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25768423 No.25768423 [Reply] [Original]

Anyone else bullish on crypto but think defi is a scam? Curious to hear to this take.

>> No.25769783

bump

>> No.25769907

>>25768423
Can you explain why you think it’s a scam?

>> No.25770143

Anything that involves staking or lending tokens scream scam to me. It’s a straight up ponzi

>> No.25770196

>>25768423
There are scams in defi, just like anything. Defi in itself is not a scam.
>>25770143
Any reasoning as to why decentralized lending would be considered a scam assuming it's secure and collateralized?
Or just >muh ponzi

>> No.25770225

Its LITERALLY the opposite dude. You borderline retard.

>> No.25770553

>>25768423
Defi isn't a scam so much as it is vaporware.

The #1 use-case for crypto has always been decentralized store/transfer of value, something BTC accomplished in 2009.

I own and am bullish on ETH but the fact that 0 (zero) actual, real world applications have been built on it since its inception is alarming.

Most defi projects and their associated tokens are garbage. Few people actually understand blockchain tech, to them it's only a buzzword. They hear "we're doing X...on a blockchain!" and buy in never actually considering if the project makes sense. Few do.

>> No.25770612

>>25770553
But PNK sirs. Its doing the needful

>> No.25770685

>>25770196
Decentralized lending is a meme.

Smart contracts can never use hard assets as collateral as a traditional contract can. Locking up 1 meme token to borrow meme token 2 is retarded and pointless. Just use meme token 1 to fund whatever venture you needed meme token 2 for.

>> No.25770715

>>25770685
You would lend with a stable coin you fucking dumbass. Lmao

>> No.25770726

>>25768423
If Defi is a scam then the whole world is a scam. So may as well invest in the current flavor of scam.

>> No.25770735

>>25770715
Stablecoins are not blockchain assets.

>> No.25770736

>>25768423
Hex and Pancake Finance give me vibes worse than Lehman Brothers but to each their own. I'll stick with BTC.

>> No.25770775

>>25770735
So since dai isn't a meme token it doesn't fit your argument so you'll just act like it doesn't exist, right perfect sounds good

>> No.25770822

DeFi is one of the best use-cases of crypto, and could very well usher in new financial instruments. It's very much a goes to 0 or 1000x situation

>> No.25770841
File: 137 KB, 644x646, Bidao REKT.png [View same] [iqdb] [saucenao] [google]
25770841

>>25768423
Bidao is DeFi and that went well.....

>> No.25770851

>>25770553
name a coin besides btc that does stuff, xrp does stuff but look at that

>> No.25770998

>>25770775
When you'd like to actually like to have a discussion on defi instead of posting drive-by reddit insults let me know.

Stablecoins are not blockchain assets. Their ownership cannot be enforced by smart contracts.

In the real world people take loans on hard assets to get liquid capital. This arrangement is not possible in defi. You can attempt to decentralize options trading but cannot replace the role of traditional loans.

>> No.25771025

>>25770851
Literally none, that's my point.

>> No.25771123

>>25770998
>make legally binding asset deed NFT
>can now do defi with property and other real-world assets

>> No.25771238

>>25770998
>Stablecoins are not blockchain assets. Their ownership cannot be enforced by smart contracts.
Yes they can dude. He mentioned Dai. How is Dai not a blockchain asset just like any other ERC20 asset?

>> No.25771269

>>25771123
The whole value of smart contracts comes from the "code is law" paradigm. If you need governments to back up your smart contract what's the point? Just use a traditional contract.

>> No.25771549

>>25771238
Dai seems interesting. Not familiar with the game theory behind the project so I'll give you the benefit of the doubt and assumes it works 100%.

Still, my original point stands: what is the point of locking up liquid asset #1 to borrow liquid asset #2?

>> No.25771744

>>25771549
>Still, my original point stands: what is the point of locking up liquid asset #1 to borrow liquid asset #2?
Because you need liquid asset #1 instead of liquid asset #2? The reasons why you would need it are nearly endless. Just because both assets are liquid doesn't mean that they are identical and have identical uses. For example, in the case of Dai, maybe you need a stablecoin instead of a coin that wildly fluctuates. Or maybe you need an asset that can be used to interact with a specific smart contract (because contrary to what you claimed earlier, there are in fact smart contracts that "does stuff", stuff that people find useful and therefore desire to do). Or, in the case of Defi, maybe simply because you want to invest in asset #2 instead of asset #1, but don't want to hand over control of your funds to a centralized exchange to do it (decentralization is kind of the point of crypto, you know).

>> No.25771996

>>25771744
It's also a way to not trigger a taxable event but access liquidity

>> No.25772122

>>25771269
the point is that these assets can exist on-chain. why not just use a traditional mortgage? jews.

>> No.25773096

>>25770553
0 (zero) actual real world applications have been built on BTC as well

>> No.25773206

>>25768423
>Anyone else bullish on crypto but think defi is a scam? Curious to hear to this take.
This just means you don't know why you are bullish on crypto in the first place. You are bullish because others are. The critical mass hasn't built behind defi yet so you are confused. Yes, I am saying you are a clueless bum.

>> No.25774387
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25774387

>>25768423