/biz/ - Business & Finance

>>52472548
Take the cut.

How much will get out l? 4k?

my initial thoughts are:
-remove the deposited link, take 50% haircut
-deposit remaining 5k link in aave
-withdraw 13,000 usdc and buy 2k link
-stake 7k with upcoming official staking
-pay off aave loans with official staking rewards

Any anons see possible issues with this?

>>52472575
around 5k
the deficit is currently 48%

I saw a suggestion on their forum to pay off the IL deficit with IOUs right now so that the liquidity is there and once v4 (or whatever they name it) starts generating revenue, they pay them off based on withdrawal date.
Maybe push them to do something similar?
Have them give you your 52% link and the rest in IOUs?
I only have around 10k LINK there so I'm not too concerned, might as well wait it out and see what happens. I'm more worried about a massive amount of DAI I have on there but I'm hopeful that if crypto as a whole recovers I'll get that out easily

>>52472849
Do you think there is a chance they are positively affected by Official CL staking since they have so many in the protocol?

>>52472645
You don’t know when withdraw is available and market might fuck your ass

>>52472548
No. You should have known better.

>>52472703
Sounds like you won't be happy til you lose all 10k..

>>52473135
>>52473155
I got caught up in the hype.
Im not proud of this.
Just want to mitigate my loss as much as possible.

>>52473096 very possible, i just dont believe it can go down much more than $5 with official staking so close

>>52472645
>anon gets fucked out of his stinkies by giving them out to third parties
>anon decides to make himself whole again by giving out his stinkies to third parties
It's a good idea anon, I can't see how it'll ever go wrong. Be sure to use max leverage.

>>52472849
>IOUs
debt derivatives, holy shit. That is desperation

OP take the cut, learn your lesson. 1000 Link to play, the rest cold storage

>>52472645
How would you steak your link if its locked on AAVE as collateral..

>link
>bancor
maybe take a break from crypto

>>52472645
How are you going to stake the 5k you put as collateral on Aave?
The interest rate on borrowing LINK is 5%
You will pay 5% of interest on the borrowed USDC price while Chainlink will remain a highly volatile asset.

The lesson to learn from this crypto debacle is to not use leverage.
Keep your 5k LINK stack and take a personal loan if you want for more $ to increase your stack but don't use your crypto as collateral.

Aave is also still at risk because of the 5 millions of token borrowed to short the token half a year ago.
If the price of Chainlink recovers again to the $9-10 range and goes to $13-15 I don't know what will happen to Aave if it has to liquidate short sellers.

I suppose that FTX being out should reduce the amount of shorting CeFi as everything is gone now, but Binance is also trying to bankrupt Chainlink to gain control over the project.

>Wants to lend out LINK after getting half of his LINK back from the first lend
>Thinks you can withdraw collateral deposited

KEK

>there are people who still haven't withdrawn from bancor yet
holy shit dude it's been months. the protocol is dead and the team doesn't give a shit. the best way to mitigate the haircut is to withdraw before the deficit got worse.

>>52473890
>Keep your 5k LINK stack and take a personal loan if you want for more $ to increase your stack

Shit advice.

learn from your mistake and don't try and chase lost money, you'll likely end up losing more of it
i lost 900 link in bancor, it's shit, i get it
but take the lesson and don't try to gamble to get things back
5k will be enough long term anyway

also due to bancor's fucked up design isn't the haircut going to get way worse if the link price increases after staking?

>>52473890
>>52473980
>>52473610

I appreciate the feedback here anons.
I did not think the aave collateralization all the way through and know now that is stupid and not possible.
Going forward I will not be using leverage.
Guess my best bet is to wait for official staking and pray for the best.

>>52474323
Yes. BNT has to appreciate considerably in comparison to the token to make up the deficit, and that's literally never going to happen kek

>>52474377
>Guess my best bet is to wait for official staking and pray for the best.
does that mean leaving your link in bancor?
if so you might want to read this:
>Pool surpluses or deficits in the protocol continuously change based on the price of BNT. There is an inverse correlation between the BNT price and the size of the deficit: As the BNT price has risen relative to the prices of listed tokens on the network, the deficit has decreased, and as the BNT price has declined relative to listed tokens, the deficit has increased. The more liquidity in a given token on Bancor, the more its price divergence from BNT affects the deficit or surplus.
https://blog.bancor.network/bancor-update-june-29-2022-322fbbd993ad

>>52474562
>https://blog.bancor.network/bancor-update-june-29-2022-322fbbd993ad
Still contemplating this anon, I may just stay in a ride it out because I dont think enough people knew about Bancor to begin with, and if they do come back there will be loads of newbies that can provide liquidity. Wishful thinking, I know. But Bancor's liquidity issues have not been as publicly shamed like celcius or others and I think that will be a benefit to the project if they do survive

>>52476447
The only people who ever used it were just stinky linkers. They're not suddenly going to attract new people.

>>52476447
are you on v2.1 or v3?

>>52473315
Defi (aave in this case) isnt a third party

>>52476447
I have bad news for you. Once something like this happens it sticks like shit. Check other protocols that got exploited, had hacks and what not and tried to rebuild, they all are dead by now and their tokens down 99% with tvls of a few 10Ks. take the cut and gtfo. call yourself lucky you got anything

>>52473135
Speaking of third parties, I love the way 4chan discussion and memes are discussed by normalfag media lmao

>>52476447
That's the type of thing people say when they get caught in an old school ponzi scheme that hasn't collapsed yet. They eventually lose it all.

>>52476447
i mean... that's great but what if link gets some momentum with the launch of staking as people realize that they get passive income + ongoing airdrops in a bear market? remember most of ct still think link = token not needed + dumping, that can quickly change
meanwhile bancor has had its name destroyed among people that know of it, we're in a bear so no new retail and money, so how is the token price going to increase?
i took a 45% hit, it's 50% now.. but the market hasn't moved much... but what about after staking?
i don't follow bancor anymore so maybe their v4 or whatever performs a miracle and maybe link price stays depressed during bear despite staking but think you have to be concerned about the risk
seen so many using leverage to try and "win back" lost money and then lost it all, you're possibly doing the same here

Your options are to either wait or take the cut. Link has been pretty constant as far as the deficit goes. If you've waited this long then you might as well keep waiting. Deficit shouldn't move much unless you think a massive bullrun is coming. If you do, then exit, but I don't. I think withdrawing after being willing to wait this long is retarded though.
T. Holding as well

>>52477232
actually a good question, if link went to $15 with staking and bnt stayed the same, then how much would deficit increase?

>>52477414
That's a good question and to be honest I don't know because their algo is so fucked anymore. They are basically launching a V4 to try and unfuck this. You'd probably be looking at a 25% loss of your tokens but your cash value would remain about what it is today. I don't see too many scenarios where link goes to the moon in this market climate though. Only reason I'm holding. If I thought the bullrun was back on I'd be out in a heartbeat

>>52477475
what about people seeing returns in v0.1 and buying to get more link into the pool as it expands to 75m?
seems like a risk to me... and then that's assuming that their v4 will do anything when all of defi fucking hates them/their name is dead to rest
but hey not my money, good luck

I withdrew at a 63% loss 2 months ago. 63% loss because I deposited with more than just my personal LINK and I had to cover the extra losses....

my mental health improved now that I dont have to worry about scamcor and accepted my loss. don't be a retard like me

>>52477232
>>52477108
>>52477097
>>52477062
>>52477044

I appreciate the feedback guys.
This does bring some clarity as to what fellow anons feel on this and I really appreciate it.
Im gonna wait a few days to make a final decision. Any anons in the thread took a haircut and made it all back by chance?

>>52477634
Loses are loses, live with it, move on, that is what survivors do. You make it eventually.

>>52476997
im in v3
deposited a couple days after it opened
brainlet move, i know

>>52477634
you need to accept the loss
all old timers have been fucked up at one point or another, even if they don't talk about it
this is the cost of a new and chaotic area, it's the wild west. learn from this and be way more fucking cynical about everything
the ogs that said to avoid all defi and cefi and just keep your link on a hardware wallet until staking gave that advice for a very good reason
they would have been burnt by project collapses and taxes before
it took me a while to get over losing 900 so i understand but the main thing is that you'll still be in the game and still have 5k link heading into staking
that will be a massive stack in 5 years

>>52472548
1. take a 50% haircut
2. sell everything for USDC
3. buy back 10k when LINK hits $3

>>52474381
Bancor trading fees will cover the deficit in some 200 years, just HODL

>>52477513
To me the risk is that the entire market gets lower and lower.

I've already rebought a sizable chunk so I don't rope if I am wrong, and I hate to be a downer, but I've been hearing about these catalysts for a while. Same with eth. Yet here we are. I just do not see shit happening until this bear marker ends but as mentioned, I've already bought enough to catch it if it REALLY goes hog wild. So that's just my view.

>>52479103
Correct. This is a realistic number for the imminent crash of all risk assets

>>52477852
yo dude i had about 25k in v3. withdrew as soon as shit htf for like 40%. it sucked but i didn't have to worry about it getting worse, which seemed more likely than getting better, and i got to cut ties w a company that fucked up big time and was lousy in any attempts to communicate anything materially positive, or really anything material at all.
i haven't followed bancor in months, but ask yourself those same questions man.
we worked hard for those link. it sucks to lose, but i'm glad i'm out. find your peace either way bro.

>>52480930
>>52479314
>>52479103
Thank you for the input anons, all great insight to consider. I am leaning towards withdrawing and taking the haircut since I do think the chances of link rising against bnt get greater by the day with the upcoming official staking. sux that i have to lose half my stack but i guess i should be grateful i didnt lose the whole stack in celcius or ftx. Feel shitty for any anons who did, and I pray you make it all back.

>>52472548
You're being very anti-Semitic right now. I need you to cool it with the antisemitism.

>>52481037
if it makes you feel better, bancor will no longer have your funds to play with.

>>52481102
He is clearly in denial.

>>52481037
Every day you wait you are taking enormous risk for such a small likelihood of a payout it's laughable. It's like holding your dick near a spinning sawblade for a lottery ticket.

Wait for the v2.1 LINK surplus to be moved over to v3, that should reduce the deficit by 10%, so you'll get 60% of your link back instead of 50%

>>52473524
>OP take the cut
Nope. I only have a small % of my holdings there.
And I can clearly see that there are ways out of the mess.
Now whether they can actually make it happen is a whole another question but I'm in a gambling mood, kek.
If crypto bounces back and BNT hits $0.60 I'll get my DAI out at least.