact
that
we
need
to
keep
the
momentum
going,
we
need
to
make
sure
that
this
very
small
one-hour
window
is
actually
a
part
of
a
broader
perspective
in
keeping
this
momentum
going
and
keeping
the
the
the
voice
going,
keeping
the
the
governance
coin
so
again,
thank
you
very
much
for
participating
and
also
keep
in
mind.
I'm
gonna
say
it
again
and
again.
A
B
It
was
excellent,
so
thanks
everyone
for
your
great
questions,
summaries
will
be
coming,
audio/video
links
and
transcripts
will
show
up
in
maker
gov
and
let's
just
keep
this
thing.
Cooking.
Look
forward
to
the
executive
of
tomorrow
at
9
a.m.
PST,
4
p.m.
UTC
and
come
help
us
shape
the
future
maker
down
thanks.
Everybody.