5 ms·

Wow, asking institutional investors to hand over some cash to cover the cost of bad security -- that's ballsy.

duxup 5y ago
They’re the best folks to ask, they don’t want to see their investment vanish.
londons_explore 5y ago
You're reading it wrong... > The 56,000 ETH compromised from the Axie DAO treasury will remain undercollateralized The investors are handing over cash to invest in the company. The currency will run without backing from now on. That means any big users trying to withdraw at the same time won't be able to. And if that happens, the investors money won't be used to fill the gap.
- thebean11 5y ago
  I don't get how they can openly operate like that. Won't this cause an instant "bank run" and stop any sane person from moving ETH in the opposite direction?
  - AustinDev 5y ago
    Except that's the trick the bridge has been closed since the hack so there is no bank to run to...
    - thebean11 5y ago
      So the plan is to just shut down the service? I don't understand.
      - ohgodplsno 5y ago
        Nah, the plan is that users have been suckered in a game where they either accept their massive loss, or are forced to stay for years and slowly claw back their Eth while Sky Grifters and Griftance continue printing money
        thebean11 5y ago
        What does that mean though? Can money be moved out of the bridge or not?
        londons_explore 5y ago
        The bridge is currently closed. When it reopens, I assume there will be strict limits on outflows.
      - VectorLock 5y ago
        Its like the bank closed before could even be a run, but continues to be a bank.
- VectorLock 5y ago
  Now all those poor Filipinos they talk about "helping" will now keep playing-to-earn a currency they can't buy anything with, like they could before (with the requisite crypto hoop-jumping)
tootie 5y ago
They wanted us to think that crypto represents a new financial system that fixes the mistakes of the current one and yet here they are asking for a bailout of helicopter money to cover for their own incompetence.
- VectorLock 5y ago
  The investors might have drank the same koolaid as the founders - if it can take a $650M big L and keep going, then practically nothing can stop them.

They’re the best folks to ask, they don’t want to see their investment vanish.

You're reading it wrong... > The 56,000 ETH compromised from the Axie DAO treasury will remain undercollateralized The investors are handing over cash to invest in the company. The currency will run without backing from now on. That means any big users trying to withdraw at the same time won't be able to. And if that happens, the investors money won't be used to fill the gap.

thebean11 5y ago
I don't get how they can openly operate like that. Won't this cause an instant "bank run" and stop any sane person from moving ETH in the opposite direction?
- AustinDev 5y ago
  Except that's the trick the bridge has been closed since the hack so there is no bank to run to...
  - thebean11 5y ago
    So the plan is to just shut down the service? I don't understand.
    - ohgodplsno 5y ago
      Nah, the plan is that users have been suckered in a game where they either accept their massive loss, or are forced to stay for years and slowly claw back their Eth while Sky Grifters and Griftance continue printing money
      - thebean11 5y ago
        What does that mean though? Can money be moved out of the bridge or not?
        londons_explore 5y ago
        The bridge is currently closed. When it reopens, I assume there will be strict limits on outflows.
    - VectorLock 5y ago
      Its like the bank closed before could even be a run, but continues to be a bank.
VectorLock 5y ago
Now all those poor Filipinos they talk about "helping" will now keep playing-to-earn a currency they can't buy anything with, like they could before (with the requisite crypto hoop-jumping)

tootie 5y ago

They wanted us to think that crypto represents a new financial system that fixes the mistakes of the current one and yet here they are asking for a bailout of helicopter money to cover for their own incompetence.

VectorLock 5y ago
The investors might have drank the same koolaid as the founders - if it can take a $650M big L and keep going, then practically nothing can stop them.