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Earlier quoted context omitted.
In general, no, we don't find it offensive. The word "bible" is simply from the Greek word for book or books.
How would you feel about Bible.io being a company page for a crypto project promoting the Bible protocol? You have to admit it sounds a little confusing, no?
Normal contracts are written by lawyers. They are reviewed by both parties' lawyer. Sometimes, after the contracts are signed, the lawyers disagree what a particular provision or clause means.
At which point, they either negotiate or sue. In which case, a human judge weighs up the case and decides.
How do disagreements work with smart contracts?
I assume some contracts will be buggy - mostly because programmers are just as fallible as lawyers. So how are disagreements resolved in an equitable way?
With any new lending platform I have to ask: What happens if I borrow assets, spend them, and never pay back the lender?
In the current implementation / use cases we're focused on, your collateral, which is held in a smart contract, would become eligible for seizure by the lender.
There's something I don't understand about Smart Contracts. Normal contracts are written by lawyers. They are reviewed by both parties' lawyer. Sometimes, after the contracts are signed, the lawyers disagree what a particular provision or clause means. At which point, they either negotiate or sue. In which case, a human judge weighs up the case and decides. How do disagreements work with smart contracts? I assume som…
How do disagreements work with smart contracts?
Otherwise, an algorithm will decide.
Earlier quoted context omitted.
In the current implementation / use cases we're focused on, your collateral, which is held in a smart contract, would become eligible for seizure by the lender.
How can this make sense? If the collateral is X, then the borrowed amount (Y) has to be less then X. Why lend anything in the first place, when that means you can only spend Y while otherwise you could have spent X which is more?
Imagine the following:
1. I own ETH, and want to hold my ETH position so I can enjoy price increases, but I need liquidity to live my day to day life and, well, it's hard to pay for things with ETH. 2. Instead of selling ETH and exiting my position, I put ETH up for collateral and borrow a stable-coin (like DAI) against it. That way, I maintain my price exposure to ETH, but have liquid cash to use for my day-to-day needs.
Earlier quoted context omitted.
In general, no, we don't find it offensive. The word "bible" is simply from the Greek word for book or books.
How would you feel about Bible.io being a company page for a crypto project promoting the Bible protocol? You have to admit it sounds a little confusing, no?
What stops someone from putting up some collateral, disappearing with the loan and then just creating a new account?
With any new lending platform I have to ask: What happens if I borrow assets, spend them, and never pay back the lender?
In the current implementation / use cases we're focused on, your collateral, which is held in a smart contract, would become eligible for seizure by the lender.
If my collateral is another liquid asset it doesn’t make sense to borrow, and if it isn’t how exactly does the lender go about seizing it? I want this explanation to reach a satisfactory conclusion.
`dharma` is the term we buddhists use to designate the (sacred) teachings of Buddha. Would you use `Coran` or `Bible` to name your project? Probably not. It would have been a good idea to take more time to reflect on your choice of name.
I'm also a Buddhist (a savaka, technically). I have no issues with the name. If the name causes one person to learn what the Dharma is and to stop harming themselves and others, that's a great thing. It looks like a cool project too.
The only reason people began using words like Zen, Dharma, Buddha, Nirvana for commercial products that had nothing to do with the meaning of these words is because these words had certain power to them that businesses wanted to capitalize on. Like a brand, if you will. That power was given to these words by countless compassionate acts and lives of many remarkable individuals, so that these words may guide someone who is seeking close to the answers.
Making a financial platform using that name is just disrespectful. It's like naming your dog with your mother-in-law's name. Not an end of the world, but still, pretty distasteful.
Earlier quoted context omitted.
How can this make sense? If the collateral is X, then the borrowed amount (Y) has to be less then X. Why lend anything in the first place, when that means you can only spend Y while otherwise you could have spent X which is more?
This happens quite regularly in the world of margin trading. Imagine the following: 1. I own ETH, and want to hold my ETH position so I can enjoy price increases, but I need liquidity to live my day to day life and, well, it's hard to pay for things with ETH. 2. Instead of selling ETH and exiting my position, I put ETH up for collateral and borrow a stable-coin (like DAI) against it. That way, I maintain my price exp…