Introducing the new Sovryn web app \ stacker news ~bitcoin

Introducing the new Sovryn web app sovryn.com/all-things-sovryn/introducing-the-new-sovryn-web-app

10 sats \ 5 comments \ @lightcoin 16 Mar 2023 bitcoin

0 sats \ 3 replies \ @monk_cactus 17 Mar 2023

how does this "DAPP" have a "Sovryn support team"?

2 sats \ 2 replies \ @lightcoin OP 17 Mar 2023

a group of people familiar with how the app works have organized to make themselves available to help people use it. you can also run your own copy of the app and figure it out yourself.

0 sats \ 1 reply \ @monk_cactus 17 Mar 2023

that's cool. Are they getting paid or purely volunteer?

2 sats \ 0 replies \ @lightcoin OP 17 Mar 2023

I think it's a mix

0 sats \ 0 replies \ @orthzar 16 Mar 2023

Just maintain a sufficient collateral ratio to avoid liquidation or redemptions as market conditions fluctuate.

There's the rub. If BTC drops far enough, the custodian gets to keep it all.

Sure, a lot of Bitcoiners think BTC will soon shoot to the moon (not unlike home-owners). But the price of Bitcoin will dip further. Unemployment across the globe will start rising soon. And people will be forced to sell all their cryptocurrency stacks to pay for food.

When the value of your collateral gets cut in half because half the other holders are selling just to survive, liquidation is guaranteed.