This feels to me like partially an uncharitable bit of schadenfreude and partially a little bit like "Look, if the claims are being falsified now in exactly the way skeptics said they would be falsified, they were false when made, and it was a fraud all along, so."
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"Were people accurately predicting the behavior in advance?" Approximately, in the sense that if you say "I would like to sell you a perpetual motion machine" I can say "Did you corner market on infinite free energy? No? OK, then your machine doesn't work. I don't know how yet."
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"Any idiot can be solvent until people want their money back." is a bracing, true statement about how finance works. It has been learned and relearned by hundreds of years of painful experience watching people who placed money with smart, well-intentioned operators get burned.
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I think describing the center of gravity in the cryptocurrency community as "smart, well-intentioned operators" affords a level of charity which may be socially beneficial but which is not warranted by facts on the ground.
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"Painting with a broad brush there, aren't we?" My one word counterargument: Tether. https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/ …
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I haven’t been following DeFi, for blood pressure reasons, but they had “risk-free” assets?! Offering a 8% return?!
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I don't know who Patrick is citing calling it "risk-free". I sure haven't seen anyone making that claim. It is certainly not as risky as other cryptocurrencies because it is pegged to the dollar, but there is counterparty risk in the chain, the smart contracts and the governance.
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The linked article is false. An emergency shutdown is not being considered. Don't trust coindesk as a source. Instead check here for an actual recap of what happened and what they plan to do about it:https://forum.makerdao.com/t/black-thursday-response-thread/1433/82 …
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Totally agree that this is far from risk free... however, this current situation does not seem likely to negatively affect people lending or holding DAI. The people who got screwed are the borrowers who were liquidated and the governance token holders.
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You can even sell your DAI for over $1 right now, so the market does not seem too concerned that DAI holders will be at risk here.
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