I can easily believe it. I believe there was another famous pre-crypto version of this run by a guy... Madoff or something? I wonder how that's going today.
The difference between MakerDAO and Madoff is that MakerDAO, being on the blockchain, is completely auditable. You can see exactly where money is coming in and where money is going out. Websites such as DaiStats [1] provide basic stats based on this ability to audit MakerDAO. For instance, as of this post, there are 74,223,081.54 Dai in existence, 1,591,183 Ether currently being collateralized for Dai loans, and a bank surplus of 257,346.17 Dai collected in interest.
This level of transparency is the very opposite of Madoff.
v64|6 years ago
This level of transparency is the very opposite of Madoff.
[1] https://daistats.com/