/biz/ - Business & Finance

>>50268792
What did that stupid cunt faggot say the plan was to save the protocol.

>>50268881
Mark is gaslighting HARD.
He is saying something about Maker and Dai getting forced to use the foundation funds so let's see. Vortex burning will increase which will help at least.

>>50268941
I hate that fucker. I still remember like four days before they turned off ILP he was saying the protocol was fine and not in any danger. I really don’t want to take the haircut because I’m so poor but at this point it might just have to be an expensive lesson. Very depressing.

why cant they just migrate the v2 fees? positions migrated to v3 didnt carry over any IL protection earned in the v2 pool

>>50268970
I was 6 hours from pulling out before the 7 day cool down. Then they shut down ILP. FUCK.
I have some gambling money in there so I am riding it out for the lulz.

>>50268986
I am wondering the same thing too.
Why not go back to 100 day ILP?
Or even 200 day ILP? We just want to know our money is safe.

>>50269012
100 day ILP is logical
i cant fathom how incompetent they were to think that instant IL protection and no carryover of protocol earned fees to the v3 pool was an acceptable combination

>>50268792
Why the fuck aren't these faggots not gonna use the foundation to bail everyone out? God I hate Bancor so fucking much.

I refuse to take a fucking haircut.

>>50269012
This. I would't mind waiting a few months, so long as it's confirmed I don't have to take a fucking haircut. How long are these kikes gonna keep dragging this out. Do they think Bancor will survive if they keep making us all wait. I can't believe it's been weeks already and they haven't turned IL back on.

Mark was just asked if funds are safu.
His response is "I would like to hope so".
FUCKING KEK

>>50269096
>I would like to hope so
Wtf…wish I could join the call but I’m banned from the tg for talking shit

>>50269121
>Community call
>"We are doing Q&A questions we picked."

>>50269091
they are waiting for next run up when everyone is greddy and just throws money in there. Also fuck you bancuk faggots. I remember you retards acting so smug on how you made 200k parking it there. There are no free lunches and im glad you retards are losing ur link

>>50269091
>Bailouts
>From Jews
LOL

>>50269152
I never used V2. I only put my Link in there a few weeks before ILP was removed. I was so fucking fed up with the token doing fuckall and the Bancor shills were shilling V3 everywhere and I believed them that ILP would work. I fell for it. I regret it. I fucking hate Bancor and the bancor shills so much for making me believe that bancor was different to all the other defi scams that will IL you. I barely made my gas fee back before the ILP was removed.

>>50269200
I was in V2.1 but pulled out before V3.
After a few weeks I was like "Fuck it let me try the LINK pool since I staked ETH last time".

Then the Celsius situation happened. Soon as I heard the news I got spooked and initiated the 7 day cooldown but was still too late.

>>50269224
I was too late as well, had a few days left in the cooldown when they removed ILP. Fuck these goddamn kikes.

If they have a foundation in switzerland, is there any possible way to sue them to get our money back? Surely it's false advertising to claim ILP then remove it and rug everyone.

>>50269265
They have been sued before so it is possible.
I don't have a legal background so I am not sure how to approach this exactly.

>>50269200
kek full disclosure i did the same thing. i lost 100 link doing it

>>50269298
Oh shit really. Well we should look into launching a class action lawsuit then. If there is legal precedent why haven't we done it already? This is probably our best bet at forcing the foundation to bail us out and get all our Linkies back.

Plus it's suing kikes. It's a double win.

>>50268792
What's going to happen with the BNT token itself? Should I just dump it at a 90% loss? I really don't see how Bancor survives this.

>>50269012
You still don't understand. Your link is not there, at least not all of it. You have rights to a proportion of the link in the protocol, but that may be only 50% of the total amount of link that was deposited. Now consider this, how are they going to get new link in?

>>50269152
This. Anyone with sense warned you not to put your Linkies on Bancor. A lot of smug anons got rekt, nothing of value lost

>>50269340
The old lawsuit regarding the ICO was dismissed
https://casetext.com/case/holsworth-v-bprotocol-found

They literally investing so much time and money marketing ILP. Textbook bait and switch. This has lawsuit potential https://theclassactionnews.com/types-of-lawsuits/bait-switch/

>>50269371
This is the part I don't understand.
How is it possible to have a single sided pool and have IL? Shouldn't LPs be obligated to the BNT which balances their LINK position? Did this change from V2.1 to V3?

>>50269371
I tried a withdrawal the other day to see how big my haircut would be, and it was gonna give me more Link than when I checked a week before. It gave me hope. The deficit seems to be slowly being refilled.

As for BNT it's a fucking shittoken. I don't give fuck if it spirals to death. Fuck it. BNT should be killed and sacrificed so we can get our Link back. Who gives a shit about Bancor or the future of their platform. They have no reason for existence without ILP anyways. It was their sole defining feature, if they remove it, Bancor should be removed from existence.

>>50269382
How do we go about initiating a class action lawsuit? I've never filed a lawsuit in my life before. But I'm motivated enough to contact lawyers over this. I was holding out for a foundation bailout, if it's not happening then we really should get a lawsuit going asap. I want my Link back in my wallet before staking goes live.

>>50269382
I'm almost certain there were (are) paid Bancor shills here too. It was always the same posters shilling and just flat out lying to people.

>>50269407
There is still a trade taking place. Even though they say it's single sided, it's all getting paired with BNT, which has dropped even more than the market. They make up the difference by printing more BNT to give you which you can then trade for your original token, but that exacerbates the problem because now BNT has even more selling pressure. It creates a vicious cycle, like what's happening now or would if they turned ILP back on. As long as nobody is withdrawing and the market is crabbing or bullish, this works. It's not a coincidence that the wheels fell off this crap just a few weeks after this wasn't the case.

>>50269371
>>50269407
the protocol takes some of the fees earned on each swap and allocates these to a reserve which is used to compensate LPs for IL in the single sided TKN they provided. if this pools of fees is insufficient to compensate fully, new BNT is minted and provided to make up the difference.
Want went wrong here is that there was no pool of fees carried over from v2 to v3 which means that almost all IL compensation was provided through newly minted BNT

>>50269441
>he gave his meme tokens away and he didn't read the disclaimer
sorry goy, not liable

>>50269441
What I am thinking:
1. Reach out to LINK whales impacted by the situation on Twitter.
2. Be a LINK whale that has money for a good lawyer.

>>50269421
The BNT isn't going to help you because who would buy it? Unless the rumors of the short squeeze are true, the coin is just going to go to zero. I've told them this on twitter but the fair thing to do is to just divide up what is left in the protocol and split is proportionally amongst LPs, so at least you guys can get as much back as you're ever like to get. Bancor is done, there's no way they recover financially or the confidence that's lost by essentially rugging their LPs. Anyone who LPs now is subject to the haircut with zero guarantee ILP will ever come back. Worse, the Bancor team seems really incompetent, to the point I actually suspect they are lying.

>>50269529
Someone with a link twitter needs to do this then. I only know of CLG and Link Oracle and the guys they sometimes retweet. How many of them are whales that are affected?

>>50269562
I’m beginning to think they are lying as well. I’ve lost so much money from BNT price collapsing and the impending haircut that I could fucking puke. But I can use the bnt to recoup some of the Link I lost and just move on with a valuable lesson learned.

>>50269568
Junko sounds like they were impacted. Here is a Bancor LINK loss thread
https://twitter.com/JunkoSu22993224/status/1542935852178980864

>>50269562
I'm honestly shocked by how little communication there has been. They make a post once every few days and don't respond to any of the comments anymore. It's disgusting leaving everyone in the dark. Also what happened with that protocol vote they announced a week ago. They didn't share the result. There was a vote to turn ILP back on but only BNT holder could vote, so it's biased from the getgo.

Sometimes I feel like just taking the haircut, but I will regret it so much if 3-6 months from now ILP comes back on.

Also it has been like 3 weeks and deposits are still locked for LPs? WHAT THE FUCK IS GOING ON?

>liquidity providing
>on an amm
>believing ipl is not real
what nobody realizes, your link are gone, they filled the pools with bnt and extracted what was valuable

>>50269091
>Why the fuck aren't these faggots not gonna use the foundation to bail everyone out? God I hate Bancor so fucking much.

I'd imagine it'd be a last resort so they're exploring every possible avenue before it comes to this.

>>50269613
I don't use twitter so I can't contact them. But I'd definitely sign up for a class action. Is it possible we could crowd fund to get a top tier lawyer. Surely there is enough Linkies on here and link twitter to do it.

>>50269647
Yeah they still have deposits turned off, how are they making money without it. Surely it must be hurting them. It's one thing that gives me a bit of hope if I just wait a few more weeks, I am guessing they want that turned back on ASAP too.

>>50269662
No we realize that. The only hope of salvation is that the bnt price pumps. There are only two ways this happens. A short squeeze (unlikely) and somehow a new value proposition for the token. I thought the latter was possible given the v3 phase 2 and 3 talk but now I think that’s all just blow hard bullshit.

you talk like fags and your shit's all retarded

>>50269708
What was meant to be in phase 2 and 3 anyways? Do you think they are still coming or they are dead and gone? Why the hell did they launch V3 so half baked anyways?

>celsius initiates a withdrawal for their massive LP position on bancor
>they would've received a shit ton of BNT
>they would've opened a short and dumped the BNT causing a death spiral
>bancor stops ILP to prevent celsius from fucking everything up
>celsius decides to take the hit and withdraw without ILP
>bancor still can't reenable ILP because if they do a bank run will occur causing a death spiral anyway

do i have that right? aren't they just fucked no matter what then?

>>50269749
If Celsius has already withdrawn, then why are they still claiming risk of a bank run. Is the risk now just all other LP's? How are they going to make that go away? They really fucking shot themselves in the head disabling ILP.

Attention all Bancor, Celsius and Nexius whales:

The Great Reset has come at a crossroads with humanity. We can not allow the WEF & the young globohomo leaders to manipulate the markets any longer with their fake wars and gay market crashes. In order for the Golden Bullrun to resume, Chainlink(ticker: LINK) needs to be destroyed.
/biz will declare WAR on Chainlink next week and send globohomo a message.
You heard it here first. Linkies will be financially exterminated. Participation is mandatory btw, proof of short will be required to post on /biz. I repeat everybody will have to participate.

Spread the word and prepare your shorts. It's finally happening... The Great Short is upon us lads.

>>50269708
Very very unlikely but when there is nothing left, hope is all there is.
The way forward is accepting that amms were retarded from the get go and the arbitrage incentivizing might be nice on paper to fake activity but opens up retarded amounts of security risks compared to pmms or order book dexes

does this have anything to do with linky dumping

>>50269730
No idea. They said it was game changing innovation but were really tight lipped given how they were ripped off by uniswap in the past.

>>50269604
BNT will print to hyperinflation like lunc if they ever turn ILP back on, and if they don't it won't matter anyway.

>>50269629
I'm not trying to convince you one way or another, but how do they recover? Who's going to invest with them after this?

Fresh from Twitter

Amazing how CLG shilled Bancor so much and then slipped out the backdoor with his stack. Almost like he got paid to trap his followers

>>50269975
kindly go back and never return

>>50269779
Because all major pools are still in a deficit so yes it would cause a death spiral. You can check it on dune

>>50269994
He also entered the bancor TG chat a few weeks ago to try and talk shit about bancor, obviously for attention. Meanwhile this guy has been shilling bancor a long time and got out at at the right time.

>>50269947
No clue. I sure wouldn't touch these faggots again. I don't know why they are trying to fool themselves that they can recover the protocol. Should have just let BNT death spiral and let people race for the exit. Turning off ILP did more damage to them that anything celsius did to them.

I can't believe these cucks hyped up V3 for months only for it to fail within weeks of launching. Fucking kikes man.

>>50269834
Probably more scams. The fucking UI isn't even finished. Sometimes I wonder if they didn't just force V3 out early it the last days of the bull market just to get a last scam in before the rugpull. I really want to sue these kikes. They have a foundation and can fix everything overnight but they won't.

Also nobody will ever deposit in bancor. Ever. Why should they? They immediately incur a 50% loss after depositing. Because BNT minting is turned off.

>>50270118
I want to sue the foundation as well.

>>50269779
Because like the other anon said, the pools have been emptied of valuable tokens like eth and link and filled with worthless bnt. They've been had (assuming they weren't in on it).

>>50269708
This was bound to happen in the first bear market once people started withdrawing. It may have taken longer on v2, but it still would've happened. They allowed Celsius to be too large of an LP so when they withdrew, it killed them and freaked everyone out.

>just sue a bunch if Israelis
yeah guys sure good luck

>>50269975
Kek
>fundamentally asymptotic

>>50270249
Yes it's an asymptote approaching 0.

>>50270215
The only thing I’m grateful for v3 is that it has significantly reduced gas fees for withdrawing. My shit was literally held hostage on v2.

>November
>using bancor for yield with link
>anon posts about things to come, ponzi crashing
>spideysense.png
>withdraw all link, market sell BNT
>BNT continues to drop, terra implodes, IL protection, link marine brothers destroyed left and right
>my stinkstack is safe, was a few months from total destruction

solid reminder that no where except cold storage is really safe for your cubes.

>>50268792
>>50269340

There are multiple proposals on the DAO that are searching for a way forward, This one is fairly interesting:

https://gov.bancor.network/t/proposal-bprotocol-foundation-must-formally-clarify-its-role-to-the-bancordao-as-well-as-appoint-an-official-representative-etc/3773

>>50269629

Check Snapshot for the results

>>50269975
kek

I'm not going to defend Bancor, but they are in a better position to come out of this and restore ILP then a flat out CEX rugpull like Nexo or celsius, assuming the foundation get's it's shit together and issues grants to restore the protocol.

All this did was illustrate how weak DAOs and AMMs are in response to active threats, a stronger agreement with stricter terms for Large LPs is the only way forward. It's no coincidence the big FUD has stopped along with the large W/Ds taking a hit and it seems like only small fry are left getting scared and crushed out of 40% of the initial. I think the best thing for anyone still there is to wait and VOTE with your vBNT, compel the foundation to act, and if that fails vote to destroy the protocol.

>>50270383
I staked my vbnt in v3 and now even it is getting a fucking small haircut when withdrawing.

to all linkies lending to celsius nexo blockfi without you link would have been at 200-300$.

>>50270439
Guess I should be thanking them for the opportunity to scoop up some cheapies.

>>50270183
What are swiss regulations like for this sorta shit they pulled?

>>50270215
It astounds me that teams plan like the bull market will last forever. How fucking dumb and lacking in foresight is this fucking shithouse defi space. Everything is having liquidity problems and crypto has mega crashes on a yearly basis. How can people not plan for black swans when they are so common in crypto.

>>50270300
Yes I tried to get in on v2 last year multiple times but the gas was either insane or there was no space.

>>50270383
Why is bProtocol not doing all those things listed by default. How sketchy is this. Fucking hell I hate the crypto space. If it wasn't for Link I'd have left crypto behind years ago honestly. Literally everything but Link is a scam and all dev teams but Link are shady pieces of shit.

>>50270439
no, it probably wouldn't have.

>>50268792
HOLY FUCK CHAINLINK SUCKS LMFAO SHIT IS FALLING APART FAST

>>50269091
>the rat kikes who hate me arent being nice!
>moooooooooom

The fact that anybody put funds on bancor in the first place is retarded.

Use uni v3 like everyone else

>>50269662
This
With jews you ______

>>50270733
fuck amms, pmms only

>>50270277
Precisely.

>>50270300
Absolutely. It was going to cost me more to withdraw the bnt I had than it was worth, kek.

>>50270569
They kept calling it a black swan event, but is it? It's just a bear market and more withdrawals than usual. It's inexcusable not to plan for those two things happening simultaneously.

fuck sergey and fuck clg you both are globohomo cucks

burn in hell you ugly ass niggers

>>50269779
They thought they were so clever by not blocking all withdrawals like Celsius did.

>>50269749
It's all fine my guy

Has anyone filed a compliant about this to the FTC?

This seems like a clear bait and switch https://www.youtube.com/watch?v=eC-mm1s0Oj0

>>50272417
wrong jurisdiction

>>50271090
Did you know the jews murdered Jesus because he didn't have an AR-15? Notice today every jew in Pissrael is required to carry an AR-15. Coincidence?

>>50272544
You can file a compliant regarding cryptocurrencies under poor business practices.
Where else could we file a report?

I just withdrew and sold my bnt, sad. At one point the 60k bnt was worth 120k a few months ago, i just pulled was only 24 eth vs the 20 eth i staked to bnt at the start of 2.1

>>50270183
uhm sweaty, Bancor the Foundation has nothing to do with Bancor the Protocol

yikes!

>>50272681
>Foundation can vote in the protocol DAO
>Foundation is not liable for the protocol
Pick one.

i dont have telegram so i cant listen to mark coping but i can't believe they're even trying to pretend like there is a solution. they fucked up and are too smug to admit it, even now. even after hundreds of different people have lost TENS and HUNDREDS of THOUSANDS OF DOLLARS. they done goofed and as usual, the average joe pays the price. with jews you lose

>>50269382
People are working to contact the group that sued the Tezos Foundation

>>50272699
you know I'm right, chud

seriously, I warned you fucking faggots on multiple occasions over the past 18 months that BNT is a death spiral waiting to happen, only to be ignored every single time

indeed, it was painfully obvious it's a reflexive ponzi

>>50272792
>Reddit spacing
>"Chud"
>Terrible grammar
>Pink ID
Terrible bait.

>>50272851
I'm not the one who's about to take 50-100% LINK haircut, chudlet.

>>50272623
switzerland

>>50272889
To me the funds are gone already and not my whole stack so I don't care. Leaving it in there in the event they recover or a lawsuit happens.

>>50272889
Also the BNT I earned last year brings me to break even if I did want to pull out. My risk tolerance is high and I don't need the money right now.

>>50272958
Fortunately you don’t need to worry that they’re scheming right now to take the rest.

They should make Galia do a nude photo shoot, maybe a lez scene with Jen and turn those into NFTs and airdrop that shit to holders.

>>50273385
Even if they aren't trying to rugpull harder there is a risk that even more LINK gets pulled out of the pool from swaps.

>>50273396
Mark photo bombs the shoot with Bancor condoms in his hands

Maybe once enough people will take the haircut and leave bancor, the team will make whole the few remaining loyalists?

>>50273585
Possibly? I was forgiving until I heard about the discussion with the Bancor Foundation. I think LINK marines should coordinate a lawsuit to pressure the foundation to do something.

>>50273585
Lol lmao even

Bros i dont feel to good

>>50274294
Brutal

>>50274294
what am i looking at?

>>50274344
Looks like a $75k haircut. Paid in LINK.

>>50274294

>>50274294
You know it'd be trivial to figure out your wallet from the transaction time alone, right? No point in censoring it.

>>50268792
LINKIES...

I DON'T FEEL SO GOOD

>>50269091
>Pool's closed
Remember that one you fucking twats?
>kek

All team members pulled their LP positions before removing ILP.
Check
The
Chain.

>>50274518
Yes I do.
I was staking ETH instead while waiting for LINK.
Thankfully I at least pulled my ETH out of V2.1.

>>50274528
SPEAK ENGLISH RETARD
WHAT DOES IT MEAN
MARINES...REPORT IN

>>50274556
The team members pulled out their liquidity before they removed the ILP, which means they scammed the community members out of all their tokens.

>>50274595
Holy fuck. That does it for me. I’m done. God damn I’m pissed as fuck. Mark you better pray you never cross my path irl.

>>50274595
When did this happen roughly?
I want to take a look. I would love to sue these motherfuckers if this is true.

>>50273970
>Bancor Foundation
Basic jist? The foundation is saying no refunds i assume?

>>50274595
They warned the real community. You're not part of it.

>>50274595
While this would be unsurprising, do you have data?

>>50274670
Mark said he spoke with them.
I am guessing they don't want to do anything before they try something else first in terms of protocol design. I am really starting to fucking hate Bancor.

>>50274595
proof?

>>50273585
lol
>>50273970
LINK marines? Did you mean Twitter trannies?

The worst part about all of this is that I’ve been on /pol/ for 15 years and should have known better than to trust these filthy kikes. Greed is a hell of a drug.

>bancor
2017 anon here thats shows up every bull run for the memes, loses a few hundred in crypto then leaves. What the fuck are people doing using this jew scam coin? What did link do? What the fuck is crypto finance? There's banks and shit now but it's all imploding?

>>50274906
Same thing. I prefer to call them LinkCels (Chainlink Incels).

>>50274528
>>50274595
>>50274604
This is great ammo for the lawsuit.

>>50273396
This.

>>50272770
Good. What's the progress so far? I want to sue these fucking kikes so badly.

>>50268792
Rory himself literally has 16k link on the platform and hasn't withdrawn yet? what does or doesn't he know? can he actually get screwed too he's and obvious insider and OG. here's his wallet for reference https://etherscan.io/address/0x20d5734664e33b1789d1e409f7f797d403ed1673

>>50268792
imagine ever trusting bancor or celsius
then getting surprised when israeli loansharks run away with your goy cattle lifesavings
ARI is the only hebrew you can trust

>>50270439
>to all linkies lending to celsius nexo blockfi without you link would have been at 200-300$.
this

>>50275153
>https://etherscan.io/address/0x20d5734664e33b1789d1e409f7f797d403ed1673

am i reading this right? He deposited it 2 months ago? Lel.

>>50275007
Still really early in convo, but if it takes off someone will post info for people to join. In the meantime, any evidence of wrongdoing from the team and foundation is helpful. Let's bleed this fucking pig foundation. Post onchain activity and compromising statements from the team

>>50272770
>>50275382
Sounds good.

>>50275382
So glad this is happening. Based anon.

There were tons of links to wallets and on chain metrics posted in Bancor threads over the last few weeks. Does /biz/ have an archive?

lel having fun Bancucks?

>>50275568
Yes we are

>>50274758
Of course.
Foundation easily sitting on a billion dollars now, fucking scammers.