Jonny 290 posted:

pacino's got one crime joint left in him, and it's Slurpico (2023)

qirex posted:

for sale: bored ape, never slurped

Jonny 290 posted:

pacino's got one crime joint left in him, and it's Slurpico (2023)

haveblue posted:

I got trolled by a lion at the DC zoo once

I was walking near the big cat area when I heard a weird sound. the lion was standing up on a hill and roaring. everyone nearby was drawn over to see if it was going to do anything cool

the lion stops roaring, looks around at the huge expectant crowd gathered around it, sits down, and starts licking his nuts

Luigi Thirty posted:

Last time I was at sea world one walrus was jerking off while another kept ramming into his side over and over

Shame Boy posted:

yeah how do they do it with flippers

asking for a friend

Truman Peyote posted:

what a depressing sentence. this is like the opposite of "cellar door"

divabot posted:

they reinvented the Pirate Pass Through

quote:

Day and Kellar got along well. They shared an absurdist, extremely online sense of humor, and as a finance expert with a writerly bent and a creative coder, respectively, they had complementary skills. “I’m very much the wordcel to Dillon’s shape rotator,” says Day, who’s 33.

Hammerite posted:

ugh gently caress off

Hammerite posted:

what

J.R.R.Tolkien posted:

Most English-speaking people ... will admit that cellar door is 'beautiful', especially if dissociated from its sense (and from its spelling). More beautiful than, say, sky, and far more beautiful than beautiful. Well then, in Welsh for me cellar doors are extraordinarily frequent, and moving to the higher dimension, the words in which there is pleasure in the contemplation of the association of form and sense are abundant.

Just-In-Timeberlake posted:

Zopotantor posted:

Hammerite posted:

Boxturret posted:

well yeah, bitcoin can't fix a tire, but it can power the bike itself once we create the machine to turn bitcoin back in to useable energy

orange juche posted:

bitscoin is an infinite store of energy of course, since you have to consume energy to mine it, and then consume energy to spend it. Don't ask how to get the energy back out of a bitscoin.

ultrafilter posted:

https://twitter.com/thingskatedid/status/1528192021533294592

doingitwrong posted:

OK.

quote:

Now, as it becomes apparent that UST is not what we all had hoped it would be, our app no longer provides users with the value it had over the past year. As such, we are asking all of our customers to take their remaining funds out as soon as possible, before we close down our current service and look to the future.

We are deeply sorry and devastated to be writing this to you. We will continue to do our absolute best to process all withdrawals until at least the end of June — assuming it is technologically possible — and will remain available to answer support queries from all users.

quote:

Please note, this has been an unprecedented event

Shame Boy posted:

Things are going well.

quote:

What is the borrower experience like in Anchor?

To borrow from Anchor, you must provide collateral first. Currently, there are several digital assets that you can use, including the Ethereum and Luna cryptocurrencies. All loans are overcollateralized, and you can borrow only up to 60% of the value of your collateral.

Let’s look at an example. Suppose you provide $10,000 worth of Ether as collateral. This means you can borrow up to $6,000 (in UST). However, if Ether’s price then drops, your loan is worth more than 60% of your collateral and it gets liquidated — collateral is taken and sold to cover deposits. This is a key safeguard for lender’s deposits, avoiding the risk of someone not returning their loan.

Because of that liquidation risk, the average loan today is only taken at about 30% of the collateral value — so in our example with $10k worth of collateral, you might be borrowing $3k in UST.

Anchor really shines when calculating borrower interest rates. If there is not enough borrowing to cover the targeted 19.5% depositor APY, the interest rates drop to incentivize more borrowing. If the amount of borrowing rises and the protocol is running out of UST to lend out, loans get more expensive. As a result, the protocol automatically achieves equilibrium between lending and borrowing. And if for a short period of time there isn’t enough borrowing to pay depositors, Anchor also has almost $70 million worth of UST in reserves to get through tougher periods.

OK but isn’t 15–20% interest still a bit high? Would anyone take a loan with such a high interest rate?


You’re totally right; no one is taking loans at 19.5% and the actual borrower interest rate is much cheaper. This is because of Anchor’s special trick, which we haven’t talked about yet.

You see, the assets that are allowed as loan collateral (Ethereum, Luna) can all be staked. Staking is the process of earning rewards by securing a blockchain. Click here to read a more detailed intro to staking.

Staking allows you to earn ~6% to ~12% on your assets. But if you provide them as collateral in Anchor, it is Anchor that stakes and captures these rewards for the duration of the loan, and then uses the proceeds from selling these rewards to make borrowing cheaper.

Coming back to our earlier example, if you borrowed $3k, the protocol and depositors are not only earning the rather low interest you pay on the $3k loan, but importantly the staking rewards on top of your $10k worth of provided collateral.

This allows the protocol to be sustainable, at least short- to mid-term. Long-term, the target interest rate for depositors may have to be changed or turned into a variable rate — but because staking rewards will continue to subsidize interest rates, we expect the yields to remain extremely competitive into the long term.

ultrafilter posted:

https://twitter.com/jp_koning/status/1528014347699617794