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They were a DeFi ponzi chain which was obviously going to fail to anyone who spent time looking into it. They were printing a stablecoin backed by nothing. Far

They were a DeFi ponzi chain which was obviously going to fail to anyone who spent time looking into it. They were printing a stablecoin backed by nothing. Far different from the blue chip DeFi apps on Ethereum that the OP listed, which process billions of dollars per day without issue. DeFi makes things more transparent, but it doesn't make them risk free. I personally profited off the collapse because of the transparency. Couldn't do the same with Celsius or traditional finance.

300bps 4y ago
They were a DeFi ponzi chain which was obviously going to fail This is an excellent example of the “No True Scotsman” logical fallacy.
gcr 4y ago
Calling "pilot error" in response to a service interruption of your least favorite token is like saying "sure, our perl CGI gateway was down, but that doesn't count as downtime since our caddy frontend and deno server is still up." If a token permanently loses 99.9% of its value, or if a major lender freezes withdrawals, I'd call that a service interruption because almost all users lost the value they held in the system.
- TimJRobinson 4y ago
  Lumping all DeFi together is as dumb as lumping all "tech companies" together. If Enron fails does that make Microsoft and Google bad companies? They are totally different things.
Nursie 4y ago
So it was a defi protocol? And it was certainly major, so the assertion that "not a single major DeFi protocol failed", is wrong? OK great. That's what I was trying to establish.
jahnu 4y ago
What non-crypto economic activity are these billions of dollars involved in? That’s a lot of cash so I’m curious if it’s facilitating anything that isn’t other crypto stuff.
nradov 4y ago
There is no such thing as “blue chip DeFi apps". The very notion is completely delusional and disconnected from reality.
cuteboy19 4y ago
Nearly all Defi is "ponzi chains"

300bps 4y ago

They were a DeFi ponzi chain which was obviously going to fail This is an excellent example of the “No True Scotsman” logical fallacy.

gcr 4y ago

Calling "pilot error" in response to a service interruption of your least favorite token is like saying "sure, our perl CGI gateway was down, but that doesn't count as downtime since our caddy frontend and deno server is still up." If a token permanently loses 99.9% of its value, or if a major lender freezes withdrawals, I'd call that a service interruption because almost all users lost the value they held in the system.

TimJRobinson 4y ago
Lumping all DeFi together is as dumb as lumping all "tech companies" together. If Enron fails does that make Microsoft and Google bad companies? They are totally different things.

Nursie 4y ago

So it was a defi protocol? And it was certainly major, so the assertion that "not a single major DeFi protocol failed", is wrong? OK great. That's what I was trying to establish.

jahnu 4y ago

What non-crypto economic activity are these billions of dollars involved in? That’s a lot of cash so I’m curious if it’s facilitating anything that isn’t other crypto stuff.

nradov 4y ago

There is no such thing as “blue chip DeFi apps". The very notion is completely delusional and disconnected from reality.

cuteboy19 4y ago

Nearly all Defi is "ponzi chains"