So if i understand DMM correctly AS OF NOW they are:
Receiving and paying interest(6,25% APY) on dai, usdc & eth some of which is held in the contract and some of which is sold for fiat. They then Issue loans for people to buy vehicles in the US. They hold first lien meaning they can seize the underlying asset in case of default. They use blackbook.com to get valuations of the vehicles which is then through Chainlink made publicly viewable. This value is what determines the health of the system. Furthermore the underlying Vehicles are 5-9 yrs old which, according to them, means that the depreciation of their value has slowed down. Eitherway the loans are short term (~1 year) They are still completely centralized, They haven't yet, but are undergoing a security audit by secbit which they claim to be world leading. They can freeze the system in case of emergency, they can blacklist people from owning or interacting with DMM tokens. All of this and they have some notable investors and partners.
No they're not issuing car loans, they're TITLE loans. Why the fuck is this so hard for people to understand? You're borrowing money against your vehicle's value at a 30% APR. If you don't pay it back your car gets repossessed.
Brody Davis
Just buy some bro you're too stupid to understand, but it's a good buy.
Dylan Campbell
And virgin neets are gonna go get the cars when the loans don't get paid????? Lmaoooo these FAGGOTS can't even throw a punch. Black kings would destroy them. Lol
Carter Lopez
okay bro they still loan out money and hold first lien on the asset that used as collateral. i said they issue loans to buy vehicles, my bad but they issue loans none the less. The loan is based on the value of a collateralized 5-9year old car as valued by blackbook
Anthony Sanders
I'm staying away lol. This fake coin base partnership and the shilling coming from the shadiest youtubers makes me think this thing is gonna bust. Already has way too many moonboys and hype.
Zachary Allen
>Black kings would destroy them True. The repos are handled by the loan servicer.
Yeah they are short term title loans. If they don't pay the loan off its more favorable for the loan provider. They usually pay before they let their vehicle get repossessed obviously
Nolan Howard
Think of DMM as a predatory loan with cutthroat rates. Poor and vulnerable people use their cars as collaterals and pay 16% interest on their loans. Think of DMG as a mostly useless governance token that will not do anything useful in the near future (say 1-3 years). The only reason why DMG is successful is because of tim draper's reputation. 90% of the supply is still held by the devs, and there's many other coins who have the same defi features. Personally, i bought a bunch of DMGs because of tim draper - no other reason.
Aiden Barnes
alright i understand but it's still a completely centralized system, blackbook supplies valuations which i guess can be viewed as a single point of failure. They are using chainlink but i doubt there is a decentralized network of oracles fetching the price from blackbook so who is running those nodes? some questions right off the bat
Yeah Tim seems to be a strong driving factor
Tyler Hughes
Dmm doesn’t issue the loans
Jeremiah Wilson
then who? and what is dmm doing?
Jose Ortiz
Read their medium articles and the whitepaper
Ethan Richardson
Yes the technology is being built out. The public sale was less than a week ago. What you're buying is the fact that tokenizing real-world assets on the block chain is a game changer.
The token supply is the only worrying issue, however during the AMA yesterday the dev stated they saw the circulating supply numbers as sacred. And the team seems to be pretty top-notch.
Colton Russell
And keep in mind, they only started with these car loans because the market for cars in America is healthy. They’re going to move into other assets as well. It’s not just car loans.
Luke Davis
I read the whitepaper and i see the term "allocated into real world assets" and now you are saying car loans. I know they are just starting out with vehicles. Read the op i said "AS OF NOW"
Caleb Cox
Ok. I’m not a pajeet so that’s all the shilling I’m gonna do. DYOR. Buy or don’t.
But keep in mind, where else can you get 6.25% based on real world assets in crypto?
Jaxson Martinez
I am doing my own research and now i'm discussing it. I have a feeling you don't know shit about shit :) It's okay user we can't all have enough brain cells
Juan Evans
DMG is a garbage governance token that's going to go to shit just like compound and balancer
Jaxon Green
absolute retard. it will give dividends and you can vote as well on onboarding new assets. dyor.
Brayden Martin
unless you own a subtantial amount of tokens, your votes are basically meaningless. i tried to vote on Compound for example and there were already whales with 20% of the tokens voting for example. governance tokens are literally useless and retarded. the underlying dmg protocol is interesting though and there might by value to lending out your crypto for 6.5% interest. but dmg token is fucking useless
Joshua Thompson
Best of luck to you
Ethan Price
I am also wondering about the DMG coin. They say they aim to make DMM a DAO and decisions will be made through representative democracy. So basically DMG holders will vote, based on their stack size, for a ´DMM representative who takes positions on decisions. So already it will be skewed towards favouring those with large stacks
Luke Myers
seems you already made up your mind. good. dont buy it then.
Jose Perez
i apologize for my rudeness best of luck to you as well user
Jason Gomez
imagine thinking this.....
tell us your holdings user......
Luke Smith
scam. Funny how all the pajeet shilelrs here couldn't refute a single point.
Carter Ortiz
Issuing loans that are collateralized with the borrower's vehicle is exactly what they do.
