/biz/ - Business & Finance

Stayed. The panic is over. I'm not certain it's the right choice, but if you'd kept a finger on the pulse in telegram it became clear that what was occurring was mass hysteria. Plus they've removed the cool down time so if you need to you can exit.

>>50141799
Stayed. Bancor will be fine. I’m not selling crypto for years and years so I don’t need the money now. They will recover and I am interested in seeing what the later stages of v3 will have.

>>50141799
Checked. Pulled out link and took the haircut. Still torn up about it. Lost 800 linkies.

>>50141898
I have zero faith in their model. Zero faith in their team. They have no goodwill left after this. They will die a slow death as the liquidity drains out

I stayed, not taking a 20k LINK haircut.

>>50144767
You'll probably lose your head then.

I took the haircut because of
>>50143177

They're whole model and platform had been invalidated, Bancor has nothing to offer and no reason to exist.

>>50141898
>>50141946
cope

>>50144767
you will take that haircut or lose it all

>>50141799
I took the haircut but haven't written the team off completely. I would need to see a design that specifically addresses its ability to function in ALL market conditions.
At the end of the day it was Bancor that did wrong, not Celsius. Celsius were entitled to ILP payouts that ended up getting withheld. I don't see Celsius as the bad guys in this at all, although I have no love for them in general. Whales are allowed to withdraw whenever they want.

>>50145890
Yep. Not pretending it's anything else. But there's no need to panic when there's no withdrawal cool down. Might as well see what they have to offer.

>>50143122
>Lost 800 linkies.
Explain to non-Bancor user please!

I’m leaving everything in. Simple as

>>50141898
Cope. Be prepared to lose all of your crypto

The tantrum throwing on Twitter from the "smartest" Link marines who somehow managed to lose half their stack is hilarious. Did you messiah ChainLinkGod get rugged too? Oh, he managed to exit and withdraw his stack before they rugged? How convenient, almost like he was given a heads up.

So odd how random strangers seem to push others to withdraw and lose half their stack under the guise of helping others out. In /biz/, the SOP is to troll fellow anons into making the wrong decisions for amusement or to lie for our own benefit. With LINK specifically, there is a constant push to get people to sell or lose their stack as if holders want to weed out others from sharing in the project's future. Whenever I read posts telling others to take the haircut, they seem really pushy and antagonistic. Full of fear mongering. With all this information, it's quite easy to see what is happening and what the perceived wrong decision is.

I’m glad that the people who bailed won’t ever be compensated.
You accepted a loss. You only have yourselves to blame

>>50146613
I don't think it's a stupid decision to bail out of a protocol that cancelled it's USP the moment things got difficult, and essentially defrauded their largest staker out of an ILP entitlement they had been promised upon deposit.
I understand completely why Bancor did it, because it was cancel ILP or die, but I don't think you can mock people for leaving something that performed so poorly under pressure.

>>50146552
this. now catch me in every other thread telling you all to take a haircut.

I'll be out of the gate the second ILP comes back and never using any smart contract defi again
Thank fuck I only put a small part of my stack there

The protocol will remain in this state indefinitely the vote passed today. This means at the worst you will lose 43% of your link. They obviously can’t simply turn ILP back on. I’m still staked to see what they offer

>>50141799
even our fearless leader 42 withdrew and lost nearly 5k link. what part of not your keys not your crypto was unclear?

oh the salt in this thread from the people that panic sold and lost half their stack is hilarious. I'll continue to collect my rewards while I wait out this bear market.

>>50145869
>>50145890
Are you both the same scum in every BNT thread. How new are you? Do you know how crypto works? Do understand there is no logic to any of this? BNT will pump, your both just too stupid to understand this.

>>50145890
>t. 50% haircut coper

>>50141799
i haven't been paying attention to bancor since i withdrew 6+ months ago, so I only have a vague idea of what's going on.
I accidentally doxxed (one of) Guy Bernatzi's wallet last October. Is it worth anything to anyone?

>>50147935
It is objectively the same few shilled because they are all using the same "haircut" terminology. I instantly became skeptical when I saw 50 pbtid from "fellow linkies" telling me to take the loss. So for tht reason I haven't. I'll just buy more and see how this shakes out in a year since I didn't put my life savings in bancor. Maybe it is just a few autists getting a kick out of it, but I'm distrustful that somebody has enough time to waste in here to spend hours of their day telling people to withdraw this hostility. Really my only reason. Do the opposite of anything /biz/ says etc.

>>50148221
I'm just surprised that ChainLinkGod shilled Bancor so heavily and then skipped out the backdoor without telling anyone just before they paused ILP. Wonder how many of this followers got trapped because they trusted him.

>>50146545
stated he didn't participate to begin with.

>>50144767
If Bancor has the same components of a typical yield farming pool, balancing so that the total value of the pool consists of 50% Link and 50% BNT (or whatever the ratio is), if Link skyrockets in price, lift loss protection won't make up the difference of the Link you'd lose as the as the price of BNT would collapse from the amount sold.

>>50148294
Imagine following some who blasphemes so much he does it in his name. Fuck that ass clown i could kill that little bitch in one punch frfr

>>50148331
>if Link skyrockets in price
Hahahahahahhahahahahahaha

>>50146552
Link is a fucking scam, you're in a cult. You can take the haircut, or you can watch SBF take your crypto just like the Celsius faggots are doing right now.

>>50148431
Thank you for worrying so much about my financial well-being. You truly are a saint.

>>50148431
Craig is that you?

>>50141799
i was still in v2 and withdrew a few weeks ago. no losses. feels good, man

>>50147910
>panic sold
i dont think you understand what actually happened, ranjesh

>>50148294
I don't know what the fuck goes on Twitter and I don't actually care kek

>>50148294
imagine trusting anyone on twitter

>>50141898
>became clear that what was occurring was mass hysteria.

Thats because everyone that was smart enough to get freaked out and leave has already done so.

The only people left are people too afraid to take the haircut, and they wont be critical for obvious reasons.

>>50148221
I instantly became skeptical when I saw 50 pbtid from "fellow linkies" telling me to take the loss. So for tht reason I haven't.
>>50146552
>So odd how random strangers seem to push others to withdraw and lose half their stack under the guise of helping others out.

This midwit cope is so funny I can barely contain myself. People were trying to tell you to get out, you ignored them. Then people tried to tell you to save 50% of your portfolio instead of 0% of your portfolio, and you still ignore them.

You deserve everything thats about to happen to you.

>>50148909
Ah yes, the smart people that participate in bank runs and get swayed by fear and panic. Let me guess, you are one of these intelligent individuals. My apologies. Us coolheaded retards will just keep losing I guess.

>>50148380
What’s so funny?

>>50146613
The people who didn’t bail already lost half their stack.
Keep your half remaining Link deposited with Bancor and see if they can gamble it back.
Naturally, if they do gamble it back, they’ll give it to you and not keep it for themselves, right?

>>50148989
>Let me guess, you are one of these intelligent individuals

I've been 100% out of Bancor for months. I saw this coming and tried to warn people.

You're not still in Bancor because you think they will honestly turn it around. You're still in because you realize you fucked around and waited too long, and you can't conceptualize the loss you are about to experience. My advice would be to take it, because it's going to get worse.

>>50149068
What’s so funny is that your Link has no upside if it’s kept on Bancor.
It still has a downside though.
>Just exactly what he said

>>50148474
as an oldfag who lost more btc than you'll ever own to centralized bullshit I reserve the right to remind you that you got scammed, in the hope that you learned something and dont support this type of bullshit in crypto again. You're probably still young enough to recover so just consider it an expensive education in what not to do next time.

>>50146317
They covered impermanent loss with BNT. Since the market is tanking and they got in bed with Celsius and Nexo, bancor turned off the BNT printer so when users go to pull out they are only getting portions of their stack back. Bancor suffered a bank run essentially. They didn’t/don’t have enough link to cover everyone’s deposit. Fuck them and their tradfi Jew games

>>50146757
How can they turn ILP back on without a death spiral? They are in between a rock and a hard place. Caught between hubris and greed.

>>50146815
Of course they did. Scummy self righteous clowns. Hey should bankrupt the whole project and make everyone whole. It cannot be salvaged, they are only delaying the inevitable final rug pull

>>50149411
Timelock

>>50149169
>I've been 100% out of Bancor for months. I saw this coming and tried to warn people.
You saw the collapse of celsius, blockfi, etc...
Are you incalculably rich now?
Or just a liar?

>>50149468
A time lock? Like a 7 day cooldown before you can withdraw?

>>50149712
Many who have been in this game for years saw defi in its entirety as a paradigm that could only function in a bull market. I warned you faggots all the time about Celsius. Bancor seemed a little more buttoned up and professional but it all comes down to the fact that you can't just create these insane returns without any inputs besides a stream of new investors. And If you want to chase those returns you would be well advised to only devote that which you can afford to lose. Add to that the fact that Eth has premine whales with billions in eth to paint whatever picture they want and it becomes clear that a vast number of new crypto investors were lured into a high fee meat grinder that was mostly all smoke and mirrors.

I think Bancor can be turned around and their situation is different to the Celsius situation

>>50149712
>only high IQ wealthy whales could see what was happening

You are too retarded to even know how retarded you are. I'm certified mid-wit and even I saw the collapse coming:
https://twitter.com/FAGFinance/status/1537640864482312194

>>50148331
So he shilled Bancor hard but never put his own money in. Why would he do such a thing? That's the kinda advertising that only someone getting paid would do. Sounding more and more like a scam to trap his followers.

>>50149169
When I open bancor threads the entire thread of the ones trying help spent the entire thread aching unhinged. So yeah, when the help is "complain about jews for 50 posts and call everyone who doesn't fall in line a jew" I become skeptical as thus far I have browsed this board under the impression that nobody here has my personal financial interest at heart. If I'm wrong so be it, I'll just buy more. Entire market is pretty much guaranteed to go lower in the coming months.

Lost 352 LINK, but better than losing all of it. Bancor doesn't have the money or reserves to turn IL back on

Bancor slow rolling death spiral. Best to get out before taking a bigger L.

>>50150007
Kys.

>>50141799
withdrew 24 hours before shut off. got 54% of my link back, the rest chuck e. cheese tokens. i swapped using bancor the chuck e. cheese tokens for link immediately. i kinda knew when i did that swap that i was taking someone else’s link and it was a big game of musical chairs. luckily i’m pretty good at musical chairs.

>>50150330
So tired of these midwit rationalizations. The high IQ play is understanding people will be motivated to mislead you and to try to analyze things from every angle, the midwit play is to use this knowledge to just ignore any/all criticisms to anything you're invested in and assume its all a conspiracy to attack you and your investments. The funny part is you fail to use your own logic on yourself, you look at people saying to pull out now and claim they're only acting in their self interest, but defending Bancor at all as a protocol is directly in the self interest of the people trapped inside of it, because they understand the more people bail out, the less likely it will ever recover.

This whole thing is a mockery of what crypto was meant to be in the first place and shows how far we have fallen, I doubt anyone buying in 2018 touched any of this shit. It was obvious something like bancor would have no reason to exist in a bear market, its a dex that's entire selling point was providing you apy by printing ponzi tokens, how the fuck was that ever supposed to be sustainable? But retards believed it.

Disclosure, I have never touched bancor, and I hold 10k link. It doesn't really benefit me whether it goes under or survives. Sitting in bancor is a losing play right now just based on what you're risking, and there's really no scenario where you come out ahead. Even if/when the market recovers in a couple years from now, nobody's going to throw their money into bancor, they'd just use a new protocol if people were able to cultivate another group of suckers, and anyone who already left bancor would use that new protocol. Its dead, there is nothing unique or innovative about it.

>>50151395
The more people take the cut, the less bnt has to be printed when ILP returns. And more fees paid to those still in People with their stacks still in bancor have a vested interest in others leaving.

>>50141799
I withdrew 10k in January, but kept 2.3k in to see what happens.

>>50151633
Except that what is the incentive for people to stay? There is a reason they call it a death "spiral". For that matter, what reason is there for anyone to sit with a BNT token in a bear market? Or leave their assets in a dead protocol (because if nobody is trading, there won't be yield generated even if the bank run slows down).
The only reason anyone in bancor has a vested interest in others leaving is because they think they can get out with slightly less loss than the ones who exit first. Its got nothing to do with them wanting to actually stay and the project's survival. So in reality its in everyones interest to leave, except bancor itself obviously.

Still in Bancor, the team are good, survived a hack and coordinated fud campaign in a market crash

we like the product

>>50151633
also checked
and also
> the less bnt has to be printed when ILP returns
except the moment someone thinks they can get out with bnt again, they will start flooding for the exits. All you're doing is kicking the can down the road, with the only hope that somehow the entire market completely forgets what happened and a new generation of suckers all flood into bancor and save you. Except in a new bull market, there will be an entire new generation of scams to compete with, and none of the new scams will have the same tarnished rep to have to recover from.

>>50151395
Anon this "midwit take" has made me more money than lost. Since you have 10k then my guess is like the rest of us, you rode it all the way to the top and all the way bottom when it was "as obvious" this was where we were going. So in my book, we are all similar levels of midwit. As far as I'm concerned, there is more upside here than downside. I really don't have any reason to exit until they at least start some propositions. I can wait until then and make my decision but at this point until ILP is slated to turn back on or not, any loss I could take is negligible. Furthermore, the more people who exit early leaves a better chance for staying in. Now -- if I thought link was about to move STRONGLY to the upside? Maybe it would be different. But I don't see that. So essentially I'd rather see how this shakes out at least in the short term. And hey maybe BNT needs to crash for anything to heal but at this point the amount I could recover isn't enough of my total worth for me to be upset given the outlook of the market. I'll use it for tax loss harvesting in 2023/2024 if I have to. But if you need the money because you didn't allocate your portfolio with this risk in mind? You should get out I agree

Also you have a narrow ideal of what defi is and you're gonna be sorely disappointed going into the future. Defi is great because you can deploy anything and transact however you want. But everything on this platform will be built by imperfect human beings. Uniswap could go just tomorrow because somebody finds an exploit. It's the freedom to transact how you want. The industry is more than a bunch of autonomous shitcoin contracts and no real world tangible use case will exist without some level of centralization (IE tokenized asset swaps that needs link cannot exist without some counter party risk). You're free to disagree but nobody should be applauding bancor going under. They attempted to solve the IL problem and you should want them to succeed, not fail.

>>50149814
Like they had in v2

>>50151860
Who are you trying to convince? If someone makes another oracle competitor, they can't touch chainlink because of its network effect and what a DON needs to achieve cryptoeconomic security, its cost smartcontract billions already which is a big reason why it didn't get the dollar to 1k bullrun that eth saw.
You're comparing that to bancor, which is a dex that offers apy by printing ponzi tokens. What is the moat there? Why can't a competitor come along, lets call them GoySmasher, and offer the same thing Bancor does but without the stench of 2018 and 2022's failures?
And no I don't want someone with a failed solution to succeed, that is retarded. If anything you should be cheering their failure because it will lead to actual innovation in the space.

>>50152163
Idk, who are you trying to convince? First thing you jump to is "LINK IS A NEW PARADIGM IT'S NOT THE SAME CHUD" and I disagree very wholeheartedly with your "why link didn't hit 1k" argument. You're simply justifying why you held all the way up to the top which is what we're all doing. Frankly, there isn't even any argument for LINK to hit $1k anytime soon other than speculation and retardation. Until you sell? You're as much of a midwit as anybody else.

As mentioned, I really don't see any point in selling between now and when ILP returns. I'd rather see what they are cooking up and make a decision from there, but with ILP out, there isn't any additional BNT out there to be minted and then swapped for any of the other assets. V2 worked fine, V3 fell apart fast. So clearly something has gone wrong on the V3 end, and I believe it can be solved. If they solve it? I'll be richer because of it. That's it, that simple.

With how much I have left in there, I see more upside potential than what I have at stake. That's really all it boils down to. if you have more than 10% of your NW in there? Yeah you should probably get the fuck out because there is a fair amount of risk. But I don't. I guess /biz/ is full of poorfags and 1000 link is a lot to other people on this board, but not to me.

As far your argument on "clones," just because someone makes a clone of something doesn't mean it's gonna be successful. Someone could do that, but it's all useless if the people driving the innovation are retarded. That's why BAND failed.
>BAND was never a serious Link competitor!!!
we only know that now because of the benefit of the hindsight.

>>50152507
Oh the other thing driving my decision is that I fully and wholeheartedly believe LINK is going to hit $3-4 in the next 6 months if not worse. I'm RIDICULOUSLY bearish.

>>50152507
>BAND was never a serious Link competitor!!!
>we only know that now because of the benefit of the hindsight.
We knew that the second they wrote on their got 'find out how chainlink vrf works'
Even before that.

>>50152163
Bancor invented the dex and every shit swap is essentially a fork of Bancor. They invented defi. So you’re free to have your opinion but don’t you dare act like they aren’t true innovators in this space.

I pulled out yesterday. I didn’t have that much of my stack in there but lost 1400 LINk. My thought process was I just don’t see any demand for the BNT token going forward so I have a hard time seeing how IL improves. I am cautiously optimistic LINK has a 3-4x in it for the next 6-12 months and I just don’t see anyone of using bancor again. It’s just people trapped who will mostly leave as soon as possible. Furthermore the bancor team has gotten more and more aggressive on social media, blocking people on twitter and banning them from telegram. It wasn’t an easy decision but I added the 20-30% chance they make even the people that withdrawal whole, if able, as a gesture of goodwill into my decision making and bit the bullet. It hurt, especially after taking such a beating on my LINK position already. But...I don’t trust the team and I don’t see the protocol or the token recovering. Yeah I could wait to hear their plan, but what if it sucks? Then IL will worsen and I’d lose more. Shitty situation.

>>50152580
Kek! This is easily the most ridiculous thing I have ever read.

>>50153357
Fuck off spudnigger

If everybody keeps pulling out their Bancor and taking the haircut, could this be enough to make them solvent over time? Seems like a bold strategy.

>>50152507
Yes we only know that BAND, the absolutely garbage knockoff who had "figure out how Chainlink does it" in their docs, whose logo was literally the Chainlink logo twisted into a B shape, was not a viable competitor to the most serious project in all of crypto, because of the benefit of hindsight...

>>50153394
Pretty much yes, also many people have been cancelling withdrawal lately.

>>50146552
i dont give a fuck what you do
im just stating the fact that bnt is never going to reinstate ILP.
do with that info what you will
i see many people are choosing to cope

Linkies staying in the pool are about to get a painful lesson in Murphy’s Law. Link will pump in the coming weeks and anyone left in the pool will get zeroed out while they wait for Bancor to magically come up with an impossible economic plan to make LPs whole. If you can’t see the writing on the wall at this point, then take comfort in the fact that you were destined to lose your link stack at some point anyways.

>>50153605
Nigger the entire market is going down

>>50153751
the pump starts either today or tomorrow. it’ll be gradual at first and then momentum will pick up later in the week. if you’re in the pool still, good luck to you

>>50153810
>source
>dude trust me

>>50154035
he sounds more believable than the tardos saying bancor will be ok

>>50154344
checked and you're right. anyone shilling for bancor is probably an actual bancor employee or someone experiencing the denial stage of grief.

>>50154344
Nigger I’ve been here a long time and link fags are a joke. You’re shitcoin will never moon and that’s why I only own 250 link.

>>50152507
This has to be one of those
>unironically, link
style shitposts because I refuse to believe someone can be this informed about the market while simultaneously pretending band was anything more than a chink scam.

>>50154616
no you have 125 LINK if youre holding on bancor, dont lie to yourself

>>50155004
Only 150 is on Bancor the rest is on Coinbase until they clear my fucking deposits in 8 fucking days.

>>50152580
100% link will go under 4 in this year.

>>50153810
>soonposting
>in a bancor thread

Truly amazing

>>50155720
>he thinks BNT will pump
holy fuck shill, you are suffering from complete delusion. seek help immediately

just curious what's a suicide stack of bancor

>>50155963
1000

>Bancor
imagine polluting Keynes' best idea with crypto
>The bancor was a supranational currency that John Maynard Keynes and E. F. Schumacher[1] conceptualised in the years 1940–1942 and which the United Kingdom proposed to introduce after World War II. The name was inspired by the French banque or ('bank gold').[2] This newly created supranational currency would then be used in international trade as a unit of account within a multilateral clearing system—the International Clearing Union—which would also need to be founded.

>>50156018
I can do that, fuck it

>>50155762
Just like Doge and other shit for brains tokens didnt pump eh? You're not very clever are you.

How does Bancor work?

>>50156366
Like this

>>50156335
Luckily for me I inhabit both ends of the distribution.

>>50156149
>imagine polluting Keynes
you can't pollute something inherently rotten and shitstained

>>50155963
1
owning even 1 BNT automatically makes you commit suicide out of self hatred at your idiocy

A lot of the logic itt
>I took the loss now you have to
>reeeee
There is currently zero utility in withdrawal now while the protocol is essentially on standby. The worst is long passed and the time to get out was a week ago. If you had the balls/desperation to stay in then at the very least wait and see what solutions are proposed. And when they are presented expect every panicky nigger on here who took the loss to FUD them into oblivion. That will be the time to put your big brain hat on and make a decision about whether you can handle the risk of hanging in.

>>50156719
Yes and celsius will reopen withdrawals in 2 weeks bro

Face it, 50% of your dinero is el gonezo

>>50156730
Any comparison to Celsius is truly nigger brained.

>>50156719
There is currently zero utility in general
Bancor will cease to exist as a concept as nobody will want to store money there ever again
Only reason why liquidity is above 0 right now is because they are holding their own users hostage (stay with us or we steal half your money)

The Celsius narrative collapsed, as they are now fully out of Bancor yet BNT emissions are not restored, in fact a vote passed today postponing the restoration indefinitely

>>50156755
Why? They are both CeFi scams
>in before nooo bancor is defi
Lol yeah, that's why they got rid of IPL with zero input from the community

>>50156730
Maybe. But you're coping about it just the same as everyone, albeit ina different way.

>>50156810
There is literally a vote going on right now within the dao to ratify the emergency actions by the team or undo them if the vote does not pass.

>>50156652
m8 how much more could i hate myself I bought chainlink in 2020 and haven't sold any

Death spiral
Not your coins, not your keys
Ban or is effectively at 0
If users could withdraw without taking a haircut it would be at 0 and when they reopen withdrawals they will go to 0
It will only get worse from here

GET OUT NOW

death spiral

>>50156993
Disgusting phone poster gtfo

>>50156894
Defi means you have control of your keys at all times. You do not have that with bancor. Cope

>>50157008
I’m trying to save half your crypto
Don’t be the next lunatic or celsian

>>50157023
Take your meds, you have already outed yourself, along with others.

>>50157023
>dapps are not defi
Sounds about right. Thank you fellow link holder

>>50156993
You can withdraw rn. The fuck are you on about. It's this kind of retarded FUD that makes me feel safer than perhaps I should.

>>50157066
Oh wow another Bancor simp can't read. I'm shocked (i'm not).

>>50141898
There is no way they can recover from this without funds, and they have said repeatedly that their foundation won't bail them out. It's legitimately over. People like you will hang in there until there is no more liquidity left in the pools. If the blog post Wednesday didn't make you realize that they have no idea what to do, then you deserve what's coming.