They have a couple open “Risk Control Manager” positions. Probably high-priority hires. https://babel.finance/join-detail.html?id=9
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Crypto lending company Babel Finance halts redemptions and withdrawals
61–70 of 188 posts
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#62That'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 e…
> There was a complete lack of any kind of policy in almost all major Western countries.
Since planned economy doesnt work, then clearly we shouldnt do planning of any kind at all
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#63Earlier quoted context omitted.
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.
Until I learned about the mechanics of it, I thought it would be a glorious idea to have e.g. metal rods placed in the Sahara that would contract at night and expand at day (due to the high temperature differences) and extract energy from the movement. Counter to young me's expectations, thermal expansion is not some infinite force, and if you run the real physics, the low frequency makes it not worth the material investment (power produced scales linearly with the volume of metal). Not to mention that the Sahara is not exactly the juiciest market for selling power.
A similar idea with phase changing wax (iirc that's more or less how the temperature regulator in your shower works) is probably just as physically sound and just as economically doomed.
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#64Question 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!
Blockchain, cryptocurrencies, DAO, etc — are here to stay.
Even with the market as is, today it’s still a trillion dollar industry.
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#65Question 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 you think this cycle the whole crypto space goes down the drain never to be heard of again?
No. The crypto/scam space will be back because people love to gamble and love the concept of easy money.
> Do you think the whole space is a fad or do you think there are patches of values underneath the froth?
There is crypto/scam space and there is Bitcoin/Monero space. The actual decentralized cryptocurrencies are widely used where fiat system fails, like on DNMs.
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#66Question 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!
> How do you see the space evolving?
Same as MLM/Hype evolved to Crypto/NFT. Some new pyramid will come in place for the next generation.
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#67Question 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!
I think it is way too early to discard the underlying technology and I think/hope that parts of the open source ecosystem will survive. Reckless speculation being the current primary use case does not mean there won't be any societally more beneficial use case in the future.
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#68Question 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!
I'm as skeptical of crypto as anyone, but I do think of it as an actual innovation of an asset class, and so I have to imagine that it will remain in some form.
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#69Earlier quoted context omitted.
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-hav…
Thats a major problem, but it's a different problem to the one OP is talking about - some shady guy taking or misusing your money on a whim
Re: Crypto lending company Babel Finance halts redemptions and withdrawals
#70Maybe 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.
Replace "companies" with "projects".