Every generation rediscovers the financial frauds of the past
rediscovers?
BuT tHiS Is aLl A nEw PaRaDiGm!
Crypto lending company Babel Finance halts redemptions and withdrawals
31–40 of 188 posts
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#32Remember 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.
Same as communism.
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#33My biggest takeaway right now is to study the crypto firms and projects that are having trouble as a way to abstract what red flags to look for.
For example, with Terra the abstraction was that pegs don't work as we've seen many a time, especially when Soros broke the BoE. I took a small bath with my Terra holding and life goes on. I can do that because I didn't use leverage, I can lose everything I put into crypto, and I diversified my crypto portfolio. Moving forward I'm staying away from projects with a "stable coin" component as I don't think the fundamentals work.
If anyone has come across an analysis framework for other crypto projects please let me know.
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#34Maybe a good thing that companies in that space are going down. Clears the way for more decentralization.
This is sarcasm, right?
How come?
There are many people in crypto who aren't fond of companies like Coinbase or OpenSea.
The helped to make things a bit more mainstream, but they aren't paragons of decentralization.
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#35Remember 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.
No, they didn't. This was always inevitable, based on it's inherent properties.
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#36The music is about to stop!
Just like it has for every previous crypto bull market. The casinos will be back in another 3 years.
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#37Not all of these crypto projects will survive. When the tide lowers, we will be seeing who is swimming naked and it looks like these DeFi projects have been caught after the hype has died with the market sentiment turning bearish for crypto in general. The ones that will survive this crypto crash are probably going to be around for much longer, especially most cryptocurrency coins and blockchains (and not the ERC-20…
Still Ponzi schemes, but yes they probably will continue unabated.
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#38Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#39My biggest takeaway right now is to study the crypto firms and projects that are having trouble as a way to abstract what red flags to look for. For example, with Terra the abstraction was that pegs don't work as we've seen many a time, especially when Soros broke the BoE. I took a small bath with my Terra holding and life goes on. I can do that because I didn't use leverage, I can lose everything I put into crypto,…
I do have a great analysis framework for crypto projects:
"is crypto project?" -> "stay away"Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#40Two years ago: https://decrypt.co/43168/whistleblowers-level-accusations-ag...
> Anonymous sources who claim to have inside knowledge allege that Babel Finance has been misusing client funds via highly leveraged transactions and without permission.
(Oh, look, Tether's involved again. How much of the $160M in their claimed "shareholder capital" at https://tether.to/en/transparency has evaporated in the last month? They're currently claiming it hasn't changed by more than $50 since a month ago; https://twitter.com/jjjbtc/status/1524819806892982272)