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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 massi
by O__________O 4y ago
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/ https://coinmarketcap.com/view/defi/
- aaaaaaaaata 4y ago
- O__________O 4y agoIt’s amazing to me how fast the number of meaningless comments are growing on HN. Anything of substance to add?
- deleted 4y ago[deleted]
- VHRanger 4y agoBabel was pretty important to other lending institutions. Here are dominos to fall ahead of us: - BlockFi - Voyager Somewhere down the line, tether is also standing. We know they're insolvent, the question is when redemptions become a problem. And at that point, the abyss
- cdiddy2 4y agoMost things collapsing aren't defi, with the exception of Terra which, as an algo stable was expected to fail like all algo stables before it. Celsius/3AC/Babel are all not defi and we would know about their health and risk factors much sooner if they were defi.
- airza 4y agoWhat is celsius if not defi?
- cdiddy2 4y agoIts completely centralized. They take user funds and put them in defi products, but the funds are completely under Celsius control not the users control. Thats how they were able to turn off withdrawals. Its like if JPMorgan were putting client funds in AAVE, that doesn't suddenly make JPMorgan defi.
- airza 4y agoThat makes sense... Is the alternative individual users using some type of smart contract to borrowers directly? It seems like in that case there would indeed be more transparency, but also that the end state of many, many leveraged positions being liquidated would be pretty similar, right?
- cdiddy2 4y agoWell in the case of Celsius they are putting use funds into things that the user might not know about. Such as stETH which provides yield but can't be withdrawn back to eth until months down the road so if stETH starts trading at a discount like it did recently then you can't actually get all the money out for redemptions. I believe they also put funds into Terra which they lost as well. So basically Celsius advertises a certain yield but is a black box after a user deposits funds and they might put the funds in things a normal user would never agree to if they were aware of it.
- ndury 4y agoDAI is doing just fine and will continue to do so.
- hhmc 4y ago> Besides Terra (LUNA), Celsius Network (CEL), 3AC, and Babel Finance —- are there other examples? but other than that how was the play Mrs Lincoln?
- O__________O 4y agoCare add something substantive to your response? * Explanation of comments meaning: https://www.urbandictionary.com/define.php?term=Other%20than%20that%2C%20how%20was%20the%20play%2C%20Mrs.%20Lincoln%3F&=true https://www.urbandictionary.com/define.php?term=Other%20than...
- hhmc 4y agoUrban dictionary doesn’t even have the correct usage (and surely should not be your first point of reference). So please, try to add something substantive to _your_ response.
- effingwewt 4y agoIt's only self-evident if you're American and remember your history. Abraham Lincoln was shot at a play, his wife Mary Todd Lincoln was sitting next to him. The implication is to say 'even though your husband and President of The United States was just shot next to you, how was the play otherwise' Meaning the recipient is being obtuse to the situation or is unaware of it. I think what he is saying is that the avalanche is falling, and so it doesn't matter that some are left- they won't be for long. Missing the forest for the trees.