/biz/ - Business & Finance

[Anonymous No.19986525]

45k linklet here who wanted to dump a quick $30k into DMM. Asked this exact question last week in the telegram and was banned. Can anyone disprove this? I’m still very interested in the concept but it’s evident there are major hurdles.

[Anonymous No.19986556]

>>19986525
It cannot be tracked *yet*

They have already stated that they are going to allow complete transparency via chainlink oracles in the future.
I know that this is just a >soon tm meme

but thats really the only true answer youre going to get. if you trust them to deliver on their promise, you trust them.
if you dont, you dont.
but look who is behind DMM, look who they are working with.

personally, i dont think these people would get behind blatant liars.

[Anonymous No.19986568]

>>19986525
>ask relevant question
>get banned

That should tell you all you need to know.

[Anonymous No.19986570]

Of course you were banned, if the redflags like how the ICO went, the photoshopped loans, and the total supply compared to the circulating supply and the team unlocking millions of tokens even though they said until November, didn't make you concerned, then you won't make it, just hold your linkies.

[Anonymous No.19986580]

Chris Blec was right. DMM is just another way for VCs to dump on normies.

[Anonymous No.19986598]

>>19986568
This
Heavy this

[Anonymous No.19986606]

>>19986556
I was thinking this, Chainlink oracle that pulls the designated entities bank account API to track fiat coming in/out. My concern is how this project truly becomes decentralized. It appears you will always need a centralized entity to 1. Concert DMM to fiat to administer loan, and 2. To make claims on loans in default and start to collections process on the collateralized item. Can anyone explain how you can move to a truly decentralized protocol that is capable of still accomplishing this?

[Anonymous No.19986621]

Don’t listen to the cocksuckers on the thread. The project is legit, Tim Draper won’t put his name behind if the photoshop wasn’t good enough. It will deliver and has a room for a $500m market cap coin, simply because it’s great. All the exchange websites can integrate their coins to mAssets and make 6.25% yearly, so 2019 was the year of the exchanges and 2020 is DeFi year plus the additional mAssets thingy = boom. Dyor fag

[Anonymous No.19986635]

>>19986606
There’s AMA in 2 days, gather your questions son

[Anonymous No.19986653]

>>19986621
I have DYOR, and I’m asking legitimate questions that you’re simply writing off because “muh Draper invested in it” You realize this guy bets on hundreds of projects right? When you’re a multi billionaire, it’s easy to throw a handful of darts at a board and see what sticks. Google Tim Draper crypto and start reading the headlines kek, there are literally hundreds. I’m sorry that my portfolio has gotten to the point where I need to perform proper due diligence, not all of us are still poorfags

[Anonymous No.19986663]

>>19986606
I think the mistep in your logic here is that you are assuming the DMM foundation is going to always and forever be in charge of acquiring new assets/new loans to put into the ecosystem

This is only true for right now.
If you read through some of the medium posts, they outline how people or entities who hold large amounts of DMG will have rights to introduce assets into the DMM ecosystem

This, while on a person-to-person basis, is centralized, is obviously as a whole decentralized. Of course this statement seems redundant, but I thought id mention it anyway.
When there are 50 parties with rights to introduce assets and loans into the DMM ecosystem, it has effectively become decentralized

[Anonymous No.19986679]

>>19986635
Thanks for the heads up, I have quite a few ready

[Anonymous No.19986686]

>>19986556
>but look who is behind DMM, look who they are working with.
https://thedefiant.substack.com/p/coinbase-not-aware-of-partnership
>“The company is not aware of any partnership with DMM,” a Coinbase spokesperson said in an email.
>Zachary Rynes who handles DMM marketing, said in a Twitter message the partnership in part refers to the company’s integration with Coinbase Wallet’s WalletLink. But Coinbase Wallet is a separate product from Coinbase and WalletLink SDK is open to anyone who wants to integrate with it; it doesn’t constitute a partnership.

npm install walletlink... now I am partnered with coinbase too.

>personally, i dont think these people would get behind blatant liars.
>DMM told me that coinbase says DMM is trustworthy

[Anonymous No.19986693]

>>19986570
To start with, these liens are normally never shown to the public. most banks don't know the full detail what a lot of their collateralised loans contain. so DMM has done well in deciding to show them publicly. the rights to the liens have been transferred to, and are owned by DMM, but naturally this isn't shown in the original lien documents, so DMM put their name there (also to protect the identities of the original lien owners)

Do you seriously think that Gregory Keough, Tim Draper, Alon Goren, Josef Holm, Stephen McKeon and Rory from Chainlink would put their reputation on the line for a "photoshop" scam to con biz out of their lunch money. You have to be fucking retarded to fall for the fud.

[Anonymous No.19986694]

>>19986663
Good point. What happens when borrowers default on their asset backed loan though? If a DAO is administering the loan, who is in charge of the collections process when the borrower defaults? Defaults are inevitable like any system

[Anonymous No.19986711]

>>19986693
I’m over the supposed photoshop shit, I think the questions I’m posing are more cause for concern when looking at the macro picture of the project

[Anonymous No.19986714]

>>19986525
Made it off of buying whatever tokens /biz fuds the most. Do the same and you will be fine

[Anonymous No.19986741]

>>19986653
Anon you're being entirely unreasonable.

The project is legit and good simply because it's great! Don't forget to dyor but don't ask questions or you're a "cocksucker on the thread". Namedrop = boom you literally can't refute any of this.

[Anonymous No.19986756]

Bruh, every single company, bank, government department etc etc you currently interact with which uses fiat has the same issue.

They all have income, cash flows, outgoings which need reconciling for accounting purposes. You trust them to do that. But suddenly it’s a “flaw” because DMM cannot track each dollar. I mean, yeah, it’s why Crypto exists in the first place, to change fiat.

On a positive note if this is the main FUD against DMG then we are going to be mooning boys

[Anonymous No.19986763]

>>19986653
I’m poorfag myself and yet I have read the white paper, the Chainlink interview and decided to buy at 0.40 a day later it went over $1
AMA at 30th.

[Anonymous No.19986767]

>>19986686
im not going to spend too much effort on FUD posters who have already been debunked, but the general tl;dr is that the lead dev and tg admin explained this
the DMM devs are "working closely with coinbase" and felt the cooperation was far enough along to list them as partners. probably mAssets on coinbase.

>>19986694
this is of course a risk with any investment into loans.
the one who introduced the asset would be the one to manage this, via the entity that administered the loan.
the general idea of why this is not a big issue is that big CeFi has been doing this for years, and it is profitable as a whole

[Anonymous No.19986783]

>>19986525
i only have 2k link
what am i?

[Anonymous No.19986790]

>>19986756
Right, except those entities don’t claim to be a DAO for administering asset backed loans on the blockchain. Obviously DMM is trying to solve an issue the world faces, my point is it doesn’t look like they solved much seeing as you still rely on a central source to convert to fiat and administer the loan

[Anonymous No.19986826]

>>19986767
So what makes DMM different than any centralized solution? A single entity still has to make the conversion. Thousands of DMM holders with voting rights could vote for a borrower to receive a loan, but a single entity now has to administer that loan and now you are trusting that entity to do it upon the terms the DAO agreed upon. Do you not see how this is problematic?

[Anonymous No.19986933]

send it

[Anonymous No.19986935]

>>19986826
will answer in a sec fren, playing vidya atm

[Anonymous No.19986995]

>>19986767
>the DMM devs are "working closely with coinbase" and felt the cooperation was far enough along to list them as partners
>“The company is not aware of any partnership with DMM,” a Coinbase spokesperson said in an email.

[Anonymous No.19987080]

>>19986826
Alright, so you're correct in that on a loan-per-entity basis, it is centralized at a fundamental single issuance.

But, similar to my previous post where those with rights to introduce assets into DMM are also centralized on a per-asset basis, as a whole the system is decentralized. If there are 50 people who can introduce new assets into DMM, it is decentralized.

Similarly, if there are 50 entities who are administering loans against assets, it is decentralized.

Instead of trusting one single entity, be it JP Morgan or Wells Fargo, these loans are decentralized in a manner that there could be an infinite amount of loan issuers.
From any country on earth, small, medium, or large.

DMM has a system where they give governing rights on a per-country basis, based on the GDP of said country. So you could have zekes zimbabwaen loan company issuing a loan, or you could have the Bank of China issuing a loan.
I do understand that on a per-loan basis, this is still centralized, but as a whole the system is then decentralized. This could, theoretically, be driven in a completely decentralized fashion as more DeFi loan applications (companies) pop up and gain trustworthiness.

As it stands currently in June of 2020, most people are going to want a loan issued by a central entity. DMM simply creates a decentralized area for anyone to use any of these entities in order to introduce assets into DMM.

And yes, there will be proper vetting of loan issuers to make sure that they arent actually garbage companies, and have a track record.

[Anonymous No.19987184]

>>19986826
>>19987080
Also, another extremely large difference between DMM and a CeFi money market is of course the regulation hoops to jump through to gain entry and exit from the money market.

This is something that can not possibly be overstated.
If you are an American with good credit and finance, like myself, you should have no problem getting yourself into a money market with the help of Fidelity or something similar.

If you have shit credit, shit finances, or live in a 2nd/3rd world shithole, this becomes much more difficult.
DMM allows for 9 year old little timmy to open up his ledger and start accruing 6% interest on his birthday money, on a per-eth-block basis.

It also allows for Rajesh, of the mumbai community, to enter into a *stable* money market, without having to trust shitty Indian companies.

People can enter or exit on a per-eth-block basis, while also accruing interest every single eth block.
With CeFi not only are the regulations difficult to jump through, with entry and exit barriers, but payments are not received in 30 second intervals, if you have a criminal record or are underage you will have issues, etc.

This is, in my opinion, one of the most overlooked aspects of a DeFi money market. For people who aren't blessed with proper jobs and life in a first world country, for shitty credit scores and underage b&, it allows an opportunity. An opportunity to enter into secure financial markets.

[Anonymous No.19987185]

>>19986826
ownership is decentralized and accessible to all of us.....for one thing.

[Anonymous No.19987195]

>>19986621
lmao tim draper has dumped tons of projects before. ANJ was backed by tim draper too.
Don't use investors who throw money at anything that sounds good as a metric with which to invest in

[Anonymous No.19987220]

>>19986767
you can't dispel the fud because its inappropriate to list it as a partnership just "because we felt it was okay". Everyone in the discord dodges this question because nobody wants to admit that the team is just outright lying. They should change the logo to coinbase wallet and be done with it, but they wont cause they want normie retards to think they are actually partnered with coinbase.

[Anonymous No.19987241]

>>19987080
How do you prevent the single entity responsible for administering the loans to do so in good faith to the DAO terms? In terms of decentralization, it definitely leans towards the decentralized side of the spectrum, but it would fail if we classified decentralization as binary here, seeing as the entire system is still reliant on the good faith of the single actor. Do you think the protocol can advance past this? The issue I see is in regards to U.S. laws, specifically, in regards to how the loans have to have an entity named on the contract. Correct me if I’m wrong, but you would never be capable of listing anonymous participants in the DAO on the loan contract. The process of selecting the assets to be collateralized for underwriting is decentralized, but the physical administering of the loans is still a legacy system and a central point of failure.

[Anonymous No.19987255]

>>19987220
If at any point in the next 5 years coinbase introduces mAssets into their platform for users, with DMM as the backbone, you will be irrefutably incorrect.

Until then, it is 100% speculation. But based on the fact that the lead dev used the present tense "working with" and not "worked with", it is fair to assume that they are still working with coinbase devs.
Considering DMM is already available in coinbase wallet, there would be no reason to continue this working relationship if that was the extent of the integration.

Only time will tell, fren.

[Anonymous No.19987274]

OP, you should probably not ask questions on discord or on /biz/ if you want straight answers. The discord has been taken over by the chainlink unofficial moonboys and they refuse to confront any FUD and just say that the team has already dispelled it.

https://forum.makerdao.com/t/dmm-proposal-for-collateral-onboarding-of-dmm-mtokens/2141
check this link out if you want some actual FUD that the team has refused to address. They attempted to get their mtokens listed on mkr as collateral and were completely shut down by the questions. They even have an oracle specialist shutting them down lol. Ask about this in the tg/discord and nobody will respond.

[Anonymous No.19987280]

>>19987184
Agree friend, all about niche target audiences. I as an American take for granted the banking/financial services I am offered. I saw firsthand how unfortunate other people are while traveling abroad in SA and SE Asia. There is definitely a “value add” aspect for many citizens who live under different circumstances

[Anonymous No.19987293]

>>19987274
Thank you for pointing this out to me, I didn’t know it existed. I’ll check it out when I have a moment later today.

[Anonymous No.19987301]

>>19987255
no, then they will be able to display that logo. it is inappropriate to say that they have a partnership when coinbase does not list any of their mtokens.

Also, all tokens display in coinbase wallet. I can go make a scam erc20 token and i guess that makes me qualified to say that im a coinbase partner? Do you realize how dumb that is? That is not evidence of integration or a working relationship. They are allowing coinbase wallet users to use their dapp. That is it. We're all now coinbase partners I guess.

[Anonymous No.19987304]

>>19987241
>Do you think the protocol can advance past this?
The only way for the protocol to advance past this is for decentralized loan entities to gain enough traction and trust that everyday citizens are using them without realizing it.

My mother, my father, my uncle, are never going to log onto MKR or Compound to get a loan. If at some point these decentralized applications become the backbone of more "normie-facing" options, then yes.

At the end of the day you're right, if a single centralized entity fails to act in good faith of the DAO in regards to the loan it issued, it is a point of failure. Again though, the fact that there are an infinite amount of centralized entities that can participate in this effectively makes it decentralized in manner.

[Anonymous No.19987394]

>>19987304
I see what you’re saying and agree anon. Thanks for a rare insightful discussion on here. I’m going to bring these questions to the AMA and gauge the response from there. Good luck to you anon

[Anonymous No.19987633]

>>19987394
Too bad CZ bought CMC and change the shape of each crypto, that killed this larp.

[Anonymous No.19988002]

>>19987633
Obviously it’s a larp, did you really think there was a time traveler from 2026? Did you really think CMC/user interface would be the same in 2026? It’s a meme kek

[Anonymous No.19988218]

>>19986783
Get 1500 dmg and keep buying LINK