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/biz/ - Business & Finance

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17808941 No.17808941 [Reply] [Original]

We all know Maker is collapsing but anons seem to disagree on whether Dai will collapse as well.

this thread >>>17779944 discusses it well

Personally I'm unsure what to do since I have a Sai loan ongoing with some Link locked in as collateral. Buy back Sai now and close it or wait for Sai to fall far below $1?

>> No.17809017

bump, please frens

>> No.17809872

>>17808941
That thread is a LARP.
Dai is currently trading at 1.05 on coinbase. Price will likely reach 1.1-1.5 by the auction on Thursday then MakerDao will announce a global settlement. CDP holders will be screwed.

>> No.17809923

The reason that thread makes no sense is that if Dai price falls MakerDao has a multitude of mechanisms to pull it back up to zero.

But if the price goes up, there's nothing they can do except lower interest rates or call a global settlement.

>> No.17809984

>>17808941
>Maker is collapsing
Wait, why? Just because some people got liquidated?

>> No.17810006

>>17809984
Deflationary spiral.
Quantity of Dai dropped from 120m to 94m. As drop further gets harder to buy dai to pay off debt.

>> No.17810013

>>17809984
the liquidation mechanism broke for the first time as someone managed to take liquidated ethers for free

>> No.17810019

Maker survived the ethereum crashing from $230 to $90, if anything it showed how robust it is. The only problem was the single bidder attack that will be fixed with the 6 hour auction change.

>> No.17810067

>>17808941
Oh what's that? There's a new decentralized stablecoin king now? No way dude, we all said it was a satsgang scam. How could this happen? How could RSV take the crown?

>> No.17810099

>>17810067
who cares about decentralization anyway?
it doesn't help in anyway during such a catastrophic event

>> No.17810110
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17810110

>>17808941
who cares, they didnt want to use LINK

now they are going down

>> No.17810134
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17810134

>>17808941
Turing-complete smart contracts are a meme, MakerDAO is a meme, Vitalik is an autistic child who has no idea what the fuck he's doing, and Ethereum is a gigantic turd that should be flushed down the toilet before YET ANOTHER catastrophic hack loses people millions of dollars

>> No.17810378

>>17810134
The contract wasn't hacked retard

>> No.17810433

>>17810378
It's proved to be less secure than centralized stablecoins though

>> No.17810453

>>17810433
The only thing that has been proven is that 10 minute auctions can be too short when the network is congested, that's why they changed it to 6 hours.

>> No.17810476

>>17810110
Based.

>> No.17810492

>>17810378
You're right, it's clearly working as intended and definitely wasn't exploited in any way. How much mETH did you smoke? Ethereum is, was, and always will be complete and utter trash

>> No.17810624

>>17810492
The network being congested and auctions designed to be too short doesn't mean it was hacked you brainlet autist

>> No.17810716

>>17808941
JUST BECAUSE THEY REFUSED TO BEND THE KNEE! DON'T BE STUBBORN AND SURRENDER WHILE YOU CAN 1000$ EOY

>> No.17810750

>>17808941
DAI is only pumping because the market crashed and people want to get into stablecoins. Longterm this shitcoin is going to zero

>> No.17810960

>>17810624
ethercucks lost money because they believed they were taking less risk than they actually were. By your logic, the original dao hack wasn't a hack either, the contract was simply executing it's bytecode