Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Crypto lending company Babel Finance halts redemptions and withdrawals

babel.finance

Post reply on HN
Print view View original

51–60 of 188 posts

Re: Crypto lending company Babel Finance halts redemptions and withdrawals

#51

Post by rvz »

highwaylights wrote: post #37
rvz wrote: post #7

Not 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.

So companies like Checkout.com, Stripe, etc using a cryptocurrency in their crypto product means that they are also part of the so called 'Ponzi scheme' and they are currently out there scamming?

Re: Crypto lending company Babel Finance halts redemptions and withdrawals

#52

Post by VHRanger »

yessirwhatever wrote: post #25
fakedang wrote: post #18

Remember 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.

The concept was not sound

We've had tens of thousands of competent software engineers working on this for the last 5 years and no one came up with anything more than gambling in a closed zero sum ecosystem.

Re: Crypto lending company Babel Finance halts redemptions and withdrawals

#53

Post by bhaak »

icu wrote: post #33

My 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,…

Terra was no stable coin. It was pointed out constantly that it can't work as an algorithmic stable coin. But the shill army was strong.

There's an even easier metric for measuring crypto project. The bigger and dumber the shill army the more shady the project.

Re: Crypto lending company Babel Finance halts redemptions and withdrawals

#55

Post by VHRanger »

ryanSrich wrote: post #36
aaaaaaaaaaab wrote: post #3

The music is about to stop!

Just like it has for every previous crypto bull market. The casinos will be back in another 3 years.

Don't think so.

The casino existed for its entire lifetime in a bull run.

No one knows how they'll survive a recession

Re: Crypto lending company Babel Finance halts redemptions and withdrawals

#56

Post by highwaylights »

k__ wrote: post #34
throwingrocks wrote: post #8

Earlier quoted context omitted.

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.

Yeah, but de-fi had already been done successfully in the early 2000's well before Bitcoin and still didn't pan out in the end.

Re: Crypto lending company Babel Finance halts redemptions and withdrawals

#57

Post by ceejayoz »

redox99 wrote: post #24
throwingrocks wrote: post #8

Earlier quoted context omitted.

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)

> With DeFi (decentralized finance) you have transparency over what the smart contract does.

No, you don't. People find subtle bugs in open source code all the time, some of them disastrous. Unintentional bugs in smart contracts have lost tens of millions of dollars multiple times; imagine what you could accomplish with intentional holes.

Parity lost $280M alone. https://www.cnbc.com/2017/11/08/accidental-bug-may-have-froz...

Re: Crypto lending company Babel Finance halts redemptions and withdrawals

#58

Post by aaaaaaaaata »

O__________O wrote: post #50

Besides Terra (LUNA), Celsius Network (CEL), 3AC, and Babel Finance —- are there other examples? * As is, while clearly some of these failures have had a massive impact, there clearly a lot of DeFi projects of significance still standing: https://coinmarketcap.com/view/defi/

No post body was provided.

Re: Crypto lending company Babel Finance halts redemptions and withdrawals

#59

Post by bikeshed »

lifty wrote: post #45

Question for the crypto skeptics of HN. Do you think this cycle the whole crypto space goes down the drain never to be heard of again? Do you think the whole space is a fad or do you think there are patches of values underneath the froth? How do you see the space evolving? Thanks!

Do I think it will? No; there's always another sucker ready to lose their life savings.

Do I hope this will be the cycle though? Oh absolutely.

Re: Crypto lending company Babel Finance halts redemptions and withdrawals

#60

Post by [deleted] »

lifty wrote: post #45

Question for the crypto skeptics of HN. Do you think this cycle the whole crypto space goes down the drain never to be heard of again? Do you think the whole space is a fad or do you think there are patches of values underneath the froth? How do you see the space evolving? Thanks!

[deleted]
Post reply on HN