Crypto company deathwatch thread

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As an experiment I mined about $50 worth of eth tokens that are now worth about $25. I wasn't planning to do anything with them anyway but just to see what happens to them.

Cool Dog said:
I think I asked this before but I dont recall getting an answer: is there anywhere in the world where an eth smart contract is legally recognized? as in I can use a smart contract instead of a regular contract from a notary and the courts will recognize it
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the contract is not enforced through the legal system but by the code correctness of the smart contract that was written and the network functioning itself. You should read through https://en.wikipedia.org/wiki/Smart_contract for a good overview.
 
Smart contracts for off-chain goods and services are a meme. Let's view it through the lens of standard export-import operations. Once the contract is signed, seller needs to ship goods in a certain timeframe, by a certain mode of transportation. How will the smart contract know that the goods were shipped, without getting information from trusted third parties like shipping companies and customs? How does the smart contract replace arbitrage in the case of a dispute between buyer and seller?
And finally, why do you need a fucking blockchain for this? Information about "paper" contracts can be (and is) recorded on centralized databases that can be taught to "talk" to each other and aggregate all necessary information (shipping manifests, certificates for goods, customs declarations, bank receipts) in one place, in addition to local copies.
 
tulskij_tochnyj said:
Smart contracts for off-chain goods and services are a meme. Let's view it through the lens of standard export-import operations. Once the contract is signed, seller needs to ship goods in a certain timeframe, by a certain mode of transportation. How will the smart contract know that the goods were shipped, without getting information from trusted third parties like shipping companies and customs? How does the smart contract replace arbitrage in the case of a dispute between buyer and seller?
And finally, why do you need a fucking blockchain for this? Information about "paper" contracts can be (and is) recorded on centralized databases that can be taught to "talk" to each other and aggregate all necessary information (shipping manifests, certificates for goods, customs declarations, bank receipts) in one place, in addition to local copies.
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Oracles and collateral. This isn't some impossible idea that no one has thought of. Its not built out yet, but that's the goal.

You use blockchain because, if they can make it work, you can now cut out hordes of middlemen to enforce various legal mechanisms we have now. And with the money that is on the table that can be saved, there is one hell of an incentive to make it work.

inb4 you throw out something else that is obvious, that is also being worked on.

Les Morfalous said:
>18% return on investment
Yeah, that's totally not a basic-bitch pyramid scheme, no sir.
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You're right, I don't get out of bed for less than 100% tbh
 

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FFinfo said:
Smart contracts don't quite operate the same way a contracts in the colloquial sense do. In layman's terms, smart contracts automatically execute when their conditions are met: They're "trustless" in that you do not need to worry about someone reneging on their end of the deal. Once you interact with a smart contract, everything's done by the contract immediately (funds sent/received, service executed, etc.)
For example, if I write a smart contract that gives you an NFT in exchange for ETH, there's no way for you to cheat the contract: You can use it —which will automatically give me your ETH and send you your NFT — or you can decide not to use it (in which case we just do not do business), but there's no way for you to send me ETH and not get your NFT, or me to send you the NFT and not receive any ETH.
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awoo said:
the contract is not enforced through the legal system but by the code correctness of the smart contract that was written and the network functioning itself. You should read through https://en.wikipedia.org/wiki/Smart_contract for a good overview.
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I know the basis of the smart contract but that application which only works within a specific blockchain (eth) its far more limited than the applications for which this stuff is being hyped for

@tulskij_tochnyj had a good answer on that, how you integrate this within existing systems to delivery the streamlined experience smart contracts provide? like one of the biggest PITAs out there is having to go to court over a contract, how you fix that with smart contracts so that you can get a verdict faster than we do now?
 
ditto said:
My bet is that BlockFi is next to fall. Someone has done a very good analysis of outflows and they're probably already underwater. Link to Nitter thread (archive).
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BlockFi's returns were too high to be sustainable. Americans can't use their interest bearing accounts anymore anyways. What will happen to their bitcoin credit card if they go under?

0x recently got $70mil in series B funding. They are an API into different market makers and made their own exchange called Matcha. They don't seem to have any revenue at the moment nor have they announced a monetization roadmap. I wonder if they will survive through this with their funding.
 
ditto said:
My bet is that BlockFi is next to fall. Someone has done a very good analysis of outflows and they're probably already underwater.
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That thread isn't bad, but the dumb fuck posted this in the middle of it.

otterssuck.png


Makes me completely distrust the rest of what he says. Its an endemic crypto twitter thing, saying "See! Look at how often I'm right" while ignoring any times you called it wrong and blocking / hiding replies of anyone who calls you out on your shit.

Now I reflexively want to think that they will appeal SEC shit long enough to get their house in order.

In regards to tether, it would be hilarious if their network is setup in such a way that their nodes got ddosed and they lost their entry point to push through burns and mints.
Neigh said:
BlockFi's returns were too high to be sustainable. Americans can't use their interest bearing accounts anymore anyways. What will happen to their bitcoin credit card if they go under?

0x recently got $70mil in series B funding. They are an API into different market makers and made their own exchange called Matcha. They don't seem to have any revenue at the moment nor have they announced a monetization roadmap. I wonder if they will survive through this with their funding.
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1) using traditional paradigms of finance to inform how crypto works is silly. Its a market where 10%+ daily swings are normal, and losing 70%+ of value is not only recoverable, but a healthy level of draw down. That is absolute batshit crazy to anything outside of crypto.

2) I don't think Matcha is long for this world, it appears to be a clone of a previous version of sushiswap and its big draw just seems a variation of what 1inch is doing. and 1inch is beating them on marketcap. With, 70mil on a ~250 mil marketcap is a bit less than 1/3, which means when the token gets unlocked the price is going to absolutely tank.
 
So, Celsius thing might have been a giant fud campaign because they cut out early when people were trying to save LUNA?


In other news, There was a platform called Solend, basically a lending platform on Solana. You put your coins in, earn yield on said coins, and people can borrow by putting up collateral. Nothing to crazy there.
Turns out there is a whale on there that is getting close to being liquidated. With all the volitility, also nothing crazy.
THEY THEN DID A DAO (Decentralized Autonomous Organization, aka, shareholders but crypto) VOTE TO CONFISCATE HIS FUNDS AND PARTIALLY LIQUIDATE HIM OTC

Solend.png


The vote then passes, where .5 mil worth of votes wins in favor to liquidate a wallet with over 100 mil in it.

Solend2.png


But don't worry guys, the platform itself definitily didn't have a hand in doing such a thing
and crypto clownworld continues
 
Maurice Caine said:
'23 will be the year of the Gaming PC my friend. Unfortunately gaming has sucked for years.
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Counterpoint : quake and Zelda 64 rtx ports. Other than that, agreed.

Personally I just want to score a couple decently beefy cards and mess around with a couple simple deep learning models in a fashion that doesn't involve renting time from google.
 
Bancor going down?

bancor.png


(IL for noobs: Lots of decentralized exchanges use something called an AMM (automated market maker) instead of an order book to enact trades. The basic function works by matching Coin A with Coin B, and the ratio between the 2 must remain the same in relation to third party. So for this example lets use BTC and ETH. You put dollars of eth in and 5 dollars in btc in for a Liquidity Pool (LP) token worth 10 dollars. Both eth and btc price flucates, but the LP token will always be worth an even split between the two. If they both raise in tandem, when you split them apart, you will end up with 7 dollars of ETH and BTC. If BTC pumps and and Eth stays the same, you will get more eth and less BTC, and not be entirely whole. This is called IL, or impermanent loss. There's math and curves and shit involved, but that is the basic premise of what IL is and how AMM's work. Bancor, in an effort to make their exchange more enticing offered IL protection: They did this in 2 ways 1) give you 1 to one protection from their fees. or if the fees aren't enough 2) issue like value worth of their native exchange token. )

Now with bank runs being popular because everything is exploding, people are taking their locked tokens out of Bancor and putting more than a bit of stress on their IL fund. So instead of doing 2) they are yoloing it in hopes that they don't end up tanking the price of their native token
 
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Binance is the biggest con job of them all.

I think on Tuesday we will start to see the ball unraveling. There is a mountain of de-fi that are leveraged to hell and back; but it is going to take BTC at about 18K for a period to unwind them. Under 20 nearly unwinds them, but not quite if the info I have is considered legitimate.

Also, lets keep in mind that 12 Million ETH coins valued at 25 Billion has been staked and much of it can not be touched during the stake period; now a lot of those coins were staked but used as collateral if I am not mistaken, so calls may be going to persons who can not actually access their coins for liquidation.

But if you look at the buy orders when BTC hit 17,500-18,000 there was a shit load of buying which probably gave enough liquidity to the leveraged guys to live another day.

If they don't hold BTC at above 18K and it goes below 18K for a period of a week or so, the domino effect is going to be incredible to watch. Popcorn is on standby.
 
But funds are safu madstan

CZ is absolutely a chink and a jew, but he also seems to run a pretty tight ship. I have a hard time seeing binance becoming insolvent. They will totally "go down" liquidate while you can do nothing about it, and then come back up when volitility settles, but thats the risk of all Centralized exchanges.

There is a mountain of defi leveraged to hell and back, but seeing as things bounced back to the 200 MA I am not so sure. Who are the other big players to fall, and how big are they? 3AC is dead, and Celsius managed to avoid dodge the bullet it seems? Blockfi and nexo are risky, but then, they aren't markedly bigger than Celsius. None of the big exchanges look to be in dire straits, Saylor is good down to 3k.

Its a US holiday weekend. If things don't pop tomm, I don't think the Wall st guys are going to finish the job.

>if the info I have is considered legitimate.
post receipts nigga or gtfo. and better if you post short too.
 
I don't know anything about crypto, but if crypto completely collapses (and I think it is very possible) what implications are we talking about?
 
Maurice Caine said:
I don't know anything about crypto, but if crypto completely collapses (and I think it is very possible) what implications are we talking about?
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You're most likely fine. The SEC won't approve of practically anything directly involved with crypto, so its more or less contained to grayscale, which is functionally a 1 company approximation of the crypto market. You don't need to worry unless you recognize the name grayscale and all your funds are with them

The wider market doesn't touch crypto with a 10 foot pole for obvious reasons.
 
Nol 2 said:
Makes me completely distrust the rest of what he says. Its an endemic crypto twitter thing, saying "See! Look at how often I'm right" while ignoring any times you called it wrong and blocking / hiding replies of anyone who calls you out on your shit.
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Bitfinexed does this a lot too and even made a cringe animation of his penguin avi. Showboating to drive engagement is necessary on Twitter unfortunately.
 
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