/biz/ - Business & Finance

>>49928702
>chainlink unlisted a recent interview with Mark Richardson
https://www.youtube.com/watch?v=B2mVaPFFdoE
>pending link withdrawals 3.3m LINK
https://etherscan.io/token/0x516c164a879892a156920a215855c3416616c46e?a=0x857eb0eb2572f7092c417cd386ba82e45eba9b8a
>pending ETH withdrawals: 23k ETH
https://etherscan.io/token/0x256ed1d83e3e4efdda977389a5389c3433137dda?a=0x857eb0eb2572f7092c417cd386ba82e45eba9b8a

>>49928739
an entity just withdrew 854k LINK from bancor (two different wallets but transactions completed within 5 mins of each other, so likely the same entity). Of course, they didnt get 854k LINK, they received a total of 457k LINK, losing 46.5% of their LINK

>>49928801
how did this entity not see the recent bancor tweet. THEY ARE WORKING AROUND THE CLOCK GOY

>>49928702
>short squeeze happsn
>threads die
Thanks for playing

>>49928977
Checked

10 hours ago, there was also a small ETH withdrawal. They had 2k ETH, now they have 1.1k ETH. thanks for playing. This is a Celcius wallet

>>49928829
>black swan event
Hahahahhahahaa

Bancor Master vault:
>19k ETH
>3.37m LINK
Deposited onto Bancor:
>33k ETH
>6.2m LINK
Pending withdrawal:
>23k ETH
>3.38m LINK

>>49929846
kek
>black swan events
>a liquidity provider removing their liquidity
no refunds

>>49928829
black swan = people withdrawing funds

>>49928977
this kek it has been strangely silent today.

>>49929864
So theres more than enough to cover withdrawals right?

>>49930135
yes, assuming they continue to screw withdrawers out of 40-50% of their deposit. Technically speaking, they are insolvent though

very ironic watching his intro one week later

>>49930310
So whats the mechanics here? You deposit something, leave it there for a while, why can’t you pull it out?

>>49928829
I need to take a dump. Hope that won't be another black swan event for them.

the only asset ive seen people successfully withdraw and not suffer loss is LPL. However, there have only been two actual withdrawals in the past 10 days.
>>49930330
kek
>>49930360
they changed the rules of the game after the game had started. The only reason people provided liquidity to bancor, besides getting yield on the assets, was that they were promised to be made whole when they withdrew their assets. If for whatever reason they couldnt give you 100% of your deposited asset back, based on the $ value, you would get the remainder in a shitcoin called BNT. You could then swap BNT for your preferred asset, and go on about your day. Since they changed the rules (disabled a feature) 4 days ago, they no longer will make you whole upon withdrawal. No more BNT compensation if they cant give you 100% of your assets back. So people are losing nearly half their initial deposit when they withdraw ETH and LINK

>>49930496
thanks for the hearty chuckle anon

>>49930310
Very based, I’ll wait for the panic tards to withdraw with a haircut then

>>49930624
>they changed the rules of the game after the game had started. The only reason people provided liquidity to bancor, besides getting yield on the assets, was that they were promised to be made whole when they withdrew their assets. If for whatever reason they couldnt give you 100% of your deposited asset back, based on the $ value, you would get the remainder in a shitcoin called BNT. You could then swap BNT for your preferred asset, and go on about your day. Since they changed the rules (disabled a feature) 4 days ago, they no longer will make you whole upon withdrawal.
Yeah if defi is to ever work they cant have smart contracts they can just alter at will

>>49932679
The dao gave the team emergency powers with a vote awhile ago. Bancor has one of the most active and decentralized daos in all of defi.

>>49932679
completely agreed. bancor is not defi, and that has been proven beyond doubt

all you shorting faggots don't realise that DeFi is still new and there are still bunch of kinks to rectify before it is fundamentally sound

All your little charts and blockchain records dont mean anything. Im comfy staking my ETH for weekly yield with the bros over at Bancor. Do the same anon, don't fall for the fud.

>>49936852
I’m out putting eth in so u can withdraw

https://dune.com/queries/935097/1629881

Big LINK exodis recently. It seems people are willing to bite the bullet. I might have to myself.

>>49928801
>>49928829
It is fucking over.

>In the coming days, we'll propose to the DAO changes that reduce the current strain on the protocol and improve protections against black swan events.
A bear market and a lot of withdrawals are a black swan. Who could have seen those coming? Kek, Bancor twitter is going to block me soon, but until that happens, I'll be Dunking on them. I can promise these changes they're going to propose will be withdrawal limits and longer lockouts. Sad.

Anyone else just enjoying watching CeFi take massive losses here? Couldn't give 2 fucks about IPL being disabled, it will be back once CeFi fully fucks off. They are responsible for this mess and can enjoy their liquidations.

so it's pumping because they make people that already hit withdrawals a few days ago suddenly lose 50% of their stacks? based

I cannot believe for two fucking years you retards were screaming no thats fud anon learn about amms learn about impermanent loss protection bancor dont short tokens apy comes from fees!
now they dont have the capital on hand to make your village hole again, they have disabled impermanent loss protection and people only want your liquidity so that can have their shorts filled.
apy is a function of liquidity on hand which encourages volatility which fulfils their shorts and predatory actors are happy to pay because they know they can use your liquidity against you to short your tokens which then decrease in value while you get 5% gibs. practices like these are what make crypto fail to protect you against inflation
kek pathetic and sad

>>49938122
Pretty much. With each loss celsius, nexo take the load on bancor decreases.
I did some calculations earlier today and it would only take roughly $25m in BNT to make everyone on bancor whole. That's only 25% of the entire supply of BNT so the protocol isn't in any danger numerically speaking.

>>49928977
Based.
Captcha: pp ky
Everyone who panicked like a nigger.

>>49938340
What do you think is going to happen to the price of BNT when people are able to start dumping it? There is zero buy pressure, and that's before they betrayed. There is no reason to hold or buy this coin now. APY is terrible and the risk of it going to zero I would say is probably 60%.

Let's think about this from a psychological perspective: fudders (although totally justified in thier criticism) have failed to take into account the absolutely enormous egos of people like Mark Richardson, who recently compared cefi to "tuberculosis". When they say they want to save the protocol, it is simply essential to preserve their self image as not only good guts, but alpha male innovators in a dangerous new space. Realise that saving your funds, are saving themselves acute and unrecoverable embarrassment. This motivation, for people with such immense self regard, is all that's required. I don't really understand crypto that well,and evidently I didn't understand amms well enough to believe this was possible, but I do understand people. And that's why I'm not panicking.

>>49938435
>20% pump today
>0 buy pressure

>>49938509
Is it anything other than speculators hoping for a short squeeze, if not the shorts themse closing? If so, I sleep.

>>49938509
Also, I just checked the chart, you turkey. BNT is up 5% today. What a God candle...NOT!!

>>49938435
12% APY is terrible?
>What do you think is going to happen to the price of BNT when people are able to start dumping it?
It will decrease obviously, but the token has enough volume and depth to sustain the leaving LPs easily.
With LM ended permanently and cefi wallets capitulating BNT will be able to start recovering along with the rest of the market.
>and the risk of it going to zero I would say is probably 60%.
Not even CEL went to zero.

>>49938602
Bro I was maybe earning 3% on BNT in V3, don't ever try to bullshit us, brother. Ever since the LM rewards went away, yields were awful because no one uses Bancor for swaps. Who is going to LP with them after this? In order to make them whole as they're fond of saying, they have to get more peop to bring in ETH and LINK as well as to find a way to prevent it from occurring again, and i just dont see it happening. People are taking 40-50% losses totalling millions of dollars to get out, and anyone that could deposit wou be subject to those losses immediately. That tells me there is a real possibility that Bancor goes defunct.

How many days until the LINKies are unlocked?

>>49938599
Literally says 20.5% on my cg. Dunno what to tell you

>>49938804
Maybe you're looking at the one week upside-down

>>49938509
>>49938340
best not to try and reason with these idiots. It's the equivalent of trying to turn every nothingburger into a happening and now we're probably going to see the influx of people who start screaming BUT /biz/ TOLD ME THE PLATFORM IS GOING TO ZERO. I'm probably going to start buying this dip but I'm hesitant of the market shitting.

people really need to do their research into IL
the thing to focus on the price between the asset and the base asset
here the base asset is bnt.... if that collapses then you're getting none of your asset..... that's why people are getting out now

>>49938846
retard it's becuase they've shut down ilp so no one has access to a significant amount of bnt.... when they do.....

>>49938768
Mate you can open the bancor page right now and see that BNT has 12% apy. Who's trying to bullshit you?
And you can't have both LM rewards and a stable token. This entire situation was started by celsius dumping their 2 years worth of inflated LM rewards. They've already stated LM is never coming back so that'll be a huge decrease in token inflation.

>People are taking 40-50% losses totalling millions of dollars to get out
Not people, CeFi shit like Nexo and Celsius desperate for liquidity as they're about to go under.

>>49938846
Do what you want, I still own a lot of BNT that is currently in the withdrawal lockout, so peoplebuyi is good for me. I will say this, BNT has been bleeding out its asshole for the last ten months or so, during the bullrun. It is now on the verge of collapse just weeks into the bear market. I think the only hope of this coin going back up appreciably is if there is a short squeeze, and I have no idea how likely that is.

I was called an idiot low IQ for realizing this was a dogshit ponzi now I am finally being recognized as a genius

>>49938899
I don't think that's very accurate. I've been in the pool since V3 launched, and it's usually around 3%. Anyway, even if it were 120%, it's not worth the risk right now, when it could quite literally go to zero. It's not just Celsius getting out. I've been in the previous generals and anons crying about losing so much of their stacks.

>>49936852
>JUST DEPOSIT BRO PLS BRO

>>49938976
based
>>49938866
checked and correct
>>49938293
100%

>>49939599
checked

>>49932728
Yes and how many of the daovotes were the team itself?