First day of Leasing and Lending EOS - Instant Karma on Chintai

in eos •  12 days ago

The first day of the live token leasing platform seems to have been quite bumpy, with the website being down for most of the day.

That's okay, so at least i didn't miss anything, and just followed the Telegram a bit.

One issue dominated the agenda, a case of someone erronously submitting an order for LEASING 30K EOS at a rate of 95% / Week....

Chintai.Orderbook.jpg

Of course this was filled rather instantly, and this guy has lost de facto all of his tokens (and a huge amount of bandwith.) Apparently this order was meant to be setup in order to defraud others (having them lease his tokens at a rate at which they could simply buy the coin. But by choosing the wrong order type, it was just the other way round.
Instant Karma, as one of the chatters called it very poignantly!

Of course this spurred a lot of discussion, yet basic understanding prevailed that it was the mistake of the user (Well throwing a 30K at a platform on the first day is a high risk approach anyway). It raised the discussion about capping the maximum rental rate to 20% (or just showing a warning).

Did you gave it a try yet?

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so they guy rented his tokens out at a 95% interest rate?

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its still down :S

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If it's down i doubt it's really decentralized

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Well, code-base etc. of course is centralised with more or less every dapp currently in existence. They clame the contract is operating though and what fails is the GUI, of course i cannot make a judgement on this...

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That's what he intended to, but instead he leased bandwidth and CPU for a week at 95% of the token cost, thus basically losing all his coins...

Ouch! I almost feel bad for this guy...Almost.

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It's tragic in its own way....

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Yes it is

I have absolutely no sympathy for the guy. Instant Karma, as you say.

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I didn't come up with this term, but how very fitting, isn't it?

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hi @conceptskip

Are you still big EOS believer? Im wondering if anything change lately :)

I didn't hear from you in a while so I decided to check your blog to see if you're still active or taking a break.

Im glad to see tht you're still around.

ps. I wanted to ask you a question. You mind telling me what's your view on latest HF20 introduced on steemit? Did it affect you in any way?

enjoy your weekend buddy
Yours, Piotr

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Hi @crypto.piotr, i guess you must be mega-busy, hope everything is running smoothly! As you know i am always critically assessing my investments, but until now EOS remains on top, despite all the issues. Btw. I've already commented on your post about HF20 btw ;-)

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indeed "mega busy" @conceptskip

thx for comment :)

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