Well shit, and this was the one case that actually created a crypto economy since the tokens did move around instead of just staying on wallets until it was dump time
Heard some canuck retirement fund was dumb enough to invest in some defi shit, no doubt there are many other investment fund who did the same shit
I said it before and I'll say it again, I feel like BAT is limited since its still a ETH token so at the end of the day its somewhat pegged to the price of ETH.
Speaking of FTX bailouts:
I'll give them sort of a pass. 3AC could have operated as a traditional crypto hedge fund: Buy stuff pre ico, dump on ico launch, keep some back as a hedge, make your easy 10x. Before defi existed, that was more or less their business model. Their books were closed, and I'm not surprised that people didn't expect them to be leveraged to the tits in defi. They lasted a decade, so people expected them not to be THAT retarded.
Well they aren't getting burned, someone is getting them and if you know the wallets you can watch them move (how that couple got burned from an old hack - you can't hide moving that much money). Just not the people who bought them originally.
I mean more the company loses the keys during its bankruptcy. Its a bit more difficult to lose access to a company's money when banks are holding it and can freely transfer it.
Who knows. I would wager most of them will survive. Hell, how many do you even know of that I haven't posted in this thread?
I think it'll be the ones who offered stupidly high earn/stake rewards even on crypto that don't come with them built in like luna and terra did, in fact I'm starting to eye Gemini and Binance slightly since unless I'm mistaken those two offer at least some APY on a lot more different currencies then most exchanges do.
Most of this site points to archives on a 3rd party website that we hope doesn't go down. Figuring out a way to move that to the blockchain seems like it would be a pretty good use case.
Eh, if you're going to be going just by "Rewards are higher than what I can get at a bank and on par with an index fund" it really isn't that good a way to look at it. The basic idea of where these rewards come from a cut of the fees for providing liquidity. You have to know how the fees are coming from. Loaning out 1000 cash for 3% is a very different proposition than putting that same 1000 in a liquidity pool smart contract for .3% of fees in a liquidity pool that is doing X volume in a day and you have Y% a share in it. At a certain point of volume you will be better served by the loan, at another the LP smart contract will blow it out of the water.
What's worse is that you could pass it off as a furry / alt hipster tattoo and people wouldn't even question itGalaxy Digital VC guy Mike Novogratz got a Luna tattoo a few months before it collapsed. To his credit, he hasn't deleted the tweet and said that he will keep the tattoo as a painful lesson. The tattoo would still be complete shit even if it wasn't now a memorial to a failed shitcoin, of course.
Ponzis bailing out ponzis. That's what Meshinsky is going to try with "Celsius 2". Make a new ponzi to bail out the old one.
Goldman Sachs is preparing to purchase Celsius assets out of bankruptcy, meaning it’s very likely to happen and the depositors will only see a small fraction of their money returned, and not for years.
Citibank and the restructuring lawyers Celsius hired both recommended they file for bankruptcy, so it’s over. People lost billions over this scam, it’s sad really.
I agree that using the blockchain to store data could be a good solution for preventing data loss. However, I think there are also some potential drawbacks to this approach. For one, it would likely be very expensive to store all of the data on the blockchain. Additionally, if the original site goes down, then people would still not be able to access the data stored on the blockchain (unless they have a copy of it).
Ah, crypto company gets leveraged to the tits, takes the peoples money, then sells out to Goldman Sachs, you love to see it
