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Re:Crypto lending company Babel Finance halts redemptions an... by icu on Friday June 17, 2022 @08:47AM (#31777295)
Thanks for your comment. Any chance you could please point me to the sources that constantly pointed out it wouldn't work?
Re:Crypto lending company Babel Finance halts redemptions an... by bhaak on Friday June 17, 2022 @09:42AM (#31777997)
Besides Reddit, Crypto Twitter was very vocal.

So vocal in fact that the man himself was quite annoyed to constantly being told that UST can't be stable: https://twitter.com/stablekwon/status/1462063962506338318

Do Kwon in general was a red flag. There are a lot of strong opinioned and self confident people in crypto. But when the representative of the crypto project is a toxic participant of the space, you should think really hard about putting your money into such a project.

For example: https://twitter.com/stablekwon/status/1396735774737928192 (note, this tweet was after the whole disaster, losing billions weren't a humbling experience for him).

If you decide to put money into crypto you need to do your own risk management. I especially look how dissenting voices are treated.

A good starting point is Eric Wall https://twitter.com/ercwl. He's not a maximalist of any coins and as such is often very critical of projects and gets a lot of flak for this even though he usually has a thorough explanation how he gets to his conclusions.

Re:Crypto lending company Babel Finance halts redemptions an... by zeven7 on Friday June 17, 2022 @09:14AM (#31777640)
If you're looking for a place with a community you can ask about those things I recommend, /r/ethfinance. I decided against using Celsius after asking around about it there. There's also been good discussion about what makes a good stablecoin over the years. Hint: Stables like DAI are a completely different thing from what Terra was.
Re:Crypto lending company Babel Finance halts redemptions an... by icu on Friday June 17, 2022 @09:23AM (#31777773)
Thanks. I also evaluated Celsius (and others) but decided that I couldn't determine counterparty risk after reading their terms and conditions. In the end I stayed away because of that.