Proposal to the Community - Request for Flash Token Migration

Request for Flash Token Migration

1. How many FLASH v2 tokens do you think you should be granted?

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

2. Why should the community approve this? Please give valid arguments explaining your situation.

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

*etherscan link: https://etherscan.io/tx/0x511958eaca0bcddc65625e53079d65d0676f1287276a3c6460495235a63cd951

Anyone is invited to leave their feedback below. If you are still uncertain (:question:),
please expand on what it would need for you to approve the proposal.

To get a general sentiment please give feedback here:

  • :white_check_mark: I would probably approve the proposal as it is now
  • :no_entry_sign: I would vote against this proposal
  • :question: with certain adjustments, maybe

0 voters

Anyone is invited to leave their feedback below. If you are still uncertain (:question:),
please expand on what it would need for you to approve the proposal.

I am having a hard time understanding why you were not able to migrate your tokens. Did you buy outside the snapshot period or something?

I think this post needs to be more concise.

1 Like

Yea I bought on the night of feb.22

should I revise now or wait for more feedback?

Please allow for more people to answer to this.
I personally would not expect it to be approved if not at least some discussion has been taken place here before. Especially because you are asking to be treated differently than all cases within the grace period. Consider that even these have not yet received any tokens.

Ok thanks Jorn I will wait then

Some background information:

Snapshot time

  • The snapshot was taken at block #11897600 (2:20AM UTC Feb 21)
  • all buys/sells up to this block (including this block) can be migrated 1-1

Grace buy regulations:
all buys after the snapshot and up to the end of the grace period (2021-02-22 05:31:32 UTC or block https://etherscan.io/block/11904974)
are treated in the following manner:

  1. all buys and sells of FLASH are added up (total Flash and total ETH amount)
  2. the net ETH within this time is taken and the price of time of removal of liquidity (at block #11897619) is used to calculate the allowed additional amount Flash to migrate (SWAP). The ratio used is: 1467.4828 FLASH/ETH
  3. The user is then asked to send the calculated amount Flash v1 to a foundation controlled wallet and will in turn be send Flash v2 via the claims dapp.

After Grace Period Buys
Anything bought after the end of the grace period is currently considered irrelevant. Users may bring their individual cases to the community for approval.

1 Like

If you asked that the grace buy regulation should be extended to your case I would vote yes, because

  1. you obviously did not know about the situation.
  2. you obviously did not profit from the declining price because you never sold any Flash v1 after the snapshot.
3 Likes

I am in same boat I was gunho to buy the dipp to support community more home work please :pray:

My opinion (which i had mentioned on tg DM as well) is that you can’t change the conversion rate by constantly looking at what the current price is . Also, we need to be fair to everyone else who bought within the grace period and is getting 1467FLASH per ETH rate. The constant here has to be the price that was at the time of snapshot like it is for everyone else.

If that is an option which will equate to 1467x .203 = 297.8 FLASH (plus 100 FLASH ) i will vote for that, but not for 1:1 conversion as no one else got that either.

1 Like

I would definitely approve. It’s not a significant amount of FLASH and IMO most people who bought FLASH without knowing should be able to be repaid, especially since Coingecko and Uniswap had no warning message so plenty of users probably bought the wrong token… From what I remember we had around ~1mil FLASH specifically minted for situations like this one, and I don’t think we’ll use even 50k from those tokens, so the inflation would be minimal.

2 Likes

so 397 flash that i have to pay to recieve, when i already payed 450 bucks for my 575 v1…

more homework? what u mean? before buying?

yea it seems simple enough, n then no need to burn anybody, thanks for those words

i dont want to change the conversion rate by looking at current price, i just want my 575 tokens that i bought fair and square, i didn’t cause the coding error or whatever it was that caused flash to be compromised

Yah I us all my mistakes in crypto as learned effort i truly understand better if I live threw hardship …