Dear RLT token holders,
Today we all received an email about voting for proposal to change dividend distribution system.
I call on everyone to vote against this change.Here is the proposal:
it is planned to change the dividend payment system with the distribution of dividends in RLT tokens, which will be purchased at the average weekly exchange rate and distributed after the purchase
I have a few questions about it:
How is it possible to purshase tokens at the average weekly exchange rate?Everyone who tried to trade at stock exchanges knows it's impossible just go and buy something there at some specific price. You can place buy order on this price, but it may never be fulfilled. If you need to buy some currency as soon as possible, you can place taker orders and buy at the price other people asks.
In any case, such large purchases, especially when their time and volume are known in advance, cause a temporary price increase. Thus,
we will get fewer tokens than we could buy buying them ourselves. Also those who need dividends in ether will go to the exchange to sell received tokens, price will drop and
they'll get even less ether.
How this weekly exchange rate is going to be determined?To calculate this rate we need a log of all trades. I have some doubts that Bittrex is going to provide such log. If not, why should we believe their version of this average price? And what if other exchanges decide to list RLT, how can we consider their trades?
Also, why it is
weekly exchange rate? Not monthly or daily, not the rate based on all trades from last dividend distribution...
We are offered to replace the simple verifiable (dividends are distributed with a contract) system to something opaque.
We will loose some part of the profits, giving it to stock speculators.I do understand why Bittrex likes such change: they'll receive guaranteed amount of exchanges, periodic pumps and dumps and will have a good commission for all this. But why do we need it?!
Please, vote against this proposal! According to the letter, we have to send 0.0001 ETH to the address 0x144048309E703BfD7a04527e58644F87F5dDDBa7 to confirm our disagreement.