Didn't you dabble with a twitch-like service powered by shitcoin? I remember you starting a thread on it. Found it- https://bbs.clutchfans.net/threads/estn-new-gaming-crypto-livestream.314649/page-2
But the programming can't account for adverse scenarios. The whole debacle with the Solana Network nearly collapsing because a whale was about to trigger a massive liquidation is proof that the programming isn't always foolproof. The design can create catastrophes that are unforseen. It's why we have central banks and governments to step in when things go crazy. And the fact that the Solana administrators and community basically voted to override the default protocol shows how humans can still interfere in the world of defi. I'd rather have a financial system with accountable actors and politicians that oversee its stability than the wild west of Defi with no backstops other than people voting to override the supposedly sacred protocols that govern the "currency."
Solana is a bit of a middle-ground scenario, and even more so with Solend. First off, the team was enacting proposals on their own and had the ability to edit parameters, so it's not really decentralized (a major ongoing criticism of Solana). Second, the liquidation thing would actually have been fine - it would have blown up the price of Solana, but rightfully so and very transparently in a scenario of a failed lending protocol. The whale account's holdings were public, so any of this could have been seen in advance - which is how this became an issue in the first place. The issue with Solend was poor programming and poor risk management - some of the same issues as centralized lenders. But the key difference is all the info was public, so people can make their own decisions and know the risks they are taking, unlike Celcius and others who's decision making with their capital is not governed by anything and isn't transparent. That said, when I think of decentralization, I think more of something like Aave. Investing with shitty companies or algorithms is a terrible idea regardless of centralization or decentralization - LUNA was a great example of that. It's collapse was entirely predictable (and had happened to a very similar protocol, Iron Finance, in nearly identical fashion in 2021) - the people that are upset were largely investing in something they didn't understand. They wanted to be invested in decentralized yada yada yada but didn't want to research what they were investing and then wanted centralized help when it all fell apart. The bigger issue you're talking about with backstops and accountability, etc, in my opinion isn't a problem of centralized vs decentralized. It's just a larger problem with crypto being unregulated and also uncontrollable - but those are the things people love about it too. So people in that world shouldn't expect to have it both ways. If they want unregulated, they need to be prepared for bad actors, scams, etc. I have always said crypto won't take over the financial system for this reason - in general, people want and need those various protections.
Not directly related to crypto except that Peter Schiff hates crypto and has built a nice following of trolls, but dumbass seems to own a bank in Puerto Rico that has been seized by authorities and now he's whining about it. It's funny to see all the responses say "see, this is why you should support bitcoin!".
Peter doesnt hate Bitcoin. He trolls the crap out of everyone to stay relevant. The financial industry generally ignores Peter. Bitcoin maxi's just can't hold their composure against anyone that disagrees with him so Peter gets a lot of attention from them.
cash is king, in particular the US Dollars, which is trading at its highest level in 20 years. this is a sentiment expressed by a Euro currency trader's perspective
I forgot the exact date of the Mt.Gox (another 3B out of nowhere lol) redistribution,Aug teens...17th? A good point was made that those victims/beneficiaries wouldn't be 100% committed to dumping, and if they planned to, they would more than likely to have been bought out already. The issue with this one is that if this is a planned dump, then obviously others would look to frontload it.
it's working, as the trading action has cratered the triangle of death, heading to hell https://www.tradingview.com/x/2IrE3OGE/
FEARS OF FURTHER CONTAGION IN THE BITCPIM MARKET As the market recovers from the contagion effects of multiple insolvencies, it looks highly likely that all of the dust has yet to settle from the major events. On June 17, 2022, crypto yield service Finblox, announced it was limiting withdrawals to an equivalent of $1,500/month. The platform offered extremely high yield on crypto assets, and was a portfolio company of 3AC. MARKET IMPLICATIONS Over the coming days/weeks, there likely will be more information as to the damage done. Balance sheet contagion, while natively a byproduct of traditional finance and fractional reserve banking, has hit the bitcoin/crypto market. This means that large amounts of dollar-denominated obligations exist against a fixed amount of crypto assets that can be pledged as collateral/sold. This is particularly why the market has plunged in the weeks following the crash of UST, and now the failure of Celsius and 3AC. While bitcoin is already down 70% from its all time high, the increasingly volatile nature of the legacy financial system recently along with the contagion risk spreading around the crypto market signals that more pain is likely to come.
Electric car maker Tesla (TSLA) sold $936 million worth of bitcoin (BTC), or 75% of its holdings, in the second quarter, the company reported Wednesday in its earnings report. The company ended the second quarter with just $218 million in bitcoin (BTC), down from $1.26 billion in the previous three quarters. DIAMOND HANDS HE SAID.
Elon found a way to tank 3 things - BTC, TWTR - TSLA - all at the same time. Not including companies/funds that feed off those tickers (COIN, MARA, TQQQ, etc). Thanks @tinman Tinman & Conman sitting in a tree... k-i-s-s-i-n-g.
