Maybe a good thing that companies in that space are going down. Clears the way for more decentralization.
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Crypto lending company Babel Finance halts redemptions and withdrawals
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Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#22Maybe a good thing that companies in that space are going down. Clears the way for more decentralization.
“This is great for crypto. All the ponzis are going down and the legit companies are the ones that remain”
Reality: The public trust on crypto erodes more and more when one of these companies goes down. There is no greater fool to make your hodl-ed assets valuable.
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#23Quoted post unavailable.
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Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#24Maybe a good thing that companies in that space are going down. Clears the way for more decentralization.
This is sarcasm, right?
Why sarcasm?
Centralized crypto "banking" institutions are the worst of both worlds. You are giving away your money to someone else, and there are no regulations to protect you from being screwed over by them.
With DeFi (decentralized finance) you have transparency over what the smart contract does.
(Of course you have to be careful because a lot of things claim to be decentralized but are actually centralized)
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#25Remember when crypto was supposed to be the "holy grail" against the current economic situation? Edit:- the cycle of upvotes and down votes on this comment hahaha....
The concept is sound, implementation is what matters. Blockchain and crypto got hijacked is all.
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#26Maybe a good thing that companies in that space are going down. Clears the way for more decentralization.
“This is great for crypto. All the ponzis are going down and the legit companies are the ones that remain” Reality: The public trust on crypto erodes more and more when one of these companies goes down. There is no greater fool to make your hodl-ed assets valuable.
Decentralization isn't equivalent to "trust" on crypto.
Quite the opposite actually.
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#27That's what you get in a zero-interest rate environment with no industrial policy. Building physical infrastructure would cost real-world money and cut into profits, hence what you end up with is virtual casinos. No one is better off with that. At least in the runup to 2008 there was housing built speculatively, but since then there has been no productive investment at all.
> That's what you get in a zero-interest rate environment with no industrial policy.
There was a complete lack of any kind of policy in almost all major Western countries. Since the competitive pressure of the USSR fell away, Western politics have stagnated - keep the economy as-is, maybe lower corporate taxes and privatize government services. The only thing where a bit of progress happened in politics were social equality issues (gay marriage, access to abortions) and that's it.
But no government really thought about what digitalization would bring, how to regulate it to prevent the rise of new exploitation models (gig workers) or speculative bubbles (dotcom bubble, the current shitcoin collapse), or how the economy should transform to the new possibilities and realities.
The result is - we've seen it all - not pretty... the economy clearly wants directions from politics where it should go (particularly in the automotive industry), and a ton of money was blasted into cryptocurrencies, NFTs and other scams simply because there was no direction where money should go instead. If one wants to boil it down, I'd call it "this is what happens when the free market takes ultimate control over everything".
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#28I found it amusing that this notice says "Due to the current situation, Babel Finance is facing unusual liquidity pressures" and their homepage says "Seeking Certainty in Uncertainty".
Naming your company after a failed experiment is also an ironic choice. What’s next… Icarus Investments?
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#29I found it amusing that this notice says "Due to the current situation, Babel Finance is facing unusual liquidity pressures" and their homepage says "Seeking Certainty in Uncertainty".
Naming your company after a failed experiment is also an ironic choice. What’s next… Icarus Investments?
Well I’ve lost track of how many hedge funds Thiel has run into the ground, but I think the first was “Mithril”, which didn’t work out great for the dwarves.
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#30I found it amusing that this notice says "Due to the current situation, Babel Finance is facing unusual liquidity pressures" and their homepage says "Seeking Certainty in Uncertainty".
Naming your company after a failed experiment is also an ironic choice. What’s next… Icarus Investments?
> Icarus Investments
High efficiency, high energy solar solutions using phase change in solid hydrocarbons for energy capture.