r/CryptoCurrency • u/Holiemolie93 Platinum | QC: CC 362 • Apr 02 '23
Arbitrum’s First Governance Proposal Turns Messy With $1B ARB Tokens at Stake 🟢 GENERAL-NEWS
https://www.coindesk.com/business/2023/04/01/arbitrums-first-governance-proposal-turns-messy-with-1b-arb-tokens-at-stake/27
u/Skank_cunt_42 Tin Apr 02 '23
Sold my airdrop at $1.4 for 0.6 ETH
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u/ablablababla Apr 02 '23
Did the same, I can just watch these polls unfold from the sidelines with no worries
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u/Alanski22 Platinum | QC: CC 96 | AvatarTrading 27 Apr 02 '23
Same here, waited a bit longer and sold around average 1.20 but still a bit grab! Happy to have it in ETH now.
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u/coinsRus-2021 Silver | QC: CC 52 | ADA 222 | TraderSubs 11 Apr 02 '23
Don’t mean to brag but I hit 0.7 🙂
I too regret nothing
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u/37Schmeckles Platinum | QC: CC 126 | Science 10 Apr 02 '23
Lol, i sold 3/4 of my airdrop for over 1 eth. Those are scrub numbers :D
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u/coinsRus-2021 Silver | QC: CC 52 | ADA 222 | TraderSubs 11 Apr 02 '23
Lol yeah I only qualified for I think 875
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u/szerted Tin Apr 02 '23
Yeah, first hours of airdrop was a nightmare. I guess one needed to be lucky to get through the crashed site to claim and sell it straight up.
or maybe inside job, wouldn't surprise me after this proposal. Not a conspiracy person but the site was working perfectly couple of seconds before the drop. And now suddenly it crashes
Was refreshing for hours but only managed to sell at $1.38
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u/ArjanaEU Platinum | QC: CC 49 | Politics 14 Apr 02 '23
I mean the website being down is not a suprise with the amount of traffic going through there. You can't really argue for a inside job thing either, because if you had any blockchain knowledge you could claim it on chain without using the website. I don't want to see that conspiracy theory even hinted at. It's people being mad at being unable to interact with the blockchain(whilst it is available. If anything it's a knowledge gap which is ones own fault.
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u/szerted Tin Apr 02 '23
guess you motivated me to search and learn how to claim it from the blockchain. Thanks :)
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u/necbone Tin Apr 02 '23
There was selling before the airdrop
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u/ArjanaEU Platinum | QC: CC 49 | Politics 14 Apr 02 '23
No, There were people gambling on centralised exchanges with Options (guessing the price that it will release at). The tokens themselves could not be sold before the airdrop because they were not released beforehand. Show me the transaction on the blockchain of the people that recieved and sold their tokens before the launch and you have the shadow of an argument. Else please stop spreading misinformation.
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u/necbone Tin Apr 03 '23
I was watching the price, I didn't know thats what was going on. Assumed insiders and their buddies were selling before we got airdropped.
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u/JERMYNC Permabanned Apr 02 '23
I bought a bunch of beer 🍺 ETH and Diversified some and kept some for the next ride. My life
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u/yuruseiii ETHead Apr 02 '23
Can someone please explain to Arbitrum what a DAO is?
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u/CymandeTV Apr 02 '23
I call this greed. I really hope everyone of you sold last week :)
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u/necbone Tin Apr 02 '23
I didn't... was trying to do something different and not just cash grab.. lessons learned?
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u/grchina Platinum | QC: CC 38 Apr 02 '23
Justin Sun did this to steem and destroyed it,took coins from his exchange and borrowed enough from cz to call and win a vote giving himself all steem reserves.Im out of arb when I heard this proposal
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u/compressionwaves Bronze Apr 02 '23
All this news pushed the vote to ~53% Against. So.. the DAO is working?
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u/HiCarumba Platinum | QC: CC 473 Apr 02 '23
Think it's up to 60% now so it probably wont pass. The problem is the sentiment is there to do this, and was probably the plan all along.
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u/Alanski22 Platinum | QC: CC 96 | AvatarTrading 27 Apr 02 '23
Good to hear, literally the only thing we can do with our arb tokens is vote. So glad to see this get squashed. But it does lower my trust in the overall project
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u/z0uNdz Permabanned Apr 02 '23
Air drops are always shady. You will have most trying to cash out since it was free. In this case its even worse with the ones behind the project looking for a loophole to offload before the locking period expires
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u/AMeltoBuntetesed Tin Apr 02 '23
Same here. I think a real project doesn't need any airdrop ever, but every scam had airdops since I'm in the crypto space.
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Apr 02 '23
Airdrop is just another way to market. They try to create value by having people interact with a chain that has no traffic. Lol
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u/RFV1985 Platinum | QC: CC 189, BTC 68, ETH 65 | AVAX 9 | Politics 16 Apr 02 '23
Time for me to swap out all my airdropped ARB for ETH. Plus, I’m going to bridge everything I have out of Arbitrum and back into L1 ETH.
The L2 wars are very early and I don’t want to be involved in the drama. I’d rather sit back, stake ETH, and let the various L2s duke it out and mature over time.
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u/urbanhikers Permabanned Apr 02 '23
Is it possible that the ARB team making FUD on purpose to dump the price and then buy back at lower price?
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u/urbanhikers Permabanned Apr 02 '23
But anyhow, 1.11 level is major level. If it didn't hold, lets see how low it can go.
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u/urbanhikers Permabanned Apr 02 '23
What will be the effect on other tokens who are on ARB NOVA chain like....Moon
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u/Consistent_Many_1858 Platinum | QC: ETH 26 | MiningSubs 27 Apr 02 '23
Can't believe how fast it's turned to shit.
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u/Round_Tumbleweed_867 Permabanned Apr 02 '23
It's over 50% of the circulating supply, it's way too much
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u/42326041 Tin Apr 02 '23
42.78% tokens DAO treasury
26.94% tokens for offchain labs team
17.53% for private investors in offchain labs.
Basically whopping 70% tokens for themselves, 17.5% for VCs and private investors.
Only 12% tokens for users and projects.
The greed is clearly visible in numbers. WHEN YOU KEEP 70% of total tokens for yourself, THIS WAS BOUND TO HAPPEN.
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u/gimmedatcrypto Platinum | QC: CC 25 | r/WSB 13 Apr 02 '23
As long as they airdrop us again then I am cool with this proposal.
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u/TabletopThirteen Platinum | QC: CC 246 Apr 02 '23
Bunch of Greedy bastards. Can we go to MATIC instead?
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u/TipToeTurrency Permabanned Apr 02 '23 edited Apr 02 '23
“Relationships are like farting, If you push too hard things could get messy real fast.”
-Kevin ❤️
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u/Cleer-Fx Banned Apr 02 '23
Who's Kevin
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u/TipToeTurrency Permabanned Apr 02 '23
hint: Say the name and then the emoji out loud
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u/ThatOtherGuy254 Platinum | QC: CC 633, BTC 239 | TraderSubs 239 Apr 02 '23
I hope this doesn't affect Moons.
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u/CatBoy191114 Platinum | QC: CC 344 Apr 02 '23
This right here. Wish we could migrate to another network.
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u/Overall_Safety6846 Tin Apr 02 '23
Remember the names on this sub that were shilling you the token in the runup to the airdrop. They needed exit liquidity as they dumped their airdrop bags ASAP.
Expect them to do the same with other L2s. Don't fall for the grift.
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u/JudithMoores Apr 02 '23
$1 billion ARB tokens at stake? Sounds like someone forgot to carry the one when they were doing their math. That's like accidentally ordering 10,000 pizzas instead of 10.
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u/badadadok Platinum | QC: CC 50 | BANANO 5 Apr 02 '23
This is why I always sell 50% of my airdrops once I get them.
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u/Eluchel Platinum | QC: CC 486 | PCmasterrace 28 Apr 02 '23
Yeah I sold the rest of mine when I saw that. No regrets
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u/Kappatalizable Platinum | QC: CC 846 Apr 02 '23
ARB doing a speedrun straight to the trashcan with this one