Mathias Groennebaek on Bancor

a photo of crypto expert reviewer Mathias Groennebaek

Mathias Groennebaek founded Braveno, a cryptocurrency exchange for investors, companies, and developers. Previously, he worked as a developer and operations manager for Ethereum.

Ethereum Foundation

expert reviewed cryptocurrency Bancor logo

Bancor is an ERC-20 token on Ethereum that allows users to exchange tokens without requiring a counterparty.

Decentralized exchange

Bancor reviews by Mathias Groennebaek

🔑 0 positive | 💩 2 negative

2018

  • 💩

    Bancor is all the risk of a centralized exchange, with none of the benefits like instant multilateral execution, and settlement guarantees. The worst of both worlds.

    2018-07-10 | Full Review

2017

  • 💩

    Bancor's system is almost childlike in its naivety imo. It will always trail other markets, and be on the losing side of market movements.

    2017-10-28 | Full Review

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💩

It is all a trap for retail investors to get robbed.

Stellar is there because Stellar and Ripple are equally Ponzi schemes. Stellar is a Ripple fork started by Jed McCaleb, the guy who started Mt. Gox. Jed is the king of getting hacked and disappearing with the money.

2018-01-06 | Full Review

💩

IOTA is garbage.

2018-03-31 | Full Review

💩

Tether is still shady as fuck though, but as a principle it could be applied to other tokens and is an interesting development.

2018-04-04 | Full Review

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💩

A Bancor wallet got hacked and that wallet has the ability to steal coins out of their own smart contracts. 🤦‍♂️

An exchange is not decentralized if it can lose customer funds OR if it can freeze customer funds. Bancor can do BOTH. It's a false sense of decentralization.

2018-07-10 | Full Review

💩

The Bancor ICO pushed the limits of what’s possible in today’s permissionless blockchain innovation environment. Permissionless doesn’t mean absurdness, nor recklessness. They didn’t break any laws (because there are no hard laws yet in tokenland), but they didn’t establish best practices either.

The credibility of the Bancor ICO leaves a lot to be desired due their slam dunk execution style that flew in the face of a permissionless environment that was quite forgiving, as long as excesses didn’t occur.

2017-06-13 | Full Review

💩

Bancor can be gamed by miners, and, even if the miners are naive or benevolent, will always trail the real market. It provides no efficiency guarantee during this discovery process, and will likely waste its reserves on market price discovery. You should think twice before you layer a coin on top of Bancor.

2017-06-19 | Full Review

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