The reddit thread in question is here.
Here’s the tl;dr cos I know y’all lazy:
– OP is a DGD whale since ICO
– OP has market made DGX at losses
– Digix team too humji to take risks
– a lot of holders want to call it quits
– a lot of holders want to be able to withdraw ETH from the DAO
Not going to get approved. You don’t have to look too far to find out how concentrated ownership is.
Y’all lazy so more math from me:
51% is held by the top 10 addresses.
67% is held by the top 28 addresses.
Interestingly, in other words, the top 10 addresses own $19M of tokens, and the top 28 addresses own $25M of tokens. That’s a lot of money for virtual digital tulips, ain’t it?
Anyway, oh my, who could’ve seen this happening from September last year?
When I was very active in the DGD community in late 2017 and early 2018, one of the things I’ve noticed by the other holders is that (1) they are all uneducated in financial engineering and (2) they were EXTREMELY resistant on making any of the ETH in the DAO redeemable.
They must be recently getting smarter since they realize that the ETH idling in the DAO is extremely capital inefficient (to address 1) and this post to make ETH redeemable (to address 2).
I’d say, too little, too late.
Even if ETH was redeemable, whoopdeedoo, most people will still be realizing losses by redeeming and exiting.
And if its not redeemable, what’s the prospect? DGX gaining mass adoption and start raking in fees, and then DGD moons? LOL.
I’m glad I’ve exited my position. Holders of DGD are either too stunned to take action and bite the bullet to eat the loss, or too damn stupid to realize what is happening in front of their very eyes.
Hope, is not an investment strategy.