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Solend invalidates Solana whale wallet takeover plan with second governance vote

19 points by kofejnik 4y ago

deleted 4y ago
[deleted]
lima 4y ago
Duplicate of: https://news.ycombinator.com/item?id=31806191 https://news.ycombinator.com/item?id=31806191 There has been a lot of confusion about this - note that it has nothing to do with Solana. Solend is a (badly designed, clearly) application running on Solana.
- wslh 4y ago
  Right, please see: https://www.reddit.com/r/solana/comments/vgnugv/solend_incident_stop_being_a_sheep_to_the_maxis/ https://www.reddit.com/r/solana/comments/vgnugv/solend_incid...
- SilasX 4y ago
  Nitpick but, it's not quite right to say it has "nothing" to do with Solana, since (as you note) it's something that runs solely on Solana, and the decision was made out of a concern for Solana's price and the broader Solana ecosystem.
- dubswithus 4y ago
  Liquidation could crash Solana's price?
colechristensen 4y ago
I’m pleased that the crypto meltdown is happening before the speculators convinced people to make it an actually significant part of the economy. Let us all see on display the failed promises of decentralization and deregulation. The fact that it is even a question that an account needs to be taken over to save an entire currency from insolvency is proof that nobody should touch the stuff. Until the SEC starts getting people put in prison, the entire crypto sphere should not be trusted by anybody.
- dubswithus 4y ago
  The whole economy is melting down. Crypto will be back in a few years.
  - mlyle 4y ago
    Smaller than before, with appropriate securities regulation and audit, I hope.
    - dubswithus 4y ago
      There is just no way the SEC can deal with all the new projects coming out every month. It hasn't even gone after most of the ICO's of 2017. Why do you think it will be smaller? There are more VC funds than ever before pumping more money into the system.
      - mlyle 4y ago
        VCs are about to starve; this makes everyone more selective. Next time around, when things pick back up, expect the SEC to be engaged from the beginning.
        dubswithus 4y ago
        I expect them to go after big fish like popular decentralized exchanges and DeFi projects that offer staking.
  - BaseballPhysics 4y ago
    To compare the crypto implosion to the broader economic recession, as though they're at all equivalent, is to say the least an error in scale. I suspect people who watched the Hindenburg said similar things: Well, you know, planes crash from time to time, but trust us, blimps will be back.
    - dubswithus 4y ago

19 points by kofejnik 4y ago

deleted 4y ago

[deleted]

lima 4y ago

Duplicate of: https://news.ycombinator.com/item?id=31806191 https://news.ycombinator.com/item?id=31806191 There has been a lot of confusion about this - note that it has nothing to do with Solana. Solend is a (badly designed, clearly) application running on Solana.

wslh 4y ago
Right, please see: https://www.reddit.com/r/solana/comments/vgnugv/solend_incident_stop_being_a_sheep_to_the_maxis/ https://www.reddit.com/r/solana/comments/vgnugv/solend_incid...
SilasX 4y ago
Nitpick but, it's not quite right to say it has "nothing" to do with Solana, since (as you note) it's something that runs solely on Solana, and the decision was made out of a concern for Solana's price and the broader Solana ecosystem.
dubswithus 4y ago
Liquidation could crash Solana's price?

colechristensen 4y ago

I’m pleased that the crypto meltdown is happening before the speculators convinced people to make it an actually significant part of the economy. Let us all see on display the failed promises of decentralization and deregulation. The fact that it is even a question that an account needs to be taken over to save an entire currency from insolvency is proof that nobody should touch the stuff. Until the SEC starts getting people put in prison, the entire crypto sphere should not be trusted by anybody.

dubswithus 4y ago
The whole economy is melting down. Crypto will be back in a few years.
- mlyle 4y ago
  Smaller than before, with appropriate securities regulation and audit, I hope.
  - dubswithus 4y ago
    There is just no way the SEC can deal with all the new projects coming out every month. It hasn't even gone after most of the ICO's of 2017. Why do you think it will be smaller? There are more VC funds than ever before pumping more money into the system.
    - mlyle 4y ago
      VCs are about to starve; this makes everyone more selective. Next time around, when things pick back up, expect the SEC to be engaged from the beginning.
      - dubswithus 4y ago
        I expect them to go after big fish like popular decentralized exchanges and DeFi projects that offer staking.
- BaseballPhysics 4y ago
  To compare the crypto implosion to the broader economic recession, as though they're at all equivalent, is to say the least an error in scale. I suspect people who watched the Hindenburg said similar things: Well, you know, planes crash from time to time, but trust us, blimps will be back.
  - dubswithus 4y ago