[PASSED] BIP-9: $BIT Purchase Program

I fully agree with this proposal, and guess almost of $BIT holders too.

4 Likes

I can’t agree with this proposal no more.

If understand correctly, this proposal is primarily focused on increasing the liquidity of $BIT.

Increased liquidity may not materially affect the price of $BIT, rather merely reduce spikiness of price movement caused by large buy/sales, reducing slippage in those cases :thinking:

If the buy price is above spot it would be a minor force to increase $BIT price, while at spot or below it would provided only a limited price support, given the pool of money available and daily volumes.

2 Likes

Would you like to see this proposal go to vote?

  • yes
  • no

0 voters

Fully support buying back but burning may not be a good idea.

I’m new to bitDAO, but came with a lot of expectations… and I’m really surprised about ‘how come bitDAO - being the largest DAOs hasn’t produced any new projects for months?’ !!!

Appreciate any kind response!

BIP-9: $BIT Purchase Program has been officially proposed

If approved, the parameters, which are designed to foster an economic connection between BitDAO treasury and BIT token, would go into effect on June 1, 2022. Get involved with BitDAO governance by casting your vote.

:calendar: Voting period: Now until May 5, 2022, 03:59 UTC

To vote on BitDAO proposals, you must delegate your votes. Learn how to delegate here.

1 Like

BIP-9: BIT Purchase Program has successfully passed. The parameters, which are designed to increase the economic connection between BitDAO treasury growth and the BIT token, will go into effect on June 1, 2022.

View the full proposal here.

This Program is good, May i know that the contribution of Purchase is using Bybit contribution or treasury of bitdao? 3 days of the purchase program have been launch, but the stakeholder unable to track the data of purchase

1 Like

I can’t track purchases either. There is a lot of selling pressure in the price and it is falling independently of the market. I guess the purchasing program is not implemented

2 Likes

unable to track the data of purchase

1 Like

The amount of bitdao in the treasury is the same. No purchase has been made. Although the proposal was voted on, it was not implemented. No one is telling the method by which we can track purchases. The bitdao project, which calls itself dao, is one of the greatest products of capitalism. I use the forum more than the admins. Unfortunately, I am at a great loss for being deceived. I guess bitdao is a project based on defrauding people? I can’t get an answer to any of my questions. Now answer me is bitdao scamming people? @Lbrian

2 Likes

The contributions of BIT to the treasury will be made on a monthly basis.

2 Likes

Will it be a purchase of $21,000,000 at once?

1 Like

1. The “Targeted Daily Purchase Amount (TDPA)” shall initially be set at $700,000 per day (approximately $21M per month).

3 Likes

One good thing about the current bear phase is that:
With the same TDPA, the number of BITs purchased daily has been increasing rapidly :slightly_smiling_face:

3 Likes

(6/22/22)
Please note BIP - 12: Update $BIT Purchase Program has been introduced for a vote in the BitDAO Snapshot Space.

https://snapshot.org/#/bitdao.eth/proposal/0xa1cc8e7254fd7a28c5e740070960baf2cf5dd3fb06744ef6746e60a5e6f3853d

The proposal reads as follows:

This proposal is authored by cateatpeanut

Context

This proposal is a parameter update to BIP-9: $BIT Purchase Program.

Current statistics: annualized treasury inflows exceeding $800M (based on last 30 days); treasury value of ~$720M (excluding $BIT); market capitalization of ~$2.9B (excluding 30% of $BIT to be held within the treasury).

Recommendation: increase Target Daily Purchase Amount (TDPA) of $BIT

Proposal

  1. Adjust the TDPA from $0.7M to $1.5M USDT per day, starting 2022 July 1st.
  2. Fund the purchasing with assets from the BitDAO Treasury. This change enables increased flexibility and simplicity for setting the TDPA, as it will no longer be capped by Bybit’s monthly contribution amount.
5 Likes