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Main Channel t.me/blockchain_lobsters
What are some of the best non-custodial crypto debit card options available? I know Cypher and it's great, what other options?
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Depends what your collateralise it with. In limit, you tokens reputation (=intangible assets) and that's your collateral. That's how cotporate credit works in many ways. You issue bonds, you're assigned rating, you have various levels of seniority of debt and it all gets priced accordingly.
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If you can find a purely smart contract, decentralised, solution to under-collateralised retail credit you will be immensely wealthy and also smarter than anyone currently in defi (and tradfi)
At present the PnL numbers suggest: not solved
Are we still in crypto chat? The only law to create money, lend money, do whatever with money is the code. You could use the code or not, it’s up to you. You could copy paste existing bank and regulatory systems, but don’t expect me to use this code and everyone to recognise it as the only way to go - otherwise decentralisation doesn’t make any sense when you centralise the rules.
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Yes, exactly
You just don’t need to move assets to pledge them
Not all of the fractionally reserved, a lot of them over collaterized, so these cases are covered there, crypto lending is a subsequence of a biggger sequence
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Any new edge cases or consequences of using distributed ledger should be incorporated in the very law not to create a separate one
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So the only money that we can have is Fiat money? I'm missing something with that logic.
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I think the main people to look at for innovation in solving this would be Wildcat, Bebop, Maple and Clearpool.
It seems to me that retail credit cannot be scaled in blockchain without further tradfi innovation, but perhaps tradfi credit funded by retail has some potential - largely because the onboarding piece is less ridiculous
I think that the comparison / analogy to the Eurodollars is justify. The main difference is Eurodollars are like US Dollars with its fractional-reserve cost to issue, while in DeFi (or Defidollars as you called it) are still over-collagenized.
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Idk if I buy the reputation component. In poor areas you see many people don’t give a damn about reputation and will sell it for very little (c.f. adult industry).
Perhaps an interesting route of on-chain credit could be via Mortgage Backed Securities. The best thing about a house is it’s pretty hard to fake existence / physically move it / double spend it (live in it twice!).
Perhaps users on chain can collateralise their homes to be able to access on-chain credit like buy now pay later etc. Assumption here is that most reliable credit card users will have tangible assets.
The big caveat is if power users of credit cards actually don’t own a home but have good earnings then that becomes an issue
Wonder if anyone has actual experience in tradfi credit card industry can comment…
I think that the gap is in the supply vs demand POV.
If we look at Stablecoin for an example, using it (the demand side) is just like using other eurodollar or USD, and yes, it hasn't changed drastically. But for the issuers side i.e the supply it is a different game.
I think he’s saying that if you create an undercollateralised system, the ways in which you handle the risks are well researched over millennia. I agree that trying to disrupt counterparty credit risk whilst ignoring a millennia of research on the topic is reminiscent of flat-earthers.
The main pain point being that undercollateralised credit risk is not a back office settlement or distribution problem.
It’s a “find you and punch you IRL” problem combined with a coordination problem across all credit agencies (most of which reside off chain)
solana validator relations lead flashing their trump card to force validators to upgrade "SFDP" meaning Solana Foundation Delegation Program
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I don't need to but we want to if we want crypto rules.
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A lot of the banking lending market is over-collateralized?! Probably more than 90% or even 95% of M2 is made with fractional reserve banking.
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But the rules about lending Fiat money are not related only (or at all) on credit risks. You have a permission set of rules about who, when, how and what you can lend etc. for instance, banks can fractionally reserve the lending amount and we can't.
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No, I am saying we don’t have to have our own rules with regard to lending regulation, because credit risk is the same for physical gold lending, cows, fiat or digital tokens
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There are a few reasons with different levels.
Here's one:
https://blog.thefedz.org/the-fedz-vs-the-federal-reserve-who-do-we-serve
They have been around for years, without incidents. Their auto pilot setup is great to get yield on multiple projects in the most optimal way
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One pointi disagree with is that defi lending will be fully collateralised. Also, the eurodollar market hasn't been that opaque (with an exception of the libor scandal perhaps 😅)
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https://x.com/ahboyash/status/1918313997579034666?s=4
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Gm lobsterdao.
Curve's founder is launching a new DeFi primitive. We had him on to discuss how it works, his lore with Curve, Andre Cronje, Terra, his infamous CRV liquidation story and why he's all in on solving one of DeFi's biggest problems.
https://www.youtube.com/watch?v=I-zOlyorTxw&t=455s
https://open.spotify.com/episode/08YsR7bhcKFuNHv41A8P1T?si=xadXhwk2QTqYONjCYHAMVQ
keyringnetwork/preview/CGR3jlR4IaRy897FfIRE" rel="nofollow">https://paragraph.com/@keyringnetwork/preview/CGR3jlR4IaRy897FfIRE
Looking for feedback before publish 🙏