Hello fellow DAO members, and especially, thank you @HoneyBarrel for the diligent effort you have put into crafting a topic critical towards the future health and relevance of the DAO, Merit Circle, and its community at large.
First off, allow me to preface …
As an investor-first in this space, I like Merit Circle, both itself (the overall project & folks behind) as well as ROI-prospect wise (hence investor). Continuing, I don’t mean to project onto others, but I would imagine it to be a fair assumption that many in this space are also here for similar reasons, although some may be driven primarily by other incentives.
This said, although many of us may contribute to this space with the notion of return-on-investment top of mind, I would also like to imagine many of us do so with a clear moral compass in mind. Simply put, why not make a profit, while also doing well by others at the same time - both on an individual level as well as in community we surround ourselves?
On the issue of poor ethics, DAO values, predatory VCs, transparency & governance…
Continuing with this mindset, and in the context of partnerships, to me, this is certainly moreso an issue of ethics, as well as alignment of morals in regards the MC DAO vs ’ value-add ’ (however much it may be suspect).
As you aptly put, YGG, in recent past has elected to postpone a live LBP (see YGG SEA ’ fair launch ’ copperlaunch). An LBP, or liquidity bootstrapping pool, is meant to be an algorithmic token disbursement mechanism, whereby token price is met at an agreed-upon level with open community demand - completely fair and without interference. Compromising a community ’ fair launch ', whereby instead of being fair, resembles something more like a rigged carnival game is just one example of poor ethics. These sorts of actions against community represent the sort of character that is the antithesis of MC, its DAO, and community as a whole.
Why was this done? Was this communicated ahead of time to the community? How about the notion of the YGG SEA token itself? Why not a singular token, integrated inside the YGG token itself? Was it a cash grab all along? Are these issues ever even considered in an open, a public debate, a fair discourse perhaps? I think you know the answer.
As many of us are all too aware that have been in the crypto space long enough, the issue of morality, or more specifically: money / cash grabbing, lying, cheating, stealing, rugging (not hugging), and all in all, profiting via wronging others in any way is all too prevalent in crypto still in 2022.
One of the big things I (& I’m sure most) of us saw different in MC is a change in model vs various many projects preceding it - It’s true, Transparency, Open dialogue, Ethics, Empowerment and allowing voices to be heard from all sides is a new trick for crypto. It shows a maturation of the space, and one I think should be actively fought for, both for the long-term health & for adoption alongside other much more mature / regulated industries. MC can be one of the few in the space leading by example at the forefront of this new movement.
On SAFT Reversion
Let me repeat, by reverting a SAFT, at least in this case, it isn’t a ’ rug ’ of anyone (see low ethics). It’s a vote towards furthering what MC & its DAO stands for → transparency, morality alignment (in project, partners & community), ethics, fairness, as well as long-term soundness.
In my humble opinion, and in light of recent actions / overall track record of YGG, I do think they pose more harm vs help remaining an active partner of MC, and I would vote in favor of removal.
In summary, it is important to remember, ’ value ’ is a subjective metric by any measure, and although considered, I do think the notion of ethics (& alignment therein) weighs more highly than ’ value ’ - especially important as various VC’s, funds, partners, angels, & individuals provide value in different ways, many of which are hard to measure. We can easily make the case that, although YGG provided ’ some value ', their lack of morality in the space is far enough a more important consideration, especially as Merit Circle has continued to show time again, even at such an early stage since inception, a champion of transparency, fairness as well as governance (& associated processes); Continuing with this leadership, cutting ties with a partner whom chooses the opposite approach I believe would be beneficial. The mere fact we are all here having this discussion on a public forum, prior a DAO vote (which comprises -all- sorts of varied opinions, both in favor & dissenting), proves the character of MC, & also highlights the disparity between it & YGG.