To deal with Harmony ONE Horizon bridge incident, their team has proposed to mint 4.97 billion ONE coins. We believe this is a horrible idea and would crash ONE’s price in matter of days, just like LUNA where insane minting crashed the price of coin and underlying assets like UST.
This will obviously harm the people who have been holding and staking ONE coins for many years already. It is obvious that with the increased supply, ONE will never reach all-time-high in terms of price ever again.
Ostensibly, holders of ONE are angry. One user said, “It’s time for Harmony to say good night coz I am shocked by the audacity and nonsensical mess of these proposals.” It’s also being said Harmony team actually wanted a real repeg, but Stephen Tse pushed this proposal singlehandedly, ignoring what others have said. It’s becoming more apparent that the rumors about him being a dictator were actually true.
The reimbursement should be at least based on current market value each month and not .02. So if One goes to $1. You just reimbursed $4 billion+ to those that lost $100 million. This doesn’t make any sense. Also least should use treasury for some amount and all on community.
Is Harmony cooked? Finished? You know it, so do the right thing and distribute your reserves. Harmony ONE team is clearly letting the investors/users pay the depegged and reimbursement? This will destroy the chain and investors will opt out not waiting for that amount of time.
I am from Brisbane, Queensland and I hold post of Associate Editor at Cryptocoindaddy.