Holding 575 Flash V1, bought for .203 eth + gas fees on night of feb. 22, after seeing a feature about flash on one of the crypto channels I follow, was unaware of the hack/exploit as it was just being addressed and I hadn’t yet found out about it, hoping to convert:
575 flash v2 = $375 = .182 eth
Based on the fact that I spent .203 ethereum to buy my 575 flash v1, and currently .187 ethereum would buy 575 flash v2, I believe it to be reasonable to simply convert my 575 flash v1 to v2 at this time. That’s already at a loss. If you were to convert my purchase at the rate at the point of the snapshot, 1467 flash/eth, I would receive 297.8 flash v2, which is worth $195.76, whereas .203 eth is currently $420, basically converting me to the new token at a loss of $225, over a 50% loss. I think because of the fact that I’ve been stuck with this token waiting to appeal as the price of v2 has dropped more and more, while ppl that were able to convert a month ago could have traded at a higher price etc, it is unfair to convert my tokens at such a loss.
I bought flash to support and participate in the project, because it sounded like a useful innovation in the crypto space, had no idea about the exploit, and never intended anything negative towards this project. And I’ve not been able to do anything with it since… It’s too bad there isn’t a possibility of just refunding my eth, as I am a victim of this situation not a perpetrator. That not being a possibility, it also seems grossly unfair to penalize me for having bought flash v1, not allowing me to convert, or cutting my investment in less than half, not to mention the gas fees i payed to buy, and will need to pay to convert.
To take a 450 dollar or so investment and give me 200 dollars of flash v1 that i will have to pay more to receive simply can not be seen as fair in any sense of the word. It will cut my net value to like 160 bucks or so, that’s just crazy… I mean the simple solution is obvious, just convert my 575 flash to 575 v2, I’ll pay the gas fee and convert and end of story. and we can move on from this ordeal. Whereas if u are only willing to give me 295 flash v2 in exchange its almost not even worth doing, I mean its a rip off point blank, $160 in exchange for something i payed $450 for and have been screwed over by ever since, for a guy that is by no means rich. And needing to go through this waiting and appeal to even be considered… I mean, can you imagine if the bank or other business were to do this with your money, it would be an outrage… Basically I’m getting ripped off bad, really bad, for reasons that are not my doing…
I know you guys came up with the 1467 flash/eth at the time this was all going down and the snapshot was taken, but a lot of time has passed especially in crypto terms, and that conversion rate just isn’t relevant or fair anymore… yes if the flash went way up then it would prevent ppl from banking in disproportionately, but this is already at a loss at this point, the amount of eth i spent should be what is relevant, and i should be compensated in flash v2 according to that amount of eth.
I hope you see the reasonableness/rationale of this proposal, I’m not trying to rip off anybody/take advantage in anyway, truly
3. Provide all relevant proof (e.g. wallet addresses, etherscan transaction links, screenshots, etc).
*wallet address: 0xeB5b57AD2Eb61f3D76DCC67522CdF5F8fe015101
Anyone is invited to leave their feedback below. If you are still uncertain (),
please expand on what it would need for you to approve the proposal.