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Solend seized $170M of user funds

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Re: Solend seized $170M of user funds

#141

Post by fny »

3a2d29 wrote: post #25
PragmaticPulp wrote: post #7

One of the themes in pro-crypto writings has been the idea that as long as you “do your own research” then the bad things won’t happen on your chosen cryptocurrency. The prevailing idea (among pro-crypto spaces) is that bad things only happen to other people who deserve them because they didn’t do the right research. Recently we’re seeing the bad things happen in more and more mainstream chains. Even famous NFT propo…

Not to be super “arm chair psychologist” about this, but I always thought the whole “you deserve it if you got scammed” mentality comes from the people that believe crypto will replace all modern finance. For crypto to replace modern finance, it needs to be better in every way (so it’s a total replacement). Decentralized currency is better for some things, worse for things like preventing scams. If modern finance pre…

Modern finance is much better at handling fraud. Insurance exists, and recourse also exists since anonymity is not a requirement.

Decentralized finance has thus far been demonstrably worse than everything in modern finance. It's illiquid, transaction costs are higher, full of scams, buggy, and recourseless.

The whole space needs to grow up fast.

Re: Solend seized $170M of user funds

#142

Post by encryptluks2 »

leodriesch wrote: post #122

Solana boasts about being scalable and capable of processing more than 1000 transactions per second, how is it that this is threatening the performance of the network?

Solana is constantly down and having transaction fail due to low TPS. I don't think they could lower the performance anymore than it is.

Re: Solend seized $170M of user funds

#143

Post by ShamelessC »

leodriesch wrote: post #122

Solana boasts about being scalable and capable of processing more than 1000 transactions per second, how is it that this is threatening the performance of the network?

Is this rhetorical? Because it seems naive to assume would honest about any of that.

Re: Solend seized $170M of user funds

#144

Post by alach11 »

3a2d29 wrote: post #25
PragmaticPulp wrote: post #7

One of the themes in pro-crypto writings has been the idea that as long as you “do your own research” then the bad things won’t happen on your chosen cryptocurrency. The prevailing idea (among pro-crypto spaces) is that bad things only happen to other people who deserve them because they didn’t do the right research. Recently we’re seeing the bad things happen in more and more mainstream chains. Even famous NFT propo…

Not to be super “arm chair psychologist” about this, but I always thought the whole “you deserve it if you got scammed” mentality comes from the people that believe crypto will replace all modern finance. For crypto to replace modern finance, it needs to be better in every way (so it’s a total replacement). Decentralized currency is better for some things, worse for things like preventing scams. If modern finance pre…

It's a form of just-world fallacy. It's comforting to think "bad things happen only to stupid people, and I'm not stupid."

https://en.wikipedia.org/wiki/Just-world_hypothesis

Re: Solend seized $170M of user funds

#145

Post by ShamelessC »

edf13 wrote: post #110

Just to clarify - this is Solana, which is and always has been big vc funded and controlled. It has always been semi-centralised… but has big funds for pr. It isn’t bitcoin or even Eth… it isn’t decentralised

Right, but neither are ETH and BTC for 99.999% of the population that can't read smart contracts or manage their own wallet.

Re: Solend seized $170M of user funds

#146

Post by draw_down »

jacquesm wrote: post #24
55555 wrote: post #9

Sorry, I've read this again and now I think this has little to do with Solana and entirely to do with Solend, and I think they're separate. Maybe someone who knows more about the space can clarify things. I now presume the funds needed to be deposited in Solend's smart contract in order for the trader to borrow the funds against his collateral, and Solend is pushing a patch in order to modify the code so they can sei…

You could simply delete your post.

No post body was provided.

Re: Solend seized $170M of user funds

#147

Post by usrn »

PragmaticPulp wrote: post #7

One of the themes in pro-crypto writings has been the idea that as long as you “do your own research” then the bad things won’t happen on your chosen cryptocurrency. The prevailing idea (among pro-crypto spaces) is that bad things only happen to other people who deserve them because they didn’t do the right research. Recently we’re seeing the bad things happen in more and more mainstream chains. Even famous NFT propo…

These are tokens not crypto currencies. Please stop confusing them.

Re: Solend seized $170M of user funds

#148

Post by ShamelessC »

Zaskoda wrote: post #20

I've been working on a game for Ethereum for a while. In recent times, "I" has become "we" and we're getting a fair bit more serious about it. In the last year, we watched a bunch of local startups with relatively weak game concepts get heavily funded to build with Solana. It made me sad and, admittedly, a bit jealous at the time. In retrospect, I couldn't be more happy that we're still building for the Ethereum virt…

You're building ones of those games people get paid to play and you're... proud of this work? As someone who has watched gaming become ruined by micro transactions and loot boxes, that's challenging for me to wrap my head around.

Sorry if that seems rude but I literally can't imagine a sketchier idea than that. If you have game dev skills, please please, just make an actual fun video game that you purchase and own for life. You know, something valuable enough that you don't have to pay people to play.

Re: Solend seized $170M of user funds

#149

Post by saurik »

PragmaticPulp wrote: post #7

One of the themes in pro-crypto writings has been the idea that as long as you “do your own research” then the bad things won’t happen on your chosen cryptocurrency. The prevailing idea (among pro-crypto spaces) is that bad things only happen to other people who deserve them because they didn’t do the right research. Recently we’re seeing the bad things happen in more and more mainstream chains. Even famous NFT propo…

Solend is just some random lending market that I--despite being in this space full time--don't think I've ever heard of... supposedly it is similar to AAVE, but on Solana? Just because something happens "in more and more mainstream chains" is meaningless: the chain on which something is running is unrelated to whether it is a good idea or not. I want to be very clear about this: I highly doubt that any normal person CAN do enough research to safely manage loans or borrow and invest with leverage, which is what these lending platforms are for, but that doesn't mean that they are fundamentally broken or are scamming people.

Re: Solend seized $170M of user funds

#150

Post by tootie »

foepys wrote: post #49

This is a fight between whales, nothing more. If the average "retail" coin holder thinks they have any influence, they are dead wrong. This is the cryptocurrency reality where the small man is overpowered by the bourgeoisie who own so much more capital that they only need to fear each other.

Isn't this kinda the same as the equity stakes that owners of public shares can exercise? Except opaque and unregulated?
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