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 Clusterfuck: ‘A Loan Shark Situation’: MakerDAO Is Leaving Crypto Borrowers With Rising Bills

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Clusterfuck: ‘A Loan Shark Situation’: MakerDAO Is Leaving Crypto Borrowers With Rising Bills Vide
PostSubject: Clusterfuck: ‘A Loan Shark Situation’: MakerDAO Is Leaving Crypto Borrowers With Rising Bills   Clusterfuck: ‘A Loan Shark Situation’: MakerDAO Is Leaving Crypto Borrowers With Rising Bills Icon_minitimeSun May 12, 2019 6:32 pm

The Takeaway

   An ethereum protocol for programmatic lending, MakerDAO emerged as a clear market leader in part for its rock-bottom interest rates of 0.5 percent.
   But the code behind MakerDAO requires interest rates to do more than extract business from borrowers, it’s a technological necessity for keeping its DAI stablecoin worth $1.
   With interest rates rising to 19.5 percent, and DAI still worth below $1, some early borrowers are angry, feeling as though they were misled.
   Describing the project’s marketing tactics as akin to digital “loan sharks,” they argue their experience with decentralized finance has been worse than with traditional banking.

Clusterfuck: ‘A Loan Shark Situation’: MakerDAO Is Leaving Crypto Borrowers With Rising Bills Makerdao-team-860x430

https://www.coindesk.com/a-loan-shark-situation-makerdao-is-leaving-crypto-borrowers-with-rising-bills-and-theyre-crying-foul

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