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Written as if no mistakes were made on their end. Paraphrasing: "We all thought UST and Anchor were a source of stable >10%/yr gains that you could trust for y
by Liron 4y ago
Written as if no mistakes were made on their end. Paraphrasing:
"We all thought UST and Anchor were a source of stable >10%/yr gains that you could trust for your corporate treasury. That the yield instead turned out to be -99% is quite disappointing, and makes this a natural time for us to bring our service to an end. It's been a pleasure to serve you."
- hinkley 4y ago>-99% You know the scene in Office Space when Peter says, “I have eight bosses, Bob.” And then Tall Bob (Dr Cox) leans forward with a surprised look on his face? I don’t think I’ve ever empathized with Bob in that scene. Until just now.
- Liron 4y agoMay I suggest another Office Space clip for this situation: https://twitter.com/liron/status/1527376821045473304 https://twitter.com/liron/status/1527376821045473304
- puranjay 4y agoEven serious crypto people knew that UST was highly unstable lol How did these guys raise funding? They literally just built a fiat onramp
- ushakov 4y ago> How did these guys raise funding? either the investors didn’t do enough research or they were on it https://davidgerard.co.uk/blockchain/2022/04/11/web3-a-vc-funded-gig-economy-of-securities-violations/ https://davidgerard.co.uk/blockchain/2022/04/11/web3-a-vc-fu...
- gabereiser 4y agoThis article is spot on to what I saw in the VC space (I won’t name where). Tons of little copycat crypto “companies” taking VC money for tokens which were collateralized with BTC. I know this article is going after a16z but it’s not just them, it was pretty much everyone.
- tootie 4y agoAnybody who believes that kind of logic deserves to lose their stake. Crypto has spent most of it's formative years riding an historic bull market and claiming it's immune to market forces. Now we have pretty clear evidence that crypto is just a multiple of the Nasdaq.
- CryptoPunk 4y ago
- anamax 4y agoIn a yield-chasing world, there's always a fair amount of correlation between liquid "assets".
- nivertech 4y agoWow! Don't you need a board resolution to be able to open any financial accounts, yet alone to invest into risky or leveraged assets? Unless they were targeting crypto projects/companies that usually don't care about legal stuff.
- vulcan1964 4y agoThere's also the part of "by the way, if you want any of the crappy UST we bought into using your money, make sure you claim it before the fork on May 27th or before the end of June! Peace out!"