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> That's a totally valid use case and possible today. The best part is that I don't need any sort of permission to do so. No credit checks. No banks. No governm

> That's a totally valid use case and possible today. The best part is that I don't need any sort of permission to do so. No credit checks. No banks. No government involvement. Because that is definitely something that regular consumers do and a problem that needs solving. > In fact, it is so possible, the market for this on a single platform is over $7.8 BILLION. https://aave.com/ https://aave.com/ What you've just showed me is effectively an actual ponzi scheme all built on nothing with no doubt there is artificial inflation going on there.

latchkey 3y ago
> Because that is definitely something that regular consumers do and a problem that needs solving. Just because you don't think it is useful for you, doesn't mean that it is not legitimate. > What you've just showed me is effectively an actual ponzi scheme all built on nothing with no doubt there is artificial inflation going on there. It is what happens in the banking system all day long. So, if you think this is a ponzi, then the entire banking system is a ponzi. I've given you a legitimate use case and all you can do is yell ponzi. That doesn't help your argument at all and makes you look like the greater fool.
- colesantiago 3y ago
  > Just because you don't think it is useful for you, doesn't mean that it is not legitimate. That's because it isn't legitimate at all. > It is what happens in the banking system all day long. What you've shown me is even worse as this isn't even regulated in any shape or form. We both know that what is happening with Tether is fraudulent as it is backed by nothing and not regulated. ^0, which means that any USDT on AAVE is pretty much assumed to be pumped up by Tether and AAVE is facilitating fraud. I wouldn't trust a system that holds over $110M of funds that gets 'stuck' because of a bug and users are unable to take their funds out. ^1 How is loaning tokens backed by fraud a legitimate use case? > I've given you a legitimate use case and all you can do is yell ponzi. That doesn't help your argument at all and makes you look like the greater fool. So your solution is to use a system that is loaning tokens backed by nothing, propped up by Tether that is backed by nothing, which creates an even bigger decentralised unregulated ponzi scheme? ^0 https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether https://www.bloomberg.com/news/features/2021-10-07/crypto-my... ^1 https://web3isgoinggreat.com/?id=aave-protocol-polygon-bug https://web3isgoinggreat.com/?id=aave-protocol-polygon-bug
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  - latchkey 3y ago
    USD isn't backed by anything other than a military and a government that prints endless streams of it. Bitcoin is bitcoin and it has a value that people are willing to pay for it. My home is also not 'backed' by anything, yet a bank is willing to give me equity loans on it. "Backed" is irrelevant in this context. As long as my loan maintains its collateralization ratio, that's all that matters. As for the AAVE bug, it was resolved. Banks fail and people can't get their money out on a weekend either. As for USDT, people keep spouting its impending doom, yet it has survived every single bear market since it was created. People have claimed bitcoin is doomed too... yet here we are 14 years later...
    - colesantiago 3y ago
      USDT is closer to collapsing than USD. > AAVE bug, it was resolved. USD has no 'bugs'. > Banks fail and people can't get their money out on a weekend either. I can't count how many crypto exchanges and startups failed during 2020 - 2023, far too many than banks failing. We both know it's all a scam, so just call it what for what it is.

latchkey 3y ago

> Because that is definitely something that regular consumers do and a problem that needs solving. Just because you don't think it is useful for you, doesn't mean that it is not legitimate. > What you've just showed me is effectively an actual ponzi scheme all built on nothing with no doubt there is artificial inflation going on there. It is what happens in the banking system all day long. So, if you think this is a ponzi, then the entire banking system is a ponzi. I've given you a legitimate use case and all you can do is yell ponzi. That doesn't help your argument at all and makes you look like the greater fool.

colesantiago 3y ago
> Just because you don't think it is useful for you, doesn't mean that it is not legitimate. That's because it isn't legitimate at all. > It is what happens in the banking system all day long. What you've shown me is even worse as this isn't even regulated in any shape or form. We both know that what is happening with Tether is fraudulent as it is backed by nothing and not regulated. ^0, which means that any USDT on AAVE is pretty much assumed to be pumped up by Tether and AAVE is facilitating fraud. I wouldn't trust a system that holds over $110M of funds that gets 'stuck' because of a bug and users are unable to take their funds out. ^1 How is loaning tokens backed by fraud a legitimate use case? > I've given you a legitimate use case and all you can do is yell ponzi. That doesn't help your argument at all and makes you look like the greater fool. So your solution is to use a system that is loaning tokens backed by nothing, propped up by Tether that is backed by nothing, which creates an even bigger decentralised unregulated ponzi scheme? ^0 https://www.bloomberg.com/news/features/2021-10-07/crypto-mystery-where-s-the-69-billion-backing-the-stablecoin-tether https://www.bloomberg.com/news/features/2021-10-07/crypto-my... ^1 https://web3isgoinggreat.com/?id=aave-protocol-polygon-bug https://web3isgoinggreat.com/?id=aave-protocol-polygon-bug
- deleted 3y ago
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- latchkey 3y ago
  USD isn't backed by anything other than a military and a government that prints endless streams of it. Bitcoin is bitcoin and it has a value that people are willing to pay for it. My home is also not 'backed' by anything, yet a bank is willing to give me equity loans on it. "Backed" is irrelevant in this context. As long as my loan maintains its collateralization ratio, that's all that matters. As for the AAVE bug, it was resolved. Banks fail and people can't get their money out on a weekend either. As for USDT, people keep spouting its impending doom, yet it has survived every single bear market since it was created. People have claimed bitcoin is doomed too... yet here we are 14 years later...
  - colesantiago 3y ago
    USDT is closer to collapsing than USD. > AAVE bug, it was resolved. USD has no 'bugs'. > Banks fail and people can't get their money out on a weekend either. I can't count how many crypto exchanges and startups failed during 2020 - 2023, far too many than banks failing. We both know it's all a scam, so just call it what for what it is.