Hello Waves Forum,
its time to talk about MRT and how the Waves team is dealing with it.
Today I read the recent Miners Reward Token Update and it made me gasp. Why? Because nearly every single number in this report is total bullshit. In the following I will go through the article line by line and show in detail what I mean when I call this bullshit.
For all people which are not up to date: In June 2018 Waves team announced the trial of the buyback & burn programm for MRT.. The plan was simple: Buy MRT worth 500 Waves a days. Burn 20% of it. Distribute the rest to nodes. Repeat daily.
Sounds great? Well, I thought so too until I read the MRT update from 9th August.
The madness already starts at the second phrase.
Over the last two months we have been purchasing, burning and distributing MRT as promised. Total figures since 15 July 2018 are:
- Okay, you bought back MRT for two months. Why do you give us numbers for 15 July - 9 August? Why not the whole two months? This is totally random!? Why do you think anybody is interested in the buyback stats of 3 random weeks?
- “as promised” (will be important later)
• 278,734.74 MRT bought
- Lets juggle with some numbers. Waves team is making it hard here, maybe thats the reason why they dont give us the real numbers, only a random timeframe. The 278k MRT are bought during 25 days, which equals around 11.1k daily average. Now its getting interesting. 3 Month high of MRT was at around 0.038. Lets assume Waves team bought every single MRT at latest high (which they didnt). Now every child can do the math: 11.100 * 0.038 ~ 423 Waves. Something is fishy here. So my first blame: Waves team is not buying MRT for 500 Waves a day as promised! And its easy to proof that by their own shitty article. Lets go deeper.
• 26,933.66 MRT burned
- This is freaking amazing. Is an ape doing the math at Waves team? Okay lets rewind: In both(!) articles about MRT you are talking about 20% burn. Sidenote here: You promised 50% burn. The quote below is from sashas telegram channel (https://t.me/absolutelysasha)
For the next two months we will be distributing 10 MRT for each generated block, plus smaller miners will be incetivized with additional MRT. The source of this will be our own stake in MRT plus we will be buying back MRT from the market, burning half of the amount and sending the other half to miners. After that we will be targeting the achieved daily profit for the miners, and if it falls below the average amount it will be compensated by MRT distrubution. The goal is to increase the miners profit by at least an order of magnitude, potentially more.
- Alexander Ivanov, 5th March 2018.
But lets forget that and lets just look at the numbers again:
• 278,734.74 MRT bought
• 26,933.66 MRT burned
Alright. Nice 20% you burned there. Im not sure if you are able to do the calculation, so here is my result: 278,734.74 * 0.2 = 55,746.8 . Would love to hear the explaination on that difference of about 50%.
These were my concerns regarding the latest Update. Now I want to say some general words about this topic.
First of all Im very disappointed by the waves team. I really understand mistakes, I also understand that plans are changing, but what I see here is far away from a mistake. Its planned misleading and im not very happy with this.
Next point I want to mention is how my doubts regarding this obviously wrong numbers were adapted from your so called “community managers”. When I mentioned it in General Chat in telegram Julia (@yukatyan) decided to just delete my messages, Miroslav (@MiroWavesCM) decided to ignore me when I messaged him in private.
The last group of persons im very dissappointed of is the waves community itself. How the heck is it possible that they released this piece of shit 4 days ago and nobdoy complained or commented it?
Now I ask for clarification and if you plan to do the buyback & burn as promised or if you will keep doing totally different stuff?
Regards Lennart