/biz/ - Business & Finance

>2017 - hodling
>2022 - forced hodl
What will the next bullrun bring

>>49831869

By black swan event he means him going broke. He will lock the funds of every single one of his users before he would allow that to happen

>>49831869
What they've done has already prepped a black swan event to happen, it's actually over.

>We need to protect the market by restricting it!

Absolutely cucked. I remember when shitters like this were chased out of the crypto community and now they're in charge of exchanges.

>>49831869
Celcius happened.
it's explained in the first 5 minutes of the twitter space
https://twitter.com/MikeBurgersburg/status/1538686938630307846

Fucking kek, I'm unironically bondmaxxing now. What's the point of taking defi risks / holding shitcoins in a bear market when bonds are at 3%+ yield.

>>49831869
Me watching DeFi burn with my BTC in cold storage.

HELLO MY FRIEND DO NOT FUCKING BLOODY REDEEM THE ORACLE TOKEN MY BASTERD!!

>>49832115
When I read shit like this I understand this was the last pump and dump for crypto. Blatant market manipulation that fucks over the influx of normies is guaranteed regulations at this point, and without the ponzinomics to hide behind this space is finished

>>49831869
this guy is so shit at damage control holy shit they can't even hire decent PR
he keeps insulting the users

>>49831869
where can i short bancor?
its not on binance or kucoin futures

>>49831869
DeFi is kill

>I am really ashamed and saddened by the LINK community at large. Why they would want to withdraw their tokens from Bancor is just heartbreaking and mortifying beyond belief. I know in my heart these Linkies are a small right wing miniority and most less extreme Linkies have gotten with the Bancor program and they know the shill lines like "holy shit learn what bancor is learn about impermanent loss protection bancor doesn't do deposits its a smart contract" and they have been paid handsomely for their efforts. But unfortunately because of a few bad eggs in the LINK community we have decided to disable Impermanent Loss Protection and strongly encourage users to forget about withdrawing their LINK or else. Fair go, you can trust us, goy. Mark Richardson Head Shill Bancor Department of Theft

>>49832180

Last time it was just bitmex/bitfinex liquidating retail for profit.

This time its a collapse of greedy VCs and Cefis backstabbing each other in desperation not for profit anymore but to lose less money.

Same shit different colour. None of the infected shit will survive while the next run will have an entire new crazy and line of projects

>>49832180
So this last bullrun was the last chance to make it in crypto. Welp, back to the wagecage for me anons.

>>49831945
Forced hodl with slashing

>>49832224
I love this shit. I mean if you put your money in something like this, you deserve to lose it, right?

>>49831869
It's called a bail-in/bank holiday. Instead of begging outside institutions for a bail out in times of high insolvency risk. They just "hold" the funds of thier despositors instead. This usually has the side effect of a collapse in confidence, which only forces the institution to hold for even longer.

>>49832267
Exactly
>>49832186
He has the face of a psychopath
>>49832224
Heh, it's always stinkies that are involved in this mess.

I have 20,000 link on there
I have three more days of cooldown
What the fuck do I do

>>49831945
forced buying and forced hodling and forced eating of cricket soup

what's the impact on lpl? bancor was the only place with liquidity

>>49832327
You pray. This scam probably won't exist in three more days.

>>49832267
their eth pool is insolvent users are receiving 100% bnt now but you are under no obligations to flee the sinking ship just relax and take a nap *yawn* I'm sleepy in two weeks this will all be sorted
>>49832296
i guess they did not see this coming

>>49832327
If market falls lower then start accepting the loss

>>49832327
You have 10K LINK now. You wanna fuck around and find out if you get any back?

>>49832127
same except usdc for me

>>49832327
That sucks dude. You have to gamble if the fraction of your LINK you'll get if you continue to withdraw beats the chance of getting it all back if they do restore ILP, which on the other hand could result in you losing it all if they die

>>49832425
This is fucked up beyond all comprehension

how many og marines have been taken out from these collapses the past month?

LINK staking will now be the only way to earn yield without being rugged

>>49832327
don't have advice, but im rootin for you anon

>>49832267
Agreed, I’ve been shorting off and on the past week on KuCoin and won’t be calling the SEC crying if I get scamwicked/straight up get locked out of my own account. Transfer gains to a personal wallet asap and never leave more than I care to lose on a CEX.

Hopefully crypto continues to be a degen Wild West, but I’m fairly sure at this point that there will be some heavy handed regulation (US and EU, at minimum) implemented before the 24 halving. Gary Gensler unironically probably saved a fair number of retards from losing their life’s savings by effectively banning Celsius from allowing new users to earn yield in the US, and I’m sure this “win” will embolden those clowns to crack down hard.

>>49832490
Heaps, including the savant pajeet.

https://www.youtube.com/watch?v=hF4_qMvn69U

>>49832354
No ones ready to make their loss permanent

Hey guys its 42 here from the Schizo Corporation with another paid post proudly brought to you by Bancor V3!

Dont cope seeth and dilate get your LPL and LINK over to Bancor now and enjoy the comfort of guaranteed Impermanent Loss Protection. At Bancor we are Schizo for your tokens!

>this paid post was brought to you by Bancor V3. 42 is a registered trademark of the Schizo Corporation all rights reserved. Dont cope seeth and dilate is trademarked intellectual property owned by the Schizo Corporation 2022. Do not repost.

>>49832327
damn, how much of your total stack was that?
i have 1800 in there, i might just wait it out but 20k is a lot

>>49831945
airdrop hold like minereum or whatever it's called

>>49832451
I wish I had better advice for you fren. Just be sure to calm down and do some research before doing anything one way or the other
>they claim withdrawals may be open in 3 days

What choice did they have? This way I might get something back anyway

>>49832411
yeah not sure how scared we have to be about that one, at least blackrock is involved

>>49832115
All these organizations were just dominos arranged in a circle.
Imagine if there was an exchange that restricted themselves to merely profiting off of trading fees.

Honestly I kinda like seeing these defi protocol nuking
Makes some good fud, and it breaks spirits.
We might get to see the vaults at 400$ implode

>>49832573
I have 50k over all, 30k in cold storage 20k pending withdrawal
Should I really take a 10k link loss that seems insane how could they not turn back on IL protection I ONLY WENT IN BECAUSE OF THAT FOR FUCKS SAKE

>>49832660
now you know that there's no free lunch with this shit. this is why i never touched defi.

>>49832660
kek no refunds anon thanks for playing

>>49832605
its backed and burgerland based, i'm not too worried.

>>49832525
Hahaha the only legit play in town during a nuclear winter. Legit APY generator. Macro momentum trade. Kicked off with a short squeeze. God it’s going to be a comfy few years.

>>49832660
Don’t forget that with 30k in cold you’ll make it regardless. Keep an eye on the price of BNT

>>49832425
Why the hell would they die, they aren't a lending platform leveraging their users' holdings and in danger of being liquidated. They're an AMM which is 100% profit. They profit on swap fees and withdrawal fees. They also had the largest ETH ICO of 2017 meaning they have a huge treasury.
You fags are talking like bancor is about to go bankrupt when they have a shitton of assets and nothing's lost like in celsius' case where they straight up got liquidated when BTC fell to 20k.

>>49832660
I'd actually cancel the withdrawal in your situation. You have 30k already so you aren't wiped if it's gone, if Celsius was planning to withdrawl and short BNC coins hard they can't now. I'd cross your fingers and wait for them to reinstate ILP and the second you can get your shit off there completely. I bet there will be a scramble from very many to do the same so the faster you are the better, this shit is going to ruin their exchange permanently

>>49832616
>Imagine if there was an exchange that restricted themselves to merely profiting off of trading fees.
you mean like bancor?

>>49832755
>profit on withdrawal fees
>encourage users to cancel withdrawals by disabling impermanent loss protection
you drank too much bancor coolaid smoothbrain

>>49832793
If users don't cancel their withdrawals that's profit to bancor because their liability decreases. What point are you even attempting to make here?

>>49832755
Luna was like a Lehman Brothers event for crypto and now you are seeing a bank run on EVERY single DeFi protocol. The fear is real and people just want their money back. We also don't know how DeFi is going to be regulated, for all we know, everything gets halted until SEC clarification is given.

>>49832755
Obviously Bancor themselves as a company can't lose money from this. The protocol as represented by BNT value, however, can. And thus so can everyone providing liquidity.

>>49832755
You don't think losing customer trust and stopping ILP, the one thing that people chose them for, including retroactively for pending withdrawals is going to fuck them over and cause a cascade of more and more people leaving as well as dumping shitty BNT to nothing?

>>49832124
I cannot believe how based this reply is.

>>49832660
Stop being a Jew and walk out with what you put in. Not sure why people are this conflicted over withdrawing—either lose your yield or risk losing everything by waiting. Celsius retards would be thrilled to even have this choice lmao.

>>49832327
>What the fuck do I do
survive

>>49832850
Didn't you read what he wrote? He's going to lose 10k LINK, half his stack.

>>49831945
Forced labor camps

>>49832804
>users can now eat a 50% loss!
>this is good for bancor!
you shill are making my point for me and it is hilarious

>>49831869
don't worry guys bancor found the solution!
if you never get out of your position, there is no impermanent loss threat!

>>49832882
read this >>49832804
he can just simply wait for a 100% loss!
R E D P I L L E D

>>49832823
If ILP is brought back as promised then that would only reinforce people's trust. BNT isn't dumping to hell currently so that answers your question.

>>49831869
HEX user (the only TRUE DeFI) unaffected

>>49832951
>If ILP is brought back as promised then that would only reinforce people's trust
i suppose in an alternate universe, where your bosses didn't expose themselves as kike frauds, then indeed people's trust would be reinforced!

oh wait no
the protocol now proved that its "100% IL PROTECTED GUARANTEED" selling point can be revoked at will, even retroactively affecting past withdrawals
so even if you weren't filthy kikes, bancor would be dead anyways

>>49832755
Didn't Celsius keep adding collateral and now has a 14k liq?

>>49831869
>Withdrawing your money from Jews is a black swan event

>>49832995
there is no coming back now that they have done this they can do it again at any time without warning and date it back to whenever they want. basically they are fucked

>>49832910
Kek, yes I guess that's the alternative anon was suggesting.

>>49832951
Yeah, except there is no chance of that happening. Confidence is lost, they've exposed their true colors, and BNT is going to zero. Look at the kike on twitter doing damage control, kek.

>>49833024
they are basically treating the very concept of getting your money out of there as some sort of "betrayal", voicing their "disappointment" (LMAO) against the LINK community
as this rate i fully expect them to start accusing critics of antisemitism

>>49832411
Holy fug, Sanna's face is fucking huge. Got that Thomas the tank engine aesthetic going on

Anybody got the pic of the Bancor founder fleeing the sinking ship with a lambo and a map for greater israel?

>>49832525
And they laughed at 3%

>>49833047
https://twitter.com/ChainLinkGod/status/1538672593812660224
>its a matter of spacing out the withdrawals
>our own users have become malicious actors!
kek this is too good to be true I hope the hole thing comes crashing down and my village goes back to work in the dirt farms

>>49833112
3% is better than a 50% loss kek

thanks for playing

>>49833106
>The Bancor Protocol Whitepaper was first introduced on February 13, 2017, by founders Galia Benartzi, Guy Benartzi, Eyal Hertzog, and Yudi Levi

>>49831869
With jews, you lose. You never listen

>>49833176
Thank you
I tried all sorts of keywords looking for the image but had no luck
Gonna get a lot of mileage out of this this week kek

>>49833120
What if they are just protecting themselves against Celsius hostile withdrawal and fucking them up more?
Wouldn't that be based?

>>49833220
no

>>49833156
>mfw the people running the scam are going to be allowed to keep living by the retards they scammed

Redpill me on bancor situation, i just came back from hanging out with my dad.

So was the bancor link thread that was talking about this earlier true?
Bancor death spiral from linkies dumping all their bnt for link? Or is this because of Ethereum and celsius, so are people locked out of withdrawing on bnt now too?

>>49833120
>what!? you can't just withdraw, you fucking scammer
>what do you mean you want the token you provided for liquidity, here take this BNT it's pretty much the same
Kek, what a fucking piece of shit.

>>49833220
no anon. jews cannot be based. i hope you understand you have made a critical error in protocol judgement. next time choose a ethnic protocol cleansing option

what the hell guys my cool down is over but I can't withdraw all my linkies. This is all I have. I feel like I'm in a nightmare and I can't wakeup.

>>49833120
>ChainLinkGod
This retard drank and DeFi kool aid and will now understand the important of due diligence. I would love to see every crypto influencer in court facing liability charges, just to have the bejebus spooked out of them - no convictions needed.

>>49833260
It's not too late to cancel your withdrawal and keep earning, anon!

>>49833260
SERS PLEASE CANCEL DO NOT REDEEM

>>49833260
Not your keys, not your Link. Sorry you had to learn it the hard way.

>>49831945
>2025 - forced eating of ze bugs

holy shit bancor is saving their own asses by preventing linkies from dumping their bnt for the link they lost??? hahahaha this day couldn't get any better. or could this be preventing celsius from dumping the bnt to get back the linkies that they took from their users to short. kek. linkies are in between a rock and a hard place.

>>49833260
I don't fucking understand this. I thought this was DEFI. DECENTRALIZED? FUCK CRYPTO. It was all a lie

>>49833310
never give away ur link fellas. your links are the only asset along with eth and btc that have value in this market of nonvalue

2022 the year where ponzi yield farming degens finally lose their entire life savings because they were so greedy they risked all their money for a promised free lunch

>>49833313
>DECENTRALIZED
Obviously not. Which means the SEC could freeze all this shit in an instant if it continues to deteriorate.

If only there was a trustless protocol that you could stake and earn APR without giving your keys away to middle man dick

>>49833238
bnt was meant to be an amm, aka a swapping app
problem is, nobody actually used it for that. it had absurd fees, limited collection of tokens and there was really no incentive to swap there
they managed to bait liquidity though with their "liquidity mining" program. basically printing BNT and giving it to people who parked their assets there
it was semi-sustainable because bull market kept BNT price high

eventually that had to end with v3
without LM rewards, people started leaving
thanks to the bear market, BNT also started dumping
in addition to LM, BNT is also printed to provide IL protection
people discovered that they were increasingly getting paid in BNT instead of their original stacks (something extremely rare in the past)
naturally they would immediately sell that BNT to buy their original lost stack
the more the price of BNT falls, the more they need to print to cover IL protection
and IL costs got massive due to the market crash
uncertainty makes more people exit, and now this

ultimately bancor offers no value opposition other than baiting people to park their assets there for an APY
nobody uses their primary service (swaps)
their profit model is the extra fees they get from withdrawals, which is why they kept baiting people to join with all sorts of bait
it's the ultimate ponzi

>>49833260
DO NOT REDEEM THAT LINK MY BASTERD!!!!!

>>49832616
imagine if there was a stablecoin that just held dollars in escrow and readily swapped them to tokens for a small fee

>>49833380
>opposition
proposition lel

>>49831869
So when the US securities market stops certain transactions it's deplorable and anti-free market but when crypto exchanges do it it's totally necessary?

kek crypto baggies

>>49833260
this is beyond sad
now people either accept 50%+ loses or they sink together with bancor in the small hope it recovers

alright frens, which ponzi was a bigger deal for the normies, the luna fiasco or this?

>>49833483
this is just the beginning

OHNONONONONOONONO

LOOOK AT THIS ONE
AHAHAHAHHAHAAHHAHAHAHAHA

>>49833499
>trusting bancor

>>49833499
At least he only lost half. To make a measly 5%, kek.

How do I profit off of this

>>49833591
Short BNT, it's going to zero

>>49833591
If your country allows it you could short BNTKANSN

>>49833591
you need to pump the link/eth price above 70k gwei. do it for teh lulz

>>49832616
That is Coinmetro. The only exchange trying to do things right. They do less than a million in volume per day because there seems to be zero demand for an honest CEX. I have no plan on ever using their platform but I use them as a measuring stick for where the market is outside of manipulation.

>>49832327
Nothing to do. You're an observer at this point. Write some notes for yourself about what all you leaned, so you can continue to grow faster/better/more easily. Remember, no one takes anything of this rock when they go.

>>49832451
I'm there with you. 8k Link on Bancor 3k Link on Celsius. I'd almost feel horrible right now if it weren't for the hilarity of it all.

https://etherscan.io/token/0x516c164a879892a156920a215855c3416616c46e?a=0x857eb0eb2572f7092c417cd386ba82e45eba9b8a
LINK bankrun ongoing
400k+ of LINK in pending withdrawals within 4 hours of the announcement

bancor is dead

>losing my funds in Celsius
>celsius is causing my funds in bancor to be lost
Just keeps getting worse

>>49834300
jesus

>>49834319
Complete the trilogy by moving everything to Nexo right before they go down

>>49834337
Nah my trilogy was already complete I lost 20k usd in the scream bullshit and I doubt I'm ever gonna get that back now. So in total im looking at a 40k loss. Feels weird man.

>>49834300
linkies are rekt too. first to exit wins

That being said though this is possibly the best action bancor could take. It's basically Celsius niggers trying to exploit the system in bad faith to cover their position. So we just gotta wait and see what happens now. But the IL protection shit really doesn't work when you purposefully attack the protocol and if you're gonna act in bad faith then you shouldn't get rewarded for it.

>>49831869
Pain is an important part of learning. Look at leprosy. Those who cannot feel pain usually don't live long...

>>49834300
The way I see it Bancor had two options:
1) Continue to pay IL, Celsius withdraws 1.3m LINK and gets half in BNT, instadumps, BNT death spiral, bankrunning retail LPs behind Celsius keep getting hyperinflationary BNT until there is no buyside pressure to give BNT any value at which point the LPs basically just get TKN and worthless BNT, Bancor dies.

2) Cancel IL, save the BNT token from inflationary death but completely lose faith from the LPs who you've promised IL protection the whole time. Bankrun where LPs still flee, furious, and a massive loss of reputation and muh immutable DeFi, but the protocol and the token survives and you pick up the pieces with maybe 5-10% of the liquidity you had before and slowly try to start again.

You can see why they chose #2. Fucking sucks but I get it.

>>49833373
>bro just lock up your stake for 10 years while richard dumps on you so he can buy another iced out rolex.
Kek isnt hex at like 1 cent now

>>49834417
>exploit
>bad faith
i love kikes
leave it to the jew to turn "get my money back from the liquidity pool" to "exploiting the system in bad faith"
makes it so much easier to disassociate when the time comes

>>49831869
>Black swan event is literally price go down
Holy shit I hate these people

>>49833380
That was quite a succint pill. Thanks anon.
Hope my linkbros survive this...

>>49834462
>The jew cries out in pain as he strikes you.

>>49831869
"your users want their money back" is not a fucking black swan

It's refreshing when all these ponzies collapse

>>49832269
No. A bail-in is when they give you BNT instead of LINK.

>>49834462
Okay except if Celsius just let people withdraw and they didn't try to nuke bancor into the dirt by shorting it maybe the situation wouldn't be so bad
If you started your withdraw after all this shit and it comes to pass then it's too late for you anyways. So I don't think bancor is under any obligation to support Celsius's bullshit.

Key factor here is these big withdrawals are already ahead of you so there's really fuck all to do.

>>49834446
I get it as the lesser of two evils, but why were they in bed with Celsius to begin with? What kind of mechanisms, if any, could be put in place to avoid any single entity from being able to cause this kind of damage?

>>49834530
>try to nuke bancor into the dirt by shorting it
proof?
what kike magic do your masters have that allow them to know that celsius will short bnt?
even though any bnt they get will have to be immediately sold in order to rebuy the lost link?

>bro just trust me i wouldn't lie
kek you kikes really all deserve cancer

>>49831869
>You will hold whether you like to or not
>Even if you neck yourself youre gonna onto this shitbags
Future of finance everybody

>>49834557
>kike kike kike
Listen bud you're clearly not interested in having this discussion. Not your keys not your crypto. Don't like the rules? Don't deposit it. I don't get why this gets your panties in such a twist. Imagine being mad about being right kek.

>>49834595
proof about the short?
no proof?
even though you mentioned it out of nowhere
then all kikes will get cancer
there will be no rest in the afterlife either, you will be tortured in hell for all eternity

>>49834550
If you have an open protocol then whales like celsius can deposit on you, you can't exactly say "no whales".
Honestly I would have liked to see them cancel IL protection just for the Celsius wallets. I'm sure the DAO could have justified "if you're trying to fuck us into the ground we won't let you" and by still paying IL protection to retail they could have kept a lot more faith, with a lot less chance of a death spiral.

There is zero question that this decision, as much of a short term disaster as it is, has saved the project at an existential level. Whether they can rebuild trust is another question, but then again people in crypto have short memories.

For what it's worth I still plan on withdrawing whatever I can get. All in LINK from here.

>>49834608
The story floating around is that Celsius ha a huge BNT short on FTX but I'm not going to look it up for you because i don't care.

>>49834615
May not have the ability to do so. Might be something worth pursuing I think. But it does threaten the defi narrative but I think people forget that defi still requires humans to deploy and maintain contracts (unless they are immutable). If you hate that then stick with Bitcoin, unironically.

So yeah Bros, I still have 1000 Linkies in there in V3. I will put on my helmet and ride through this hell and hope that after a few months I can get them back. Or what alternatives do I have?

>>49834645
>but I'm not going to look it up for you because i don't care
IT IS LITERALLY THE 5TH POST YOU NIGGER YOU ARE NOWHERE NEARLY AS SMART AS YOU THINK

>STORY
WHERE IS YOUR PROOF
IS IT A TWITTER POST OF A RANDOM GUY WHO SAID "ACCORDING TO TWO SOURCES" AND DIDN'T GIVE ANY OTHER DETAIL

>>49834690
it's basically
a) wait it out and risk losing everything
b) withdraw and lose half your link

>>49833483
the collapse of Tether is going to put everything else to absolute shame

>>49834690
>Or what alternatives do I have?
only alternative is taking the 50%
your call

>>49834711
i don't have any proof im not the person you were arguing with and i don't give a shit either way

>>49834753
>i don't have any proof
COOL

>>49831869
>not your keys not your coins
defi will collapse, will collapse prices with it

>>49834765
As if we needed anymore proof that all roads lead back to Bitcoin

>>49831945
>HOD this L

>>49834736
If tether goes up in flames. Woo lad that shit has been a time bomb for a minute

>>49833260
So can you just leave it setting there, and immediately withdraw when IL is enabled again without a cooldown?

>>49834927
Yeah but I seem to recall you will cease to earn fees unless you reverse it or something like that.

>>49831869
HODL is now a weapon
you will HODL and you will be happy

>>49832115
Holy fucking based. Big if true

>>49834927
yes
only problem is that by then BNT will be worthless
people will get their nominal dollar value back, but in reality they will have trillions of hyperinflating BNT that you will not be able to sell (at least in a way that matters)

>>49832115
jesus christ celsius is fucking evil at this point

why would you withdraw if IL protection is off? it's a contract you can take out your shit whenever you want with protection on or off

you're already rekt, the only way to get unrekt is to wait and hope they turn it back on. you cant get further rekt by waiting more

Watching these scams implode one after another makes the crash worth it.

>>49834941
Thanks. I have 10 linkies on there. Wonder if I should just initiate it now, then withdraw once they enable it again. Fuck bancor.

There was anon here a month or so ago that had all of his 50k link deposited. Wonder if he pulled out.

>>49835002
this is to force celsius to withdraw without the LP, they need liquidity now for their users.

>>49835002
bancor is not going to recover, fren. you either get out early or accept your losses

>>49835052
*I have 10k linkies on there.

>>49835050
Do you watch RGE?

Imagine trusting literal mossad with your money

>>49835060
This is retarded. Celsius will stop now and everyone is still trapped

This is why I keep saying that LIQUIDITY IS EVERYTHING IN THIS MARKET yet no one listens

Why the fuck not research about a platforms liquidity before investing in it? It's not that hard to find decent ones
AAVE has pretty good liquidity and some DAOs like BitDAO have a fuck ton of liquidity given they own the largest treasury in the market

>>49835127
they dont have the time to wait it now, they need liquidity asap apparently

>>49835052
>>49835073
Doesn't hurt but this is also gonna be a great time to wait it out. I only have 1k in there with maybe 4 eth but I'm pretty demoralized by my link bags so your mileage may vary. I think it will improve but unfortunately short term is just gonna suck ass.

>>49835060
yea i know, but why would retail panic and withdraw now(read the thread, lots of panicky retards)

>>49835072
bancor(the contracts) cant fail. you can withdraw now or in 5 years its irrelevant

>>49835060
>chainlinkgod says everything is under control
ABANDON SHIP HE'S COMPROMISED AF GET OUT WHILE YOU STILL CAN THEY GOT HIM

>>49835149
because people make threads like this trying to cause panic for clout.

>>49835152
he claims hes not even on bancor, just explaining clearly whats happening between faggy panic posters

>>49835144
Doubt it, because taking a gigantic loss while trying to exit bancor won't save their other positions anyway. May as well hold and try sell OTC

gee i really wonder how that free money for everyone out of thin air staking didn't work out. Who could've seen that coming?

>>49835152
It's like Roger Ver defending Gox kek. Sad thing is linkies still "trust" these systems

>>49835189
bancor and celsius know eachother, theyre talking it out but this decision was made and it was suggested it would only be a few days

Even without this shit Bancor is doomed in the long run
You can only print tokens out of thins air for so long before inflation brings it to zero

>>49835216
you better be praying that BTC holds this level or none of this matters. both these scams are rekt

Get fucked, all those people earning apy on aave,bancor,celsius,nexo. Giving away their tokens to centralized entities shorting your own holdings. Payback

>>49835149
>>49835163
Watch and learn

https://www.youtube.com/watch?v=UP1YsMlrfF0

>>49835242
how many shorts do you have open rn

>>49835308
I don't use leverage. I sold everything in April and want this crash to finish already so we bounce back quicker.

>>49835149
All the pairs trade against BNT, so as it crashes you lose more and more to impermanent loss. They'll never turn ILP back on because they can't afford it; the more BNT price drops the more they have to pay, to people who will just dump it for the token they actually want, crashing the price further. It's a ponzi collapsing, and the earlier you get out the more of your money you recover

>>49835294
Why does Bancor, an AMM, always get rolled in with lending platforms when people talk about shorting?

>>49831869
lmao im done with people
>half the replies clearly stuck in bancor, desperately asking for more copium

i officially no longer give a fuck
let the goyim lose everything, they deserve it

>>49835408
that tripcode is literally a bancor employee kek

>>49835404
cefi platforms like celsius, blockfi and nexo used bancor to generate yield
many of the APYs they offered were directly harvested from bancor

so bancor, while mechanically not directly responsible, it is a part of this shitty, toxic, parasitical ecosystem and mutually benefits from cefi doing well

>>49832127
this is cefi you retard, on real defi no one can stop u from withdrawing

>>49835404
Because most of the return comes from liquidity mining (funded by bnt), not trading fees, aka it's a ponzi

>>49835216
>its just a quick 2 weeks lockdown, we just have to flatten the curve!
>2 years later

>>49834550
>jews sending their profit to support other jews fleecing the goyim
oh no how is this happening I don't understand

>>49835438
That's like saying if people trashed your airbnb you're partially responsible for owning the airbnb

>>49835470
But that's got nothing to do with the accusation that Bancor was taking user funds and using them to short, which there has never been any indication of.

Linkbros.. Can we meme nexo into imploding next?
Its personal with nexo, those slimey bulgarians literally fudded the most honorable and trustworthy project in the entire space. We must make them pay...

>people thought an APY of >7% is sustainable
>especially on BTC, LINK and other tokens that aren't even PoS

>>49835503
this. holy fuck why is anyone surprised at Jewish behavior in crypto kek

>>49835546
chainlink is a big fat russian piece of shit though bro

>>49833260
the answer was so obvious all along

>just put your link on bancor bro it's defi bro
holy shit what a mess

>>49835572
AND THAT'S A GOOD THING THESE DAYS

>>49835531
Correct. It's just why they get lumped together in the mind of our angry friend

>>49835060
Why did Rick say that Celsius had already moved the majority of their assets off Bancor a few days ago?
>>49835334
Has anyone been able to track their actual positions on-chain?

>>49835580
^this

>>49835580
>HOW DARE YOU PRESUME TO THINK YOU CAN FREELY LEAVE THE BANCOR CULT

>>49832224
why is he smirking like that guys?

>>49835742
Because he has your money

>>49834278
sorry anon that really blows

How is IL so huge when LINK dumped that much? Are people losing mostly profit?

>>49833373
Soon you can proxy stake your HBAR, returns won't be very high, but you'll be in complete charge. Worth it if you think Hedera will actually stick around. I'm currently liquid staking with HBARx (~40% apy) but will switch over to native as soon as it becomes available

I remember when bancor ICO'd and produced smart contracts that could be edited. Back then it was already weird, what's the difference between a centralized platform and editable smart contracts.
Why people chose to interact with them again when they rebranded into defi after making off with billions eas another head scratcher.
Anyway, anyone deserves anything coming to them. Now they all sad and mad fuck you.

>>49833380
Thanks for spending the time writing this.

>>49835949
BNT dumped more, and all bancor pairs are against BNT

g gg guys I'm literally shaking right now.
BTW you should probably revoke any permissions on your wallets

>>49833069
As soon as your funds are not in your wallet, they're not yours anymore. Fuck, they're not yours in your wallet if you're using Sol...

>>49836141
Using solend, a lending platform on solana. Native solana accounts are unaffected.

>>49835531
kinda, except it wasn't an airbnb but a ponzi scheme that i was running

>>49832327
It is because of retards like you that LINK got shat on so badly. Fucking idiots risking their whole stacks for a paltry couple of percentage points of Interest payments when the entire 'gain' you receive from the interest is negated by a 90% drop in the price. Then you loss all of your linkies anyways. Fucking retards man.

I put in 1k LINK a day before this whole shitshow started... fuck me. Still have 5 days left for cooldown. How fucked am I?

>>49833237
For normies it is easier to side with the people that scammed them since then they don't have to admit they are retarded cattle and experience ego death. That is why people sided WITH bitconnect when it was going down the toilet since if they admitted they fucked up they have to face the fact they are giant retarded niggers.

>>49836502
bite the pillow

>>49831945
Forced mining

>>49834417
i havent seen levels of cope like this in a long time. if your protocol doesnt work when it's "attacked" i.e. the lowly goyim try and withdraw their funds, guess what, it's a ponzi.

>>49836473
Bancor is just an AMM, no lending

>>49836544
In theory I shouldn't have suffered IL since the LINK price has been fairly stable... We'll see. This is bullshit though.

>>49835572
Linkfags are not that bad, but Sergey really betrays

>>49836700
Me too I don’t understand how everyone thinks it’s a 50% IL loss

>>49835742
because he conned a bunch of Linkies out of their Stinkies
Now LINK may pump.

>>49836720
doesn't bancor tell you how much link you'll get back when you try to withdraw? I took usdt out of v2 and it showed me a breakdown of how much would be given in bnt. The end of IL protection means you don't get the bnt portion anymore, only the token. I don't know the specifics of impermanent loss how it's calculated it always confused me lol.

WE WERE RIGHT ABOUT BANCOR
fucking bnt shills have been gaslighting us for YEARS

>>49836935
They only tell you after the 7day withdraw period is through. Slimy kikes. Thank fuck I took most of my stack out before Consensus

>>49836720
It's 100% loss

What is the LP pair for bancor deposits. All i see is people should be getting all their link back but can't. Is it paired with bnt. Is it single sided staking? Doesn't make sense to me and I've LP farmed before.

>>49831945
forced selling the bottom

>>49831869
Let it crash and burn. Defi exists so shit like this doesn't happen. Why didn't they put it up to a vote?

>>49837044
It's single sided but internally paired with BNT. It's a pair in essence, and if that pair is out of balance when people want to withdraw, they print more BNT to make up for the imbalance, to protect against IL. Well they just shut that down because too much BNT was printed and insta dumped

>>49837044
yeah it's single-sided. You would get paid bnt to make up for impermanent loss

>>49831869
HAHAHAHAHAHA

>>49837111
>>49837139
If it's internally paired with a farming token then of course there's be impermanent loss.... How did it pass the smell test for so many people???

>>49831945
Extreme barting

>>49835391
>and the earlier you get out the more of your money you recover

but nobody is getting BNT for withdrawing, they disabled it. everyone is already rekt for IL and the only way they become unrekt is by waiting and hoping for the best. being earlier simply realizes your losses with no chance of recovery

>>49833260
you dont want them to go broke do you guys? hey listen, I know everything crashed but at least eth gas prices are cheap now!

>>49836956
this and finally

>>49837299
you don't understand. being earlier means you receive more of your initial stack. theres no bnt/il protection now, but soon there won't even be link liquidity to withdraw and you will not be able to withdraw anything.

>>49833260

>>49835391
they are essentially holding a gun to their own head and asking you to calm down

>>49833380
>nobody uses their primary service (swaps)
>their profit model is the extra fees they get from withdrawals
I was wondering about this kek

>>49832660
Lmao holding link and not selling at 50+

>>49833019
It is 13.6k now

>>49836019
Exactly. Bring back locked/disowned contracts

>>49832103
literally nobody cares about bancor except for stinkmarines
the protocol has maybe 9 figures of tvl, much of which its own token
uniswap and curve total 11 figures

>>49837292

>>49833090
that's because the pepe is not to scale

>>49833260
you lost less than 50%. it's not that bad. you knew the risks when you decided to throw your money in a permissioned protocol that was hacked several times, run by retards who keep seething at uniswap instead of improving their product

Its perfectly fine, you have nothing to worry about

>>49837061
this. a small inconvenience compared to the benefit it will provide gigawhales.

Seems like a lot of people don’t understand the fact that your LINK got paired with BNT when you did “single sided staking.”

You think the price of LINK has been stable—sure, compared to USD, but BNT has absolutely shit itself, and the LINK/BNT impermanent loss is already huge. We’re talking 50% currently, tomorrow you may only get back 40% of your stack, the next day even less.

You may be wondering, how is it possible to get less LINK back than you deposited?

What happened is this: large withdrawals drained liquidity pools, for example the ETH pool. ETH withdrawals have stopped returning ETH at all, it was mainly BNT.

Bancor is already drained of ETH. Now, the IL experienced by ETH depositors was getting paid out 99% BNT, but they couldn’t swap back to ETH because the pool is drained. So they swap to LINK then use another dex to swap LINK back to ETH.

In other words, because every single token on Bancor is paired against BNT, every single token depositor is currently racing against all other assets to withdraw their funds. So the IL comes from the fact that LINK is being withdrawn to make up for ETH lost when BNT/ETH collapsed.

It’s a race to zero, and you’re not just fighting against other LINK marines, you’re fighting against every other asset on the dex.

Turning off IL protection means ETH withdrawals can’t be used to withdraw LINK, but the damage is already done. Bancor is effectively insolvent—you get only 60% LINK back because there is literally only 60% LINK in the contracts, compared to how much was deposited in “single sided staking.”

>>49832616
It's called Crypto.com
And people shit on them for lowering the free money train rates but they're still EXTREMELY competitive and now more so as all these centralized exchanges with yield and loan options are getting fucked.

Binance makes money this way too.

Cro has trading and spread.
Binance has all that plus shit like liquidating degen gamblers lol.

I think there's an important lesson we can all draw from all this:
>If a protocol *can* death-spiral under *any* circumstances, you should assume that it *will* death-spiral.

>>49838172
>Endgame: the Bancor protocol contains *only* an infinite quantity of BNT worth exactly $0.

>>49832115
Even if Celsius is to blame, Bancor should be prepared for shenanigans like this to happen on their platform. The positive thing is they will implement a feature to prevent this from happening in the future which will only make the Bancor network better.

>>49834615
>3 hack in 4 years
>1 bankrun IL HODL MODE
how the fuck are people so retarded.

Traditional banks are incredibly safe but institutional players still assume that they can fail and place their money in govt bonds with negative yield instead. Meanwhile in the crypto space: everyone is surprised when unregulated exchanges and protocols fail.

>>49838455
you really think there will be a bancor after this? i think they're gone
i'm in the seven day cooldown period but have already accepted that most stack is gone, any i get back is a bonus

>>49838308
>>49838455
>the two ends of the IQ meme bell curve

>>49831869
That’s literal theft

>>49835546
>>49835580
>Sergey personally shills DMM, Celsius, Bancor
>All fail and made out as complete scams
>Crickets and copium from bagholders
kek.

>>49838529
They survived the hack and the bear, I wouldn't write them off not surviving

They survived the hack as they demonstrated that they tried to make users whole (and the way they did it was very unpopular) and showing they could learn and incorporate lessons learnt.

They could potentially do the same here again, arguing they tried to protect retail

>>49831869
Functioning as intended.

>>49832755
>What is impermanent loss?

>>49838556
no it's a black swan event goy, NO REFUNDS

>mfw raking in the fee rewards from all these retards stampeding off the cliff after each other.

I held link for three years in cold storage and decided to put into bancor last weekend.

>>49835060
You can't make more money by shorting while you're dumping unless you can convince OTHER people to dump without shorting at THEIR loss. The act of placing large shorts causes the price to drop which is good for the short position but terrible for your holdings that you're trying to get rid of. At all times by simple maths it's better to sell your holdings for what you can get for them and not play games. I would say this story about them protecting themselves from a predatory Celsius is just astroturfing.

I'm a retard but even I could figure out a way to swap shitcoins drama free

>>49838585
Next you're going to bring up Lady Luck and MOAB again lmao. We have been saying for years that everyone should keep their Linkies in cold storage. If not for their own safety, then at least for the fact that the LINK can't be used for VC shenanigans.

>>49838947
>unless you can convince OTHER people to dump without shorting at THEIR loss
Isn't this exactly what is happening when people rush out the door and dump the IL reward (BNT) to recover their stacks?

>>49831869
>YOU WILL STAY IN ZEH PONZI SCHEM
Hahahaha wow it is all over

>>49838947
In this case it's just the massive withdrawal of ETH and LINK, which everyone can see and recognize what it's going to do to BNT. They wouldn't even have to sell anything because it was very likely to cause a bank run. They don't have probably even 50% of people's positions, so they're going to be paid out in a ton of BNT, which means inflation of BNT and extreme amounts of selling, both of which will crater the price.

>>49835052
I didn't, I will weather out the storm as a cope.

Nice to see bancies price climbing lol

>>49839823
Kinda like the Ruble rising lmao

>>49832451
NOT YOUR KEYS
NOT YOUR CRYPTO
YOU HAVE BEEN EDUCATED BY THE MARKET

>>49839800
I have 25k here bro. I think we will be ok God willing.

>>49832115
>>49838455
Celsius is not to blame, the possibility of someone collecting a lot of IL compensation nominated in BNT, then dumping the BNT, is simply built into the protocol, as I've explained many times in many bancor threads. In fact you might say Celsius is the victim here, since they received IL compensation in BNT of "equivalent" value (and locked for 24 hours iirc) instead of whatever token they deposited like Bancor promises in their marketing materials.

>>49832327
Fucking told you so anon. I tried to warn each and every single one of you but you wouldn't listen.

I feel like the Chainlink labs team are partially to blame in this. Chainlink hosted bancor talks worldwide. Linkies were told it’s chainlinked making them believe it’s safe

>>49831869
>What the actual fuck is going on?
Cryptokiddies are starting to figure out why banking regulations came into place.

Didn’t the Bancor audit give a 98% safety rating?

1/7

>>49840089
you may as well blame google, who supplies the google map api, when your uber driver kidnaps and murders you.

>>49831869
Sp BNT is just another Terraluna. A flawed design susceptible to death spiral that relied on a
>oh that would never happen
event to never happen.

2/7

>>49831945
Bag hodl

>>49832115
>>49835000
>>49838455

Both correct. This is literally a defi exploit/hack.

>>49833260
>my linkies
your linkies?

3/7

>>49840164
>This is literally a defi exploit/hack.
It objectively isn't.
Its the protocol working as designed.
The design was shit, terra tier garbage.

>>49838917
lol, how many stinks did you let them have?

why not put the LINK on aave ?
bancor is fucking irrelevant and now you've lost your linkies

4/7

>>49832660
IL protection isn't real. You put 20k link up for sale, and 10k of that has been sold. It's already gone. Why did you put it up for sale if you didn't want to sell it?

>>49831869
Get your money OUT of the system before it collapses. Everything is over leveraged, and leverage must be paid back. This includes your house, your stock portfolio, crypto, bank deposits. It's not real, just phantom money. What he is saying is that not everyone can actually access what is there 'money'. Their resources, there wealth. It. does. not. exist.
All of the problems we have in the world stem from this fact, that capital and debt are fungible. Instead of paying for goods with cash, we allowed banks to expand an ungodly amount of credit into the economy via government spending, mortgages, student loans, and credit cards. Now the bill is due and no one can make good on what they owe. Just as you owe money UP the chain to your landlord, bank, etc. These institutions also have obligations to YOU. And they are telling you that they can't pay you.

It's really that simple, folks. Forget all of the financial jargon and don't make it any more complicated than it really is. There is no "accounting solution" to make this problem go away. If I write you an IOU for $1M and I spend the $1M you gave me, tough luck. Your $1M 'asset' takes a haircut in bankruptcy court and maybe I can pay you back a small portion of it.

5/7

>>49840089
>Linkies were told it’s chainlinked making them believe it’s safe
Just cuz the price feeds are safe doesn't mean the defi spaghetti monster won't eat your money. If you put your money in some byzantine lending system it's your responsibility to know how it works.

>>49831869
never relax around black swans

6/7

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

>>49833176
7/7

>>49832327
How fucking retarded are you?

Their full message this saturday btw. Another one for the collection.

>>49834530
They are entirely within their right to short bnt in an attempt to get back the money they were promised was 100% protected against IL, but turned out to be not so.

>>49833176
>>49833217
anyone have an infographic showing the ethnicity of celsius, bancor, ftx major players in one chart along with associated scams?

>>49840090
> Cryptokiddies are starting to figure out why banking regulations came into place.
Or how stock market circuit breakers came into place after algorithmic trading and portfolio insurance.

>>49836556
>let the protocol die because that's the right thing to do
You can frame it however you want fag

>>49840564
While making sure their customers can't do the same. Lmao. CEL is up 120% this week. Smart but ruthless, or morally bankrupt? Maybe all of the above?

>>49840564
And thus bancor is in their right to do what they did. The only thing shitty is that they can't block by wallet but I doubt this is something they thought about in V3 and they probably just implemented what they could

>>49840241
>why not put the LINK on aave ?
Because AAVE doesn't operate a ponzi scheme that relies on unlimited minting of a shit token to deliver its promised features.

>>49840090
>Cryptokiddies are starting to figure out why banking regulations came into place.
Only retarded plebbitors are crying for government regulation.
Those of us who can read smart contracts and perform basic math (therefore seeing the BLINDINGLY OBVIOUS DEATH SPIRAL POSSIBILITY of both BNT and LUNA) want you faggots out of the space. If you can't do this pay someone to do it for you or get the fuck out.

https://twitter.com/LinkSemper/status/1538866719179128832


HAHAHAHA

>>49841168
>I hold big bags of coins
not of link you don't, "thot hater"

>>49831945
hear me out
>liquidation as a service

>>49841168
> pretending to be a female on crypto twitter
pathetic lmao