Quote from: aejontargaryen on October 10, 2023, 03:17:05 PM

Wrapped (w)XFG Proposal

So that we aren’t waiting on the full development of COLD smart contract(s) before starting wXFG…
I wanted to submit a proposal to the Fuego community….which begins in a land far away called Yap Island...

One of the references in the Bitcoin (and sound money) ideology is how Yap’s currency (Rai) is based on those giant stones.
The aspect i wish to highlight now is about the giant stone that was lost at sea during transport... since the giant stones are used as a type of collateral anyhow ( and don't move once they are brought to the island ) everyone at the time agreed that even tho it was lost during transport and lay sunken on the seabed- it was (and still is) used in their system of value all the same. More Yap info here.

Same idea basically :

I propose we use a % of total community amount lost of XFG (or DRGL) as a result of centralized exchanges for the initial minting of wXFG.
Anything beyond the initial mint, we'll collateralize in deposits.

I lost a cool 80,000 DRGL/XFG (prob a lot more tbh) in just the FirstCryptoBank rug/hack alone back in 2018-19.
And for that matter, lost some amount of XFG on every. centralized. exchange. listing/hack/rug thereafter-...mostly from providing basic liquidity...but not entirely. I kept a record of most of the amounts in XFG discord, or on here....so, thought we'd try to glean an estimate of total lost XFG..because of CEXs. Just an idea...

If you agree with the proposal, and have lost XFG (or DRGL) as a result of a CEX hack/rug, make a public post that includes :

which exchange hack/rug
how much XFG u lost
and on which EVM you want to mint your wXFG.

Or if you disagree with the proposal, let me know.
The whole foundation of the idea is rooted in the social contract of the community agreeing on the validity of the events (FCB, Altilly, TradeCX, and so on...) and the likelihood of each person losing the declared amount.

I'll give it a month or so, say..30 to 45 days from now and we'll see where we are, then go about minting wXFG.

[/sup]

as for this idea - we'll close it. however it will actually work to our benefit as a built-in limiter to the possibility of over-minting wXFG thru the burning of actual XFG.
(burn XFG --> print wXFG ---> add back block reward to XFG) working thru engineering of it; most promising. i like it.