mKO liquidation

So my open positions get liquidated with no warning, no webpage banner of collateral ratio change, nothing at all? Sitting at 125% collateral ratio and wake up today to liquidation. This is insane and will never use Mirror again. If the collateral ratios can be changed on extremely short notice with no period to adjust positions, this will be a dumpster fire sooner rather than later. Why would anyone use this protocol if changes like these can be made with no opportunity to adjust positions within a reasonable time frame? Do devs expect people to constantly read the forum every minute of the day to know when collateral ratios are going to change? Absolutely ridiculous and a poor excuse of protocol management.

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Collateral got from 110% to 130%, there was 1 day warning after proposal passed

It was also obvious that it will pass almost right from the beginning, so like a week.

yes word word word word word

The protocol is managed by the users. It is fully decentralized. There are no “devs”.

You seem deeply confused about what Mirror is.

Pedantic response, missing the forest for the trees. No devs, no official Twitter, UI updates on Mirror not possible, Discord is an unorganized mess, lack of any communication. What purpose does the MSC serve then? You’re part of the problem with this community and helping to steer Mirror off a cliff with your cavalier attitude toward questionable practices.

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What have you done btw? you joined this forum 2 days ago. Do you participate in gov? If you don’t, why should anyone care what you think? You aren’t really a part of the community.

There is no mirror without happy users. You need to get of your high horse by being a mirror developer. Every single post you discuss you are always attacking the regular user and bashing them for not doing dev. work. The point is that mirror was not designed with the idea that every single users must contribute something.

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He is not a Mirror Dev. He is just a guy selected by a gov poll to steer Mirror.

Actually, there was no gov polls selecting member of the steer committee. Instead, people behind several internet names created a gov poll requesting 440,000 MIR tokens for a so-called Mirror Steering Committee.

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I still don’t understand why MSC asked for MIR Tokens. What will they use these tokens for? I’m tired of trying to understand what they’re doing. Whenever someone asks them a question, they refer to their forum topic but there is no answer there. Just a little word salad. There is a lot of potential for this protocol, but we are killing it with democracy. This protocol makes me despair of the idea of democracy. We humans are not qualified to vote. Thanks to democracy, the only viable use case for the protocol are yield-bearing DN strategies. And using these strategies dumps MIR Token prices. There is no longer any reason to buy MIR tokens. Hope we can do better. I will continue to participate in the governence and will not sell my MIR Tokens. But I am hopeless :frowning:

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To make changes you need devs, to get devs you need to pay people, to pay people you need money. Money on Mirror is MIR, thus they needed MIR…

Unfortunately it’s a hard process as a lot of the “fixes” are either complete overhauls or need other things fixed first – e.g. can’t lower the collateral ratios until the liquidation module has been changed.

At the time of request, those MIR tokens worth about $1 million USD. That amount of the money is enough to hire multiple full-time developers sufficient to build a completely new app., not just some modification.

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They could create individual proposals for each job. That would be more transperent. 1m dollars are enough to fund a new project from ground. Knowing someone can get 400k mir wo any proof of work done scares me. If I discovered this protocol after that happened, I would not trust this protocol. And at this point, any investor seing premium prices and this community will run away.

That isn’t correct at all. It was around half that.

Wow, makes huge diffrence

The MSC is taking no payments for their work, the MIR tokens granted will be used to fund any work that needs to be done… if you have any ideas, propose them! Please also be informed and involved in Discord and Twitter to always have the latest information/discussions.

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Lost 5 figures. What a mess of a protocol. Will never use again either.