1BTC Project - Relend: The Dumbest Idea in Crypto - 0 Stars.

By 2MFTProductions | 1BTC | 25 Nov 2024

Have you ever heard of the concept of carcinization?

Carcinization is the name of a phenomenon where animals keep evolving into crabs. This is also called convergent evolution. So many animals have evolved to be crablike that crab resembling creatures get sorted into two categories; true crabs and false crabs. Its truly a mind boggling phenomenon.

If you spend enough time online you will inevitably encounter a similar phenomenon with tech bros. They just keep inventing buses or trains. Famously Elon Musk's hyperloop.

But it keeps happening:

In the vein of crabs and busses, bankers are going to keep inventing banking crisis's.

I was thumbing through an Learn and Earn on the Sweat Economy app. -Slight aside. I am 100% negative on SWEAT, but their Learn & Earn is very active and you can find some gems on there. Both in a good way and a bad way. - I came across Relend.

But first a brief history of Bitcoin.

The financial crisis was cause by fractional banking, underfunded reserves, and far too much synthetic money in the system. The US government bailed out the banks and started a program of quantitative easing (QE). Here is a video from 13 years ago about QE. This financial crisis mismanagement by everyone in charge was the crucible to which Bitcoin was formed.

Ben Bernanke does have a fantastic beard though.

Back to the subject of my scorn, Relend.

The developers of the Relend Network looked at the crypto space and said, "do you know what the crypto market needs? More investment banking." They take your deposit, presumably crypto - maybe USD, and lever up ten to one. So that the crypto economy can benefit from "the money multiplier" effect. All so that the end user can have access to credit.

Who remembers this scene from the Big Short?

I wonder if I would be able to lever up my $100 deposit into $1,000 of credit, the use that credit to make another deposit. I don't know why I am on such a youtube kick, probably because Relend and 'using fractional reserves' is such a dumb idea that I don't really have to come up with something new. Leverage is dangerous. Synthetic money is what got us into the GFC. Riba is HARAM! Lets no't forget about R/Wallstreet bets hall of famer Control the Narrative, and the damage leverage can do.

Bitcoin was invented to fight inflationary monetary policy. This was invested to create inflationary monetary policy where there wasn't a need.

This project is more than dumb, its basically insulting. No one likes bankers. We don't want more banking in the crypto space. Hopefully this all the rest of you enthusiasts see Relend for what it really is. A banker in a bro clothing.

0 stars. That's all for today.