What is a reasonable price for LEO? **Current Price Explained**

in LeoFinance2 months ago (edited)

Currently there is some real hubbub over the LEO/wLEO token price. After some cracker not hacker appears to have taken advantage of an exploit in the smart contract code, leading to the ability to print A LOT of wLEO and swap that into infinity for ETH, which is then run away with.

EDIT: OFFICIAL ANNOUNCEMENT confirms information in this post, and more

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We are waiting for an official announcement but some things are clear:

1. LEO is not affected, wLEO is.

While many millions more wLEO have been printed, the total supply of LEO is unchanged, and continues to be earned on posts, etc.

Nonetheless, the hive-engine market has responded, and LEO price has fallen.

2. DO NOT buy wLEO.

Stop buying wLEO for ETH. Some people 'bought the dip', this appears to have been giving funds to whichever cracker was involved.

So what could be the right price for LEO?

This of course is based on many variables!

One thing we noticed, is the @leo.voter that likes to visit our posts. It has over 600k HP.

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This is mostly delegation, and so based mostly on the goodwill within the community. A good indication of value.

We also note that the team has over 20k hive and swap.hive for their wonderfully fast @leodex operation. There are structures and assets, a roadmap and a real community of content producing and consuming individuals.

After a review of the surprising situation, we have determined that LEO still has legs, and we can begin to formulate a strategy to 'buy the dip' on hive-engine.

Freedom and Friendship!

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Thank you @ecoinstats, for using the CO2 Compensation Coin (COCO) to reduce your CO2 footprint.

You've pointed out some strong points about LEO and delegation is one of it (just yesterday I've delegated a little bit). Beside that the blogging is at its core and that is increasing day by day and will continue to do so. Third, the LEO ecosystem has important ups that are supporting HIVE and second layer activities and those just bring value as well.

Current problems are just a bump on the road, they will pass and be a learning lesson for the future.

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