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Peter Thiel-Backed Crypto Lender Vauld Suspends Withdrawals

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Re: Peter Thiel-Backed Crypto Lender Vauld Suspends Withdrawals

#131
post #50

Earlier quoted context omitted.

This is true. It’s also true that “your body” is just a social construct. The rabbit hole of “property is just an idea” doesn’t end well for humans who seek agency.

Land exists independently of your labor, predating and (hopefully) postdating your existence by billions of years. Your body does not.

"Your body" is a hierarchy of cells, cellular processes, and organs, all of which consume energy. And in increasingly many cases, "your body" has prosthetic augmentations or very difficult to produce medicine, without which you will cease to survive. If you can argue that those things are "human rights", then I can easily argue that "human rights" include shelter, peace of mind, a basketball court, ad infinitum. Perhaps more accurately: property is simply an extension of humanity that is granted by other humans. Again, taking away "property" won't end well for humans who wish to control their destiny, as parts of "your body" could gradually be deemed "property" and now you're at risk of life and liberty.

Re: Peter Thiel-Backed Crypto Lender Vauld Suspends Withdrawals

#132

Earlier quoted context omitted.

> Real estate is an outlier in your examples due to there being limited supply and people need shelter People need lots of things. The principal constraints on real estate are political. (The entire concept of real estate is a social construct.) Not physical space.

Is not also the "idea of a social construct" a social construct? And by extension is also arbitrary and meaningless? And surely then every idea of any category is dissolved as meaningless and arbitrary, and then reason itself is absurd?

The non-obvious point is that the value of real estate hinges on this social construct. Even the exact implementation details of it. It's not as simple as vecinu implied, that people need shelter therefore my investments will moon. And this isn't just a theoretical exercise, it's rather something that affects the market.

Re: Peter Thiel-Backed Crypto Lender Vauld Suspends Withdrawals

#133

Earlier quoted context omitted.

This doesn’t make a lot of sense. Bitcoin and ethereum are still up and processing blocks with little regard to what is happening in the financial system. Those lending companies closing down are basically centralized platforms very much like the legacy financial system. This take is the same type of uneducated comment that someone does while attributing actions done by say Coinbase to crypto as a system.

>Bitcoin and ethereum are still up and processing blocks with little regard to what is happening in the financial system. Those are internal database tasks. I'm sure the IT staff at Lehman Brothers could have run defrag jobs and swapped backup tapes until the Sun went out. That wasn't the problem at Lehman. The bitcoin network can process blocks when a bitcoin is worth $10,000 or $1 or $0.00001. The problem is that i…

When BTC was trading at 1USD, there was an alive and vibrant community making it all work. Your point is sound almost regardless of fiat price. Here's a 2011 @ 6USD interview https://youtu.be/Ta73DofiT7o

Re: Peter Thiel-Backed Crypto Lender Vauld Suspends Withdrawals

#134
post #104

I'm a crypto enthusiast and I don't share the common view here that blockchain is useless, however ... how do you offer 12% interest on a stable coin? Where is that money even supposed to be coming from?

token farming from tokens that are given as incentives for using different dApps. These incentive tokens have value because of the speculative nature of the human brain.

Re: Peter Thiel-Backed Crypto Lender Vauld Suspends Withdrawals

#135

The weird thing about crypto is that it can become a $20T asset class without it ever truly affecting the "real" world, as long as the money stays circulating within the crypto ecosystem. Crypto marketcap topped $3T this run. It was likely much higher given that this $3T figure comes from CoinGecko and it doesn't track NFTs and unlisted tokens. Yet the real world impact of this market crashing wasn't really as big as…

This might be true, but it's not that interesting imo. It's not a closed ecosystem people cash out of crypto to interact with the real world and buy their lambos. When there are major shocks in the real world - war & inflation this time - the facade disappears.

Cashing out is actively discouraged by the dominant "HODL" culture. Sure, people do cash out a lot. But its a fraction of the paper wealth circulating through the crypto ecosystem.

Re: Peter Thiel-Backed Crypto Lender Vauld Suspends Withdrawals

#136
post #97

Earlier quoted context omitted.

Snarky, ooh! Let me try! You basically look like a anon pundit, criticizing couch philosophers on an anonymous forum. Well done.

I'd rather troll couch philosophers on an anonymous forum than be one. I am rubber, you are glue!

Touché!

Re: Peter Thiel-Backed Crypto Lender Vauld Suspends Withdrawals

#137
post #132

Earlier quoted context omitted.

Is not also the "idea of a social construct" a social construct? And by extension is also arbitrary and meaningless? And surely then every idea of any category is dissolved as meaningless and arbitrary, and then reason itself is absurd?

The non-obvious point is that the value of real estate hinges on this social construct. Even the exact implementation details of it. It's not as simple as vecinu implied, that people need shelter therefore my investments will moon. And this isn't just a theoretical exercise, it's rather something that affects the market.

Right, I just tried to simplify the thought experiment to counter the argument that tech and commodities are as important to the consumer as housing is.

Re: Peter Thiel-Backed Crypto Lender Vauld Suspends Withdrawals

#138
post #13

Earlier quoted context omitted.

Real estate is an outlier in your examples due to there being limited supply and people need shelter.

During the GFC of 2008, real estate values went down, despite the factors you mention.

Some markets were less impacted than others, San Diego for example went down a mere 20% at the trough. Over a longer timeline, housing has appreciated by hundreds of percentage points in SD.
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