Threshold
I don't actually believe we need such buyback now but I support this time because this is for once proposed by someone out of team and I support this approach. I believe it is a good signal to give to encourage more users and supporters to get involved
I shared my views previously here: https://hydration.subsquare.io/referenda/32#7
However, lolmcshizz has since made statements in discord that suggest I misunderstood the purpose and value of these buybacks in my prior comment.
For example:...these H2O were received because the protocol (HDX holders) suffered IL on their BTC. Buying back HDX is the only way to return that value back to HDX holders without causing some kind of knock on impact, as HDX doesn’t really exist anywhere else....[continued]
I have some issues with what lolmcshizz said:
The only people gaining realized value via these buybacks are exiting the project or front-running. To be fair, after reviewing on-chain data, I estimate frontrunning is not more than five to low six figures. Additionally, to be fair to lolmcshizz, the alternatives I have suggested require some time investment from the team.
However, while I am still against these buybacks, my position has softened, and my reasons have changed. I do not believe it is in the best interest of the project to discuss publicly, but I am happy to share my viewpoint with community members privately. You can find me on Discord. If you ping me in chat, I may not see it due to quarantine, so DM me.
Edited
As long as the protocol has liquidity to launch larger buybacks in case of a market crash I'm cool with this.