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Three Arrows Capital has defaulted on a loan worth more than $670M

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Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#251

Post by 22c »

Barrera wrote: post #164

> Prominent crypto hedge fund Three Arrows Capital has defaulted on a loan worth more than $670 million. Digital asset brokerage Voyager Digital issued a notice on Monday morning, stating that the fund failed to repay a loan of $350 million in the U.S. dollar-pegged stablecoin, USDC, and 15,250 bitcoin, worth about $323 million at today’s prices. In other words, the $670 million that 3AC defaulted on was ~50:50 USDC…

One reason for taking a 50:50 position in DeFi would be for AMM liquidity pools, which make "money" on the AMM fee and also open the door for arbitrage opportunities on the spread, as well.

If you're bullish on BTC, you might want to become a provider for a USD(C)->BTC LP. Assuming the price of BTC goes up, you will naturally end up with more USDC as a result.

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#252

Post by dcist »

joseph8th wrote: post #204
zeven7 wrote: post #96

Earlier quoted context omitted.

I'm fascinated that some kind of place like this existed. I've only lived in large cities and the picture I've gotten of small towns from trips and media hasn't prepared me for the idea of a whole community that collectively buys into a get rich quick scheme.

Oh boy, have I got a story for you. Around 1999, my hometown (pop. ~600) fell for a conman. Like, the actual Town government, and almost everyone in it. Pudgy, balding, middle-aged white dude breezed into town and seduced the owner of one of the motels. She kicks her husband out and starts taking Conman to town board meetings, etc. Eventually divorced husband. Guy claims to be Hollywood connected, a wealthy promoter…

This is amazing. Do you remember the con man’s name?

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#253

Post by braingenious »

masswerk wrote: post #246
braingenious wrote: post #244

Earlier quoted context omitted.

I genuinely have never heard of this hate symbol, to clarify: the people that use three arrows in a logo hate signatories to the warsaw pact?

This was rather a historical joke, in order to provide some cognitive dissonance. (Assuming, the background of this "hate symbol" interpretation is something like Prager U. I really can't think of any other source for this than the developing culture wars and certain talking points by certain institutions, i.e., "we hate them, hence, they must have hated us first, thus, this has to be illegal".) Historically, the thr…

Thank you for your explanation! That’s fascinating!

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#254

Post by bandrami »

randomhodler84 wrote: post #135
jpambrun wrote: post #129

Earlier quoted context omitted.

It is probably true that 99.9% of people with crypto use it as a speculative investment. The remaining 0.1% true crypto idealist may exist, but I have never met one. So it makes the previous statement very much mostly true. This type of disingenuous argument is why some of us rejoice at the crypto meltdown.

Pleased to meet you jpambrun! I am one of those 0.1% idealists.

Can you name me a single good or service priced in BTC? If it's not a unit of account it can't be a store of value.

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#255

Post by yieldcrv »

acdha wrote: post #235
yieldcrv wrote: post #219

Earlier quoted context omitted.

I wasn't referring to Tether

What were you referring to?

Magic Internet Money ($MIM), and yes its name is a meta-meme meant to cause consternation of people that don’t matter

I would personally improve some UX and governance and less relevance of the team’s reputation, but its working

I like that the collateral is all interest bearing (backed by volume and transaction fees of their respective protocols), and pays off their debt over time

MIM creation privilege is too conservative for my tastes, but redemptions based on sentiment and collateral asset value has been seamless. Its pretty much what MakerDAO/DAI would have been if MakerDAO wasnt launched in 2017 and instead in 2021

I think there is still opportunity for this style of overcollateralized stablecoin to be done even more autonomous and better.

I like the idea stablecoins that cant freeze balances in addresses and also aren't collateralized by a balance at a bank or brokerage firm, the ones using onchain interest bearing collateral are the best model so far. Just need to improve creation and goverance and relevance of the team.

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#256

Post by arcticbull »

randomhodler84 wrote: post #233
tablespoon wrote: post #216

Earlier quoted context omitted.

> If Justin using His Excellencies personal wealth to bail out His Excellencies stablecoin sideproject What's with this "His Excellencies" stuff? Is it an obnoxious nickname, or is this backed by some monarch or gulf sovereign wealth fund or something?

His full diplomatic title is His Excellency Justin Yuchen Sun, Ambassador and Permanent Representative to the World Trade Organization in Grenada. It is correct to address him as His Excellency or HE. He also has diplomatic immunity.

> He also has diplomatic immunity.

... in Switzerland only, in his role as the Permanent Representative of Grenada to the WTO.

He actually doesn't have diplomatic immunity in Grenada, and Grenada maintains an extradition treaty with the United States. [1]

[1] https://protos.com/sun-grenada-his-excellency-justin-crypto-...

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#257

Post by bandrami »

ejanus wrote: post #38
jpambrun wrote: post #21

Earlier quoted context omitted.

People with crypto coins needs other people to be willing to buy them at higher price just slightly later. They keep exploiting fomo for their own gain. I don't think this is moral and a bit of karma is always welcomed.

Same with most company shares

Shares have dividends and represent a share of ownership of the underlying book value. The book value of a bitcoin is $0. Shares also come with a vote.

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#258

Post by [deleted] »

adam_arthur wrote: post #230
chasd00 wrote: post #150

Earlier quoted context omitted.

The thing about that is the Chinese government can just declare it’s no longer a problem and then it’s no longer a problem. Just like they can solve Covid outbreaks through starvation, separated families, and doors welded shut. When you’re free from morality or repercussions then all problems are easily solvable.

They can't really do that because Firm A may depend on Firm B's payment to stay afloat. So you can't just say Firm B doesn't have to pay A and all is well. Also if a Firm defaults on its debt obligations, nobody will choose to lend to that Firm in the future. Certainly it still may be possible to untangle the situation by shifting losses to those who can bear it (socialize them), but it's not as simple as you make it…

[deleted]

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#259

Post by bandrami »

chasd00 wrote: post #150
2-718-281-828 wrote: post #110

Any news on Evergrande? I thought the world was supposed to go under last year ...

The thing about that is the Chinese government can just declare it’s no longer a problem and then it’s no longer a problem. Just like they can solve Covid outbreaks through starvation, separated families, and doors welded shut. When you’re free from morality or repercussions then all problems are easily solvable.

They can also export at least some of their financial pain to their belt and road "clients". Sri Lanka comes to mind.

Re: Three Arrows Capital has defaulted on a loan worth more than $670M

#260

Post by masswerk »

braingenious wrote: post #253
masswerk wrote: post #246

Earlier quoted context omitted.

This was rather a historical joke, in order to provide some cognitive dissonance. (Assuming, the background of this "hate symbol" interpretation is something like Prager U. I really can't think of any other source for this than the developing culture wars and certain talking points by certain institutions, i.e., "we hate them, hence, they must have hated us first, thus, this has to be illegal".) Historically, the thr…

Thank you for your explanation! That’s fascinating!

I really wish, certain groups would leave European history alone, instead of twisting it for the purpose of their talking points. (Compare, "Hitler was a socialist", "Hitler was an atheist", etc – but this is really as off-topic as it is disgusting.)
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