UNION Finance

[Anonymous No.49378646]

>-99.6% down from ATH
>290k MC
Anyone else still holding? This shit can't get any lower right? Is there even a place for DEFI insurance during the upcoming bullrun? Convince me to either buy more or let go of this shitcoin /biz/

[Anonymous No.49378677]

>>49378646
the 1k i put in isn't even worth the gas to cash it out

[Anonymous No.49378693]

>>49378646
how the fuck does this even happen, does it have shit tokenomics

[Anonymous No.49378742]

>>49378677
Similar boat: I too put in $1k a while ago that is now worth 2 figures. I topped up this week for pennies so now holding 1million unnies for a few hunred bucks. I feel like a complete sucker but some vibe about this shitcoin stops me from dumping it.

Does anything think this will ever take off or even hit its ath again? Why/why not?

[Anonymous No.49378935]

>>49378693
Everything seems solid and the project head updates on a weekly basis, I think it’s just that literally no one is using it at the moment. They are either terrible at marketing or are not yet ready to market (not sure how complete the project is)

[Anonymous No.49379003]

>>49378935
yep surpsiginly active. gonna buy a small amount i suppose its so low

[Anonymous No.49379376]

>>49379003
I feel bad for the people who bought this at $0.12. My stack would've cost $120k and I picked it up for like $1k. Feels kinda comfy even though I have no idea how successful (if at all) this project will be.

[Anonymous No.49379547]

how tf does defi insurance even work

[Anonymous No.49380129]

>>49378646
This shit will 100% moon during the next cycle. They have NO competitors and all the hacks are making their existence necessary.

[Anonymous No.49380264]

I went all in on this coin at 0.05 and every time I see the chart I want to fucking end my life

[Anonymous No.49380313]

>>49380264
My condolences anon. Are you still holding or did you capitulate?

[Anonymous No.49380347]

>>49380313
yeah there's no real reason to sell with the current price

[Anonymous No.49380875]

I lost like 5k on this shit. It's not even a scam, it just didn't take off before being slaughtered by the market.

[Anonymous No.49381165]

>>49380875
Is there still hope for it? Thinking of buying a sui stack for shits and giggles

[Anonymous No.49381606]

>>49381165
If Michael gives up ownership and a competent leader fills the role. Then sure.

[Anonymous No.49381699]

>>49381606
Newfag here, what’s wrong with him?

[Anonymous No.49381744]

>>49381165
Whats suicide/make it

[Anonymous No.49381786]

Can someone explain why I would even want defi insurance and if I did how is it going to be decentralised when you need auditors, case managers and investigators to handle claims

[Anonymous No.49381847]

>>49381744
I’d say sui is 2.5 mil and make it 10mil

[Anonymous No.49381867]

>>49381786
I assume that’s why no one is using it atm . That and their marketing is trash

[Anonymous No.49382477]

I lost $7k on this piece of shit

[Anonymous No.49382635]

>>49378646
I told so many people this was a direct scam and I tried to save so many. Beck literally sweats like he is on hard stimulants in his videos(I've seen it in real life I'm serious) and John Liu was in other projects that he started siphoned a bunch of money and then bailed on basically. They all just never went anywhere. Also money was literally stolen from an old project that he and Andre Cronje worked on together. It was called Fusion I think.

That money is gone friend I'm sorry

[Anonymous No.49382644]

>>49381786
Seconded. Please explain.

From what I gathered, you'd want to buy defi insurance to protect yourself from hacks or drastic drops in price (like the Terra collapse). Basically, people provide liquidity to UNN. If your conditions to receive your insurance are met (I assume a smart contract checks the price of your asset and verifies if it really dropped below the limit you set, so you won't need investigators and auditors), then you get paid with their liquidity and they lose some capital. If instead everything goes smoothly for your investment, you only lose the insurance premium you paid, and the people giving liquidity to UNN receive it as passive income. That's why they risk their capital.

Can anyone confirm if I'm correct?

[Anonymous No.49382672]

Also, they seem to already have a working app. Can anyone confirm if it works properly?

[Anonymous No.49382776]

>>49382672
I’m pretty sure it’s functional, just that no one is supplying sufficient collateral for it to be used by anyone else. Some of the c-op pools have like $20 in them lol. They need a marketing push

[Anonymous No.49382798]

>>49382776
A half decent marketing team would've capitalized like crazy on the recent Terra debacle and all the hacks you hear about every few weeks. All those people losing 99% of their investment because of black swans are precisely why something like UNN should exist.

[Anonymous No.49382900]

>>49382644
>>49382672
I'm not sure how it full works either. I tried a quote with one of the C-OP's that actually has something in it. So with this example my 0.89 AVAX is covered for 4 weeks if the price goes under $19 and it will cost me $3.26?

[Anonymous No.49383084]

>>49381786
in case there's a smart contract hack or vulnerability.

my question is, do any of these crypto insurances do anything for bridging? a lot of hacks i hear about happen when bridging one crypto to another over a bridge

[Anonymous No.49383248]

>>49382900
I think so, yes.
Shit, imagine if people had insured their Luna with this. They might have saved 80-90% of their money instead of losing everything.

[Anonymous No.49383352]

>>49382798
Kinda impressive how this thing hasn't taken advantage of the Luna stuff and all the other things that happened recently. The marketing team must be really doing a terrible job.

[Anonymous No.49383368]

>>49378646
That cunt Michael beck has an equity loan worth 50MM$ and instead of pumping the price hes trying to get all the tools finished so he can sell the project to some bigger company.
Fuck him. Nobody cares enough to use UNN tools.

[Anonymous No.49383405]

That cunt Michael beck has an equity loan and instead of pumping the price hes trying to get all the tools finished so he can sell the project to some bigger company.
Fuck him. Nobody cares enough to use UNN tools, because there is no marketing.

[Anonymous No.49383435]

>>49383248
Yeah, I'm kinda mad they're not jumping on all these hack incidents. I'm still gonna keep my little bag though, who knows where this piece of shit could end up.
>>49383368
>>49383405
If he does want to and end up selling it though wouldn't it be good to buy now because whoever buys it would inevitably initiate a marketing campaign right away since it's all built already?

[Anonymous No.49383460]

Literally nobody gives a fuck about crypto insurance

[Anonymous No.49383474]

>>49380129
There are competitors, a lot of them

[Anonymous No.49383496]

>>49383460
And they never will, btw. Unn doesn't even try to get anyone to use the insurance product they spent 1.5 years building because they know nobody cares. They put all their energy (barely anything) into getting people to use C-OP which doesn't even work as it was shilled to work when unn got shilled here over a year ago.

>no integrations
>no demand
>future

[Anonymous No.49383553]

>>49383460
>>49383496
Wouldn't all the hacks make a good argument for it tho?
>>49383474
Who? Not doubting, I want to check them out. I feel this space may have potential.

[Anonymous No.49383564]

>>49383553
No because the people who fund the hacks risk getting completely liquidated. There areess risky ways to earn yield

[Anonymous No.49383573]

>>49383564
*the people who fund the liquidity pools that pay out in the event of a hack

[Anonymous No.49383762]

How would any insurer go about covering a luna tier event or even a minor hack like bean recently? Who's gonna put up money for that?

[Anonymous No.49383785]

>>49378646
When I ask I never get answer in these threads. Can you, or any of the unironic UNION holder explain to me what was their thought process for holding this scam since January last year if not earlier, my memory is a little hazy.

Was it about the insurance DeFi thing? The collaterization of options? Something else I don't know about? Im genuinely curious so I can avoid doing retarded mistakes of that kind.

[Anonymous No.49383792]

>>49383573
Well of course if a black swan does happen, the people who funded the liquidity pool lose money. That's how it works with insurance companies: sometimes they have to pay up. But most times everything goes well and they earn the premium instead.

[Anonymous No.49383797]

>>49383785
The rewards staking.

[Anonymous No.49383802]

>>49383785
I think the thought process was:
>one of the main reasons crypto is not mainstream is that it's risky af.
>insurance reduces risk.
>a company that insures crypto investments will therefore be worth a lot.

[Anonymous No.49383833]

>>49383802
It only has value if people use it.

[Anonymous No.49383883]

>>49383792
>But most times everything goes well
This doesn't apply to crypto. Projects rug on a daily basis.
Only a retard of the highest order would stake their savings against the possibility of a crypto 'hack'

[Anonymous No.49383917]

>>49380129
Anon you are retarded, they do have competitors and even big ones.
See Nexus Mutual

In any case no one care about crypto insurance

[Anonymous No.49383940]

>>49383762
People who don’t think a hack is going to happen in the next 24 hours/2 days/one week/one month on a particular coin. I think 4 weeks is the maximum they offer at a time. But you could open a new one after that 4 weeks if you desire. Free money if you don’t think a coin will dump or if you just think it will crab for the next x days. Ofc this is all contingent on the system being widely used than it currently is

[Anonymous No.49383959]

This shitcoin has some staying power. How the fuck is it still being talked about in June of the current year?

[Anonymous No.49384064]

>>49383883
Do you think Chainlink is going to rug in the next 24 hours? If not, you could underwrite cover and collect the premium from someone who wanted protection from that event happening.

[Anonymous No.49384176]

>>49383940
They'll never build tvl if people can't set and forget

[Anonymous No.49384201]

>>49383959
It will rise from its ashes and reach $5 by 2025.
At the moment, $200 buy over 500k tokens. Kek.

[Anonymous No.49384230]

>>49383833
People might use it if they knew it existed. Its problem really is the marketing department.

>>49383883
Out of 5k coins, maybe 200 will rug in any given day (all low effort scams that nobody would insure). The good, established coins virtually never rug. This is why Luna's rug was so shocking. Considering how unlikely a top coin is to rug, putting up liquidity to insure it is basically free money.

[Anonymous No.49384235]

>>49384176
True.
>>49384201
I highly doubt but I snapped a couple million unnies at this price just in case. Gonna put it in the back of my mind and check back in a couple years

[Anonymous No.49384242]

>>49384230
Michael said marketing doesn’t matter he is worried about having all the tools finished.

[Anonymous No.49384264]

>>49384242
>Michael said marketing doesn’t matter
This Michael sounds like this project's problem.

[Anonymous No.49384335]

>>49384264
We told him to let alameda be the project lead and he won’t do it.

[Anonymous No.49384504]

>>49384335
What’s his endgame?
Also who’s alameda? One of the devs??

[Anonymous No.49384510]

Unironically I kept telling all the UNNies to buy pnk instead.

Watching one interview with the founder made it so clear this shit was going nowhere. Finance dudebro who didn't even seem intelligent. Hope some people listened

[Anonymous No.49384601]

Anyone else having trouble staking/unstaking? It won’t even show my balance of UNN/rUNN. Also has the hunny badger nft snapshot happened yet?

[Anonymous No.49384621]

>>49384504
https://www.alameda-research.com/