A clickbait title one might think. I on the other hand would say it may be both at the same time - the ugly truth and a clickbait. However you need to decide for yourself if we are facing insolvency or mala fides (bad will).
What being bankrupt or insolvent really means? Let's omit any particular legal definition or system and find the common understanding of the terms.
The wiki reads
In accounting, insolvency is the state of being unable to pay the debts, by a person or company (debtor), at maturity; those in a state of insolvency are said to be insolvent. There are two forms: cash-flow insolvency and balance-sheet insolvency.
I have complained in many posts about how Leofinance has dropped it's Cubdefi project and left it out to rot. There was a bit of hope when they reorganised the MTB (Multi Token Bridge) to generate swap fees and provided arbitrage between different pools to generate income that was supposed to be used for cub buybacks and burns.
Here you can see the moment when it kicked in. It really looked promising.
This graph however is incomplete because it doesn't include the time between the date since the last burn and today and it's really a big deal because the last burn was 254 days ago (or even more at the moment).
The official reason: security issues that require building the bridge from scratch.
Sounds noble and responsible, doesn't it?
It would if only it was true. Funny thing is that the bridge works fully one way - you can send as much HBD, Hive or Leo as you want. The other way round it doesn't, but let's not get ahead of ourselves, just yet.
There are no indications any work takes place, on the contrary, there are clues it's against their best interest, short term at least.
I hope you grasp the absurdity of the situation when your funds that should be refunded in 3.5 days are locked for more than 13 weeks.
Would it be a lie, if one said that Leofinance has little or no interest in fixing it?
They turned off the service, earn interests on funds that are actually yours and still charge a tiny commission of 9.01% at the moment
At this point you really don't know whether Leofinance doesn't want to pay or is objectively unable to.
Personally, I think it's the former option considering the amount of other development that is taking place. I think they don't fix the bridge and don't pay debts in order not to loose the objective ability to pay.
But let's ask ourselves, should I really care?
In my practice I often have to resort to filing insolvency claims against contractors that aren't willing to pay what they owe. For fear that rhe court would rule a bankruptcy, the opponent needs to prove he or she has the ability to pay what's due (showing cash is the best way to achieve it).
One of the best things a blockchain offers is public ledger, that allows one to browse through the finances. And there's this guy called @dalz that does it really, really good.
Let me jus give you two facts:
February 2024
Source https://hive.blog/hive-133987/@dalz/top-hive-earners-by-category-or-authors-curators-witnesses-dao-hbd-interest-or-february-2024
January 2024
It means that Leofinance/Inleo did not bankrupt, it has enough funds to pay what it owes to bHBD holders it simply does not want to pay.
What do I want to achieve? Nobody asked me to be a creditor for anyone, but I understand the need to keep things sound. If it would collapse, we would all be left out empty-handed.
Here out ny demands:
My ideal statement concerning the second point, would be that all interests made by @bnb-hbd will be used to buy ane burn CUB. I'm afraid the funds were used on current operations and we credited the Leofinance for free.
Is this a lot to ask, to keep your promises?
P.S. If you're about to drop a comment telling me I should cash out and leave them be, I want to reply you beforehand - I'm heavily (as for me) invested in Leosphere (Leo, CUB, LBI) and I want it to change, I want it to deliver on promises.
I know you guys are affected by this as well
@mightpossibly @lbi-token @silverstackeruk @valdiva @brianoflondon @mes @paulag @caladan @bozz @d-company @x30 @toni.point
Hi there, sorry I didn't know about this post until now.
Yeah, leofinance or khal aka still owes me a lot. I am glad that someone, you, finally said something candid and straightforward. I support you 100%!
But what can we do? Become a Leo hater? It won't do any good. They can just keep doing this to new comers. I now have zero confidence in any project that Leo or Inleo dishes out. Get out when you can.
Did you see @bnb-hbd recently keeps draining ... Maybe your post triggered this. lol...
I agree that hating leo is just a waste of time and energy. As long as people are aware of the risks giving anything financial to the leo eco system they may not get it back.
I had a lot of money in cub which i managed to get most out by other means.
I also had 40k in leo which i have now sold. I was also part of a patron group on youtube mainly investing in cub/leo which has now disbanded and everyone has moved on.
What annoyed me the most was the constant lies and broken promises. They were never building a bridge for bhive and bhbd. I don't beleive they ever ran the replays of payouts. I think they were just buying time.
What's also sad is that the mods on the discord must know exactly what's going on yet they are all still there as if everything is hunky dory.
Not sure if we'll ever get our money back only time will tell.
I'm not Leo or Khal hater and definitely not going to spread any hate against them - it will be against my interests which require Leo to thrive to he able to repay me
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STOP
or to resume write a wordSTART
They also don't fix the bridge from bHive to Hive and don't explain why. I won't trust any word from leo founders unless they restore cubdefi bridge functionality
Unfortunately, all pieces are falling together and it doesn't look good
Do you think leofinancers will keep their promises/ obligations and fix the bridge ?
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Quite curious the engagement in this post.
Very interesting that no one has anything to say or add about the topic discussed. Eh?
Especially since the new proposal proves my point and they want to now trade cub for Leo
Yeah it is quite puzzling. The lack of transparency is the most troubling. Even when the bridge was working properly I would routinely have to file a ticket on the Leo discord to tell them to manually bridge (weeks late). Getting bHBD back to peg doesn't seem that difficult, just a few hundred dollars increases the bHBD price by 5%+. Now they are airdropping LEO to CUB users, but still, I believe bHBD is a valuable token if pegged properly. https://peakd.com/hive-167922/@leofinance/the-firstever-stake-weighted-leo-poll-on-hive-cub-polycubs-future-is-at-stake
Exactly, I see value and usecase for CUB as a bridge from Hive to Binance Smart Chain. I was talking to an exchange about listing Hive and they told me listing Hive/HBD would cost thousands of dollars, listing a BEP-20 token like bHive or bHBD would cost a few hundreds of $.
Thanks for the link
That's interesting. bHIVE and bHBD on exchanges would be game-changer. It's a shame Leo couldn't maintain their peg, especially since native HBD is still pegged and earning 20% APY. I'm owed a lot of bHBD but I am slowly selling daily as a hedge in case it never gets its peg back.
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The people name are probably weary of saying anything because they are still owed money.
I am one of the above names and I'm happy to answer any questions. I have been waiting 5 months for repayment. I've had just over half so far with many promises broken about payments. Remember wrapping and unwrapping HBD was promised to be instants. Not just instant when they take your HBD but never ending to give it back.
The main thing that has annoyed me is the constant lies and broken promises and the lack of honesty. I have screen shots of my 5 month old ticket and suggest others in this position do the same.
I read through that proposal and I'm appalled - they did it all on purpose. Now they want us to trade in cub for pennys
Edit: pennies
Yup. It's pretty ridiculous.
Btw @deepresearch dawno nie dawałeś znaku życia, co tam?
Hej. Żyję, żyję :) Pracuję nad czymś większym. Pewnie jeszcze ze 2-3mies aż będzie się czym pochwalić. Ogólnie nowa terapia na astmę przynosi pierwsze skutki, z 10lat nie miałem tyle sił i wykorzystuję ten czas na maksa. Pozdrawiam! :)
No to czekam na newsa :)