Hello @patrickbennett I want to correct the FUD you're spreading about Folks. These quotes were taken just in the first 10 minutes of you joining the X Space.
“their contract is completely mutable…you can have some people who might be like you know what, it’s worth it, I can go to some country that have no extradition treaty and go for it [rug the project]”
Our contract is upgradeable but with a time delay. We believe that this is the best compromise on the centralisation vs adaptability question. Any upgrades we plan to do must have at least a 24 hour time delay https://t.co/220SGvZrHe during which users are able burn their xALGO if they don't want to use the new version of the smart contract.
“the double dip that Folks will have is complete bullshit”
The ability to "double dip" rewards is for gALGO node runners. For the past several periods, we have allowed users to use their ALGO locked in their escrow to participate in consensus. These users are running their own nodes using their own ALGO. Since this period there will be rewards for consensus, these users can now "double dip" rewards. That being said, Folks has been rewarding Algorand users for Consensus far before the Foundation explored the idea.
I would like to remind you that Algorand is public and permissionless. Any project can create a solution which has these “double dip” rewards. We think ahead to anticipate what users might enjoy, which has been a pillar of our success.
“it’s 100% centralised in the sense that they’re [Folks Finance] is gonna have to call it [the smart contract] and say move ALGO from here to here to rebalance. The protocol itself doesn’t do that.”
This is a lie. The user sends their ALGO to the smart contract and it automatically splits the ALGO evenly between the proposer accounts
https://t.co/MBUVOTusTK.
“xALGO they don’t use AVM 11 at all…you are still relying on them to do the rebalancing. Hitting the 70M max, they will have to manage that.”
Also a lie. There isn't even a rebalance method for us to call. The smart contract automatically enforces the max proposer balance. The reason we don’t use AVM 11 is because our xALGO solution is already live before the network upgrade.
“we are boosting people which don’t have our [Algorand’s] best interest at heart”
We have shown time and time again our commitment to Algorand. Just recently we have made xALGO open source, we did the first ever Audit Competition in the Algorand ecosystem and we are going to have community node runners for xALGO. We’ve been in the Algorand ecosystem since the very start of DeFi and we still continue to build.
@JMB_DUNN@JBlaz3R Yes, they are selling, exactly as they said, and now we're in a great position re input of new tokens.
I've seen SO many posts of *individuals* saying they will sell given any opportunity because it hasn't been a moon coin. Have to overcome that