Crypto Camelot is ready to destroy itself from the inside, and that's a shame. On the verge of Yearn v.2 deployment, which would basically create the world's first fully functional decentralized hedge fund and venture capital platform, the governance is going crazy.
Apparently, Yearn devs are feeling underappreciated and put forward a proposal to mint 3% of the supply of YFI to pay themselves salaries. The community, I believe rightfully, rose up against this proposal strongly.
Let's be clear. These Yearn developers deserve compensation. If they accomplish what Yearn promises, they deserve a LOT of compensation. Ok? There's no argument about that. These guys have the brains that may free the world financially.
But if they go against their own ethos and just print more YFI to pay the guys at the top, then Yearn becomes no better than the IMF giving money to its friends, the World Bank sponsoring war and Jerome Powell destroying the US economy with his endless money printer. If you are willing to completely reprogram your stated philosophy to accommodate a short term craving, you're just another Fed.
There are a number of ways to compensate Yearn devs without printing more YFI. It doesn't have to be complicated. Top YFI holders who received their first coins through the completely free airdrop should consider compensating the devs themselves.
There's also the great idea of providing their wages from the v.2 accrued fees. Or free call options. There are so many ways to get the job done without wrecking the philosophy Yearn is built on. These are people who are masters of pulling yield from the market — why do we have to resort to unsophisticated money printing when it comes to their salaries? Is there something someone isn't telling us?
If Yearn governance decides to print money, it will lower itself from a passion project to just another investment in my portfolio. This is why the bankers will win — because we are all made of the same human stuff as them. Our weaknesses stop us from creating a philosophically sound system that can replace the evil, decrepit one in power currently. Before we upgrade society with all this great and beautiful defi, it seems we have further to go not technically, but morally.
[Note: This does not mean sell YFI right now necessarily, because everything associated with Cronje will probably moon upon the announcement of Deriswap or the Yearn Ecosystem v.2!]
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