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And @patio11's take : https://twitter.com/patio11/status/1538601104098852865 https://twitter.com/patio11/status/1538601104098852865 which is illuminating as wel

And @patio11's take : https://twitter.com/patio11/status/1538601104098852865 https://twitter.com/patio11/status/1538601104098852865 which is illuminating as well. The whole "crypto is speed running through the finance playbook" theme is fascinating to me.

melony 4y ago
So what is the downside of crypto? All the furor seems to be about how the whale's funds were seized. But there is no evidence to the contrary that this won't happen in day to day Wall Street banking. From patio11's > When we say “crypto is speedrunning learning what finance already knows” sometimes it is about attacks but sometimes it is about quotidian topics like “Can you adversarially blow your clients out of trades which you think imperil your firm or other clients?” Answer in traditional finance by the way: yes you absolutely can. Your lawyers have long since thought of that and put that language in your contracts, making it very explicit that if you trigger it you don’t need a vote on Discord to do so. There is nothing that proves that traditional finance is any better than crypto. Though I do not recall the British government arresting Soros when he broke the pound.
- threeseed 4y ago
  > So what is the downside of crypto? * Ordinary people being financially ruined along the journey. * Environment being harmed by pointless mining. * Investment money being wasted on companies that are simply cloning TradFi.
- SgtBastard 4y ago
  >So what’s the downside of crypto? Ecologic vandalism, for one.
- timeon 4y ago
  You are right, crypto is pointless then.
laweijfmvo 4y ago
Thanks, this Twitter thread explained it all in plain English. Edit: Last question: > On the one hand here, we have one (rich) guy. Perhaps he is sophisticated, perhaps not, perhaps he believes code is law, perhaps not. > He used a computer program to borrow $100M. > The people who wrote that computer program are now terrified of it. So does Rich Guy get to keep the $100M in stable coin regardless of what happens to the SOL he put up?
- gitfan86 4y ago
  He has to negotiate with the Solend people. They want to be accused of breaking a contract or breaking the law, and he wants financial compensation.

melony 4y ago

So what is the downside of crypto? All the furor seems to be about how the whale's funds were seized. But there is no evidence to the contrary that this won't happen in day to day Wall Street banking. From patio11's > When we say “crypto is speedrunning learning what finance already knows” sometimes it is about attacks but sometimes it is about quotidian topics like “Can you adversarially blow your clients out of trades which you think imperil your firm or other clients?” Answer in traditional finance by the way: yes you absolutely can. Your lawyers have long since thought of that and put that language in your contracts, making it very explicit that if you trigger it you don’t need a vote on Discord to do so. There is nothing that proves that traditional finance is any better than crypto. Though I do not recall the British government arresting Soros when he broke the pound.

threeseed 4y ago
> So what is the downside of crypto? * Ordinary people being financially ruined along the journey. * Environment being harmed by pointless mining. * Investment money being wasted on companies that are simply cloning TradFi.
SgtBastard 4y ago
>So what’s the downside of crypto? Ecologic vandalism, for one.
timeon 4y ago
You are right, crypto is pointless then.

laweijfmvo 4y ago

Thanks, this Twitter thread explained it all in plain English. Edit: Last question: > On the one hand here, we have one (rich) guy. Perhaps he is sophisticated, perhaps not, perhaps he believes code is law, perhaps not. > He used a computer program to borrow $100M. > The people who wrote that computer program are now terrified of it. So does Rich Guy get to keep the $100M in stable coin regardless of what happens to the SOL he put up?

gitfan86 4y ago
He has to negotiate with the Solend people. They want to be accused of breaking a contract or breaking the law, and he wants financial compensation.