So, the first crypto currency bank run...

[DanceswithUnix]

Seems that while I was down the pub on Wednesday (and then sleeping it off ) Iron Titanium tanked taking a small liquidity pool I had with it. I probably lost tens of dollars on this, on par with how much I spent down the pub so an expensive evening all in

https://news.bitcoin.com/iron-financ...ypto-bank-run/

People keep saying DeFi is the future of finance. I'm not convinced, and this seems to me further evidence that the people creating the currencies and systems don't actually understand how money or payment works.

[kompukare]

Seems that while I was down the pub on Wednesday (and then sleeping it off ) Iron Titanium tanked taking a small liquidity pool I had with it. I probably lost tens of dollars on this, on par with how much I spent down the pub so an expensive evening all in

https://news.bitcoin.com/iron-financ...ypto-bank-run/

People keep saying DeFi is the future of finance. I'm not convinced, and this seems to me further evidence that the people creating the currencies and systems don't actually understand how money or payment works.

I though their #1 criteria was to pre-mine as much as possible, hype it all up and then run?
Sometimes in a matter of weeks, in others over a few years (ETH, Ripple and a few others with huge pre-mines).

[DanceswithUnix]

I though their #1 criteria was to pre-mine as much as possible, hype it all up and then run?
Sometimes in a matter of weeks, in others over a few years (ETH, Ripple and a few others with huge pre-mines).

While quite true, in this case they had a "stablecoin" that went really wobbly. I don't think they were anywhere near done yet, but the world was done with them