We all went through two emotionally exhausting weeks here at Leofinance. A very good read is the summary of events published by @leofinace last announcement that also explains the future of wLEO and the redistribution of saved ETH + LEO to the LiquidityProviders that were not able to save their funds during the hack.
I contributed with 6ETH of which I changed 3 into wLEO to put them together with another 3 ETH into the pool. I was (and I am still) sceptical about the business model of compounding with Uniswap-protocols. What is the long-term value of a token that can be staked only to generate more of itself, also if paired with a valuable currency like ETH? It might be that some of the new protocols and tokens will invent a business-model afterwards, with the money they generated by the Uniswap pool, but I like it the other way around. A valuable business-model, tailored to a specific customer segment making a good value proposition to this group. All this I definitely find in Leofinance, and therefore I supported the step out of the HIVE Ecosystem from the beginning. Mostly passively observing the developments of STEEM and HIVE over the last 3 years, I support the conclusion, that stepping out to onboard a new audience is the way to go. Making this process as easy as possible for a group that is not totally naive to crypto and the technique behind it, has good chances of success. Linking LEO to ETH and it's growth dynamic we are going to witness since this long crypto-winter is over, is a very intelligent move. It will leverage the FOMO moonshot that we are about to see for ETH design - not only by belive and hysteria (as it was in 2017 for almost all the Alt-coins). So in summary, wLEO was (and in November will be again) a project I understood, believed in and therefore supported.
Noticing that this wonderful idea has been hacked by a criminal that most probably has no clue about the potential of wLEO was hard. However, I was also a victim of the MtGox hack and therefore learned my lesson, not to risk too much, years ago. But it is still a risky game and this kind of losses are things you have to deal with. Therefore, I am super impressed by how the leofinance team handled the situation and bought out their early investors. This is not the normal way things are going. When I saw that 2.5 ETH and 7533 LEO have been added to my wallets as a refund, I was more than impressed by the attitude, the culture and the spirit of the Leo-Team. I will definitely participate in the next wLEO pool, and therefore should have left my LEO unstaked. However, I find a lot of fun in commenting and manual curation here and therefore couldn't resist to power-up.
It feels good to encourage writers with my upvote that is no longer only a fraction of a LEO. The linear curation curve gives me the security that I don't miss out against auto voters and gives me time to read, learn and fairly distribute my votes on the content I like. Hopefully, this will result in more of this content - but we all know, gamification of social media is not an easy task especially if some kind of value is involved. We will see how things are playing out, but overall I am magnitudes more positive this blockchain and its future than I was for a long time.
Posted Using LeoFinance Beta