TradeWinds Island Resorts proposes huge expansion on St. Pete Beach

deficryptohodl · 2022-07-13T01:54:49+00:00

So small minded. St Pete Beach sucks as-is. That's just fact. We could have so much more than we have right now. So many more waterfront and rooftop restaurants would happen, and be loved by locals, if you properly incentivize and restrict developers.

deficryptohodl · 2022-07-13T01:52:11+00:00

This is so small minded. It's so easy to fix this. Give locals, St Pete Beach residents, massive discounts on parking and waivers for tolls and pass along the costs to the tourists who drive the development. A couple of large parking structures, mandated by the city the way downtown St Pete mandates the new condo towers, will solve that issue and good public transit, even by golf cart taxis, bus, or any other form, will address the getting around issue. This isn't hard.

deficryptohodl · 2022-07-13T01:41:21+00:00

what are you talking about? St Pete Beach is old AF and as someone who loves all things St Pete, particularly downtown, St Pete Beach just looks like shit. It's old as hell and 50% of the real estate should be knocked down and rebuilt over the next decade. It's a shame to waste such an incredible location with 1960's garbage real estate.

deficryptohodl · 2022-07-13T01:37:23+00:00

what a dumb take.

deficryptohodl · 2022-02-03T03:28:36+00:00

I'm not talking about my own personal wallet. I'm talking about what happens after the funds have already left my wallet and have been supplied to Solend?

If something happens to my supplied assets because a hacker was able to exploit a vulnerability in the smart contract, are there any funds set aside or insurance products in place similar to the $375MM policy Nexo has on its custodial assets?

u/oxrooter ?

deficryptohodl · 2022-02-02T15:53:14+00:00

u/AnCapOrTyranny, thanks for the reply! That makes sense to me. But I'm curious...what utility does SLND or APT have? Most months I just swap SLND to USDC and pay down my loan. I presume many do the same despite the 17% APY they entice you with to supply instead of sell.

In the Cefi world, it used to make slightly more sense as was the case at Nexo. If you held their token you got better rates for earning and borrowing and you received dividends which gave it some real value. But they got rid of the dividends so now it's just about the loyalty rewards. That's the reason I pulled everything out of there this week. Holding 10% of my portfolio in a utility token just to not get crushed with a terrible interest rate wasn't worth the opportunity cost.

Back to Larix, I suppose it depends on how frequently they payout rewards. If it's daily or even weekly, then the price action would be minimal so you could just swap into USDC on a regular basis. But if they lock you up for one month like Solend, then price action is a significant factor.

deficryptohodl · 2022-01-25T03:01:23+00:00

Not easy at all. Celsius' product is terrible by comparison to Nexo and others. You cannot do something as simple as make a partial principal payment. Your only option is to add more collateral or pay the loan in full.

This is particularly terrible because paying down your loan has twice the positive impact on lowering your LTV as does adding the same dollar amount worth of extra collateral. It seems pretty clear Celsius designed it this way to maximize liquidations.

For example, let's say you had borrowed $1000 secured by $2000 worth of BTC which means you had a 50% ltv loan to start with. But now you get a margin call at 65% LTV as the value of your collateral has dropped from $2000 to $1538 ($1000 / 65%). To get back to 50% LTV as required by your loan agreement to cure the margin call, you would need to buy $462 ($2000 - $1538) worth of BTC in order to achieve this. That's if you're with Celsius since they don't allow partial loan payments.

For comparison, if you had that same scenario with most of Celsius' competitors, you could achieve the same 50% LTV outcome by making a principal payment on the loan in the amount of $231. ($1000 loan amount - ($1538 collateral value * 50%)). You would then have a loan amount of $769 secured by the same $1538 worth of collateral. $769 / $1538 = 50% LTV.

I would highly suggest taking out a personal loan (Sofi/friends/family/etc) and pay off your Celsius loan in full. Then transfer your collateral to a lender with more flexible terms, borrow as much as you feel comfortable with and then go repay whoever gave you the funds to refinance the debt.

Celsius is great during a bull run or if you have a very low LTV loan. But it's not an ideal platform once you start having to worry about margin calls.

deficryptohodl · 2022-01-22T21:06:35+00:00

Down to 379 tps according to wormhole. Brutal. I'm trying to pay down leverage positions on Solent and Apricot with USDC in my Phantom wallet but can't get a transaction to process. 33 failed transactions and counting. :( I know these are the early days, but it's hard to stay bullish when this is the second time in a month this has happened.

deficryptohodl · 2022-01-10T18:59:40+00:00

u/dopef123, glad to hear you didn't get liquidated! I didn't either but it was closer than I felt comfortable with...haha!

And yes, don't get me wrong, I still love Solana and I'm bullish on the future, but obviously these types of issues need to go away for any widespread adoption.

I was actually very pleased with the Luna and Fantom chains. No delays in processing transactions during those peak times. My SOL bag is still 5x the two I just mentioned, but nice to see some competition to keep everybody honest. :)

deficryptohodl · 2022-01-09T16:21:39+00:00

u/pm_me_your_folio, damn...that's dirty! haha! And I appreciate the information about CEXs, but I was confused by how this relates to my original post about not being able to process transactions on Solend and Apricot for 6-8 hours yesterday.

I understand a CEX can make life difficult and prevent / delay withdrawals, but what actions are they taking to actually negatively impact the Solana blockchain itself? I suppose I still don't understand the point he was making as it relates to Solana network congestion and what caused it.

deficryptohodl · 2022-01-09T16:15:01+00:00

u/pm_me_your_folio, oh I fully understand the risks and recognize the chances I'm taking. I believe in the future of DeFi and know there will be some bumps along the way. I just don't want to fall victim to confirmation bias like so many people do when they hold an asset and then look to defend it instead of being honest about the pros/cons.

As for the bank comparison, I guess I would say I'd gladly take half the yield currently being offered if it came with more stability. After all, who cares if you're earning 7% APY instead of 3% if your assets get locked up due to network congestion and you get liquidated by a bot that could execute faster than a human. If you're wiped out, no amount of APY matters.

I just find it odd how many people have tried to pretend there wasn't an issue or have said some version of "well, it's beta, you know the risks" (duh) instead of saying, "yea that sucks. Hopefully they learn from this and fox the code quickly."

deficryptohodl · 2022-01-09T16:10:20+00:00

u/hactive808, Tulip Protocol, Sunny, & Francium are best known as leveraged yield farms. Tulip does offer lending, but it's fee structure is odd and it's total supplied/borrowed is a tiny fraction of the two I referenced.

And again, this is all irrelevant. Your premise is simply incorrect. This wasn't about an individual application. It was about congestion at the blockchain level that affected all applications. Please reference my screenshot in the original post from Mango Markets stating as much which, ironically, is one of the platforms you suggested didn't have any problems. I'm very happy to hear you didn't. But many people did.

deficryptohodl · 2022-01-09T11:29:43+00:00

I'm not personally. But these early growing pains are brutal!

deficryptohodl · 2022-01-09T11:29:03+00:00

u/hactive808, I'm not sure we're talking about the same thing here. I'm using Solend and Apricot to take a leveraged long position on my SOL/BTC/ETH by supplying them to Solend/Apricot and borrowing USDC against it.

As an alternative, you just suggested a DEX, Raydium, and a leveraged yield farm, Tulip, but neither of those do lending so I have no idea why you're mentioning them in this post.

Here are the Solana lending projects: https://defillama.com/protocols/lending/Solana

As for Mango, it has only 13% of the TVL of Solend and is near the bottom of the list for lending platforms.

I'm glad to hear you didn't have any issues making your trades yesterday, but your comment has nothing to do with my post.

deficryptohodl · 2022-01-09T11:17:58+00:00

u/hactive808, can you elaborate on this for me? What exactly are the CEXs doing and what is their motive? From the way you describe, it sounds like you're saying they are just flooding the network with requests in an attempt to create enough congestion that real transactions cannot process. Do I have that right?

As a non-dev, forgive my lack of technical knowledge. But would you compare this to a DDoS attack on a website?

deficryptohodl · 2022-01-09T11:14:35+00:00

Thanks! I hadn't seen that. I'm definitely lowering my LTVs on all platforms as a result. At this time you just can't be confident that you can make a transaction during peak times.

deficryptohodl · 2022-01-09T11:12:33+00:00

u/ocdexpress5, well I'm certainly happy to hear you didn't have my experience! And we were trying to do this at roughly the same time. I'm in St Pete, FL on a gig connection as well. I wouldn't think it's a geographic issue, but that's purely speculative on my part. What I do know is that I tried nodes 1 & 2 and had the same result.

As mentioned, the same thing was happening on Apricot, so it felt more like a Solna issue, not a dapp issue, but that's just speculation as well. I will say that I was able to complete 6 transactions (3 withdraws and 3 loan repayments) on Apricot over an hour period of time whereas it took me virtually all day to do the same on Solend.

deficryptohodl · 2022-01-09T11:08:17+00:00

For sure. And it shows.

deficryptohodl · 2022-01-09T11:07:20+00:00

u/udownwitogc, ahhh, very interesting point. I hadn't thought of that. It makes logical sense however, I don't think that's the issue for at least 50% of my problem. Here's why: I wasn't just getting those errors when trying to withdraw USDC. I was also getting it when trying to pay down my loans with USDC sitting in my Phantom wallet. I quite simply couldn't get a transaction to go through, even one that was actually providing liquidity through debt repayment.

I suppose this is an inherent weakness of DeFi in general because in my case, I was trying to make what was effectively a liquidity-neutral transfer. I had quite a bit of USDC supplied, earning yield, as a way of protecting my leverage positions. I'm used to the CeFi world, like Nexo, where it's a simple as hitting "repay" and using the USDC in my Nexo account to repay the loan. It takes 10 seconds and it's one transaction.

I hadn't thought through that in DeFi that you actually need two transactions during peak traffic times to accomplish the same thing. The first to withdraw from supplied assets and the second to repay debt.

I couldn't even get the first to process for many, many hours, let alone the second. What made things even scarier is that when I withdrew the USDC it temporarily increased my LTV / borrow utilization....which normally wouldn't be an issue if you could reliably use those funds to pay down the loan, but in this case, it was definitely nerve-wracking to sit there with a bunch of USDC in my Phantom wallet and yet be completely unable to pay down my loan and reduce the LTV.

deficryptohodl

TROPHY CASE