/biz/ - Business & Finance

weird abstract smart contracts that make no sense, etc

>>22161340
No need to understand it. The tech is a meme.

>>22161340
defi is a scam. That's all you need to know.

>>22161395
Yes, it can make you money because it launches, immediately moons, and you can sell it, but it's a gamble made for and by indian scammers. go figure

>>22161340
I was like you and tried gambling 400 dollars on defi two weeks back without knowing anything besides a feeling that its all scam and I got into it p fast
Its not that complicated

>>22161340
honestly, I'm glad I got in way back and not now when shit is just insane. pretty comfy holding.

Yeah Im also starting to get a little confused, my general approach is that if I cant understand a project then its probably a scam

glad im not the only one.
this might help a bit
https://www.coindesk.com/defi-yield-farming-comp-token-explained

>>22161422
>Yes, it can make you money because it launches, immediately moons, and you can sell it
Great, you just discovered crypto, stocks and finance in general

defi is more or less another alternative to traditional banking

Anything groundbreaking often starts with a bunch of failed experiments, scams and hidden pearls. This is how innovation works. This is how VC funding works. You have to pick the pearl avoiding all scams and failed ones. And for that you need to keep yourself updated what’s happening.

its just hype shit like icos were in 2017 or staking coins or security coins ...

>>22161655
>stake useless emoji ERC20 token
>get more useless emoji ERC20 tokens as interest
>you know have more useless emoji ERC20 tokens, still totally worthless, only use case is being sold on uniswap
>you paid for a fucking ERC20 token in 2020 thinking it's an alternative to banking

>>22161655
>stake useless emoji ERC20 token
>get more useless emoji ERC20 tokens as interest
>you now have more useless emoji ERC20 tokens, still totally worthless, only use case is being sold on uniswap
>you paid for a fucking ERC20 token in 2020 thinking it's an alternative to banking

It's just fractional reserve banking, it's what the elites have been doing to the population for the last century

>lol dude you just gotta stake your wrapped tokens on the defi balancer liquidity pools and get rewards

Defi is just a different flavour of 2017 ICOs

Its maturing into a financial system akin to tradfi. We already have a short term money-market curve.

>>22161340
>>22161374
Don't kid yourself. If you never knew how to copy-paste a crappy little coin on the ethereum network then you never understood crypto.

>>22161340
>>22161374
Man, same. Farming by locking smart contract tokens in pool for a thing supposed to layer shard something I don’t even understand

>>22162478
>>22162554
based retard can't see the bigger picture and doesn't understand how any of this works.

if by defi you mean "food based ponzis" then thats obviously a scam. but if you dont understand how LINK/SNX/AAVE/YFI and defi as a whole have the capability to make archaic systems of traditional finance and middlemen obsolete then you should maybe find something else to do

>>22162780
the fact that biz missed SNX/AAVE/YFI should be a sign that this place is losing its edge

>>22161340

>>22161598
crypto doesn't go from .10 to 4000 to .10 in a matter of a week and then cease to exist. Actual crypto has use outside of being an illegal get rich quick scheme.

>>22162757
>staking a defi token to get more defi tokens
i think i know how it works buddy

>been in crypto since 2014

Ive been in crypto since 2016 and didnt make it yet. I started out very well, but subsequently lost my nerves and cant even stomach 10% volatility anymore without being a mental wreck.. its costing me physical and mental health

I honestly liked the times back in 2013/14 more when everything was on Qt clients and if you figured out how to mine LTC or DOGE on your graphics card, you were set. Now it's just layers of ponzi schemes.

Very few projects actually make sense. That is why I bought RSR. I understand what RSV is trying to do. All this other shit is just emoji themed scams.

>>22163337
it was so easy back then.. only handfuul of cryptos to choose.. 50 bucks investment made you five figures... now theres thousands and thousands of shit and you need to be alert 247 or else you miss potential gems

>>22161340
How is it complicated? I can answer any questions you have. DeFi is literally what the jewish economies have been doing for the past 300 years. This is just the first time you've witnessed a creation of wealth.

>>22163599
It's almost like all these new scams are designed to get your BTC and LINK before the next bullrun....

>>22163599
>50 bux
tfw tried to buy BTC for first time and got roped into trading platform cause it said "Buy Bitcoin" then after that fucked up I learned the practical and purist way, by buying drugs on the deepweb. I didnt have money to save at the time, I was just trying to make a quick buck. This never works.

>NOOOO MY MEME FOOD COIN CRASHED. AAAAA FUCK CRYPTO ITS TO COMPLICATED AAAAAA

>>22163728
>>22163038
>>22161340
If you play the long game, you guys will be able to make it much MUCH easier than watching hourly or daily charts chasing the next 100x. But you need to pick yourselves back up, literally now. Ask yourselves—what is this latest project out to accomplish? It’s attempting to transfer my wealth into their pocket. What is that? My already valuable BTC, ETH, LINK. exchange for their potentially valuable, no working product, promisecoin.

Think, anon.

>>22162554
You can trade ERC20 tokens on IDEX but I do actually agree with you that 99% of DeFi is pajeet scam bullshit.
My tip is to just stay away from DeFi and shitty ERC20 token yield farming. If you're desperate to do something like that then just stake something like FTM instead. And if you still can't help yourself then head over to one of the thousand discord servers associated with these meme token 'farms': They are all clusterfucks of headless chickens running around and freaking out about gas prices, cashing out, tokens in tailspin, misplaced tokens, and all the rest.

>>22164079
you just summed up SUSHI discord I'm in perfectly

>>22164318
No its not. I can explain DeFi to anyone who wants. What question do you have about it? Its not all about staking.

>think the concept of governance tokens are important in decentralization
>they become pump and dump Pajeet meme coins

>think the concept of farming is interesting
>Chinks gambling parlors

>Decentralized exchanges are interesting
>They're all scams or owned by cz anyways


I feel crypto is "stuck" right now

>>22161340
same its depressing also

If your a seasoned investor and you cant understand it, its a scam.

even the most complex technology mankind can conjure should be simple to able to be explained in laymans terms.

liquidity pools, yeild farming and whatever they've came up with today and tomorrow will not exist in the future. they are sophisticated ponzi schemes.

>>22164932
>>Decentralized exchanges are interesting
>>They're all scams or owned by cz anyways

If you know, you know

>>22164778
Okay, I'll bite.
1) How Sushiswap will "automagically" steal pools from Uniswap?
2) Why everybody just don't go pool ETH/USDC? Seems kinda impermanent loss proof.
3) How do LP tokens work? Only if I have them, I can withdraw from pool?

>>22165049
Yield farming itself does have some credibility to it ..hilariously I think the strongest usage is to fund other projects and the yield is the fees and (((interest))). There's also the chance someone clever is going to wrap mass arbitrage on unsuspecting exchanges as a "new yield farming"...or already has, who knows.

>Eth to BTC
>Not eth to eth without bankrupting everyone

Hmm vitalik get back in your wage cage

>>22165208
layer 2 solutions address the ETH gas issue and the interlopability issue. they also address the liquidity issue(although this issue has been blown up to create a hype market)

invest in layer 2 solutions.

>>22165049
isnt vitalik basically describing stakenet in that tweet

Defi reduces overhead and costs while moving the impetus of voting control to a consensus quorum. Incentivizing the quorum is necessary but often fails. Money is a means to an end for quickly stress testing and iterating future systems of governance. Much of it is trash. 99.8% of it is trash. .02% will be widely adopted and become a new norm.

>>22165067
>1) How Sushiswap will "automagically" steal pools from Uniswap?
What do you mean? They do not "steal" any pool from Uniswap. You are approving Sushiswap (or any other defi platform) to spend your liquidity, instead of Uniswap bonuses you get Sushi bonuses instead.

>2) Why everybody just don't go pool ETH/USDC? Seems kinda impermanent loss proof.
Do you mean for Sushiswap in specific or DeFi in general?
The point of the Sushi token is that you get more governance power which controls the community more.
Furthermore on Sushiswap it doesn't have as high of an APY.
In general I think the stablecoins of USDC aren't the way to go, even though they are making DeFi possible. I think something more like a BTC stable coin, ETH stable coin, etc. is the way of the future for DeFi. There is a lot of room to debate on this topic. Stable coin experiments like RSV/RSR are what we should be embracing as the DeFi community grows, but I think thats a bit too idealistic at this moment.

>3) How do LP tokens work? Only if I have them, I can withdraw from pool?
So you first go to Uniswap and Go to Pooling. You pool equal amounts of a token and eth. 0.5 ETH of ETH and 0.5 ETH of TOKEN. This makes a pool of liquidity in Uniswap. You then approve (move) your pool over to Sushiswap. If you want to withdraw you do this in reverse. You first unapprove (unstake) your pool on Sushiswap. Then you go to uniswap and look at its pooling, you will see an unstake button there and you will reverse your liquidity back into tokens.

Any sushi you farm/harvest while there you can collect as they are created. If you collect them you still need to pay GAS so you don't want to do that on low amounts. Sushi you farm CAN be automagically put back into your pool, but I haven't done that yet or looked into it. I think it requires a restaking of liquidity, and from there it autoharvests and approves for liquidity.

I like Sushi. I think its a project that can provide real competition to Uniswap.

I'm a little confused by defi too. When I get tokens from a pool, do I then shove those tokens into yet another liquidity pool, and just keep going through all the pools? Or do I borrow against those tokens to get actually valuable coins like ETH or DAI and use those to reinvest in later pools?

Or do I just sell the tokens for small money?

I'm "old school" too.
I completely skipped this pajeet phase of Uniswap scams.
Better miss out some gains eventually, than getting rekt on premined scam getting dumped on me.
Getting ready to accumulate in an old fashioned way and ride market cycles as I alwasy did in crypto.

>>22161340
Don't bother, DeFi in it's current form is quite literally a ponzi scheme. Just hold btcand link, maybe eth too. That's all for now.

>>22166730
>When I get tokens from a pool, do I then shove those tokens into yet another liquidity pool, and just keep going through all the pools?
Depends on the pool. On sushi you can do that or you can just harvest them back into your wallet.

>Or do I borrow against those tokens to get actually valuable coins like ETH or DAI and use those to reinvest in later pools?
I could be wrong but YFI does that right?

>Or do I just sell the tokens for small money?
Or keep them as governance. It depends on the project.

>>22167351
Do you get liquidity tokens for non-Sushi projects just from pairing tokens on Uniswap? Like, Akro seems to be doing really well with both its governance token and Delphi, but their liquidity pool is capped for another week and not accepting new staking.

>>22167081
Get in, get out, isn't that the /biz/ way?

There would be less scams if it was simpler.

>>22161340
defi shit is intentionally obfuscated to hide the fact that it's a ponzi scheme
AMPL is a good example, it obscures the price action through rebases primarily to trick people who don't know they should be looking at market cap, not price. That's the real driver of any growth it has, not its stated reasons.
in their whitepaper they say this is meant to drive a countercycle in the market, but if you work through their actual reasoning it becomes quickly apparent that it's bullshit, since that's plainly not how a market optimizes prices.
Strip away that countercycle nonsense and you're left with a ponzi scheme that has an inbuilt mechanism for attracting new victims. It provides no utility whatsoever.
if you look close enough at 99% of defi projects you will find they are elaborate ponzi schemes that provide no actual value.

>>22167484
>Do you get liquidity tokens for non-Sushi projects just from pairing tokens on Uniswap?
No the rewards are only in the form of the Sushi token itself. You can however trade back on Uniswap for whatever you want. Sushiswap V2 will basically be Uniswap completely and have what you are describing. (Nomi is literally working on it right now, while he is putting the UI up for competition).

I don't know much about Akro, but if they are doing that then good. I think with the current DeFi projects you are going to see an unavailability to do this in the future. If you aren't in on at least one solid DeFi project you need to get in right now. Especially during the massive dip.

In 2 or 3 months people are going to look back at this and ask "why the fuck did I not get into that?" just like they did with BTC, ETH, LINK. If you can afford to stake you need to get into it right fucking now.

>>22167792
I'd agree with that, but I still want to make money out of it. It's an idea that makes sense, like micro-loan platforms but for crypto. The real problem is all crypto is lacking in use cases so all we're making money on is the demand to trade crypto. That's why market cap, while important, is less important for defi because we're just loaning out more tokens to loan out tokens.

>>22161374
>>22161340
its the same with internet and the dotcom bubble anon.

you understand funny gaming website posting articles, but as soon as its about books and integrating warehouses with the internet you lost it. Guess what the first is gamesradar, the second one is amazon.
place your bets faggot, or buy the pets.com stock kek.

>>22161340
The amount of shilling, bullshitting(everything "abstract"), pumping, feefees and other non-information noise has skyrocketed.

>>22161340
Not complicated, just a lot of scams.

>>22161340
Defi is piss easy to understand.
It's either:
1) you put tokens+stablecoins in a contract that is used as liquidity for a decentralized exchanges

Or

2) you put tokens in a contract and can use them to receive loans in stablecoins (and the opposite is true, you can put stablecoins and receive interests on them)

The only reason the hype is growing so big is because nerds are using these things to do arbitrage between stablecoins. Since DEX have no percentage fees (just flat fees=gas you have to pay) it means that if you have a lot of money there are big opportunities, especially since Ethereum is a slow piece of shit.

It will only grow more complex though with derivatives, tokenizations, commodification of computer ressources, etc...

Be thankful you're on it because Wall Street will look archaic as hell in a few years.

>>22165413
Avalanche, Polkadot, Dai, ETH, Kyber, Loopring