/biz/ - Business & Finance

Basically, they will have to keep printing more and more BNT to cover the rewards, and as soon as people receive their BNT they will sell it to buy back the asset they originally staked, the price of BNT depreciates, more printing, etc etc you get the picture.

Recently Bancor took a hit from Celsius withdrawing their liquidity, which - you guessed it - lead to massive printing of BNT. Not only are there more BNT, but the underlying value of BNT is depreciated because it’s only valuable because of other assets that are staked. You can probably start to figure out how this scenario is most likely to play out…less and less liquidity of actual assets and more and more BNT.

A few ideas:

If you’re still staking in Bancor, perhaps now is a good moment to withdraw. They’re clearly having liquidity problems which will lead you to get less bang for your link, eth, or other asset, since you will be partly compensated in BNT.

If you’re playing shorts, this might be a good bet. What people usually think is that “it has gone this much down, it has to bounce at some point”, well actually no it doesn’t. Shorters make the most money the closer to a zero an asset goes. This might go to a zero. Just an idea.

If you’re holding BNT. Well good luck xD

Other anons have been insightful about on-chain metrics, so I’ll let them fill out the gaps.

Or just continue LP'ing because you never intend to withdraw and enjoy the increased fees?

>>49770660
They're LP not a lending platform. They can take the withdrawals.

As evidenced by relatively normal bnt printing even during this massive crypto exodus.

>>49770918
The problem is that your rewards will be in BNT, which is increasingly losing value compared to its LP pair, meaning that you will indeed get more and more BNT, but at the same time it's worth less and less (because they will have to print more and more to cover the IL). If this continues you will end up in the losing side on the other asset you've provided to the LP and end up with a fat sack of worthless BNT.

Remember: IL coverage and staking rewards are built around BNT. When someone withdraws the other asset from a staking pool, or the price of one of the two assets falls (like BNT), this will result in IL, which is then covered to the user by Bancor in BNT. You see the problem here? I would not take the risk of continuing to LP anon.

>>49771071
>relatively normal bnt printing
>>49770689

>>49771186
Rewards are not just in bnt

>>49770660
Give it a rest Jason you whiny faggot

>>49771186
Thanks kind anon for taking so much time to give us uninterested advice

>>49771252
Yes I understand, but my point is that IL coverage they are offering as their gimmick is unsustainable because the more the BNT price goes down, the more IL happens, and the more BNT they will have to print, which leads the price of BNT going down more, and so on and so forth.

>>49771282
not Jason and don't know who he is. I'm an anon looking for shorting opportunities from the Celsius downfall...I'm a bit late on this one but hopefully not too late.

>>49770689
>>49771192
disingenuous as fuck chart, if you look at the total supply it has remained the same throughout the year because the burn amount is the same as the mint amount

Jason, why you posting out of date Dune charts, how much bnt was minted the last two days to cover IL? Why you scared to paste an up to date chart? Oh it doesn't tell your narrative anon, shame

https://dune.com/ChainsightAnalytics/BNT-Minted-for-IL-Protection

BNT about to hit my slurp price, this is going to rip upwards in the next few years, thanks for bringing this protocol to my attention OP had no idea this existed

Why don't you post this chart ever which shows that people withdrawing tokens is decling?

https://dune.com/queries/915897/1601967

Nice larp Jason

>>49771841
That’s a bit unfair, u are aware of the 7 days cooldown. U have to give it time as 3 millions link not is exiting, increasing by the day

im not even in any Bancor pools right now but it and aave are going to come out extremely well if they survive where cefi all screwed up.

>>49771841 (You)
>That’s a bit unfair, u are aware of the 7 days cooldown. U have to give it time as 3 millions link not is exiting, increasing by the day

How is it anymore unfair that the out of date chart he keeps posting? Same data, just stops telling the story he is trying to weave

>>49771497
>not Jason and don't know who he is
Nice try nigger, go choke on zachary's cock you faggot.

Why is this guy schizo posting about this non stop.

>>49773164
>why would someone want to manipulate a market
Same reason anyone is here, anon. To make some easy money.

>Make everyone panic
>Keep your shit deposited
>Earn shit loads of trading fees
>Get higher APY
Nothing personel kiddo, BNT is going to zero

Fudder gone awful quiet when challenged with some facts

>>49770660
>>49770689
based OP, spreading the word. 3.4m LINK pending withdrawal. i expect the 21st/22nd/23rd to be the days where we see if BNT sinks or swims

>>49774562
a few minutes ago, aka the latest LINK withdrawal from bancor, resulted in 56% LINK/ 44% BNT. wow. now this anon has 42k LINK and 394k BNT instead of his 75k LINK.

>>49774598
LPL bros are going to have a hard time, but i spent enough time warning them already. around another day until we see the first successful LPL withdrawal from v3

How did Bancor survive the last bear market?

Looks like a x100 if they do survive.

>>49774675
Different protocol. It didn't insure token IL by turbo printing BNT

>>49774702
Is it V2 and V3 that print? How has V3 fucked up so badly?

>>49774628
lastly the ETH pending withdrawals. its at above 30k ETH pending. last successful withdrawal was this guy who had put in 851 ETH. He got back 521 ETH and 1m BNT. thats 61% ETH/ 39% BNT. he of course immediately dumped that bnt for ETH, and got 323 ETH, bringing his total to 845 ETH. so he lost 6 ETH providing liquidity to bancor

here are the etherscan links to verify yourself
>>49774562
LINK
>https://etherscan.io/token/0x516c164a879892a156920a215855c3416616c46e?a=0x857eb0eb2572f7092c417cd386ba82e45eba9b8a
>>49774628
LPL
>https://etherscan.io/token/0x5d74b268d60d70cb35487f8c7a2def58c13b5a36?a=0x857eb0eb2572f7092c417cd386ba82e45eba9b8a
>>49774733
ETH
>https://etherscan.io/token/0x256ed1d83e3e4efdda977389a5389c3433137dda?a=0x857eb0eb2572f7092c417cd386ba82e45eba9b8a

who the fuck wants to hold fucking bnt. it's a farming token and people will dump it as long as they get it. why hold bnt? ffs

>>49774954
I’m slurping bnt like your mother slurps my cock every night

insider here get your links out of bancor asap

>>49774954
BNT holders get a share of the trading frees from the protocol, it has more utility than 95% of the top 100 coins

but go ahead and don't buy this bear market dump

>>49775385
>has utility
>printed to cover token IL
But anon, trading fees will always be enough to cover IL, r-r-right?

>>49775615
>r-r-righttt
fuck off redditor

Already removed half of my LINK from Bancor
The rest are on withdraw cooldown. About to go into full hibernation until staking.

Wow, this is going to get really nasty huh? Once people stop buying BNT due to its price cratering so hard and liquidity dries up the BNT tokens people are being compensated with will effectively be worth zero, niggers will be withdrawing their tokens are getting back 30/40/50+% in worthless dogshit monopoly money LOL. Serious question tho, where did all the tokens go in the first place? Were they distributed as fees to people who got out earlier, were they used to subsidise traders on the platform or what?

>>49775933
lmao you should probably read up on IL to understand "where the tokens go."

>>49774598
Maybe you cattle shouldn’t follow the herd and think for yourself

>>49776259
are you implying people should leave their LINK on bancor? why would you make that arguement? if you have LINK on there and massive amounts of people are withdrawing LINK, you should be encouraging it to get better yield right? right? you arent relying on all these other people are you?

>>49774598
as expected the latest person to withdraw link immediately dumped their BNT to get back their LINK. lost around 1000 LINKs by trying to provide liquidity. thats not a bad result for this anon all things considered

>>49776732
how do you get the 1000 lost figure?

>>49774733
>so he lost 6 ETH providing liquidity to bancor
>851 initial deposit

6/851 = 0.7%
>what is slippage

ITS LITERALLY OVER FOR BANCOR GUYS
HE LOST 0.7% TRADING $851K. DEFI IS DONE

>>49776857
see here: >>49774598
he had deposited 75,338 LINK and thus had the receipt token bnLINK with that quantity. Then when withdrawing you can see he got 42,395 LINK + 394k BNT.
>>49776732 and then here we see that he sold that 394k BNT and got 32,550 LINK.
So his total LINK is 32,550+42,395= 74,895 LINK
So he only lost 443 LINK my bad, its early and i was doing it in my head before

>>49776732
>deposits 75,338 LINK
>gets back 74,945 LINK
>0.25% withdraw fee
>0.25% slippage on a $500k trade

AHHHHHHHH THIS IS THE END OF BANCOR, PEOPLE ARE GETTING THEIR MONEY BACK OUT OF AN AMM. THEY ARE LYING ABOUT SOLVING IMPERMANENT LOSS!!!

>>49776968
kek the issue is that of the BNT token. he received 646k BNT and immediately dumped it for eth. this will happen more and more over the next week. we shall see what happens

>>49777160
you arent helping your case. between those TWO withdrawals, over 1m BNT got dumped on the market so they could get back their intended asset. and thats just TWO PEOPLE. there are thousands pending withdrawal now

>>49777160
The true victims in this ponzi are all the BNT LPs lied to about the risks of covering IL.

>>49777186
>THATS JUST 2 PEOPLE WITH OVER 1.5 MILLION DOLLARINOS. IMAGINE WHAT HAPPENS WHEN CHAINLINKGOD PULLS HIS STACK, HE HAS LIKE 10K LINK!!!

Nigger they won't make dent compared to Celsius force selling. Please learn how to use etherscan before commenting. Next learn how IL occurs and think if LINK in its outstanding performance in 2021 has occurred as much IL as say ETH. Would be a good time to change IP and try again.

>>49777188
Considering the ICO fund raise is worth 10x the marketcap of BNT, i think they'll be okay if these retards panic sell their BNT at $0.001

>>49777186

The funniest thing about the whole incident is people from reddit bancor did not notice this huge withdraw. They gonna get a real wake up call next week like a cattle

>>49777358
OP here (still not the guy you mentioned).
Just trying to figure this out because I find it fascinating.

I'm not sure if I'm getting this right, but please correct me if I'm wrong.
(values taken from bancor and rounded)

>bancor TVL 215 mil
>total BNT staked 66%
>0.66 x BNT mcap of 135 mil (unless it means 66% of the vaults are BNT which is not a good sign)
=89 mil

>TVL 215 mil - 89 mil BNT staked
= 126 mil other assets staked

meaning that 1.5 mil withdraw of link is (or would be if they gave him all his link back) is 1,2 % of TVL.

Now, if you start to look at those init withdraws in etherscan...not looking too good.

>>49777188
fucking ass bancor v3 coming out in may, promising 100% IL, and high apy. But no, withdraw 7 days cooldown, get nigger BNT as part of withdraw which is going to hell at this rate. Now people rushing to the door and nuking the whole v3. Hard to see they will ever recover after this, the fucking bancor better dont implement "HODL meme" like celsius does or else it will be LE EPIC

>>49777689
forgot to add, my point being is that if two withdraws remove 1 % of the TVL, it would mean .5 point loss for the price of BNT since it's value is directly correlated to TVL (considering if the staking is 50/50, which I don't know if it is).

So about 1,5million link are about to be marketbought within a week? We might get the shortsqueeze especially if stockmarket recovers at the same time. Godspeed.

>>49777741
the only way they can stop BNT going to zero is if they actually pause withdrawals. otherwise its happening bigly around the 21st

latest link withdrawal received 56% in LINK.
>>49778031
highly likely

>>49777689
>go to dune.com
>search bancor
>see easily viewable charts that answer your questions
https://dune.com/Bancor/Bancor-3-Beta here's one for example. not going to do the work for you but understand that IL happens when prices diverge. you're getting spooked by v3 withdrawal rate which anyone can trigger. I just initialized my withdrawal to add to the fear.

most people withdrawing from v3 haven't even earned enough to make back the 0.25% withdrawal fee. prices also haven't diverged enough for there to be serious IL. ETH whales (with the most IL) already front ran you.

do you not see a 100% apr funding rate for longs on FTX with bancor being the most heavily shorted asset? do you not think you can spoof the withdrawal numbers and never go through with it because no logical whale would with a treasury of bnt 10x the marketcap? link marines are getting manipulated like they always have because none of them think for themselves and are constantly being spoonfed narratives.

please go get your stack, pay the 0.25% withdrawal to the protocol (at a loss for you, gain for BNT), dump your bnt with no liquidity in a bear market and lose half your money because you're part of a pea brained herd running off a cliff. BNT will be fine. I will not stop you from doing any of the above.

day 3 of death spiral, still no death spiral, let's turn these threads into a daily general and see how many years/decades it lasts

>>49778601
we cant rush the 7 day waiting period. this only started to become a thing like 3 days ago. and its pretty clear the biggest withdrawals will take place on the 21st/22nd

>>49771841
the BNT was minted to pay the users their rewards when they withdrew their funds. It’s normal that there’s no need to mint more BNT because the pools are not in balance anymore and there’s now a huge surplus of BNT. What you should be looking at is TVL, which is falling.

>>49778427
>I just initialized my withdrawal to add to the fear.
so you paid tx fees just to fud?

>>49778138
i wonder what will be the percentage in a week time

>>49778138
https://dune.com/queries/915897/1601967
do the math instead of stopping right when you see something that doesnt fit you're narrative.
36.5 million BNT potential to be minted IF everyone withdraws. That's equivalent to all of Celsius's dump. The protocol can easily survive another Celsuis especially as it becomes much cheaper to pay off IL and they dont have near as much IL as an ETH deposit in 2019.

Any whale can trigger a withdrawal and has no obligation to go through with it. I just did, so you can subtract my stack from the death spiral scenario. I could be on here fudding with you and letting chainlink holders lose their money while Alamada shorts on FTX. Right after frenzied link marines withdraw and dump into 0 liquidity (losing their money), I flip long as the protocol survives (because its backed by the largest ICO fund raise in 2017) and sellers sold for pennies on the dollar. SBF wins again. GG.

How many shekels is SBF paying you to come on here to fleece retail of their money?

>>49778955
>you paid a $4 transaction fee just to fud?
>NOOOO YOU CANT DO THAT!

>>49777424
The Foundation having a massive war chest means nothing for BNT LPs getting rekt by the PA. They're not going to market buy millions of BNT just to save the ship.

>>49779433
Really? I must not have spoken to the team about this subject then. Thanks for Correcting the Record!

>1 shekel has been deposited to your account - SBF

>>49779719
lmao anons pretending they have inside info. never change, biz

>>49778031
link is atm the most longed asset on bitmex, which would indicate that some people believe that it's price is going to pump.

>>49778427
I don't really understand your point, why would so many people suddenly initiate a withdrawal for the reason "that they can" ?

maybe it's possible that there's a whale that spoofed the withdrawal numbers, but is it really more likely than people just simply looking at the price action, looking at the macro situation and then deciding that there are better places for their money than bancor liqu-pools?
also, I don't think Bancor isn't going to die, AUTO didn't. it just has a 14 mil mcap now.

How did they fuck up V3 this much? In V2, didn't you get 100% of the token you put in? Not a % of token and % of BNT split.

>>49779913
>Alameda shorting BNT on FTX so much its paying longs 0.27% of their collateral every day
>"Why would they spoof withdrawals?"

Sorry anon I can't help you much more than this

>>49780198
They rugged all yield for BNT right as they launched a new and unproven protocol upgrad and tried convincing all the BNT LPs it was good for them. What happens next won't shock you.

Dumb nigger brained faggots don’t know about my nigga Mark Richardson and his massive cock.

>>49779719
classic livid anon with insider info.
did they also tell you that at the moment the fees are not covering the IL for many user positions? because Mark Richardson just admitted it yesterday (source: Bancor podcast posted on their twitter). He is also doesn't exactly project confidence in his speech...

>>49780470
kek he also said that the price of BNT had bottomed out thinks it'll go up from here (when he said that the other day). he then quickly added that he doesnt speculate on price, after speculating on the price.

>>49778427
>pay the 0.25% withdrawal to the protocol (at a loss for you, gain for BNT)
wow so bullish for bancor
maybe it should be increased to 25% instead :)))

>dump your bnt with no liquidity in a bear market and lose half your money because you're part of a pea brained herd running off a cliff
yeah what idiots
so what if they don't get their original stack back? they should be more than delighted to get BNT instead! it will go to the MOON!
imagine selling the BNT to get your original stack back LMAO! just HODL BNT bro, it is so good you will not even care

>>49780271
>alameda conspiracy
right anon...

btw that number is no longer accurate, which means either there are more longs or people closed some big part of their shorts.

>>49780528
>i do think that we've kind of seen the worst of it
>and so you know the this kind of sharp downturn that that we saw for for the BNT price, yeah im convinced that the worst of it is behind us for sure and yeah i expect things to start equilibrating

>>49780198
v3 was the promised cheese at the end of the rat race, to keep the pretense that BNT is "in active development" or "has something good coming" long enough to ride the 2021 bull and justify its existence

the constant delays weren't really delays, they were by design because V3 was hardly anything to by hyped about. shills even tried to make the delays sound bullish, "they are really doing their best to ensure it is smooth wow such an amazing team" and other BS that we are becoming increasingly familiar to now that ponzi's are getting downed one after the other

among other things, V3 promised things including:
>one click migration
>auto-compounding
>50x-100x fee reduction
we literally did not get a SINGLE thing of those. after pulling the "2 more weeks" card for the entirety of 2021 regarding v3, they pulled it once again but this time after the release. "just 2 more weeks bro, we will upgrade it at some point in 2022 trust us!"
in reality it's not that they underdelivered or anything. they did exactly what they wanted, they managed to keep the goyim long enough to get rich out of the 2021 bullrun, but now that it is increasingly obvious that we're in bearmarket and that it might take years to reach the ATH again they decided to drop the gig and reveal the disappointment that was planned all along

This is an interesting shitshow because on one hand it is definitely a potentially fatal stress test for the Bancor protocol, but on the other hand there are definitely a bunch of bad faith fudders trying to maximize fear to try and make it fail.
But the reality is that in defi, people don't play nice. If your protocol can't survive a massive dump AND bad faith fud at the same time then it can't make it. If it CAN survive it then honestly I would buy an absolute fuckton of BNT, because I can't see it facing an existential threat bigger than this one down the line.

>>49780470
30 days of LP fees doesn't cover IL after a institutional force sells their entire BNT stack? Defi is over isn't it. Have you ever LP on Uniswap before? Do understand the concept? IL fluctuates all the time and you all got beat to the exit in a fire sale market with no buyers because everyone is waiting for the next person to sell. Reacting with panic and fear is how you lose even more of your money.

>>49780528
>Hehe he spoke off the cuff and and said something he wouldn't say!
The absolute state of bancor fud

>>49780533
>so what if they don't get their original stack back?
like this person >>49777160? They lost nothing.
Imagine selling after michael saylor gets liquidated nuking the market.. does that sounds like a good idea to you? sell low buy high, the biz way

>>49781156
Wait till the withdraw of link is more than their vault. It will be a shitshow this week. Hopefully there are no withdraw freeze and "HODL"

>>49780198
For all this fud about receiving BNT to protect users from IL. None of the trolls mention how other Dexs don't protect you at all. If you would have provided the same liquidity at the same time anywhere else you would just be out of your intial investment period.

>>49780860
good summary fren
>>49781156
agreed this is a good stress test, and i hope it survives. i dont root for things to fail and for normal people to lose money.

>>49781226
>please go get your stack, pay the 0.25% withdrawal to the protocol (at a loss for you, gain for BNT), dump your bnt with no liquidity in a bear market and lose half your money because you're part of a pea brained herd running off a cliff. BNT will be fine. I will not stop you from doing any of the above.#

>like this person >>49777160#? They lost nothing.

"HAHAHAHHA GO AND PULL OUT YOUR STACK IF YOU DARE, LOSE YOUR MONEY, HAHA"
*oh wait i sound like a retard i am actually fudding bancor*
"WAIT nevermind, feel free to withdraw you will not actually lose anything (and by that i mean you will lose a little bit)"

>>49781226
i quoted him here
>>49780857
want me to source your ass too? well others who are concerned might want to hear it themsevles
Mark Richardson ladies and gentleman, speculating on the price of BNT.
>https://twitter.com/Here2DeFi/status/1537534502859264000
>skip to 32:00

>>49781359
My dream scenario is this:
>LINK LP bankrun gets paid out in BNT and all the LINK whales instantly buy LINK with their BNT payout, causing a short squeeze and absolutely BTFOing the OKex shorters
>Bancor gets rekt short term but bottoms and survives and actually shows it can wear this sort of shit, which would be a massive, massive win for DeFi over CeFi
I think the first one is pretty likely, the second one I feel like it's almost impossible to say because we have no idea how much ammo Bancor has to cover BNT dumping and maintaining liquidity.

>>49781386
>obtuse nigger wants to play word games.
they lost 0.25% of their stack for withdrawing.
they lost 0% due to IL.

3.6m LINK pending withdrawal
30k ETH pending withdrawal
people are getting 60% their asset/ 40% BNT
totally normal guys nothing to see here stop fudding

>>49781546
the real losers in all this are the BNT LPs. Because their token is a shitty insurance utility token that used to be properly incentivized until the bancor team tricked everyone into thinking they were better off stopping the brr. Turns out no one wins holding a shitty AMM token with anemic yield.

>>49781483
you got him good when he said the thing he wouldnt do but accidently did it.

>>49781609
This is the only question that remains to be seen but I already told you how its going to play out

>>49781507
as a link holder i am definitely rooting for the first one. short squeezes are just a fun time. 196 days until staking, ccip and enterprise abstraction layer.

>>49781546
nobody is really playing word games, i am quoting your own post (which unfortunately you can no longer delete)
here it is >>49778427
i will even screenshot it so that people in the future know how twisted the mind of the average BNT shill is

>>49778427
>PLEASE go get your stack
>PAY the 0.25% withdrawal to the protocol
>(at a LOSS for you, gain for BNT)
>dump your bnt with no liquidity in a bear market and LOSE HALF YOUR MONEY
>>49778427

the best thing about you israeli kikes is that you inevitably get too cocky and you reveal your true, twisted kike self
it is in your DNA, you can't help it
then you get genocided, expelled, pogrom'd and wonder why people hate you so much

>>49781386
kek

>>49781736
You're not going to get your original stack back because there is not infinite liquidity at any price. You need a market to sell. If everyone sold their chainlink at once the price would go to $0.

You all can't sell your BNT in the same 48 hour period and expect 0 slippage. The reason you will lose money is not due to BNT not covering your IL, its due to market factors that affect every asset on Earth.

Umm, guys? Why can't I withdraw?
genuine question not trying to fud

>>49782113
>its due to market factors that affect every asset on Earth
imagine there was a place that let you park your car , say a big parking lot, and in order to save the environment you were paid $3 for every day you leave your car parked in the lot. Then when you go to pick up your car, they say, oh, you're here early and theres already a ton of traffic on the road, so we are going to return your car without tires or airbags or a brake pedal. that is bancor. anons cant even withdraw 55 LINK without suffering loss

>>49782338
exit any LP program first then withdraw

>>49782338
Withdraw from the bonus contract first. Click "manage rewards" on the right and withdraw from that.

>>49782388
cant even withdraw 55 link properly. 55 fucking link without fucking nigger BNT fucking at all level

is 21th of june the dooms day for bancor and moon day for linky? serious answer only

>>49782560
ya its just doesnt pass the smell test

>>49782470
>>49782458
thx frens
Anyways is it really risky? Let's say BNT tanks to 0. Would the bnDAI lose its' peg?

>>49782683
Impossible to say, anon. It's a total shitshow but at the same time there is a lot of fud trying to maximize fear and get the biggest bank run possible. Nobody actually knows how much IL printing BNT can withstand, or how much the team has to cover redemptions.

>>49782388
No one is talking about cars, parking lot, and highways. Having to reduce your argument down to 2 unrelated things to confuse people into thinking their analogous is bad faith fudding.

>>49782388
yeah I initialized my withdrawal yesterday. My hope is that I got in early enough before any kind of panic run happens
very shitty situation all around. my links been sitting there on my ledger since 2017 and I finally decide to do something and of course I deposit to bancor at the worst time possible. goddammit.

>>49782784
damn is there anywhere I can park and earn on my coins without having to look all day for of all my shit to collapse? I have some in Nexo and Binance, too

>>49782683
withdraw first, who knows? if bnt cant survive this, the whole bancor may be the next celsius

>>49783058
>NEXO
oh shit, anon
>Binance
Binance is probably OK even though CZ is a piece of shit and the antithesis of decentralization.

OMFG

>>49783155
what is this ? withdraw not available?

>>49770660
Ahhhh let me short it!!!

>>49783141
>oh shit, anon
They did have a guarantee for over 100% collateral or smth, and even offered to buy Celsius just a couple of days ago. Do you think it's all a ruse?

>>49783407
I can't actually speak for NEXO beyond their involvement with shorting LINK and publishing fake fud "reports" so maybe your shit is safe, idk, but they are still literal Bulgarian scammers at heart.

>>49783024
oh are analogies something you can comprehend? HAHAHHA the absolutely state of bancor shills. if you make an analogy you are fudding in bad faith.
>>49783044
checked hope it works out for you anon

>>49783155
>>49783206
checked and is this legit? more pics please

>>49783628
Anon, rambling about your cars catalytic converter getting stolen by gypsies and someone flicking you off during rush hour traffic is not related to automated market makers on decentralized blockchain networks

>>49783044
same as my situation, see link drop from 50$ to 7$ shakes me to do stupid shit like deposit to bancor v3 newly launched and now this shit may self implode any given days or weeks

>>49783155
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

Lobsterdao are a bunch of raging homosexuals

>>49783801
yep analogies are too hard for you. back to 2nd grade

>>49783155
looks like people can still initiate withdrawal, not sure if you got this message when trying to initiate or actaully withdraw after the 7 days

>>49784257
wonder how much bitcoin will fall if bancor crash like a plane

>>49783459
>NEXO
After Celsius, they're the next that has to to.

I'm so confused, I'm new to bancor and put some link there, why would I lose money even if BNT crashes 99%, when it's a single staking vault and when I withdraw I get my link back + earnings (minus 0.25%)

>>49784499
>and when I withdraw I get my link back + earnings (minus 0.25%)
not anymore, you get ~55% (as of now) LINK and the rest in BNT
>why would I lose money even if BNT crashes 99%
because a huge part of your stack will be payed in BNT (bancor running low on LINK supply) plus BNT is the anti-IL mechanism; it gets printed (and then burned) to prevent you from losing money from volatility. if BNT hyperinflates you have 0 protection from IL
>when it's a single staking vault
it's an abstraction for the user, bancor is still an AMM

>>49784390
bancor has no btc on books but they do have about 130m of liquidity that isn't BNT

I’m an idiot, but aren’t most of these pending withdrawals much older than 7 days. They don’t seem to be in a rush to get out and might just leave them in that state.

>>49784499
You will receive the $ value of your link back plus any rewards. When you go to withdraw, it will show you the breakdown of Link to BNT, if it is a high volatility time like now, you will get a mixture of both, if it is normal times you will get your Linkies. Before withdrawing at the end of the cooldown you will see the breakdown and can choose to accept it or wait until volatility calms down and carry on earning rewards.

>>49784499
BNT crashes 99%
everyone panics and tries to withdraw everything they have
BNT is minted to the stratosphere, BNT crashes another 99% as people desperately try to market dump their compensated BNT to get their stacks back
there's obviously no buyers to cover those market dumps, so you are left with 5% in LINK and 95% in BNT which is losing value by the second

What happened to the LINK earned by the protocol in v2.1?

>>49784679
>>49784927
These fucking niggers don't mention that anywhere in their docs, it's all "100% IMPERMERNANT LOSS PROTECTION". But I just looked at etherscan withdrawals and you're right, people who deposited linkies are withdrawing and receiving almost half in BNT.

I fucking hate crypto holy shit, burn it to 0.

>>49784679
>it gets printed (and then burned)
my question is where can we see the burns? Bancor Vortex for sure hasn't burned anything in a while.

>>49784493
What about >>49783407? Also where does Blockfi stand on that chopping block line?

>>49785136
https://dune.com/queries/13918/28350

>>49780860
Bullshit. Migration was absolutely one click and as someone who had 10+ different positions it saved me so much fucking money on gas to be able to consolidate these in one fucking click and the gas fees were MASSIVELY improved. What would have costed me $1500 in gas on v2 to unstake cost <$100 to migrate. And lastly, auto compounding is literally coming soon. Weak shitty fud.

>>49785136
V3 vortex isn’t turned on yet but it is collecting shit to burn as we speak. I think the burn wallet has accumulated like 80k at this point.

>>49785049
We both made a mistake anon. Now begin your 7 day withdrawal cooldown so you can get out before shit collapses

>>49785320
There's no way the death spiral doesn't happen this week, we won't make it...

>>49785370
no, this shit's contained to /biz/ only so far. everything outside is fine and dandy. WE WILL MAKE IT anon

>>49785249
>Migration was absolutely one click
no it wasn't you are lying
it's fine if you are a paid shill or you are desperate for your bags but don't lie
there is no 1 click migration, you migrate each position individually. perhaps there was such a thing for BNT positions, but not for any other non-BNT position (ETH/BTC/LINK, etc)

>>49785370
We're gonna make it, soldier


...I hope

here's the best chart if you want to get a feel of how much is minted/burnt

https://messari.io/asset/bancor/chart/sply-circ

>>49785249
>weak shitty fud
bro no one cares about that stuff when the protocol is literally in a death spiral, how dense can you be??? what do you think happens when BNT is worthless and IL is paid out in BNT? your 10k link will turn into 1k link and a bunch of worthless BNT, who gives a shit about auto compounding right now?

Is there a lockup period after you withdraw before you can sell the bnt?

>>49771186
>meaning that you will indeed get more and more BNT, but at the same time it's worth less and less
friendly reminder if you do any LP shit and don't understand impermanent loss you deserve everything coming to you.

>>49785786
apparently there is...

>>49785049
poor nubiz doesn’t fully understand what liquidity provider really means, many such cases!

>>49785980
I undesrstand what LP means nigger. I got baited by Bancor's false advertisement of 100% IL LOSS GUARANTEE

>>49785786
if you want to withdraw you have to wait 7 days
after you withdraw it's all yours but you need to confirm the withdrawal
protip: just placing your funds in bancor is enough to make you wait 7 days. you don't even have to stake it

personally i migrated from v2 to v3 a few weeks ago but i DID NOT stake (due to disappointment at the mechanics). i was still forced to wait 7 days and i still received 20% of my stack in BNT

>>49770689
Holy shit the built in mechanics to balance a liquidity crises is literally hyper inflation. I knew defi was retarded by this is elementary shit

>>49785786
no

>>49786063
Technically you don’t lose any value, so yea, you didn’t fully understand what you were doing by lending your asset anon

>>49786114
Link me where on their website they are saying that they're gonna pay you back an arbitrary % in BNT instead of your staked token when you withdraw. I literally can't find it.

>>49785937
>>49786065
If this run happens it's going to be brutal for some people watching their linkies evaporate while bnt spirals to nothing

>>49786114
it wasn't like this in v2 and v3 was meant to be an improvement (lol), it's natural for people to be angry

also this situation is actively deteriorating
you say
>you didn’t fully understand what you were doing by lending your
like the good shill you are, but this current situation is the natural result of bnt being about to die
a month ago it was 10-20% in bnt returns
couple weeks ago it was 20-30%
now it's close to 50%
bnt is dying before our own eyes, yet you filthy kikes try to ruin as many people as possible

>>49786072
this chart says more BNT is being burnt than minted over time though

>>49786349
?????????????

>>49786114
>don't lose any value

you're under the assumption that you can sell BNT for 100% of the implied value which relies completely on BNT having unlimited liquidity which it does not, it will necessarily have slippage (any amm pool has slippage) and the slippage will get worse and worse and more and more BNT is printed.

>>49786240
How much of that is due to the supply of link in the pool decreasing though? Not only through people taking their link out but also through people trading for link through the platform

>>49786427
>over time
compare a year ago to today. the minted % is decreasing

>>49786451
Why you cut out the first word lol, of course you’re going to get fucked but technically you do get your value back when you withdrawal

>>49770660
Oh look another co-ordinated BNT fud post. No one has it in their best interest to create FUD post for scams, if you have scam you want people to buy into it, not scare them away. Perfect example is LUNA, there wasn't a single post on here saying what LUNA was doing was unsustainable yet look where it is now.

>>49786504
how does "technically" matter when in reality you're going to experience some pretty nasty slippage and almost surely not get back your full value? seems pedantic as hell man

kek
"staking", also known as "swap your crypto for BNT"

>>49778601
>still no death spiral
nigger the price is down 60% in a fucking week, please tell me you are still staked on v3 so I can laugh when you slash your wrists in a few days you fucking retard

>>49786504
The point is if there is a run, the solution is to print, which only furthers the problem. It is damn near a self fulfilling prophecy. The incentive to run away far exceeds the incentive to try to save the entire fund. GET OUT

>>49786634
Because we’re talking about a smart contract here, it is working as intended, just because people didn’t understand the risk doesn’t mean it isn’t working. And if we’re being honest there is risked involved in any trade.

>>49786706
shut the fuck up, nothing happening for the next 6 days

I take no responsibility for anything past 6 days

From the bancor whitepaper. So they knew about this protocol potentially collapsing.

>>49785867
yeah except none of the other LP shops don't willingly print shit tons of tokens and hand it over to you to cover your IL. I mean, what could go wrong?

BNT is going to dump hard once those people sell to recover their LINK. However, it might also be good to buy the generational bottom of BNT. All this is contingent on link keep this current price action and even going up just a little. Personally, I’d be happy if we went up to $9 because that would mean the liquidation cascades begin.

>>49786978
BNT LPs were fed a constant stream of bullshit about the risks that BNT carries in covering TKN IL. The risk:reward was fair when they were offering >50% APR, but the decision to rug all LM rewards was retarded. And before any BNT simps point out the current 15% trading fee APR, it's a passing phase. Once everyone stops withdrawing and dumping BNT, the fees will nose dive, along with your rewards.

>>49777145
Yes but he HE STILL LOST BCIZ HE PROVIDED LIQUID BANCOR.

...this is the only lesson to be learned here.

smoothbrains can't cut thru the endless trash posts to find the lesson that higher IQ anons are trying to teach.

>>49786349
Well if your vaults is 50/50 ETH and BNT, and the TVL keeps steadily decreasing, of course you don't need to mint any tokens because there are already too many. Actually when TVL decreases more tokens should be burnt than minted, but here it's about equal, which I don't take as a good sign.

>>49786349
Yes you are correct, in a world where everyhting is opposite.

>>49786698
Fucking this.

>>49787066
Mother of all BNT short squeezes is coming kek.

>>49786588
True. At one point I had to filter Luna because there were 35 fucking threads saying to buy the fucking shit because it was going to come back. Never listen to /biz/ these days unless you are very very good at deciphering the shit from the good (of which there is very little)