►
From YouTube: Governance and Risk Meeting: Ep. 27
Description
The theme of this Scientific Governance and Risk meeting was 'Demand/Supply Imbalance' and as such we continued our discussions about the Stability Fees and the peg. Steven spoke about the intent of the calls. Rich discussed the previous vote, spoke about how the meeting, discussion, voting process may evolve. Cyrus reviewed the numbers, provided some analysis and some possible next steps. We then spent the rest of the time in a general Q&A session.
Discussion Thread: https://www.reddit.com/r/mkrgov/
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
A
A
Would
not
mind
at
all
so
I'll.
Do
the
preamble
then
pray
for
people
that
haven't
heard
this
27
times
already,
if
you're
a
long
time
listener
we're
very
interested
in
facilitating
a
conversation?
That
is
the
point
of
these
calls.
We
need
information
from
the
community.
We
have
a
lot
of
very,
very
smart
people
in
this
call
with
a
deep
insight
into
the
space.
We
need
to
know
what
they're
thinking.
A
So,
if
you
have
question,
if
you
have
a
comment
and
motivation,
please
type
that
into
the
chat
at
the
side
and
if
you
don't
have
a
microphone,
somebody
will
find
that
and
we'll
do
our
best
to
read
these
questions
out.
If
the
questions,
if
we
don't
get
an
opportunity
to
read
those
questions
out,
what
we've
been
doing
is
copying
the
unanswered
questions
and
then
adding
them
to
the
post
meeting
discussion
thread
in
reddit
and
hopefully
we'll
be
able
to
pick
those
things
up
during
the
course
of
the
week
before
our
next
call.
A
A
Have
a
discussion
set
the
context
and
the
tone
of
what
we're
up
to,
and
then
we
will
aggregate
that
data
put
the
recordings
and
the
transcripts
and
all
the
rest
into
reddit,
and
then
we'll
continue
that
debate
in
a
in
a
text
form
and
hopefully
a
civilized
in
a
restrained
manner
for
the
next
week
or
so
and
and
that
will
lead
us
to
a
long
term
decision-making
process.
But
it
also
creates
a
historical
record,
so
you
can
see
exactly
what
was
talked
about
from
winning
and
all
the
rest.
A
A
So
what
happened
in
the
vote
last
week
of
the
poll
were
with
that
positions
us
how
that
positions
us
today
and
what
the
next
steps
are
and
after
that
we'll
talk
to
Cyrus
will
tell
us
about
submit
numbers.
Cyrus
from
risk
will
give
us
a
presentation
after
that,
we'll
jump
into
a
Q&A.
All
right,
I'll
see.
B
You
Steve
thank
you
very
much
firstly
good
morning
good
afternoon,
good
evening.
Everyone
thank
you
for
joining
us.
The
one
thing
I'd
like
to
do
is
to
extend
the
point
that
rich
was
making.
I
would
like
to
basically
take
this
opportunity
to
consider
and
remind
us
of
the
two
important
points.
The
first
is
the
structure
of
these
calls,
and
the
second
is
the
reason
for
these
calls.
It
is
extraordinarily
important.
B
We
need
to
consider
this
because
excuse
me,
sir,
it
really
boils
down
to
participation
and
the
sense
of
what
the
participation
looks
like
so
to
the
structure
of
these
calls
and
structure.
This
course
will
be
based
around
one
or
a
collection
of
you
know
the
following
themes.
The
first
theme
is
no
effectively
the
state
of
demand
and
supply
in
the
system.
B
The
second
theme
is
with
respect
to
collateral
types
collateral
portfolio
and
the
related
risk
parameters
attributed
to
them
and
the
portfolio
as
a
whole
and
in
the
third
team
is
with
respect
to
exogenously
or
risk
that
is
outside
of
the
system
that
we
still
need
to
consider.
For
example,
you
know
risks
posed
by
the
etherion
protocol.
As
an
example,
these
themes
are
I
would
say
broad
enough
to
capture
the
full
ambit
of
what
we
need
to
consider
in
these
calls.
B
So
for
today's
cause,
we
all
sort
of
unsurprisingly
focus
on
the
state
of
demand
supply,
but
please
keep
in
mind
that
the
main
theme
of
the
cold
can
change
and
isn't
dependent
on
what
MK
governance
would
like
to
tackle.
So
the
folks
facilitating
that's,
called
a
hero,
sort
of
kicked
the
process
off
and
get
the
conversation
momentum
going
around
governance
but,
at
the
same
time,
be
very
mindful
of
what
M
care
and
care
holders
look
to
to
talk
about
and
want
to
get
into.
B
So
that
being
said,
I
would
like
to
remind
everyone
as
to
the
the
purpose
of
this
call.
This
call
is
a
place
that
helps
facilitate
and
only
facilitate
a
part
of
the
whole
governance
process
and
this
process.
This
whole
governance
process
is
the
sole
responsibility
of
MK.
Our
token
holders,
collectively
known
as
governance,
and
it
is,
it
is
really
up
to
this
decentralized
governance
to
decide
the
direction
of
the
system.
B
So
that's
my
little
that's
my
little
intro
for
today,
as
I
said,
the
theme
for
today
will
be
again
on
demand
and
supply.
That's
where
we
kick
off,
but
obviously,
as
Q&A
is
come
in,
we
can
figure
out
how
we
we
can
challenge.
We
can
tackle
other
challenges
as
well.
So,
given
that
I'm
gonna
pass
back
to
rich.
A
Alright,
thanks
dude,
it's
good
to
set
that
context
and
actually
I'm
a
huge
fan
of
context
myself,
so
I'm
gonna
I'm
going
to
do
some
of
my
own.
Let's
talk
about
how
voting
has
worked
in
the
system
over
the
last
seven
days,
we've
seen
some
interesting
things
this
after
the
call
last
Thursday
we
profit
discussion
into
reddit's.
We
just
had
a
very
spirited
chat.
It
was
great.
A
The
level
of
discourse
in
our
subreddit
is
constantly
a
source
of
amazement
to
me,
I'm,
not
sure
if
everybody
here
are
active,
reddit,
Ares
or
not,
but
frankly,
reddit
is
accessible,
especially
when
it
comes
to
crypto,
but
Maker.
Dao
subreddits
are
shining
exceptions
to
that
rule
which
I'm
I'm
not
insured,
entirely
sure
how
that
happened
or
why
but
I'm
gonna
do
everything
I
can
to
keep
it
that
way.
So
the
debate
was
excellent,
a
very
insightful.
A
It's
led
to
a
poll
being
initiated
in
the
system
on
Monday
and
that
poll
offered
three
different
selections
for
voters
to
choose
from
leaving
the
stability
fee
at
0%.
Raising
the
stability
would
feed
by
2%
or
by
4%.
So
there's
three
options
that
could
have
been
chosen.
We
saw
some
very
interesting
engagement
with
the
system
this
week,
which
was
encouraging
because
last
week
we
talked
about
apathy
and
engagement
and
how
whether
that
was
sort
of
a
significant
risk
that
needed
to
be
addressed
or
whether
it
was
something
that's
going
to
improve
over
time
and
I.
A
Think
that
we've
seen
some
numbers
that
imply
that
it's
going
to
improve
over
time.
That
poll
had
more
active
voters
than
the
previous
executive
vote
had,
so
obviously,
people
are
getting
out
to
make
decisions
when
they
feel
that
they
have
skin
in
the
game,
which
is
a
great
thing
to
see.
So
unless
things
have
changed
in
the
voting
portal
in
the
last
couple
minutes,
I
want
to
talk
about
some
numbers.
A
bit.
A
We've
seen
an
interesting
spread
on
activity
here
and
so
I
ran
some
very
basic
there's
some
very
basic
spreadsheet
and
I'm
not
going
to
share
it
because
it's
embarrassing
to
exposed
to
the
public,
but
currently
for
the
leave
things
as
they
are
fold.
We're
seeing
1.5
percent
of
the
total
maker
of
state
for
that
option
for
the
2
percent
raise
we're
at
22
point
nine
percent
in
support.
As
far
as
state
to
maker,
but
the
overwhelming
LEED
is
for
the
4%
increase
to
total
7.5,
so
we've
seen
76
seventy
five
point.
A
Six
percent
of
the
total
of
maker
state
allocated
to
the
third
option
of
raising
it
by
4%,
which
is
interesting,
I,
would
not
have
predicted
that,
but
that
is
governance
for
you.
In
a
nutshell,
one
of
the
things
that
I
wanted
to
look
at
this
time
was
also
the
distribution
of
voters
as
well.
So
not
just
obviously
this
the
system
is
based
around
skin
in
the
game,
but
there's
interesting
metrics
to
be
pulled
by
figuring
out
how
many
people
were
involved
and
what
the
distribution
of
maker
per
voter
was
I.
A
Don't
have
the
distribution
numbers
ready
yet,
but
as
far
as
voters
per
option,
we're
seeing
a
very
interesting
alignment
so
for
the
leaf
things
as
they
are
option.
8%
of
the
individual
voters
selected
that
one
for
the
2%
raise.
We
saw
17%
of
people
voting
for
that
for
the
4%
raise
73%.
So
there
is
this
interesting
alignment
with
not
only
the
amount
of
maker
that
was
staked,
but
the
number
of
people
that
chose
these
options.
A
As
well,
which
I
hadn't
really
expected,
because
when
it
comes
to
a
skin
in
the
game
sort
of
system,
there's
always
going
to
be
this,
this
lingering
other
resentment,
fear
or
encouragement
so
that
people
with
the
most
to
lose
are
the
ones
that
are
most
active
in
these
in
these
books
and
I.
Think
that
we've
seen
a
fairly
good
distribution
of
people
signaling
their
intentions,
regardless
of
whether
they
are
a
whale
or
not,
which
implies
that
we
have
a
healthy
system
developing
right
now.
So
that's
where
we
stand
right
now.
A
A
We
will
be
putting
the
winning
pole
into
an
executive
vote
which
will
be
a
4%
increase
to
7.5%
unless
there's
there's
a
last-minute
shift
in
the
landscape,
which
is
obviously
always
possible
and
I
think
that
that's
one
of
the
interesting
things
that
I
discovered
a
few
minutes
before
this
call
is
that
there's
been
a
fantastic
amount
of
movement
according
to
Tilton
analyst
in
maker
in
the
last
24
hours.
So
it's
entirely
possible
that
we
might
see
some
interesting
shifts
in
the
next
before
tomorrow,
or
we
might
see
that
this
is
just
people.
C
A
I
don't
know,
and
no
but
here's
the
good
news,
one
of
the
things
that
we've
been
talking
about
a
great
deal
well
as
well
in
these
calls,
and
also
outside
of
them,
is
that
there's
a
requirement
for
tooling
in
the
system.
We
need
a
community
facing
tooling.
We
need
some
minute
more
sophisticated
internal
tooling,
so
those
numbers
will
be
coming.
D
A
Start
I
do
I
should
have,
but
it
didn't,
because
this
is
another
in
the
interest
of
radical
transparency.
Let's
talk
about
the
problems
involved
with
governance
from
the
outside.
Looking
in
it's
a
big
deal
from
the
inside
looking
out-
oh
my
god,
it's
hard
we're
auditing
the
entire
system
right
now
and
it's
our
goal
to
be
able
to
turn
around
an
entire
governance
cycle
in
less
than
seven
days.
D
Think
one
thing
that
would
be
good
to
get
feedback
from
the
community.
Maybe
right
now
is
the
length
of
the
governance
poll.
This
week's
was
only
I
believe
three
or
four
days
I
think
it
went
out
Monday,
whereas
I
think
the
previous
one
was
a
full
seven-day
cycle.
I'm
just
interested
in
you
know,
hearing
what
people
think
about
you
know
the
longer
did
it
feel
like
it
was
enough
time
for
people
or.
C
One
thing
that
would
be
useful:
one
of
those
numbers
that
asked
about
render
you
said
we're
coming
would
be
useful,
is
to
look
at
rather
than
setting
like
a
time
limit,
looking
at
a
market
cap
and
user
limit.
So
to
being
like
you
know,
once
we
get
this
amount
of
quantitative
participation,
then
we're
comfortable
with
the
outcome
kind
of
thing.
A
Yeah
an
interesting
way
of
looking
at
it.
The
other
thing
that
we've
been
thinking
about
is
the
commitment
drop-off.
So
as
overtime
you
know,
is
lot
this
sorry,
let
me
collect
my
thoughts.
So
if
we
see
that
there's
less
than
you
know,
X
percent
of
maker
state
over
the
next
last
six
hour
period,
then
we
can
assume
that
people
have
petered
out
their
level
of
interest.
D
A
Thank
ya
and
that's
there
there's
some.
We
haven't
really
gotten
into
the
weeds
in
voting
yet
because
well,
I
and
I
don't
want
to
clear
up
cloud
the
discussion
yet
well
we're
gonna
get
to
these
things,
but
there's
there's
all
kinds
of
risks
involved.
I
mean
involved
with
these
things
and
there's
there's
collusion.
There's
both
buying,
there's
well,
I,
don't
want
to
small,
but
yeah.
A
We're
gonna
have
a
Q&A
session
at
the
end
of
the
call,
and
that's
why
I'm
talking
so
quickly
and
hoping
to
move
things
along
so
I
want
to
get
to
risk
and
have
Cyrus
review
the
current
state
of
the
system
and
then,
after
that,
we
should
I
want
to
open
up
the
floor
to
just
any
question
at
all,
including
governance
questions.
That's.
D
All
right,
so,
as
most
of
you
are
aware,
we
did
not
see
any
significant
strengthening
in
the
dye
price
this
last
week,
early
on
I
think
right
when
the
governance
pull
started
and
saw
for
right
after
the
governor's
call.
Last
week
we
saw
you
know
slight
increase.
Things
were
recovering
for
a
bit
and
then
you
knows
that
we
carried
on
just
kind
of
receded
back
down.
D
We
saw
it
fairly
flat,
eath
price.
We
saw
fairly
flat
inventory
levels,
I'm
fairly
sure
that
our
inventory
levels
remained
unchanged,
not
sure
about
other
market
makers.
If
they
want
to
chime
in
it
can
we
are
also
in
the
process
of
working
on
some
some
plan
to
get
proof
of
inventory
from
various
market
makers
exploring
that
process
from
a
technical
level
terms
of
other
statistics.
D
Here
we
can
see
some
some
CDP
stats.
We
did
see
significant
guy
wipes
yesterday
about
almost
a
million
and
a
half
in
the
past
24
hours,
and
we
did
see
a
slight
drop-off
in
the
dye
supply,
which
is
positive
sign
one
of
the
few
positive
signs
we've
seen
this
is
likely.
You
know
this
happened.
One
the
result
of
the
governance
poll
was
pretty
much
determined
will
be
interesting
to
see
if
that
trend
continues
when
the
executive
poll
is
run
in
terms
of
tooling,
as
rich
mentioned,
we
are
working
hard
behind
the
scenes
to
get.
D
D
That's
it
for
data
and
in
terms
of
some
other
minor
things,
I
think
for
the
governance
polls.
The
increments
we
used
last
week
seem
to
have
been
were
well
received.
The
zero
two
and
four
you
know
offered
a
few
extra
choices
for
people.
The
increments
of
2%
step
sizes
also
seems
like.
It
was
well
received
so
I'm,
hoping
that
that's
the
beginning
of
kind
of
a
template
for
now
I.
D
E
One
question
for
you:
you
might
actually
answer
this
so
I'll.
Let
you
others
should
go
first,
because
it
pertains
to
market
makers.
I
was
actually
going
to
ask
your
question.
So
we
had
the
the
dive
foot
fall
by
a
few
million
pretty
much
in
last
24
hours,
but
we
haven't
seen
much
volume
on
bid
for
next
or
cloudy
days.
It
was
a
question
for
science
or
maybe
even
joke
or
whoever
might
know
the
answer.
If
there
was
any
buying
volume
on
a
different
market,
that
I'm
not
saying
yeah.
D
D
F
There's
the
this
it's
been
fluctuating
right
around
here.
First
apply
the
whole
time
way.
It's
that
it's
not
there's
no
there's!
No,
there
hasn't
been
any
major
major
volume
like
5
million
6
million,
like
it
has
in
the
past,
so
I
don't
I,
don't
think
that
until
until
we
get
this
thing
done,
I,
don't
think
that
much
effect
I.
E
E
Mike
my
question
had
to
do
with
sorry.
You
mentioned
inventories
were
flat,
despite
the
fact
that
we
drift
back
readers
back
down
even
slightly
below,
where
we
were
prior
to
the
last
stability
fee.
Increase
that
that,
on
its
own,
would
be
surprising
to
me,
as
you
expect
them
to
be
accumulating
at
that
lower
price,
though,
if
inventories
are
flat,
that
could
tell
us
that
they're
not
accumulating
additionally
inventories,
potentially
because
they're
saturated.
Is
that
something
that
you've
heard
from
other
market
makers?
Do
you
have
a
sense
for
why
that
might
be
happening?
I.
B
F
I
mean
there's
people
who
know
that
eventually
it
will
come
back
up
we'll
keep
on
raising
until
it
goes
through.
There's
outside
capital
come
in
so
there's
like
I
know
that
there's
like
some
major
market
makers
that
all
coming
in
and
buying
this
96
is
but
they're
not
gonna.
It's
not
gonna
go
below
their
major
money's
at
95
96
and
hopefully
we
can
get
this
thing
up.
I'm
not
I'm,
not
worried.
You
know,
I
know,
that's
worried.
Some
people
said
I'll
go
down,
85
I,
just
we.
F
D
E
What
I
was
saying
is
scatter
plot
that
you
showed
earlier.
We
saw
we
were
drifting
down
that
price
description
down,
but
market
maker
inventories
were
saying
was
okay,
they're
saturating
to
have
enough
dye?
They
don't
want
to
buy
anymore
because
they
deal
with
their
exposure
is
definitely
not
come
from,
will
accumulate
more
so
that
thought
that
was
a
bit
yes.
D
A
G
G
The
other
thing
that
was
sort
of
minorly
notable
was
on
compound
the
borrow
volume
dipped
a
little
bit,
which
that's
the
red
line
here.
That
doesn't
happen
very
often,
so
it's
kind
of
stayed
steady
and
slightly
improved.
I
can
graph
this
on
a
different
axis
next
time,
so
it's
easier
to
see,
but
you
see
that
supply
volume
had
been
coming
down,
but
now
borrow
volume
has
also
taken
a
small
downturn.
G
So
these
are
not
great
indicators
and
honestly,
a
little
bit
confusing,
given
that
we
increased
the
stability
fee
which
should
theoretically
have
reduced
the
oversupply
and
improved
both
of
these
metrics,
but
we've
actually
kind
of
seen
a
little
bit
of
the
opposite
of
what
we
expected.
So
I'm,
not
sure.
If
that's
a
case
necessarily
for
just
a
stronger
increase
I
mean
it
doesn't
seem
that
that
there's
any
reason
not
to.
But
it
is
a
little
bit
atypical
from
what
we
expected.
I
think.
A
That's
that's
fascinating
information.
I
think
that
it
raises
a
few
questions
because
we're
looking
at
these
graphs.
It's
always
the
natural
inclination
is
to
try
to
create
a
narrative
to
explain
things
that
we
don't
understand
which
is
risky
but
I'm
sort
of
tempted
to
to
it.
Anyways.
Oh
I,
wonder
if
it
might
be
an
interesting
thought
experiment
to
try
and
figure
out
what
some
of
these
confounding
variables
might
be
here.
So
we
obviously
there's
the
eath
price.
That
is
obviously
a
big
deal.
A
We've
seen
fairly
fairly
flat
market
in
the
last
couple
weeks,
which
is
potentially
removing
that
from
the
contenders,
there's
also
been
a
lot
of
discussion
of
boats.
Just
simply
the
other
rates
in
the
market,
though
so
competition
is
a
big
issue
for
us,
I
think
and
looking
at
somebody
presented
recently,
the
the
dipole
I
think
what
they
called
it,
but
centralized
actually
tybor
sorry
Syrus.
A
C
One
thing
could
be
even
if
the
ether
price
is
flat.
If
there
are,
you
know
getting
that
sense
for
like
how
many
CDP's
are
changing,
trying
to
get
a
sense
for
like
what
the
demand
for
leverage
and
ether
is
from
this
community
compared
with
the
rest
of
the
ether
usage
community.
So
if
there's
a
way
to
break
that
out
in
some
way,
looking
at,
for
example,
you
know
ether
held
by
same
wallets
as
those
held
by
I'm,
not
very
actively
inclined,
but
let
trying
to
break
that
out
in
some
way.
I
think.
D
It's
I
think
it's
important
for
people
to
realize
that
the
eath
you
know
in
terms
of
compounding
variables
the
eath
price
plays.
You
know
a
somewhat
outsized
impact
on
the
dye
price,
because
you
know
leverages
primary
use
case
for
dye
right
now,
which
is
why
market
maker
inventories
are.
You
know
extremely
important
as
the
ecosystem
grows.
As
you
know,
the
use
cases
of
dye
kind
of
broaden
out
to
non
trading
and
non
leveraged
use
cases.
We
should
hopefully
see
you
know
less
of
a
correlation.
C
I
I,
don't
more
alone
lies
in
terms
of
like,
even
if
the
price
is
flat
like,
even
if
it
you
know
there
isn't
a
move,
it
still
could
have
a
potential
effect.
If,
for
example,
there's
a
large
demand
for
leverage
and
the
dye
community
is
impact
on,
that
is
like
only
X
percent
of
the
outstanding
ether
versus
the
1
minus
X
percent
of
utilitarian
use
of
ether
out
weighing
that
in
some
way
like
if
there's
a
small
decline
of
95
percent
of
ether
demand,
but
a
small
but
a
large
increase
in
the
5
percent.
G
Just
one
one
quick
thing
to
add
is
so:
if
you
look
on
compound,
for
example,
the
point
that
rich
was
making
about
the
maker
stability
fee
versus
sort
of
these
secondary
market
interest
rates,
that
gap
had
been
closing
for
a
while
and
we
finally
sort
of
met
the
compound
borrow
interest
rate
or
sorry,
the
the
lending
interest
rate,
and
so
eventually
that
who
kind
of
stayed
at
about
the
level
of
the
stability
fee.
Where,
generally
over
time
like
when
the
stability
commuters,
move,
interest
rates
have
moved
as
well.
G
So
that's
sort
of
interesting
to
note
that
it's
it's
actually
kind
of
held
around
3.45
3.5,
even
though
the
stability
fee
is
right
there
as
well,
so
that
that
gap
is
closed,
but
the
leaf
Baro
rate,
the
interest
rate
on
compound
is,
is
actually
fairly
low.
So
it's
it's
pretty
cheap
and
I.
Think
there's
relatively
low
demand
for
borrowing,
eath
I
think
you
know
we
could
speculate
on
like
what
the
demand
is
for
East.
But
a
really
interesting
thing
is
price.
Volatility
of
eath
drops.
G
A
That
raises
some
interesting
points
too,
because
this
has
been
sort
of
a
constant
source
of
amazement.
For
me,
with
the
crypto
space
in
general
is
that
it
flips
the
script
on
based
on
compared
to
traditional
finance,
with
traditional
finance,
you're,
more
likely
to
know
who
is
doing
something
as
opposed
to
what
they're
doing
in
watching
space.
H
Basically,
I
think
what
you're
bringing
up,
also
they're,
really
appointment,
we're
used
to
thinking
of
this
stuff
in
a
two-dimensional
world,
and
you
have
to
start
thinking.
That
is
a
multi-dimensional
question
of
not
only
you
know,
zero
to
one
right
and
where
what
shade
of
gray
is
it,
but
then
it
turns
into
a
circle.
A
Yeah
I
think
that's
Bernie.
You
suggested
something
along
these
lines
earlier,
but
it
might
be
an
interesting
experiment
to
actually
try
it
and
and
figure
out
exactly
what
what
people
are
doing
here,
because
we
can
make
assumptions
we
can
make
guesses.
We
can
do
some
trolling
through
ethers
and
but
perhaps
like
a
chain
analysis
of
precisely
what
the
path
is
from
from
diving
created
so
where
it
goes
and
what
people
are
doing
with
these
things
yeah.
Well,
it
might
answer
some
of
these
outstanding
questions.
C
Yeah,
if
those
data
are
available,
that
would
be
you
know,
phenomenal
I'd
worry
about
like
sample
size
at
this
point
and
robustness
of
any
type
of
analysis
they're
in,
but
that's
definitely
even
if,
like
the
cone
around
the
line
item
that
we
could
draw
would
be
large.
It's
still
useful
to
just
see
if
there's
central
tendency
changes
on
that.
Yes,.
A
H
H
Segregating
the
data
between
who
has
what's
not
what
size
position
and,
what's
the
rate,
sensitivity
where's,
where
are
the
where's,
the
elasticity
of
demand
or
elasticity
point
where
it
breaks
over,
where
somebody
who
has
in
excess
a
large
as
the
rates
are
increased
at
what
point
do
folks
that
have
a
CD
pee-peed?
It
only
has
make
up
a
number
of
50,000
died
of
debt
outstanding.
What's
their
sensitivity
compared
to
somebody
who
has
three
million
I
mean
I
would
venture
to
bet
without
looking
at
the
data?
H
A
That's
actually
it's
a
great
observation.
Obviously,
people
that
have
huge
positions
are
gonna
behave
differently.
People
with
small
positions
and
I
think
we've
also
seen
another
variation
between
the
sophistication
of
CEP
owners
where
some
people
they
see,
they
see
a
rate
increase
and
then
they
can
break
that
to
a
percentage
point
they
go.
Oh,
my
god,
it's
gone
up.
700
percent
I
need
to
close
my
$50.00
GDP
immediately
because
the
world
is
ending
versus
a
large
CDP
holder,
thinking
that
were
actually
running
the
math
and
going
okay.
G
I
do
want
to
echo
that
I
think
it's
great
that
we're
having
a
discussion
about
kind
of
a
broader
picture
of
dye
and
kind
of
the
life
cycle
of
dye.
Where
does
it
start?
Where
does
it
end?
I
have
been
looking
into
a
lot
of
data
on
this
I
think
we're
not
necessarily
gonna
get
to
a
great
answer
on
this
call,
but
I
think
for
next
week.
A
B
A
Right
well,
I'm,
looking
at
the
time
here,
we
have
15
minutes
left
we
kind
of
jumped
into
the
general
Q&A
aspect
of
the
call
a
little
early,
which
is
great.
That's
what
I
was
hoping
to
see,
but
I
want
to
kind
of
open
the
floor
a
bit
to
just
more
general
questions.
I
know
that
they're
they're
out
there.
We
have
a
pile
of
of
interesting
suggestions
in
the
maker
dhow
subreddit.
We
have
even
more
in
maker
Cove
subreddit
there's
been
discussions
about
debt.
A
Have
discussions
about
what
a
hard
soft
peg
actually
means?
There's
some
interesting
discussions
about
reference
exchange
rates,
and
where
do
we
actually
find
information
that
makes
sense
to
us
and
something
that
I've
been
personally
wrestling
with
and
at
some
point,
I'm
hoping
somebody
smarter
than
me
will
explain
how
we're
going
to
be
waiting
some
of
these
these
these
pairs,
a
Cohen
base,
is
a
good
example
of
that.
A
If
you
look
there
we're
kind
of
using
this
as
an
authoritative
resource,
because
we
are
reasonably
sure
that
they
don't
engage
and
watch
trading
or
various
other
shady
activities,
but
at
the
same
time
the
volume
there
is
fantastically
low
and
so
using
that,
as
like
a
primary
source
of
the
strength
of
the
peg
makes
me
a
bit
nervous,
sometimes
so
what
I
want
to
do?
There
is
kind
of
open
the
floor
to
more
broad
range
in
questions
and
David.
I
know:
there's
been
a
fairly
active
conversation
happening
in
the
side
window
here.
E
I
I
So
everything
is
pointing,
isn't
the
interest
even
further?
You
know
there's
a
90%
chance
in
seven
days
from
now
it's
going
to
be
at
7.5%,
and
yet
we
don't
see
people
taking
advantage
of
the
discount
today.
So
my
question
is,
you
know:
there's
there's
a
philosophy
that
maybe
that
the
interest
rate
will
die
holders
when
it
kicks
in
and
but
what
a
philosophy
that
it
should
already
have
a
pretty
sizable
effect.
I
C
A
C
Sorry,
there's
a
difference
in
looking
at
the
stability
fee
and
looking
at
the
savings
rate.
Looking
at
the
interest
rate
that
is
provided
you,
you
make
different
decisions
like
if
you
had
to
take
a
loan
from
a
bank
and
the
bank
said
you
know
you
could
take
this
loan
out
for
five
years,
but
and
do
whatever
you
want
that
the
rate
is
X
and
then,
at
the
end
of
five
years
you
have
to
pay.
C
I
So
I
concede
your
argument
that
people
are
not
completely
tuned
in
and
maybe
some
people
don't
know
the
interest
rates
going
up
or
they
heard
that
it
was
0.5
percent
and
they
got
excited
about
it
and
they
never
sort
of
clued
in
to
the
fact
that
it
was
going
up
or
down.
So
wouldn't
that
argument
suggests
that
maybe
the
interest
rate
isn't
what
needs
to
be
affected,
but
letting
people
know
like
vigorously
like
emailing
and
and
putting
up
banners.
I
E
D
D
Something
to
be
said
about
the
relative
decentralization
of
how
this
information
is
disbursed.
You
know
kind
of
like
governance
issues
with
any
other
crypto
crypto
system.
You
know
if
you
could
easily
and
efficiently
reach
everybody
in
the
system.
It's
you
know
tends
to
not
carry
some
of
the
decentralisation
aspects
that
we're
looking
for.
Yes,.
A
That's
the
major
risk
here:
it's
like
we're.
Looking
we're
talking
about
a
polling
versus
a
push
method
of
communication,
and
if
right
now
we
have
a
polling
method
where
people
that
are
engaged
in
the
system
are
expected
to.
You
know,
maintain
their
positions
and
understand
exactly
how
their
money
is
being
controlled
or
contained,
but
and
that
that
requires
people
to
be
deeply
engaged
and
I.
Think
that's
probably
not
a
fair
thing
to
ask,
because
I'm
not
deeply
engaged
with
every
single
crypto
Spanish
I'm
interested
in.
A
So
we
need
to
figure
out
or
come
up
some
solutions
and
whether
that's
you
know,
okay,
everybody.
You
know
sign
up
with
you
user
name
and
password
here
and
then
we'll
get
you
into
an
email
list
or
whether
it's
we
have
banners
across
all
the
makers
out
properties
that
say,
like
a
vote
is
in
progress.
This
this
part
of
the
system
has
been
altered.
A
I
Maybe
just
say
the
last
final
thing:
maybe
a
possible
solution
is
the
CDP
portal
could
have
like
a
big
banner
when
big
changes
in
the
governor
in
the
fee
are
set,
because
right
now
the
stability
fee,
it's
as
small
of
a
number,
as
almost
any
other
number
on
the
CDP
portal.
So
maybe
that's
a
great
place
to
start
yeah
great.
C
Another
possibility
would
be
to
think
about
using
on
chain
data
on
wallets
to
look
at
if
the
like.
First,
the
distribution
of
maker
and
I
held
in
terms
of
like
where
these
changes
are
coming
from
and
looking
at
how
sorry
there's
a
bunch
of
ruffling
going
on
and
or
it's
from
sorry,
oh
yeah.
So
just
looking
at
like
the
distribution
of
wallets
in
terms
of
like
a
major
dye
holders
and
major
maker
holders,
is
that
movement
causing
this
or
is
it
coming
from
elsewhere?
A
E
So
speaking
of
unchained
data
I
think
something
that
would
be
really
interest
to
look
at
is
what's
going
on
with
Dharma,
because
they're
offering
diet
0.1%.
So
it's
possible
with
people
that
have
CDP's
open,
are
borrowing
from
Dharma
and
then
paying
back
their
CDP's,
allowing
them
to
maintain
their
eat
exposure
effectively.
A
Yeah,
that's
interesting.
I
think
that
we
haven't
really
seen
the
area
of
effect
for
the
lever
tool,
yet
I
think
that
it
might
be
too
soon
to
guess,
because
the
the
rates
they're
subsidizing
that
rate
and
it's
obviously
not
going
to
be
sustainable
in
the
long
term,
so
I'm,
hoping
that
after
they
they
get
into
out
of
alpha,
will
be
able
to
get
some
numbers
that
actually
have
a
direct
correlation
on
what
died.
Supply
looks
like
so.
E
Can
I
actually
bring
something
up
that
that's
been
then
I
see
in
the
chat?
There
is
the
question
of
what
happens
if
the
eath
price
appreciates
significantly,
if
that
would
cause
the
need
for
an
extremely
high
stability
fee
increase,
and
so,
if
anybody
has
thoughts
on
that,
I
would
love
to
hear
that.
H
Yeah
the
answer
comes
down
to
what
they
do
with
the
money,
and
we
don't
know
that
answer
yet
and
if
week,
when
we
implement
a
die
savings
rate
that
all
that'll
directly
submit,
that
will
immediately
help
smooth
things
out.
But
until
we
can
figure
out
what
people
use
their
loan
proceeds
for.
What
percentage
where
they're
used
for
it's
just
a
guessing
game.
Right
now,
but.
C
H
Okay,
we
can,
we
can
estimate
it.
We
can
guess,
but
let's
imagine
right
now:
aetherium
goes
from
I,
don't
care,
one
hundred
and
thirty,
two
thousand
and
everybody
on
the
calls
real
happy
right
odds
are
a
lot
of
folks
will
start
taking
out
loans.
Odds.
Are
a
lot
of
folks
may
even
take
a
loan
and
buy
a
car
with
it,
but
that
moment
you
take
it
off
chain.
You
have
an
exit
off-ramp
if
we
start
getting
in
the
discussion
about
what
we
do
with
the
price
because
there's
because
it
has
now
directly
impacted
that
equilibrium.
H
It's
no
longer.
It's
not
singular.
It's
not
if
it's
a
multi-dimensional
game
where
it's
not
only
supply
and
demand,
demand
and
supply
balance
of
usage
in
the
system.
The
moment
people
start
Xing
it
exiting
the
system.
You
start
having
another
variable
in
there.
What
could
we?
What
would
people
use
it
for
it's
gonna
take
time
for
that
to
smooth
out.
D
C
C
It
like,
starting
with
a
thousand
ether
by
you,
know
putting
it
up
getting
died
using
the
die
to
buy
more
ether,
putting
the
ether
up,
getting
more
died,
cetera,
et
cetera,
et
cetera
and
seeing
which
ones
are
actually
taking
advantage
of
that
and
like
how
big
those
wallets
are
that
are
actually
generating.
What
proportion
of
leverage
like
I
said.
H
C
D
H
Erina,
because
what
I'm,
what
you
want
to
avoid,
though,
is
kind
of
like
doing
the
supply
and
demand
game
for
oil
markets,
where
you're,
basically,
the
equivalent
of
driving
down
the
highway
using
your
rearview,
mirror
to
determine
which
exit
you
should
take
and
that
that's
literally
how
the
supply
and
demand
people
are
almost
guessing,
because
the
data
is
so
stale.
Now
you
know
with
if
there's
a
way
to
do
that
with
with
dye
all.
H
H
A
A
C
A
A
Yeah
that
sounds
like
it's
a
really
good
deliverable
for
either
the
next
call
or
the
call
afternoons.
So
a
missing
piece
of
the
puzzle
that
we
can
do.
We
can't
ignore
anymore,
so
I
lost
track
of
time,
because
that
was
really
interesting.
We
have
three
minutes
left,
so
what
we're
gonna
do
now
is
we're.
Gonna
continue
the
same
format
as
we
did
for
the
last
couple
calls
we
will
take
video
of
this.
A
B
Just
a
sort
of
simple
thought:
I
mean
I've
been
listening
very
carefully,
and
this
is
actually
being
a
truly
productive
meeting
from
all
stakeholders.
I
mean
one
thing
we
need
to
consider
is
just
to
sort
of
closes
office
that
we
are
a
part
of
a
broader
system
that
is
actually
bootstrapping
along
with
us,
and
what
is
interesting
is
that
we
have
to
consider.
G
B
We
have
to
consider
is
that
we
may
be
slightly
ahead
of
most
of
the
system,
but
also
may
be
slightly
behind
a
few
of
them
and
we're
going
to
keep
this
very
pragmatic
because
to
to
Lewis
his
points
and
I
think
a
point
brought
up
by
list
in
a
previous
meeting.
You
need
to
be
pragmatic
about
the
current
dependencies
that
exist
in
this
d5
space.
B
E
B
A
This
has
been
excellent.
That's
precisely
what
I'm
hoping
for
and
each
one
of
these
meetings
gets
better
than
the
last.
So
I'm
super
happy
about
that.
So,
let's
take
all
these
excellent
questions.
Excellent
observations,
we'll
take
the
chat,
questions
that
didn't
get
answered
and
we'll
put
those
into
the
reddit
threads
to
keep
an
eye
on
maker
gov
next
couple
hours
depending
on
my
meeting
schedule,
may
be
a
few
more
hours
after
that
and
then
we'll
get
will
continue.