/biz/ - Business & Finance

maybe because it's old news by now? Take your meds.

The happenings have happened, now it's just limbo.

>>49942958
we're just waiting our withdrawal cooldown to pass.

Because it's boring now

everyone realized its not actually happening, the only fud is LPs trying to get other Lps to take a haircut.

>>49942977
Nexo bulgajeet or a Celsius faggot

So the current rundown is that Bancor and Celsius are at a standoff, with Bancor having disabled ILP for its users after Celsius wanted to withdraw their shit and use the massive amount of BNT they would have gained via ILP to short the token and kick off a death spiral,
and now everyone has started withdrawing on the LINK and ETH pools and are effectively causing a bank run that can't cover everyone's tokens unless ILP is enabled again, which can't happen until Celsius takes their shit off at a loss and ILP is enabled again.
So the possible outcomes are:
* The bank run continues and Bancor is insolvent, people lose all their tokens
* Bancor exit scams with all the tokens, thanks for playing
* Bancor reenables ILP before Celsius closes their shorts and the death spiral is kicked off, it's a race to the bottom for those withdrawing
* Celsius takes the hit, ILP is enabled and everything is fine for everyone but Celsius and those who took a haircut to get out
Did I miss anything?

>>49943976
Celsius already removed most of their liquidity with a haircut. At the moment Bancor is only underwater on its ETH position, LINK isn't underwater anymore as of today. Bancor might just survive. It will be pretty hilarious

>>49943990
My issue is that Celsius aren't really the bad guys here, even though they are massive jerks in general and I am very pleased to see them get fucked.
If the protocol can't handle a whale withdrawing without cancelling its primary feature and point of difference, then the economic design is fatally flawed and needs to get reconsidered from the ground up.

All I'm seeing is a lot of LINK transferring from regular holders to large entities ultimately. This whole thing is fucking fishy. All of it. Celsius, NEXO, Bancor

Maybe crypto banks should actually be subjected to banking regulations?

>>49943990
I can see them pulling it off and Bancor surviving to see another day, and it would be interesting to see the aftermath.
Will people not trust Bancor again? Or maybe they will exactly because they survived, except for whales who don't want to be the next screwed over. Would people who took a haircut be made whole again by the Bancor team in the future, or will they just shrug and not care?
It's entertaining.

>>49944058
Imo the protocol mostly failed because of the large liquidity mining program they did, even the devs admitted there was a risk to it. And Celsius market sold all the BNT they had earned for 18 months in go. But then again if they didnt do the rewards program they wouldn't have attracted sufficient liquidity either.

>>49942958
Bancor is still insolvent and people are getting out with protection and deficit is 33%. So literal half ur stack is gone and increased by the weeks. Really nothing to talk about anymore, they will death spiral soon.

>>49944087
what happens to customers' money?

>>49943990
>LINK isn't underwater anymore as of today
Source?

>>49944087
There's no difference between those drawing out now and in two weeks. They get the same amount.

T. Bancor labs

>>49944096
It’s gone. Last one out will get 100% bnt instead of their token, except insurance is turned off, so they get 0 insurance which mean 0 bnt

>>49944115
That's literally not how it works, IL is spread across everyone in the pool and the last one out would get the same as the first one out

>>49944111
>>49944134
Except, you know, in case they run out of tokens.

>>49944101
It's a blockchain, go use onchain metrics you fucking idiot

>>49944115
Have Bancor passed away customer deposits like Celsius has?

i remember posting EMPTY threads last year and i am so fucking glad i removed my funds and dumped all bnt - there's never anything good coming from a farming token. NEVER.

>>49944101
https://etherscan.io/token/0x516c164a879892a156920a215855c3416616c46e?a=0x857eb0eb2572f7092c417cd386ba82e45eba9b8a

>>49944159
All I see is people are still taking their shit off at a 50% loss, how would that prove they are not underwater on their LINKs?

>>49944154
Both celsius and nexo deposited into bancor to farm, they both are rushing out to pay off their customers. If these entities fall so will bancor

>>49944190
Listen Nigga, Bancor is not going to close shop. Those faggots taking a ~50% hit will regret it sooner than later.

Anybody that looks through Bancor 3 will see that it's a good product and B3 would even like to offer native Chainlink staking in addition to their AMM product. They aren't a lender, the returns are generated from the fees generated from the use of the exchange. Hopefully people can calm down, look at what the platform offers and why they were there in the first place and everything with Bancor 3 development continues. It's just dumb to lose out because everyone prematurely cut and run out of panic.

Celsius is a POS for pulling out all of their liquidity without notice, intentionally mass selling the BNT tokens they were compensated while shorting the token at tbe same time because they knew what would happen to the price. Bancor should have had something in place to stop unbuffered large withdrawals from a single user, like Coinbase only allows so much out in a day, and should have better arrangements with "Institutional Investors" that are whales with other people's money.

I think Bancor 3 will be attractive to people at the end of the day and I don't like seeing people cut and run at a loss. They will be upset again if everything works out fine and they lost a lot over nothing. On the flip side, getting out with something is better than nothing but the panic only adds to that scenario becoming true.

Everyone on the platform should do their research on the Bancor 3 platform and determine if it's a good platform or not and if it's not, why were they there in the first place?

>>49944190
They are not underwater, they are taking haircuts because IL protection is off. It seems nobody on biz knows what bancor even is.

https://youtu.be/I8204SkKPUI?t=100

>>49944240
Do kwon promised everyone the same thing, he even manufactured the voting in favour of his proposal. Bancor did the same thing by turning off impermanent loss insurance

>>49944262
Please tell me again how this will destroy the protocol?

>>49944259
Can't believe we're sending money to try and save slavs, they are beyond help

>>49944280
Kill trust and the purpose of dao and stealing people fund via backdoor, the team probably funnelled the money in a Swiss bank or someshit. Next thing will be blocking people withdrawing

>>49944240
>yeah bro just trust me bro

>>49944305
>or someshit
ok broah

>>49944305
>stealing people fund via backdoor
When the fudders stretch too far they undermine themselves.

>>49944259
Haven't kek'd this hard in a while

>>49944254
aren't people taking losses withdrawing because the pools are horribly unbalanced because the tokens are being drained out of the pool and there isn't enough?

>>49944332
What so hard to believe? Do kwon did exactly the same thing, it wasn’t found out until people were rugged

>>49944351
Have a look at this >>49944248

There will never not be enough. People withdrawing right are now do this in panic - or maybe initiated this last week (7 days cool-down).
The 'hit' they take is normal impermanent loss, which is much higher right now because BNT was dumped hardcore by some jewish VCs.

>>49944353
What's hard to believe is that you're literally making shit up and saying "LUNA did it so maybe, uh, maybe Bancor are too!"
There are so many perfectly valid criticisms, you don't need to invent retard shit to pile on top.

>>49944353
>broah just believe me, its the same like Terra Luna
Fuck off jew, it is not the same at all

>>49944371
>>49944385
Celsius also did it aswell, I’m sure some autist will soon find out nexo probably are doing it too. Do kwon isn’t just one example. Crypto is a zero sum game

>>49944240
>>49944254
Still no proof they are not underwater
>source: trust me bro

>>49944782
>How would they be 'underwater'?
Worst thing that might happen is that more people withdraw with huge IL (~50%).

Then what? Nothing. Bancor will keep working but those faggots have lost a lot. Including Celsius.

>>49944884
>3m LINK on Bancor
>6m LINK withdrawnn
>not underwater
Bro

>>49945207
Again, jew, what is the problem? Nothing.

Your people will run, they always do, but some will stay and the protocol will keep on working.

>>49945287
Slobby job, Mark

>>49945287
Go back to /pol/ you demented retard

>m-m-muh Jews

Take your meds

>>49944148
That's not really how it works, there's nothing to run out of because the amount of tokens in the pool is exactly as much as the total everyone is entitled to without ILP. Nobody can withdraw somebody else's tokens so it can't have more or less than they would have gotten. The only thing that determines what % of their original stack they get back without ILP enabled is the same as on any other AMM: The difference between the price ratio of the assets at deposit vs. withdrawal. One of the biggest sources of IL for everyone right now is the price of BNT crashing last week, but some have it much worse than others. They can be further fucked by having a deposit when BNT was at a higher peak vs. ETH or LINK or whatever, and they can be less fucked because they had deposited after their own token mooned or when BNT was relatively closer to its current lower price. In either case, their level of fuckedness is not determined by the order of withdrawal. Only the amount of IL they have.

>>49945573
>That's not really how it works
That *is* how it works, because BNT is one side of every Bancor AMM. When the price of BNT fell and the printing of BNT accelerated it meant that the protocol lost a bunch of the other assets. This already happened. And it can happen again.

>>49945783
No. The coins are still there, they are not going anywhere. This *woud* have been the case with ILP. With Bancor at $0.0000000001 the protocol would still work.

>>49944370
So taking a 50% hit on your desposited LINK is classified as a 'normal' hit? Why would anyone ever triust Bancor is this is something they classify as normal? They have shown they have no qualms revoking the '100% guaranteed ILP' any time they see fit

>>49942958
People called the death spiral and it death spiraled. Only people left talking about it are bagholders who think the bancor team that got them to where they are can get them out.

Hilariously sad, really.

>>49945952
>50% hit on your desposited LINK is classified as a 'normal' hit?
Only if you are stupid enough to withdraw now.
>Why would anyone ever triust Bancor is this is something they classify as normal?
What they did was well within the power granted to the team by them DAO.

ILP will eventually come back.

>>49945573
Now do the math considering trades are still enabled, while deposits are disabled.

You stupid nigger.

>>49945983
>What they did was well within the power granted to the team by them DAO.

Bancucks really think this is a good message to take to the rest of the community. Only slightly topped by the team bragging that the strategy to "not pay their debts" seems to be "working". It's so funny how dumb these people are.

>>49945983
People with assets on bancor now have the choice to lose 50%, or bank on BNT somehow not being instantly kicked into a death spiral with people all dumping it at once to get their original coins back. Great position to be placed in by the Bancor team, I'm sure everyone will rush back to trust the protocol again

>>49945983
>dude just trust the team that built a flawed protocol and tried to blame everyone but themselves, surely they will fix this. Oh by the way if you disagree you are a jew and let’s conveniently ignore that the bancor team are actual jews

>>49945965
>picrel
The death spiral has been put on pause. And will be resumed the second ILP is reinstated

>>49946024
KEK

>>49945983
It's the user's choice when to withdraw, not the devs

>>49946077
Not today, David

>>49943976
You did leave out that celsius sold off there very very substantial lm rewards from being majority staker in 2.1 for the length of the program, close to 100m, so the haircut they took hurts but its nit as bad as being implied

>>49945865
You are wrong, and you're arguing with data that's freely accessible on the blockchain. You said yourself:
>One of the biggest sources of IL for everyone right now is the price of BNT crashing last week
Well, what do you think happens if the price of BNT crashes next week, with withdrawals ongoing and people cutting their losses?

>>49945990
Deposits are irrelevant, and trades are a positive as they add fees. What actually matters is BNT crashing further in price which would reduce everyone's stacks since it's paired against everything. That's how someone loses tokens. Not from someone else depositing or withdrawing their own. When ILP was enabled it was the death spiral of selling BNT, lowering its price, generating more IL and so minting more BNT, etc.

>>49946138
>Celsius running for the exits and shorting caused this
And now *everyone* running for the exits and *everyone* shorting will have what effect?

>>49945207
>>6m LINK withdrawnn
not true. 3.3m is withdrawn

>>49946361
you say *everyone* but only half of the LINK pool is currently in the withdrawal queue

>>49946341
>a ponzi schemes the relies on deposits coming in to pay out people leaving cancels deposits, and thats a GOOD THING
>the tokens that people cant withdraw are still leaving through swaps, but its okay, they are making PENNIES per swap

Everytime I think I've scraped the bottom of the barrel by finding the dumbest BNT bagholder, a new one shows up to surprise me.

>>49946298
>Well, what do you think happens if the price of BNT crashes next week, with withdrawals ongoing and people cutting their losses?
You got me mixed up with that anon but I will say that's exactly my point. Price of BNT goes down -> everyone's IL goes up, reducing what they can withdraw. The point is that withdrawal order is irrelevant, because withdrawals don't affect the price of BNT. They do when ILP is enabled because literally everyone wants to dump their BNT immediately to get their desired tokens back.

The point is that Bancor can't "run out" of someone's tokens because of mass withdrawals as >>49944148 suggested. People can only withdraw their own tokens, so the race is against BNT's price, not other people in the pool.

What are the chances BNT squeezes? It seems like my only hope of being made whole on this one.

Anyone have the addresses showing their Link token amount and how many link tokens they need to return?

Because the people being paid to freak out got their short squeeze and pissed off.

>>49946480
Chances of a squeeze are as big as the chance of a woman preferring an uncut penis

>>49946461
>relies on deposits coming in to pay out people leaving
Oh you're just retarded then. Carry on.
>thats a GOOD THING
But no, definitely not. For the record we're on the same side in that I think everyone should get their tokens out of Bancor ASAP because I expect the protocol to collapse in the near future, just as it was in the process of before they paused ILP. There's no way to win that trust back after they went and changed the rules on everyone with no warning. When Bancor fails BNT goes with it, and therefore so does everyone's stacks to the resulting IL. And since their protocol is designed so they can "upgrade" their smart contract at will, anything could happen to people who leave their stacks at the dev's mercy. It's only "defi" until the central authority decides otherwise.

>>49946016
>>49946024
>actually you should let your protocol death spiral because it's defi and that's super based
So one is guaranteed death and the other is only potential death. Seems like an easy choice. If you don't like it then there is a proposal that bnt holders will be able to vote on to remove.

>>49946545
https://etherscan.io/token/0x516c164a879892a156920a215855c3416616c46e?a=0x857eb0eb2572f7092c417cd386ba82e45eba9b8a

Alright, checked the archives. 3.3M waiting for withdrawal

>>49945573
>but some have it much worse than others. They can be further fucked by having a deposit when BNT was at a higher peak vs. ETH or LINK or whatever, and they can be less fucked because they had deposited after their own token mooned or when BNT was relatively closer to its current lower price. In either case, their level of fuckedness is not determined by the order of withdrawal. Only the amount of IL they have.
Wrong. Someone who deposited two weeks ago is as fucked as someone who deposited a year ago because of how v3 works.

>>49946077
>I didn´t rob them officer, they willingly gave me their money after I pointed a gun to their head
You absolute moron you.

>>49946668
Way to miss the point

>>49946862
This is what people don't understand. It's why in the current state, Bancor has exactly zero chance of getting people's full stacks back to them. Who would LP with Bancor right now and immediately accept a 40% haircut? Not even considering all the other variables.

>>49946631
>Oh you're just retarded then. Carry on.

You dumb nigger, people who invested in the program a week ago are already taking 50% losses.

Do you really not understand why or are you a paid shill?

>>49946603
Women do prefer uncut penis
Enjoy your mutilated cock which your rabbi sucked when you were an infant

>>49946934
They can't give full stacks back to their rightful owners unless they re-enable ILP, but how many whales (and poorfags) have to get haircuts before they decide to revert the decision? They can't wait too much time, because in the eventuality BTC crashes again the IL would worsen even further.

>>49947232
But if they turn ILP on, theyre in the same position they were a week ago, only now they've lost a lot of investor confidence because they disabled ILP. Nothing is solved, they may be "working around the clock" but I don't think they will be able to find a solution for the lost trust. Even if they can find a way to fix the fundamental flaw in the protocol- a bear market and a lot of withdrawals, wow who could have predicted that black swan?

>>49946862
>Wrong. Someone who deposited two weeks ago is as fucked as someone who deposited a year ago because of how v3 works.
this, you needed to be paying attention, v2.1 withdrawl had to be done prior to the v3 contact launch. The moment they launched v3, the only way out was through...

>>49947342
>"working around the clock"
the teams not doing a god damn thing. they are staring at celsius pending withdraw transactions and hitting refresh to see if they go through with it.

>>49947342
>But if they turn ILP on, theyre in the same position they were a week ago, only now they've lost a lot of investor confidence because they disabled ILP
Well yeah, unless Celsius and other shorting whales take their haircut it's impossible for them to enable ILP without kicking off the death spiral. The trust issue can be postponed, and you would be surprised at how short people's memories are.

>>49946451
>you say *everyone* but only half of the LINK pool is currently in the withdrawal queue
right, so some number or retail is scared and pulling out.
the majority of shit exiting is whales that earned a fucking asston of rewards in 2.1
now stink has dumped from 50 to 5 and they are pulling out at worst possible time while all the leverage unwinds.
IL protection clearly failed, it just did not have enough insurance to backstop megawhales dumping.
bnt gambled and lost on being just another fucking yield farming token.
It worked for awhile to have high liquidity, but it got NO swap traffic unironically because there own contract was the most massive gas hog ever created, so they could never take advantage of it...

It’s like I’m really in Bulgaria

>>49942958
That was a 2017 bullrun coin. Who even holds this old shitcoin? You have bitbean and waves bags too?

>>49947565
No one holds BNT, but a lot of marines had their linkies in the Bancor LP

>>49944064
This. No one is talking about who now holds the "lost" 50% of LINK stolen from these withdraws.

Bancor, Celsius, NEXO founders will soon be staking all that free LINk that they stole.

>>49942958
2nd ponzi rn, lets just stop right there.

ANA/BLST might be my last chance at making it out of this misery.

I see why they are called Bancor, Banc on the run

>>49942958
we need 4 more days for new meaningful conversations to arise (when the post ILP cancellation pending withdrawals can finally materialize), unless something happens before that
what else is there to discuss? bancor team blamed celsius for this, but now celsius is mostly out. now they are blaming LINK marines

they will not restore the protocol unless BTC enters bull market and even then they will "restore" it with some huge limitations when it comes to withdrawals as we now know that it cannot survive organically during bear markets ("extreme market conditions" lmao)

but that is assuming anyone even remains there
in 4 days we will basically have conclusive proof whether bancor will continue to exist as a concept or not based on the percentage of pending withdrawals that will actually be withdrawn. the ones who do not withdraw are people who are willing to take the risk to get 100% of their stack back instead of 50%
the question is no longer "do you trust bancor" but "do you trust bancor enough to wait a little bit before withdrawing"

>>49947740
Then they should rev up their sharpies like a good marine.

>>49946089
>>49946862
Both of you completely missed my point which was that users should be able to withdraw their deposited tokens whenever they want without devs rugging their IL protection just because it's inconvenient or faulty bancor token design to begin with

Day 600 of bancor fud

>>49949923
Do we have an idea of how many LINKs are ready to be withdrawn but are waiting for ILP to be reactivated?

>>49950613
>Both of you completely missed my point which was that users should be able to withdraw their deposited tokens whenever they want without devs rugging their IL protection just because it's inconvenient or faulty bancor token design to begin with
Well yes, the problem is that kicking off a death spiral would mean that only the first ones to get out would get their shit back, while everyone else gets luna'd, with trillions of billions of googols of freshly printed, useless tokens that no one wants to buy instead of their stinkies.

>>49950900
It’s so curious, too. All these anons with supposedly no stake in this care so much about other anons’ financial well-being. I’m sure they’re just Good Samaritans and have absolutely no ulterior motives than what’s best for us. They’re like our guardian angels.

>>49951049
Where, from my post, have you deduced that I care about other anons' well being?
It's a crash in slow motion, and it's interesting to speculate about what will happen. Takes the mind away from the crab and it's a good learning experience. It's an enjoyable activity ESPECIALLY if you have no stake in it.

>>49951170
You’re not speculating, you’re fudding. And I highly doubt that 10 fud posts by your faggot ass is purely out of interest.

>>49944064
Does this have something to do with LINK finally introducing staking or mentioning it, not sure about this whole Bancor mess but I've been following LINK because of the ALBT data tunnel connecting to them

>>49947987
That’s cause you’re retarded. Arb bots are the ones who cause IP so they’re the ones buying up all the Link.

>>49951458
Believe whatever you want. This is a business and finance board, I'm discussing business and finance and will continue to do so even if you seethe.
Cope.

>>49951658
Sure go ahead but you will never be a woman

>>49944058
>celsius
>not bad guys
They trade against you. This has been proven multiple times.

>>49951807
As opposed to trading "with: you? What the fuck are you even talking about turbo nigger? Everybody is trading against you.

>>49951170
never waste a single second trying to have a serious conversation with a bancor shill
/biz/ is full of retards who listened to the endless bancor shilling throughout 2021 and went all in with their stacks

now they are desperately trying to shill for bancor themselves, as they somehow believe that their current predicament is a result of "FUD" or "negativity"
i saw similar patterns in basically every BSC rugpull ever, it's good to know that banctards will share the same fate

>>49951049
>with supposedly no stake
Bitch, have you not seen what happens to the market at large when these massive cefi orgs go under?
Of course we fucking care.

>>49952270
bancor is not cefi and its not going under

>>49952169
You are intentionally misrepresenting my point.
They trade against their own customers. This is wrong and just because almost every other platform does it doesn't mean they don't deserve the rope for it.

>>49952277
yeah it's not going under, it's already under lmao
also yeah they're defi. if it's real in your mind i will not object

>>49951807
Did you read past the first 10 words?

>>49952303
how much are you down on your short anon

>>49952394
bancor is down -60% over two weeks. bancucks really are niggers.

>>49952325
Yes. I did not respond to the rest because i only disagreed with that statement.
They fit the definition of "bad guys" and are even stereotypes at this point.

>>49952394
0% because im not a degenerate gambler
a common side-effect of that is not having to waste your time for hours trying to desperately shill, lie and simp for your dogshit platform that holds people's funds hostage at will, changes the rules at it suits the devs, but it is definitely defi and it definitely has a future because ???
because some faggot incel stored his assets there and he's now desperate to save his bags i guess

>>49952433
i said they're not the bad guys in this case, meaning they are perfectly within their rights to withdraw from Bancor and even to short it. But they are jerks otherwise.

>>49952467
Just because they are the ones who are getting fucked doesn't make them less bad. They deserve their assfucking and bancucks deserve shitdick. But i take your point.

>>49952467
>meaning they are perfectly within their rights to withdraw from Bancor
bancor shills unironically believe that withdrawing is a "hostile action" or a "betrayal"

they have blamed regular LINK holders for withdrawing their funds
that's how you know it's a ponzi

>>49952501
bancor team figured out who is responsible for the IL

>>49944262
Everything Do Kwon annoys my spirit if I had used the money then to buy low cap gems like SYLO and DREP, I would have been on massive profits given the price pamp, but here I am languishing with low fiats and managing the good pumps I'm seeing on the former.

>>49944332
You can say that again no doubt on this

>>49950849
Day five of hardly any information from Bancor about the imminent collapse of their platform.

>40k link on bancor
I promise I will make the holocaust look like a fucking joke if I lose my tokens.

>>49943976
Jews trying to outjews each others is fucking funny. Meanwhile Uniswap and GMX work just fine without all this talmudnomics

>>49953016

Literally just wait it out like 2-3 months. If you aren't planning on selling your LINK then Bancor is still totally safe for your tokens.

As always: this situation fuckin' sucks ass and it is Bancor's fault, but it isn't the end.

>>49953347
>Literally just wait it out like 2-3 months.

I see the token is taking the "hope everyone forgets" approach. Good luck. Is this Nate or Mark?

>>49953347
Having your link on bancor is selling your tokens, as the bnt price drops the AMM sells link for bnt. The bnt price will keep dropping, they will never bring back ILP because of the death spiral, and the longer you wait the more you will lose.

>>49953016
honestly if i lose my fucking shit, i will use remaining link to massacre every last one of faggots responsible for this, in minecraft.

>>49942958
Because I gave up on'em
I decided to start investing into shitcoins and things like that for shorting, specially this one

>>49953439
I understand that Bancor has failed - temporarily - in its primary use case, but saying "as the bnt price drops the amm sells link for bnt" is just straight up factually untrue.

When BNT price goes down the protocol does the following 2 things:

>From 2017 to June of 2022 the protocol didn't do anything. Not a fucking thing. Why the hell would it sell link for BNT?
>During the last 2 weeks we disabled the IL protection

And we are going to go back to the strat of "do nothing" just as soon as celsius and 3AC stop being giant, bankrupting pieces of shit who are trying to extract value from the protocol.

>>49950982
Exactly, so the protocol is inherently faulty

>>49953736
Temporary failure is essentially inherent failure. The fundamental flaw has been exposed

>>49953467
we warned you to not touch bancor faggot how about you start with yourself

>>49953736
Where did 50% of peoples link disappear too then, nigger?

>>49949923
>we now know that it cannot survive organically during bear markets
Bancor already survived a bear market anon.

>>49952428
If I was then I’d be fuckin your mother because she FUCK NIGGERS shrimp dick nigger loving faggot

>>49953869
ARBITRAGE BOTS YOU STUPID FUCKING NIGGER DICK RIDER

>>49953984
>bots did this
oh no no no no no lol hahahahhahahahaha

>>49953889
By being irrelevant, v1 with no features?
>launch shortly before 2018 crash
>suffer hack
>crash happens
>remain irrelevant for 2-3 years
>defi summer happens
>offer ILP and high yields to capture some of the suckers
>both are based on BNT printing, both unsustainable
>bear market happens, coinciding with v3
>liquidity mining cancelled
>protocol still collapsing
>ILP cancelled
looks like the only way bancor can "survive" a bear market is by being irrelevant and not being used by anyone

>>49953801

I want to be as accountable as possible: disabling IL protection is terrible and bad and awful and Bancor's fuck-up.

I don't think you are being entirely fair in your criticism though: user funds haven't been lost, stolen, or otherwise compromised. Celsius and 3AC are only able to engage in this behavior because they are using other peoples money and doing so at a loss. Again, user funds haven't been lost, stolen, or otherwise compromised.

People who are withdrawing are *choosing* to take a loss.

>>49953869

People sold alts to buy Link, ETH, and stables. The protocol is in excess of these low-tier alt coins. Trades being made on B3 still have a fee that goes to cover IL and peoples position: that collection hasn't been turned off. The payout feature has been turned off: temporarily.

Bancor v2 still has funds in it and this is important because a bunch of those funds are IL vault funds. We need to finish getting the V2 funds over to V3 and a large portion of this problem will be fixed.

No one at Bancor has made a DIME from this action. I have said this before and I'll say it again: if it ever comes out that the Bancor team made money from this I will leak everything and self-dox.

Crown Doge launch tonight on BSC. Website is now live check tg

>>49954238
>Celsius and 3AC
celsius is already mostly out of the protocol
i guess you're running out of people to blame so now you also blame 3ac?

your team has also blamed link >>49952501
>>49952523
and now your shills blame "bots" >>49953984

so honest question, at which point do you run out of people to blame?
at least with celsius you blamed them for pulling out and shorting (with proof) and with linkies you blamed them for withdrawing (lmao). whether these accusations make sense is extremely debatable, but there's some semblance of coherence
but now 3ac? lmao what did they even do

nothing more disgusting in life than a sore loser

>>49954238
Goddamn you are a fucking daft cunt. You can't possibly not be on the team, no one is this fucking dumb.
The user funds aren't stolen or lost, they are being held hostage and people are choosing to take a loss because the alternative is LOSING EVERYTHING ONCE BNT CRASHES FURTHER.
>but you gotta be fair
People are losing thousands, tens of thousands of tokens because they are held at gunpoint not to withdraw their rightfully owned tokens, risking to lose their entire investment. For some that is their entire portfolio because they trusted you. Is that fair, Mark?

>>49943990
They are lucky the market is about to scam pump and bail them out of bad decisions

>>49954333
Checked.
I think I believe your larp. Hope everything works out for you guys.

>>49944884
>Bancor will keep working
It's already not working as stated before, wake up dude.

>>49954455
Celsius and 3AC had open shorts on BNT. They were going to withdraw funds that they knew would incur IL, get BNT + TKN, sell BNT to bolster their shorts, and repeat. That is what they were/are doing - fuck'em I'm not paying for that shit. So IL protection go turned off. As for >>49952501 Rick is a fuckin' retarded faggot and there are MULTIPLE people in the team who want him to SHUT THE FUCK UP.


>>49954455
I am going to quote myself because in my posts I say, repeatedly

>I understand that Bancor has failed - temporarily - in its primary use case
>this situation fuckin' sucks ass and it is Bancor's fault, but it isn't the end

I have been on 4chan since 2005. I genuinely, truly do not want a single anon to lose any of their link and I am trying - desperately trying - to get them to do the logical, scary thing: just keep your shit in Bancor for like 3 more months while we sort this shit out.

Lastly, I am on the team - but my job has nothing to do with shilling Bancor on 4chan. I do that because I've been here forever.

>>49954721
I think what he is saying that "Bancor will continue to function" and he is correct in that regard. Absolutely nothing about this whole event is - in any way - indicative of a collapse of Bancor, BNT, or the dev team.

>>49954740
>I am on the team
get me a job nigga

>>49954740
When news? I need a good BNT pump lmao. Shit has kept their value even with the bad news. I'm feeling the pump...

>>49954740
>PLS BRO JUST DEPOSIT BRO TRUST ME BRO JUST 3 MORE MONTHS BRO

>>49954740
>I am trying - desperately trying - to get them to do the logical, scary thing: just keep your shit in Bancor for like 3 more months while we sort this shit out
ok go ahead than and tell us: how the fuck is this this situation resolvable without massive cash injection just to be lost on people trying to get out? My withdrawal finished 2 days ago and in those 2 days I already lost 0.5 eth waiting for team to say something. You thing I will have any of my shit left in 3 months? I don't think so

>>49955005
Deposits are being turned off so the people can't get 'stuck' in the pool. We don't need an influx of capital or anyone to bail Bancor out; the protocol is fine - it just needs TIME.

>>49954943
We need to fire people like Rick and Nate before we can add more people. Rick might actually get the axe - but probably not - and there is ZERO chance Nate is going anywhere. They're both just giant dead weight on the protocol.

If you are serious though you should try and find "young daniel" and see if he would try to help a 4chan degen get a job with the protocol.

>>49953736
What do you think an AMM does? You're providing liquidity to make the market, that is you're selling when others are buying and vice versa. When the bnt/link price ratio changes, the amount in the pool changes as people arbitrage, and if bnt drops relative to link, you end up with more bnt and less link

>>49954740
>just keep your shit in Bancor for like 3 more months while we sort this shit out.
what happens when BTC inevitably dumps below $20k and BNT consequently dumps to 1/10th of its current value?
Hard mode: "it's impossible" or "that won't happen" are not valid answers.

>>49955116

3AC and Celsius go under, fuck off, close their shorts and move on. The protocol continues to collect trade fees and those fees go into the "give people their tokens when they withdraw" vault.

Arbitrage means that Bancor will ALWAYS make money off of price fluctuations regardless of where the price change originates. The bancor team actually has bots that we wrote that makes money every time an arb is processed - its literally totally automated and makes money.

In 3 months the fees captured will be used to pay out those at a deficit.

The timeline might be longer than three months, but the protocol works. Goddamn I know I sound like a fuckin' retard to you when I say "the protocol works" but it does. The trades are very low slippage because of the gas optimizations. The gas cost to withdraw, deposit, and trade is less than half as expensive as UNI V3. The bnTKN are fucking revolutionary and they help so many daos and startups.

We just have to weather this storm of HORRIFIC public relations - because we fucked up - and things will be fine.

In 3 years people will remember that we fucked up and turned off IL protection after the Tera crash, the celsius bankruptcy, and the 3AC shorts - but they will be talking about a protocol that will STILL be alive and working.

>>49953347
Fuck bancor. I held 15k link on v2 for years. I intentionally chose to remain on the v2 platform to see if any kinks needed to be worked out on the v3 contracts. You chodes disable migration from the v2.1 contract without forcing a migration to v3 & imposing a 7 day cooldown period (without ILP). Unforgivable.

>>49955346
and all of this under assumption that protocol will survive with lost trust and bear market?
Why can't you guys publicly say that your actions are against Cel and 3AC and make up some bullshit story about securing funds for small liq providers so people may stop trying to bail out?

>>49955346
So you’re saying ILP is gonna be turned off for 3 fucking months? What the fuck?

>>49955346
The situation seems completely fucked to me mate. arbitrage & any form of trading requires liquidity. where will the liquidity come from if LPs continue to pull out at a loss, meanwhile deposits remain disabled and BNT faces an immediate selloff prompting further IL if the ILP mechanism is reenabled!? LPs are taking a 50% penalty withdrawing right now, but logically it seems that the amount of the originally deposited tokens will only continue to drop as the pool itself dries up.

>>49954740
Sup Glenn you gay jew faggot

>He stopped replying
KEK
THREE MORE MONTHS

>>49955755
He's actually hinted it'll be longer than 3 months tbf

Goldman going to eat the Celsius debt, lucky patient banclords

>>49956542
>>49956673
>this is a long time
Literally nigger brained time preference. I’ve been staked for almost two years.

>>49955346
Might aswell make the timeline longer so anons get sick of waiting and withdraw at a loss kek

>>49956818
good for you, i pulled my stack from 2.1 2 days before they forced upgrades to v3

>>49955755
brainlet here what’s the concern with waiting 3 months? that lines up with smartcon

>>49956945
They’re fudding. Basically saying that this is happening, pic related.

>>49954238
No one is “choosing” to take a loss I’m literally being forced to gamble on taking half my stack now or betting on a chance to get my whole stack or lose my whole stack. Can they promise that ILP will get turned back on? Can they promise that I won’t lose my whole stack when they go tits up? If they can’t promise these things then I’m being forced into a decision that I don’t want to make.

>>49944064
Meds

>>49956818
In 3 months BTC can crash another 90% and BNT might approach 0. Good luck printing infinity useless tokens to get back your stack, which due to LP is exactly 0% LINK and 100% BNT, and keep in mind everyone else is rushing to do the same as you the moment ILP is enabled again... IF it's enabled again. But why should they? To help you? LMAO
Notice how the guy has disappeared and hasn't answered
>>49955269
What does that tell you? Just wait 3 more months in this bear market bro, BNT is totally not going to crash and bring your IL to 100% of your stack.
Oh you staked a week ago? Too bad, thanks for the liquidity.

>>49956945
BNT price goes down, you get more of a haircut. Considering we're in a bear market and probably a recession, I'll let you guess what happens next.

>>49954238
If the protocol would be functioning properly, as in without interference, if I chose to withdraw my tokens I'd get my bnt to cover the IL
You are either being disingenuous or just retarded. My guess is the former

Looks like Bancor was caught in a teeny tiny little lie

>>49953736
Absolute state of bancor jews. showing up to /biz/ again with their trip to shill their scam.

>>49942958
because literally no one cares except for the noobs who all left in disgust. It's just OG crypto vultures here now waiting for the bottom.

>>49954479
He is on the team. he admitted it last thread and is using the same trip.

>>49957467
I will ride the lightning and that guy left probably because he’s busy af and can’t shit post all night.

>>49944248
some bagholder thinks I'm going to read all that garbage. Defi in the evm model only produces yields for as long as the next sucker comes along with the gas fee. in a bear yields will go negative. this is exactly why those in the know are taking the haircut now while they can salvage something.

>>49953869
Bancor lent that Link to some friends who didn’t return it — like a library book.
Now the library is eating the cost, but the relationship between Bancor and its friends is still good, so Bancor will get through this fine.

>>49950900
https://etherscan.io/token/0x516c164a879892a156920a215855c3416616c46e?a=0x857eb0eb2572f7092c417cd386ba82e45eba9b8a

https://etherscan.io/address/0x649765821d9f64198c905ec0b2b037a4a52bc373


First is pending withdrawals and second is the master vault Wallet. They don’t have enough liquidity to give everyone their tokens back, they will all take a 50% cut.

>>49957734

>>49957734
yeah the way bancor uses "impermanent loss" has lost all meaning at this point, they may as well stop using it

IL is only caused by volatility between AMM pairs, nothing else
but here >>49952523 rick claims "the link pool is seing heavy IL because of the withdrawal run the marines started"
so either he's lying, he doesn't know what IL is or BNT team has a made up their own definition of IL

>>49958402
>by the masses
kek they can barely constrain themselves
soon they will start calling them goyim

>>49955525
>its unforgivable
I won't disagree.

>>49955646
Bancor survived the last bear market just fine because the ICO funds are what is used for development costs. The protocol is funded, in essence, forever.

>>49955755
We currently have NO idea how long the ILP will be turned off. We just don't know how fucked things are. If I had ANY info I would tell.

>>49956673
Unfortunately, I think it will be. I don't know, but I think it will.

>>49955770
The protocol will still have hundreds of millions of dollars in liquidity - this actually isn't an issue.

>>49956542
Suck my cock. I was having breakfast with my white wife and white kids.

>>49957734
>rick being fucking stupid
Wow. I'm SO fucking surprised that the 60 year old failed political candidate from fucking alabama is bad at public relations.

>>49956144
Hey! I will have you know that Glenn is NOT jewish. Also he is a total homie. As are most of the crew from Bancor. With the exception of Jen who is a literal whore stripper who is probably fucking mark.

>>49958402
Rick. Can you PLEASE shut the fuck up goddamnit.

>>49954333
I believe it. You niggers are the dumbest retards in crypto.

>>49958776
yeah Rick is pretty tone deaf

>>49958776
bigger question than all of this short term issues: how does the protocol increase its revenue and value of the BNT token? how much time will be needed to start making a dent in uniswap market dominance? what are the things that you can do with an omnipool that differentiates bancor from competitors.

based on revenue the token is sadly still overvalued. 30k/day in fees is not cutting it

>>49958742
Get that whore Jen to airdrop some nudes. I am this close to sexually harassing her in the tg

>>49943976
you forgot the part where the chainlink token has no use

>>49958402
holy shit

>>49958742
>The protocol will still have hundreds of millions of dollars in liquidity
Every lost dollar of liquidity increases slippage for traders, which will reduce trading, which will reduce fees and the value of bnt, which should reduce liquidity further but they're trapped until you turn ILP back on. The only thing stopping the system from collapsing is holding people's money hostage. Either you turn on ILP and the collapse is fast, or you never turn it back on and the collapse is slow as people one by one take their haircut and leave. You have a massive debt (ILP promised to liquidity providers) and no chance in hell of ever paying it back. It's over.

>link Twitter fags having a meltdown
Fucking kek, fucking losers get what you deserve for “steaking” your stinkers. Fuck Bancor, but fuck link Twitter fags even more.

>>49942958
cause they realise this is shit

>>49952293
ftx doesnt do that. sbf is based

>>49962593
This.
People don't understand that taking the L is better than death spiral. The others in Discord/Telegram are literally COPING and encouraging users not to fuck them over, because the more users get blackpilled and exit the worse it is for these whale bagholders.

>IL redefined
>ILP turned off
>Poor PR management
>Trust the plan 2 more weeks

B3 anon its time to admit that this fuck up was big time bad and the protocol may actually be over

>>49958742
Hey nigger, instead of telling me to suck your cock like the faggot you are, how about you answer
>>49955269
You seriously expect people to wait THREE FUCKING MONTHS in a BEAR MARKET and a RECESSION while you totes fix your shit? Turn back on the ILP you fucking thief.

>>49953736
Shut the fuck up you lying bancor kike. Watch your back.

>20k on bancor way back when
underwater, lost almost everything
>80k on QOM
not underwater, currently pumping 20%

idk what to tell you man, the facts are real

>>49954740
Hahaha pls don't redeem

>>49942958
Too many threads on it already. We've brainstormed enough on this topic.

>>49954740
How about you do the logical, scary thing and enable ILP?
>nooo muh death spiral
Then start by enabling it only for the pools where 3AC and Celsius have already taken their haircut, like LINK.

>>49958742
>disappeared again
Man's at his fifth breakfast by now

bancor is centralised trash. I trust binance more than these scammers

>>49954740
>I am on the team
If true, please explain picrelated.

>>49953736
>And we are going to go back to the strat of "do nothing" just as soon as celsius and 3AC stop being giant, bankrupting pieces of shit who are trying to extract value from the protocol.

You guys let them extract rent from your protocol while simultaneously acting as their insurance company for their cooked books.
And then you actually took celsius at their word when they said they would be good LPs and “we’ll definitely not short your token to save our own asses bro”

Very naive and very trusting. How’s the radio silence from Celsius now? Did your team finally connect the dots?
If you survive this (which I think you will) then you guys better smarten the fuck up for the next round. Crypto PvP bruisers, goons, and shillfluencers will collude with dirty CeFi money to eat your lunch. If you don’t suck VC dick, then understand that you have a bullseye on your back and act accordingly.

I appreciate the ethos of our industry and the idealism but you can’t forget that we live in the real world and you have to act accordingly.

Can’t wait to begin my work in the field of blockchain. I will show you what the real applications for this new technology are:
https://youtu.be/1nw7lHXuzKo

>>49966500
P.S. the strategy now, if you’re not sure that you want to stay as an LP, is to:
1) initiate a withdrawal, wait 7 days, re-evaluate the situation
2) pull out and take a haircut
3) stay in and cancel the withdrawal (thereby collecting the last 7 days fees) and then initiate a new withdrawal
4) rinse and repeat

>>49966539
This is correct. Any LPs still-in are gambling on eventually getting some IL-compensation. But you could lose even more than you have already if BNT dumps. There're no drawbacks to maybe having a head-start in either event.

>>49966629
3AC and Celsius were trying to use the bancor token and the protocol itself as a way to siphon whatever liquidity they could to cover their bankruptcies.

The team did the right thing by pausing “ILP”. By pausing it, they prevented us from becoming the unsecured creditors for 3AC’s and Celsius’ bankruptcies. The entire protocol has $250 million in liquidity and could never cover the billions in losses from CeFi cooked books.

The part that pisses me off is how DeFi found itself in this situation in the first place. But that’s just the nature of opaque counter party risk that CeFi represents.

Lessons learned team. Time to grind and never let this happen again.

>>49946063
Extremely based analogy

>>49966764
Stfu 42 u giant faggot

>>49966539
don't know if I see much point in taking such a large haircut on 1000 LINK and 4 ETH. Guess I'll just wait it out but may do what you're saying. I'm getting screwed by celsius, bancor, and scream, kek. Not my whole portfolio but at this point looking at a $40k loss which is a fifth of my portfolio value.

>>49966764
You should kill yourself

>>49966764
IMO, having a syphon-able protocol in the first place is a problem. Also, I disagree that they did the right thing. A better alternative would have been to far-extend the release-time on the IL-compensation-BNT component of withdrawals (thereby mitigating short-term risk of dumping/shorting). Too late now, but this would have aligned withdrawers' interests with the long-term health of the protocol, even though they may still have been angry with the change. Instead, withdrawers have been comprehensively shafted, and no-one will trust them ever again.

>>49966953
>A better alternative would have been to far-extend the release-time on the IL-compensation-BNT component of withdrawals (thereby mitigating short-term risk of dumping/shorting). Too late now
Even if it’s too late now for those who left, if it’s a good idea it should still be an option
>>49966953
>IMO, having a syphon-able protocol in the first place is a problem
There have to be structural changes made to bancor if they plan on surviving

>>49966898
Yeah it happens. I took 3/4 of a million off the table in November/December. Kept some stuff on things like bancor and convex flywheel just in case.

>>49966764
Honestly, they should have had the community vote on limiting failing institutions from taking the protocol hostage. That would have been more fair. Who would have thought the firm tied to Moshe Hogeg and hired a pornstar would fail so hard?

>>49967146
>Honestly, they should have had the community vote on limiting failing institutions from taking the protocol hostage.
That should be baked into the protocol. A lot of these CeFi boiler rooms were simply parking their money in DeFi protocols and that’s how they paid their customers. Celsius just printed their own security token and had a slick UI as an abstraction layer for retail to plug into DeFi

>>49967146
The community voted to give the team emergency powers for situations just like the one we’re in. No I’m not a Bancor employee I am a BNT bagholder and have some Eth and Link staked.

>>49967317
you and chainlink faggot lost a lot of people money. be prepared to deal with that "karmicly"

>>49967399
You only lose money if you’re a two digit IQ nigger brained retard and withdraw right now.

>>49967419
im not talking about withdrawls. Chainlinkfaggot and cuckboy 42 shilled bancor on here nonstop.

>>49967346
U serious think people believe that? Dao isn’t new

>>49967445
He's shilling bancor too by claiming you're only losing money by withdrawing, of course he's the same nigger who admitted a few days ago already that he fucked up and now he's just trying to shill bancor to protect himself. Game theory says its a losing play though, better to just get out before everyone else than think you can hold a gun to other peoples heads by calling them nigger and still escape unscathed.

>>49967517
Chainlinkgod and 42 should be banned

>>49967517
>ame theory says its a losing play though
just wait till next cycle and it will be all good again. there is no free lunch and both those cuckboys will end up paying for it one way or another. Even more so because of their shill campain and the mount of people that followed them

>>49967570
I know you're being sarcastic when you say that but I can't fucking believe people actually unironically say shit like that, can you imagine if a bank said that.

>Don't worry goy just don't touch your money for 2 years and it will all be good, we have to defeat the other evil banks, but we are the good guys! We'll keep your money safe!
>Oh, you need it now? Nevermind you're a bad goy too, you're one of them, hostile market conditions, help the goyim are trying to take my money!!!"

>>49967622
well only people that are mad are link holders. that fat cocksucker sergey took way to long to release this shitty version of staking. So just holding for two years was the option anyway, they just cant park it on aave or any "safe" yield. Which i think they are generating yield right now still on bancor. Realistically bancor didn't do anything wrong minus stop withdrawl protection. There was going to be a death spiral regardless of celciues or whatever shorting. Everyone knew the game and everyone who got in the capped pools (42, chainlink god and every other link twitter peice of shit) new it was musical chairs and still shilled it to pump the BNT price. 42 has no skin in the game now because he got out around the time apy boost stopped to shitcoin someplace else or else he would be spamming the board the hardest

>>49967517
I genuinely think Bancor will be fine and I’m not withdrawing. Idgaf what other people do, but I am going to fight fud and outright lies and disinformation.

>>49967868
>but I am going to fight fud
you're braindead. They literally stopped withdrawal protection in a centralized way. How is this different from kikes at a bank, oh wait its not. They are both kikes so it only makes sense they did the same thing

>>49967739
>42 has no skin in the game now
10,000 link on the line
And CL was hosting meetups with Bancor. This is a clear attack on CL via proxy.

>>49967964
Fuck kys faggot

>>49967972
You are insane

>>49967868
>im underwater and cant afford the loss so i will keep pretending everything is alright

>>49967964
who would attack link? i have to hear this

>>49968688
>strawmanning
>on /pol/
Absolutely disgusting

>>49968705
Look at the situation Linkpool is in right now with zero liquidity.
Bancor was the only place Linkpool whales were considering LPing under the assumption of ILP. Zero liquidity means death.
Now given the situation with bancor, where will people go to for LPL tokens? $2000 purchase of LPL moves the price 2%. That’s not good

>>49970396
Just kys 42, stop posting

Can anyone tell me why I should withdraw at 45% loss? They currently hand out 0bnt with withdraws, which means if you withdraw now it's the same as if bnt death spiraled to 0 already. Even if 99% were to withdraw their link now, they only get their share of "what's left" and you still get your 55% link if you withdraw afterwards.

So, how can things actually "get worse" if you stay in?

>>49970458
Because they are selling ur link to prop up bnt and it still spiral to death

>>49970458
You seem like a nice kid, so im only gonna tell you once.

Each person that gets scared and migrates from v2 to v3 to withdraw makes your pool smaller

Every swap of someone buying chainlink makes your pool smaller.

They rely on the BNT token to make up for your "45%" loss. WTF do you thinks gonna happen to the token when ILP is turned back on? (protip: ITS NEVER HAPPENING)

>>49967346
no, there should have been a stipulation for events like this where it is slow withdrawal for addresses belonging to large funds during insolvency events to prevent a death spiral. How they never implemented this was ridiculous. They did intervene with the link staking pool before when these faggots (3AC) wanted to cut off rewards remember. Community matters more than what some big wig fag like zhu think, just look at Tone Vays or Roger Ver, no one gives a damn what they think. Always stick to your community, funds come and go like the wind.

>>49970396
Did you get 54% of your stack from the ILP? Hope it wasn't all your stinkies. god bless 42

>>49970787
I agree they fucked up badly in that regard. I guess the silver lining is that they will have these protections in place going forward, but yeah it doesn’t really help currently and yeah they should have already had this in place.

>>49970876
> Hope it wasn't all your stinkies. god bless 42
Fortunately it isn’t.
>>49970876
> Did you get 54% of your stack from the ILP?
Haven’t decided to pull out yet. Going to see what the team decides to do

>>49970420
> Just kys 42, stop posting
The funding rate for those bnt shorts is getting more expensive by the day isn’t it?

>>49970787
>They did intervene with the link staking pool before when these faggots (3AC) wanted to cut off rewards remember.
3AC sent the usual suspects to do their dirty work. Hired goons like simp2win can suck it. Cobie same shit

>>49970396
Hows is it bancor fault for user stupidity? Leaving ur stack on there i get, putting lol stack on there and you deserve to have it down to you. You read the docs and understood it when you deposited.

>>49966764
>The team did the right thing by pausing “ILP”.
You're nothing more than a deluded midwit unable to see the bigger picture.

>>49970910
>losing your own money
>acting like a smartass about other people losing money
those mushrooms getting to you huh? might wanna check yourself there befoe you get rekted even more. have fun with other people playing with your money, cant wait to see what bullycope response you have for this post...

>>49966764
>The team did the right thing by pausing “ILP”
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHA holy fuck how much did they pay you to say that?

Umm.. bros? Now I can't withdraw at all?? I only deposited DAI, so I don't need IL protection, but for some reason "the price is TO volatile"??
FUCKK PIECES OF SHIT WTF

>>49972145
Official Chainlink docs suggest freezing everything when it’s a happening

>>49973397
Anon you're supposed to let your protocol death spiral due to an oversight. That's actually based and redpilled.

>>49972171
Last week i thiught they could pull through but this now.

Bancor is done. KYS and rebrand, this one's over.

>>49972171
FUCKING KEK! Have they paused withdrawals now too? So fucking glad I started the withdrawal last week when all this started happening. I think my cooldown is up tomorrow in fact.

So what happens on Monday when all their pending withdrawals go through?

why is a 2-day-old thread still up?

>>49973615
Same anon as >>49972171
I started the withdrawl cooldown last week as well, and only now went on to try and facilitate the actual withdrawl, then encountered picrel. Don't know wtf is going on because I don't see people talking about withdrawl freezing, just ILP freezing

>>49973760
Because paid Celsius and 3AC nigger kike shills keep bumping it. I don’t mind I fucking love the (You)s. They get my dick hard.

>>49973858
Oh shid, so you had already started the process and were just trying to actually go through with the removal? If this is the case, it sounds like an exit scam. Lesson fucking learned. I got burned bad on this one.

>>49973858
Kek, so after the cooldown there is another contract interaction to actually withdraw? My dumb ass thought it was an automatic withdrawal unless you canceled the tx during the cooldown period. More ga$ to the miners just to get (best case) 60% of my stack staked back in 2019. What a fucking sick joke.

>>49958742
Hundreds of dollars of liquidity in the form of what assets, bro? Please don’t tell me you’re relying on bnt holding value. If the protocol isn’t insolvent then idk what’s going on — if the funds exist to make LPs whole then this fiasco is even more unforgivable.

This post >>49970640 deserves more attention because it seems like the logical conclusion to the situation.

>>49973858 #
Kek, so after the cooldown there is another contract interaction to actually withdraw? My dumb ass thought it was an automatic withdrawal unless you canceled the tx during the cooldown period. More ga$ to the miners just to (potentially) get 60% of my position staked in 2019 back. What a sick joke.

>>49958742 #
Hundreds of millions of liquidity in the form of what assets, bro? Please don’t tell me you’re relying on bnt holding value. If the protocol isn’t insolvent then idk what’s going on — if the funds exist to make LPs whole then this fiasco is even more unforgivable.

This post >>49970640 # deserves more attention because it seems like the logical conclusion to the situation.

>>49958402
so the bancor team is outright lying to users
>>49972171
and now stable coin withdrawals are paused

lmao. Its literally a bail-in. stakers are granting bnt employees one last bonus payday before they decide to shut down the project.

>>49974054
>>49973923
It seems like it's working (not disabled) now. Still wanna wait for gas fees to go a bit lower to actually start the tx. Is it retarded? lol

>>49973879
Su Zhu alumni getting salty

>>49975468

>>49975468
>Su Zhu alumni getting salty
You can run, but you can’t hide
When the full details emerge about what happened it will be eye opening.
The bancor/Linkpool situation is a proxy attack on chainlink and this will be clear in hindsight.
Same shit, different day, same crypto goons keep popping up

>2 schizos in 1 thread

>>49975516
Holy shit, 42 ITT. Been a while!

>>49975546
It’s been a hot minute

>>49975516
>ye guys its a proxy attack
no bancor is just garbage thats why its failing

>>49975516
The absolute state of bancor shills rn. I'd laugh if it weren't so sad.

>joe

The bancor discord banned me for posting the article where CZ says shit projects shouldn't get bailouts kek

https://info.uniswap.org/#/pools/0xb88f0b8f19b0911c9e0dddce29ae3a04aefe4825

Someone made a bnLINK/LINK pool on Uniswap and set the price to 10% better than Bancor withdrawals. So there's no reason to withdraw from bancor, just sell bnLINK for LINK here.

OR understand that someone doing this is likely a Bancor insider who knows about the tresury being used to bail out the deficit and will is now making the easiest 35% gain on LINK ever.

bancor is a centralised jewish scam

>>49980163
Very strange, someone is betting on the protocols survival I imagine

>>49980254
Yes indeed. It’s essentially someone paying you 65 link for 100 bnLink, if Bancor survives they can redeem for 100 link and make 35 link profit. Someone with skills should look into who provided the initial liquidity, I won’t be surprised if it’s an insider who knows about some upcoming bailout.

So redpill me on Bancor /biz/, aren't they fucked when all the pending withdrawals go through?

>>49980163
I'm in the withdraw cooldown. Do I get bnLINK after it ends?

>>49980583
No. You get your link with -45% bancor fee

>>49980612
But I have to confirm the withdraw after the cooldown to get that. At what point do I get bnLINK?

>>49980583
You have bnLink right now. No need for the cooldown. You’d be swapping the bnLink (a voucher for redemption out of v3) with link using uniswap. BnLink is all IOUs of Bancor users. Right now there’s a difference in bnLink and link, and this difference is the deficit. People withdrawing now take a big cut caused by this deficit, and by doing so they don’t change the % of the deficit but the Lu do lower the overall deficit and increasing the viability of bailing out Bancor. Already 1M link was taken out. There’s literally 0 risk of staying in, as the % withdrawn means that even the very last bnLink will get this % (deficit). It can change a little bit due to actual real IL but unless link does a 100x it’s not going to hurt a lot. Plus every one in v2 has to go via v3 to cash out and these people do have a good effect, decreasing the deficit both relatively and absolutely. So it’s a waiting game, wait long enough and the chances of a bailout become higher and higher. That’s why there is so much fud, we need people to take the loss to help increase our chances of getting our whole. Hence all the linkfluencers talking about taking the loss etc to try and convince the noobs to follow suit.

>>49980661
>You have bnLink right now
Thanks, but I don't have bnLINK in my wallet. Does it not show as an erc20?

>>49980163
Couldn't this be bancor trying to offload sell pressure on blink? Alternatively its someone betting on bailout

>>49980673
Yeah gotta add it. Foxy don't display

>>49980673
check on etherscan. if it's there, add it to your metamask.

>>49980722
It's not on etherscan, which is why I'm wondering if I need to wait until the cooldown ends.

>>49980673
Not sure what the specifics are but it doesn’t show in etherscan directly under your address. Probably some smart contract stuff, need someone else to explain how it works from a technical pov