Bancor Foundation Lawsuit

[Anonymous No.50291326]

>ICO raised 400k ETH in 2017
>Promise ILP to protect investors
>Bait and switch the ILP out
>Rumors about Bancor team pulling out before the ILP pause
>"Sorry we are not liable for damages."

Who else is looking to sue the fuck out of Bancor?

Ideas:
1. Reach out to people who sued Tezos and Maker
2. Reach out to Timothy Holsworth who tried to sue Bancor years ago about restarting a lawsuit https://casetext.com/case/holsworth-v-bprotocol-found

[Anonymous No.50292780]

>>50291326
Really hope they airdrop BNT to all the people who took a haircut

[Anonymous No.50292876]

>>50292780
Don't you mean to the people who remained in the vault?
Those responsible for the bank run should take the loss and those who chose to remain and give a last chance to Bancor should receive this bonus for believing in them.

They just need to redesign their system to something which makes the risks owned by the users with long time frames of investment and forcefully kick out Celsius.

[Anonymous No.50293016]

>>50292876
Those filthy kikes promised everyone impermanent loss protection and fucking lied about the protocol being safe literally days before they suddenly shut ILP off. Now I hear that the team pulled out just before they turned it off. If they want to ever regain trust they need to make everyone whole.

[Anonymous No.50293081]

>>50292876
My biggest issue is the Bancor Foundation being completely silent during all of this. What the fuck are they doing with the ICO money?

[Anonymous No.50293389]

>>50293081
They probably spent it all. They are literal Israeli jews.

[Anonymous No.50293393]

>>50293389
On?

[Anonymous No.50293801]

>>50293393
Mansions yachts cars clothes traveling drugs orgies JEWelry

[Anonymous No.50294147]

>>50293016
Technically at the moment you pull out you accept the contract and a reduced recovery of your funds.
You can see it as exercising your recovery option in a bankruptcy and getting the remaining share in that situation.
There is no second choice left after doing this to recover everything.
You can't chose both.

Bancor failed their v3 design and need to make a new better design and will remain silent until they have a solution to this...

[Anonymous No.50294844]

>>50294147
Your mother failed her abortion and you were born you filthy Jew

[Anonymous No.50295059]

>>50294147
oh hey nate/mark
fuck you faggot

[Anonymous No.50295300]

If I was on the bancor team, I would be afraid for my life if these people didn’t get their money back. too many linkies have enough that even after a 50% haircut they could afford a DMN fix on someone. Or they might be unhinged enough to do it themselves. I’ll tell you one thing, all you faggot bancor team members reading this- if I lose my stack I don’t have much else to lose.

[Anonymous No.50295333]

>>50292876
This. Nobody forced you to pull out. You pulled out because you thought it would go to zero. Stand by your decision. Yet again stinkies have no loyalty other than to their fat scammer dev so I don't know who cares about them

[Anonymous No.50295377]

>>50294844
I hate Jews more than you, but that doesn't make me one.
It's really a very simple situation.

Nobody forced you to withdraw, only your own fear of losing everything after Celsius started their shorting attempt to try to make some money on everything they could to try to recover some money after being complete degens and doing things like selling their user's bitcoin to prop up the Cel token to make exit liquidity for his criminal founder.

If you were not forced to withdraw, then you chose the exit you got which means losing half of your stack.
If you didn't like this solution you should have waited and attempted a slower solution either through a company proposed recovery solution or going through the full lawyer route.
The moment you withdrew you gave up on this right in exchange for quick liquidity.
That's as simple as it gets.

[Anonymous No.50295391]

>>50295333
Cheked!

[Anonymous No.50295437]

This. Lot of people losing millions with millions left after the haircut. That's more than enough to make someone disappear.

[Anonymous No.50295541]

>>50295377
Not even the Bancor team is saying shit like this. You just think you deserve special treatment because you let them keep their dick up your ass.

[Anonymous No.50295835]

>>50295541
That's how DeFi works.
It executes smart contracts.
The moment you withdrew everything and sold your BNT you stopped being related to them.

The difference is that I knew this was a risky bet since the moment I started using the platform and only put in an amount I was willing to lose in a failed trade with proper risk management.
Even if I lose everything and it all goes to 0 it won't make a big dent in my portfolio.

The question is why didn't you do the same thing?
Do you expect to be baby carried with your financial freedom?

I don't care what the Bancor team is saying it won't change that this is likely the solution they will adopt.
They are just not saying it to try to keep some hopium for those who started the withdrawal process.
From their perspective announcing this would be the optimal solution to this bank run after the people who took part in it were removed.

[Anonymous No.50295924]

>>50295835
>I don’t care what the Bancor team is saying.

You don’t have a clue do you.

[42 No.50295951]

This thread is FUD. Take it from me, real 42 from The Schizo Corporation.

Dont cope seeth and dilate, get your LPL and LINK over to Bancor V3 today and enjoy sweet gains. Stay /comfy/ folks

>This paid post has been proudly brought to you by Bancor V3. 42 and Dont Cope Seeth and Dilate are registered trademarks of the Schizo Corporation, All Rights Reserved

[Anonymous No.50296014]

>giving money to jews

[Anonymous No.50296117]

>>50295924
When dealing with jews you have to learn to ignore what they are saying and only trust their actions and incentive.
The only thing you can trust is their incentive for actions and previous actions.

What did they do?
They froze the IL protection when Celsius started the fud to short them and was removing funds, and after they removed their own funds from the system while making advertisement for the v3.
Do you really think they care about your opinion and making it up to you?
No...

Their only motivation is to find a way to keep the platform alive and they already displayed their lack of care for their users, they were willing to sacrifice for it.
All their future actions will be based on this idea:
How can we make Bancor trusted and profitable for us again?
The best way would be to force as much losses as possible on current users, and to make a new advertising campaign in the next bull run with a new version promising changes to this for new users who are new in this space while memory holing and minimizing the current issue.

[Anonymous No.50296141]

>>50292876
Are you dumb, nigger? They disabled ILP on the protocol, people that had funds in it should be receiving compensation in BNT regardless of whether or not they withdrew their funds,

[Anonymous No.50296169]

>>50296117
no, the best way would be to attack them personally with lawsuits, and bleed the foundation dry, or have them gulaged.

[Anonymous No.50296264]

>>50296117
You are severely overestimating thier competence. Did you listen to the community call? Everything has befallen on Mark’s shoulders and he could barely speak coherently. Go and listen to what they are proposing, everything you said is without context and completely negating any nuance to thier situation.

[Anonymous No.50297196]

>>50296169
I want to sue them badly

[Anonymous No.50297298]

I think people need to stop using the "they disabled ILP" line. It goes way beyond that. It's not just about compensating for the small amount of IL, it's about the fact that you are supposed to get BNT tokens in addition to your LINK even WITH IL, and they aren't giving out that BNT either. It's not IL that is causing people to take 50% haircuts, it's plain jewry fucking with the protocol. It's WORSE than uniswap by far, it sells off your desired asset for BNT and then doesn't give you the BNT.

[Anonymous No.50297347]

>>50297298
How has there not been a class action lawsuit behind this? Bancor would lose in court in this situation

[Anonymous No.50297363]

The idea that a "decentralized" finance protocol can be sued is just hilarious to me.

[Anonymous No.50297425]

Disabling ILP was a much better option than inaction, which would have meant literally the death of the protocol and all user funds lost. If you took part in the bank run you have yourself to blame for falling for bulgarian FUD and I hope you take your 50%+ haircut on your stinkies. Pathetic. Go file a lawsuit LMFAO

[Anonymous No.50297773]

>>50297363
Not decentralized when they can upgrade the contracts without consent from the DAO, which rapes LPs.
>>50297425
I don't plan on taking the haircut. It's all or nothing at this point.

[Anonymous No.50297928]

>>50291326
>If only you knew how many exchanges were actually already insolvent...

[Anonymous No.50299050]

I wrote off Bancor the nanosecond I found out it was created by a woman (because of an article that woman wrote about creating Bancor).

WHO'S LAUGHING NOW
IT'S ME
I'M LAUGHING
HAHAHAHAHAHAHAHA

[Anonymous No.50299174]

>>50299050
A jewish woman.
Fucking kek.

[Anonymous No.50299207]

>>50299174
And many thousands of /biz/ posters fell for it. lmao.

[Anonymous No.50299240]

>>50299207
The best part is that it rekt LinkCels from /pol/,
Simping for a jewish girl.

[Anonymous No.50299438]

>>50291326
I'm hiring veteran Kleros trial lawyers to represent the DAO in our case against the foundation. Taking this bloody cunts to Kleros court will make them pay!

[Anonymous No.50299626]

>>50299438
Indians vs Jews.
LET'S GO!

[Anonymous No.50299850]

>>50296141
The smart contract executed as it was programmed.
Disabling the ILP was part of the implementation which means you should have done your own research and known about this possibility the moment you decided to use their services.

>>50296264
There are not many things they can do even if they are stupid.
They will eventually reach the same conclusion if they want to survive.

Seems like it would be a good opportunity to take over their project, but unfortunately they have no clue what they are trying to build.
LP is not sustainable in its current implementation and the complete business model needs to be redesigned.
Every LP has this same issue of relying on the stupidity of the user to accept making losses and Bancor tried to hide this with infinite printing.

The idea was good but the missing part in this was that someone else needs to pay for this liquidity pool service if it's needed for other protocols.
Chainlink is recognized as an essential service and has a partner growth program.

For LPs to be really useful in the long term they need to find someone to pay for their services.
The best way I can think of is to use as collateral for on chain insurances and futures contracts and offer real liquidity services for those who need a form of stability in their token use.
Of course this only works with real world adoption, but it could be done with Chainlink by creating a mix of lending and collateral without the liquidation part by having predefined risks from the start which are already paid for.
Also changing the LP implementation to not offer basic liquidity at the current price, but to define price levels based on estimated liquidity and price segments to sell this liquidity for a profit and not at a loss, even if this reduces the usage of the pool.
The LP functionality would serve as a basis for the insurance contracts and would be less used.

[Anonymous No.50299871]

They could also change the LP into a 3 separate action model:
Buyers and sellers with limit orders without a LP who just set the price at which they want to buy and sell
And a third special class based on the current LP where investors can provide a liquidity pool based on the current model if they have an external partner paying for this service who is willing to take losses for it.

[Anonymous No.50300249]

The real question is how other LPs managed to keep their user base like this when they are unprofitable too.
I suspect it's only through deception and stupidity.
No one who understand the principle of a LP would want to take losses for this service.

Without an external entity subsidizing its costs LPs can't be sustained in a profitable way.

Until this is solved the best idea is to make a basic Dex without LP and find how to make someone pay for LP services.

[Anonymous No.50300257]

>>50299871
Do you actually think there is even a minuscule demand for such services? This will only could be implemented in the far distant future, in the interim, they must anticipate the market stays stagnant for at least two years to cover LP's assuming people don't leave and people continue to use the service.

They make 30k a day in fees. That might be ok, but what happens when things start pumping? Mark was asked this exact question and his response was along the lines of "oh I don't think that will be the case anytime soon". They don't have a goddamn clue and such a fleeting response demonstrates their lack of foresight as to which has currently been demonstrated.

I have already take the haircut, i'm still burning about it clearly, but these pieces of shit should be punished for what they have facilitated. Nobody wins here but the Bancor Foundation.

[Anonymous No.50300350]

>>50300257
IL is not a sustainable business model without someone to subsidize the costs and all LP solutions are built on the same principle of taking liquidity away from users who don't understand what is happening.
However there are still people who want to buy and sell tokens.
This is the business model of an exchange.

Instead of trying to reinvent the wheel they should have first tried to copy what's working and understood why it works like this.
But there is a possible use case for this in a tokenized world.
They could democratize the business model of Etherdelta.

Allow people to sell what they want on their platform with a form of collateral/fee paid in BNT.
This is how LPL got listed initially.
The old DEX was stopped and we needed a new one to allow people to buy and sell the token, which alwso allowed it to et a basic price valuation.
Linkpool didn't ask an exchange to list their token and didn't do the Bancor listing.
This was done by their investors.

Imagine a world where everything can be tokenized.
Binance would not be able to list everything as it brings a very high cost because of regulations, but individual users could list it on a decentralized exchange a bit like ebay.

Crypto currencies allow the creation of a very big number of small companies by reducing the complexity of forming a company.
These mini companies could use some form of lending, and other financial operations which are currently reserved for big companies listed on the stock exchange.
Bancor could try to make something for this future target.

[Anonymous No.50300525]

Aave is already being used a bit for this business model to use properties as collateral for lending purposes.

They should maybe also look up the implementation of GMX and their GLP counter-party token.
GMX is a leverage trading platform which has 2 different tokens.
The GMX token receives some of the income and the GLP token receives a bigger part of the income, but takes on the counter-party risk when a trader makes a profit on a trade.
This GLP token is a form of ETF as it contains the most traded tokens on the platform like BTC, ETH, but it would be a similar idea to what BNT is trying to do with their IL protection.

They could create a new asset class on their platform to provide liquidity without IL by openly advertising it like this and making the risks known.
In the worst case this counter-party token would take the hit while allowing basic buyers and sellers to use the platform with limit buy orders, but it could only lose the collateral it uses for LP and would not cause a death spiral.

However they would still need to find partners who would be willing to pay for this service to make it profitable or create their own trading desk to hunt for liquidity like an exchange...

[Anonymous No.50300896]

Kek nobody is going to use these new services, Bancor has been around since 2017 and has 9+ figures in funds yet all they accomplished was to build an AMM which nobody uses. And to top it off they completely destroyed any confidence people had in Bancor for the next 50 years to come. They can restore this confidence if the foundation injects new liquidity but obviously they will never do that.

[Anonymous No.50300911]

>>50293081
Also this woman isn't even involved anymore with bancor

[Anonymous No.50301882]

>amm
>impermanent loss protection
not sure who was more of a retard, bancor fags or celsius normies. Should have bought dodo

[Anonymous No.50302756]

>>50299174
Have you read her bio, she was already worth like 50 million before bancor...

[Anonymous No.50302771]

>>50300911
This

[Anonymous No.50302800]

>>50300525
If you read the whitepaper closely, they say the counter token treasury held by bancor is in ether, which they no doubt have a fucking shitload of.
They could save the lps but the are actively opting not too.probably because saving the small fish means saving celsius or a mega lawsuit...

[Anonymous No.50302943]

It sucks but I learned an expensive, painful, yet invaluable lesson: NOT YOUR KEYS NOT YOUR COINS

[Anonymous No.50303978]

What is worse for the deficit? The market going up or down? I'm considering taking the haircut and just accepting massive losses because I am sick of being stuck in limbo.

If I take the haircut would that make me legally ineligible to be made whole in the event of a class action lawsuit. Do I need to stay in? Should I just hold out another fucking week and see what happens?

I don't understand why these absolute fucks don't use the foundation money to bail themselves out and save their own reputation? People would still use Bancor afterwards if the IL was only off for a few days and they made everyone whole afterwards once the Celsius threat was gone. What the fuck is taking them so long and why are they making the most retarded fucking decisions and moving at the pace of a fucking slug.

[Anonymous No.50304075]

Also someone in the last thread said they were going to pay us back with DAI, can anyone who was in the call elaborate on that? Is it worth staying in and maybe waiting to get DAI?