Crypto lending unit of Genesis files for U.S. bankruptcy

My take on the dominos falling:

1) The crypto Wild West is fertile ground for traditional fraud and folly. But every collapse not only removes an irresponsible party, but motivates other players to improve their behaviors.

Long ways to go, of course.

2) The tech of the projects that I find useful, remain useful and used, without any interruption caused by the extreme pricing swings of tokens.

There is some very non-brittle tech in the midst of all the chicanery.

3) We have yet to see the Great Crypto Snake Oil Extinction Event. Many many extremely speculative projects keep chugging along.

I firmly believe the Great Extinction Event is inevitable! So much trash.

But it doesn't seem eminent, so I expect it will unfold in interesting ways when it does.

Crypto lending has never been successful for investors when the coins can be taken off the original platform. Many have tried but the lending platform always goes bankrupt. The only success has been with collateralized loans where the collateral is greater than the amount lent. Such as with margin trading lending for short sellers.

I’ll just name a few unsuccessful ones. Voyager, Celsius, FTX, BTC pop, btcjam, etc

If 1/4th of your borrowers default, then you have to charge an interest rate of over 25% just to break even.

Any chance Gemini Earn users will see their tokens again?

how does this affect DCG, one of the biggest bag holder in the space.