Bancor thread. Is this shit even going to work? I don't think it is. Once the market recovers the deficit will just grow faster than they can fill it in. They want to fill an insanely huge deficit with things like a vBNT burn and Yield Throttling. I'm thinking of just taking a haircut. I'd been over a month and no real solutions offered and the DAO forum is a mess with any legit criticism deleted and censored. They all just care about BNT price and don't give a fuck about LP's at all. They shot down suggestions of IOU's to let LP's get out and become whole later with repayments too. These fucks are so short sighted they unironically believe they will just be able to attract new money in to replace the old burned LP's.
When Link staking comes, Link is gonna start rising and the deficit will just grow. It will take years if not a decade to fill in the deficit when the are getting a tiny little trickle of revenue each day from their swap fee's and burn and yield throttle. And yet if you mention this on the DAO your post is ignored or deleted. They want to act like this isn't a race and they have all the time in the world.
So tell me. Am I wrong. Is there literally any possibility that Bancor's plans would actually work in a reasonable amount of time. Or is fucked? I haven't takent he haircut yet. Considering doing it today. For those that took the haircut already how are you feeling about it now? Relief or regret?
I suspected it is. I just want to know if other anons think there is any chance, or if their DAI Remittance and Yield Throttling and vBNT Burning plans are just a bunch of cope.
I took the haircut as soon as I could (had to wait seven day) and was extremely relieved.
There's no trust now and never will be. Why would an LP ever deposit again? Where are the fees going to come from?
The only thing that would have worked was if the Foundation had stepped in. Reimburse everyone and then commit to a thorough review and redesign. That they haven't is pretty fucked up given how much they raised back in the day.
>Why would an LP ever deposit again? Where are the fees going to come from? I brought this up the other day and they deleted my posts. I don't know why they are trying to fool themselves into thinking a 20 million deficit can be filled in with a few grand a day in fee's, when the deficit is set to balloon massively when Link staking and ETH merge happens and a market recover is likely sometime next year, and no one will ever deposit on Bancor or use them again either. They just refuse to see things from the LP's perspective. There is not an ounce of care about LP's at all. Every faggot there only cares about the Bancor protocol's survival and the BNT's tokens survival. But are too short sighted to see that they both rely on LP's to survive, and they are happy to chuck LP's under the bus in the meantime. I think their plan is to just reduce the deficit by doing nothing and waiting for LP's to take the haircut, fill it in when it's small, then get new dumb money in next cycle.
And the fact that you can't even bring up the Foundation there without the faggot mods stepping in and defending it because it's a separate legal entity and you can't discuss it here is worse. Suing the foundation is the only way any of us will ever be made whole. Once Link staking comes out I am gonna sue the fucking shits. All Linkies should start a class action lawsuit.
Robert Sanchez
I really wanted to believe and hung around once the risk of immediate death was off the table. Unfortunately the team seems completely at sea and under resourced.. Still completely in denial about what has occurred and the true scale of the problem they face. Implementation will take more time and then it might be too late. Feeling the imminent onrush of the Link renaissance I finally accepted my significant loss and have moved on.
Gavin Martinez
Yeah the incredibly slowness from the team to react, and the massive overreliance on getting the community to come up with a solution has been galling to see. Plus I think if I just take the haircut then stake, I'd earn back the losses with Link staking faster than Bancor could make me whole anyways.
God I hate these Bancor kike so much. I wish I had never had the misfortune of coming across Bancor shills. Those fucking shits.
Jacob Miller
I should add; Bancor might have saved this if they had an ounce of pr sense. Get up front, take responsibility and get a solution on the table asap. Instead they deflected, waffled and left it to the community (because muh dao) to fix thier mess. Add to that the forced migration from v2 to v3, the total refusal of the foundation to countenance a bailout and you've got yourself a slow motion death spiral due to permanent reputational damage.
Oliver Roberts
The dumb kikes really took the worst option possible at every turn. I said the same on the forum, that BNT isn't the only thing in a death spiral, they are in an LP death spiral too, as Link staking and ETH merge comes out, more and more LP's will take the haircut and leave, meaning their fee generation shit will also go to zero. But yes you are right, it's a triple death spiral because of the PR aspect too.
How can they be so stupid? I swear crypto is full of savantic idiots. They score 100/100 on financial Jewery and 0/100 on everything else. They are actually low IQ autists.
Matthew Cook
I was one of those hit by the v2.1 forced migration. Want to sue the hell out of them if LINK starts moving this year with staking and CCIP.
Benjamin Foster
I remember back in 2018, seeing Bancor ads, checking the team, bunch of slavs, and thought "lmao what a scam"
It's hallucinating to see people actually get scammed by them and having to take haircut, you are all too dumb to be handling money. Get a professional tard wrangler like an investment manager instead.
Luke Stewart
I'm one of few lucky enough to have come out even on bnt. For 2 years I benefited greatly from their money printer and eventually had to roll those gains back into my link loss. I was never a major shill but I did defend them... once the blinders come off reality can be painful. I feel the worst for people who dipped into v3 as their first experience. I've learned a lesson about greed, and trust. And it only cost me 10k link..
Angel Stewart
Good for you. I'm impressed by your perfect record.
Jonathan Collins
I've only made losses on Bancor ever. I couldn't get into V2 as spaces were always full. My Link was safe in my Trezor for years. First time I removed it was to go into V3. I fucking want to kill someone. It was just an instant failure. I didn't even make my gas fee back before it was all gone. Literal instant rugpull.
The forced migration to v3 is such a scum move by them. Sue them. I am. I want to start a class action lawsuit. I think it's a better chance of getting made whole than anything Bancor can do outside of a Foundation Bailout.
Asher Garcia
Join the bancor victims telegram. I'm in it but hold no hope of recompense.
Angel Davis
Curious, what was your yearly return for this risk? And I am just saying, if you are going to get scammed, at least have it happen in a more sophisticated one like a DEX or something. You would have been better off staking on Binance at that point. You chose centralization AND lack of reputation and track record.
Also, the Bancor jeets don't care about reputation or their product, they got what they wanted, which is to exit scam when the ponzi popped off. They made their exit, you hold the bag. Take it as a lesson to DYOR
If you must know I put in 1k link and it went essential went 20x (at current prices) Naturally I have since lost 50% of those gains.
Adam Baker
I'm on my phone. Hit up spudlink in the dao or the lp telegram
Hunter Phillips
Easy three-step Bancor recovery >1. Bunch of idiots deposit into Bancor >2. Bancor gambles big and wins >3. Bancor doesn’t keep the winnings for themselves
Carson Jackson
Just took the haircut. Been psyching myself up for weeks and this thread pushed me over the edge. Thanks. I needed this frens. At least I have what's left of my stack. I've still got enough to make it. I will still make good income from staking. But man I feel gutted right now. I lost so much. This haircut was fucking big. I feel like such a fucking idiot for trusting these fucks.
At least I am back to being confirmed gonna make it though. Just not gonna make it as hard as I would have. I swear I will never trust anything in crypto ever again that doesn't literally have Sergey as CEO. DAO's are a scam. Dex's are a scam. DeFi is a scam. Yield is a scam. AMM's are a scam. Cex's are a scam. unironically literally everything but Link, ETH and BTC are scams. I will never fucking lend my Linkies ever again. They are going in a Link staking node and staying there till Sergey makes me whole again.
Also gonna sue the shit out of the foundation with Link staking gains. What are the realistic chances of successfully suing the foundation?
