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I guess Celsius liquidating is putting some technical pressure on the market as well. We are about to find out whether they set the overcollateralisation requirements high enough to make depositors whole.
NickCJ-
I guess Celsius liquidating is putting some technical pressure on the market as well.
You're probably right. I missed that entirely because I hadn't even heard of Celsius until this morning. Never really got my head around decentralised finance where there's a centralised entity pulling all of the strings.
See also Immutable X, the layer 2 NFT platform for ETH that make false claims about being decentralised.
This is a recurring theme in crypto.
1) Make bold claims about what your service will be
2) Discover that crypto is actually a super complex area of cryptographic research and that to create your service using blockchain is either impossible or outside of your expertise or budget levels
3) Run it like a traditional centralised business and pretend that you are a crypto project.
4) Nobody cares because they don't understand and are making $$$
5) Fail -
Guess we will find out soon
https://twitter.com/MikeBurgersburg/status/1536277332826136576
Stonehedge
greentricky
A global recession is (nearly) happening.