Bitcoin Forum

Yearn Finance is introducing a vault part of the ecosystem and I just bought some on Huobi.com.

People say that Bitcoin should increase the protocol to include a yield like staking.

Over 20,000 on the market right now..... is YFI the new Bitcoin?
https://www.huobi.com/en-us/exchange/yfi_usdt/ (https://www.huobi.com/en-us/exchange/yfi_usdt/)

Sooner or later that Yearn decentralized finance will collapse, what has been gain overnight may loose overnight. Coders are creating that key mechanism just to trick users and gain a quick profit, DeFi like that should be in investor based games section.

Then it wouldn't be POW anymore.

Although this feature is possible for some exchanges like Kraken. The interest would be around 0.25% PA. And the other website that I've seen is the same as the interest accounts for Blockchain.com.

But you don't hold your bitcoins for the period of time you'll dedicate for those websites. Even with those percentages of profit, I'd be happy to hold it personally than to allow them to hold it for me.

With the hacking incidents happened in the past, I'll hold it better.

I am getting almost around 4% on Huobi.com for Bitcoin and 8% for USDT.

Check it out https://www.huobi.com/en-us/savings/ (https://www.huobi.com/en-us/savings/)

What the hell the day has come when Defi is now also called the new Bitcoin haha;)

I saw the Huobi updates all coming to me now too,,, very tempting some of them with the bonus of free commissions and even on top of that yield farming but I am not changing my mind about Defi and claims like this make me stay away even more.

Huobi offerings aren't a scam the rest may be a quick hip and rip scheme .

I have been getting good yield without all the gas cost.... Huobi is trustworthy for sure.

YFI is currently just a phenomenon and cannot be compared to bitcoin.
Bitcoin has a history of more than 10 years and more and more people know and own it.
YFI and Bitcoin are not comparable.

Looks a lot of new coin rising now and they think it could be a new bitcoin. How it will happen? If those coins are just boom now and doesn't have a strong fundamental unlike bitcoin that already exist more than ten years and still valuable and continue increasing in demand.

I sense so much skepticism in your reply that I felt compelled to comment. Whether you think sooner or later something might happen doesn't make it any likely that it may happen or vice versa.

And if you always have that attitude to something that it 'may' go up then down then you're not giving yourself a chance to rise above the norm and take a risk.... While risk taking is an individual choice, many would just live in the moment rather than pondering on about what might happen.

You think like me that someday yearn finance will collapse due to various factors different from bitcoin because almost all pairs will definitely have a main pair, namely bitcoin so in my opinion bitcoin has no competition
YFI is currently popular because it hives and is just waiting for it to collapse

I agree that YFI will collapse as Bitcoin too. All coins has the possibility to collapse when it was overbought for a long time due to hype alone. Actually the usage of YFI is very powerful because holders has the power to vote on the next move of the project unlike bitcoin which powerless or so. The only thing I hate about YFI is how they hype the project itself, the price growth is not normal and very risky. I believe the price can collapse more than -50% in an instant once holders loss trust on the project.

No, they are not even comparable, very different protocol, if you mean the YFI could be the next great big thing out of crypto? I don't think so, this is just pure hype that we are witnessing, did you see it's massive increase and then dramatic drop? That's indicative of pump and dump and pure manipulation by someone behind. Growth should be normal, it hasn't been in the crypto space for a year, while bitcoin has been dominated the market for the last 10 years or so.

If almighty king Bitcoin should collapse, yearn finance days is coming. This is not a cause for FUD or financial advice, but I felt the end of yield farm bullshit is coming to an end all in the name of decentralised finance.
Invest wisely, the whales would shill anything and sell off to another hot trend.

I think with FYI anything can happen. Price is around $20k but last week around $33k. The volatility is also very high if it can drop that very fast . I believe bitcoin is acting more secured in investment in my mind.

Bitcoin is not the same as Yearn and both were having a different purpose. You can't even say YFI has a chance to be the next bitcoin while it was only getting the hype to create a big pump before. As far as i know, it was going down again since the peak price that has already touched at $35k and you know how bad it is when it was going down so fast.

it was getting hyped caused by the yield that has already offered. People were buying it caused by they only wanna earn interest.

you feel sure YFI will survive with such a value, learn again from before where ICOs have grown since 2016 and then almost all tokens are high value, after 2018 they collapsed, so I feel this is similar to before, even I am still not sure it will last more than 2 years, never compare bitcoin concept with YFI

It's quite funny that YFI is seen as the new bitcoin when we all know that Defi is only a bubble and very soon it would be over. I'm feeling very sad for those who would loose so much from this impending danger. My advice is that before investing in Defi projects its wise to DYOR Inorder to avoid being a victim for these developers taking advantage of the Defi trend.

That's right, and if someone compares the YFI token to Bitcoin, then he or she has forgotten the history of the birth of Bitcoin, or even he doesn't know the history of Bitcoin, because Bitcoin's struggle to create trust in society is a very heavy thing and deserves a thumbs up, and this is certainly different from YFI, which has a high price because of the small supply with a positive trend.

what mystifies me here is that even if they have no working platform yet, why can they surpass the value of btc? if you browsed their website, their products are still in beta. so the likelihood that this has been manipulated due to the current defi hype is very high!
 i dont think this will last like btc. wondering what will be the results for the next 6 months on this project? my bet is that it will go downhill.

Bitcoin will always be the King, No other will take over it. YFI is just a bubble. Every year we have one who is gonna beat BTC, but in the End the project died.

There is no coin that can replace bitcoin a group of people may speak like that but I believe bitcoin will be a coin that has remained in the interest of so much struggle during this decade and the YFI coin that I know is like being manipulated by a group of people and prices can skyrocket in months that even exceed bitcoin so I say this can be a hype coin that will be discarded later.

No YFI is not a new bitcoin. Maybe you are telling YFI is a new bitcoin by seeing the price. YFI is a token based on ETH and only Has 30000 total supply. According to the total supply, the price is low.YFI is new in the crypto market, now defi is on the hype that's why many people thinking about YFI. But see the volume and marketcap. YFI market cap is only 66,273 BTC. Don't compare BTC with YFI.

The increase in YFI prices occurred because the DeFi system is currently being used and YFI is one of the criteria that can enter the DeFi system so that there was a quite fantastic price increase over the current bitcoin price, but this cannot be a reference to say if bitcoin has been lost at this time because this is common in cryptocurrencies where Sensation/ Hype can easily lift crypto prices and usually, it doesn't last long and I'm sure the YFI price will return to normal.

YFI good token, created for a specific purpose, but why do people compare it with bitcoin, it can't replace bitcoin, its price will increase for certain reasons - small circulation and high hyip.

Now is YFI price is more expensive than Bitcoin. But Yearn Finance is Yearn Finance and Bitcoin is Bitcoin. They are diffence, and YFI can't be the new Bitcoin.

I agree with your opinion, maybe this is just a manipulation to increase the price of YFI and this will not be able to match Bitcoin every time because everyone already believes that Bitcoin is a very good cryptocurrency for its future. If YFI still looks good and the price exceeds Bitcoin, it will look temporary because a group of people are already planning to dump it at the lowest price. So pay close attention to this price in the future.

ridiculous statement, you say that YFI, which has only been released in the market a few months as a substitute for bitcoin,if indeed the higher price does not guarantee that the token will last long, at least defi and yield farming is trending now but it looks like it will be dim, even if it survives it will not be able to replace bitcoin.please don't say anything nonsense.

Today or tomorro Yearn Finance (YFI) will collapse in my opinion. There is so manipulation that hpye its price at least 20x higher that what price should be in reality. Before investing in such Hype, should think its risk and probable blast in anytime. We can't compare YFI with Bitcoin. Higher price doesn't create actual value of the project.

Yearn success depend on the ability of the team to keep creating value for the token, I believe the project is sound but has the returns in DEFI starts drying out, it will show in the price. The thing about the project is the quality of the developer and the fair distribution of the tokens

Even though the current yearn Finance (YFI) token price has increased quite high and is even able to pass the bitcoin price, of course this will not necessarily beat bitcoin as the king of the world's digital currencies today, I am personally very sure if the current YFI price increase is the temporary impact of the popularity of the Defi system, but in the future we can see if DeFi begins to be abandoned, of course, it will make the YFI token price weaken again, so those who hold YFI for too long will be very risky later and my advice for those who invest in YFI is better to be careful and don't make YFI an asset for the long-term because we don't know the popularity of the DeFI system will be lasted long or not

I believe that bitcoin will always dominate the cryptoqurrency market, based on what they have achieved up to now Bitcoin is the top and profitable coin of all time. to be honest projects that smelled of Defi gave me goosebumps, even though some of them had high selling points, but I personally have no interest in the Defi investment program.

For 10 years, there have already been enough coins that tried to Eclipse the popularity of bitcoin. However, none of the coins managed to do this. The best indicator of the popularity and demand for bitcoin is its capitalization. And bitcoin has the largest share in the crypto market.

I have the gut feeling that this will go down hard in the very near future. The collapse is imminent on this YFI platform as they have no working platform. Contemplating on why it is very expensive, I don't see any reason why such price? Are there really consumers of this yearn finance platform? Where are they?

but strangely today the YFI price has increased in price again and beat the price of bitcoin, so I think YFI will still move up due to the influence of very limited supply so that the price will increase dramatically, imagine if YFI's price could reach $100,000, what would that be? you will do if you don't buy it and lucky for those who buy it and can enjoy the benefits of YFI.

Right. Because the YFI platform is a working tool only for speculation. They do not produce any working product or service. There, some money makes other money, then they invest again in the platform and continue to make money. This is called a soap bubble that will soon burst.

It goes without saying. A new system or a new innovation always requires a testing period and these periods can be calculated over the years. The same essence as veganism - there is no experience of long-term use. We will be able to get real data on this experiment only in a few years, and this is a small period objectively.

I dont think that yearn.finance is the new bitcoin because for me bitcoin will always be the top one cryptocurrencies in the market and for the yearn to achieve what bitcoin have it need more and more year to gain all those accomplishment of bitcoin.

Why compare these two coins? Bitcoin was created for making payments, in order to replace Bank accounts. Bitcoin is also used as a coin in which people store their savings.
YFI was created for the purpose of earning money, speculating with finances on their platform. I have already seen a lot of projects for speculation. They all came and went. At the same time, Bitcoin has been around for more than 10 years and is constantly gaining popularity among people.

YFI is not a good token, created for a specific purpose?? Yeah maybe you right, To make money by deception, how could be a new coin within the current market situation can increase so much, it's impossible, also no team mentioned on the website, so many manipulations behind the project and will collapse soon.

By staking we force altcoins price to pump but this process can stay long. Even i don't support centralized wallet or exchange wallet staking process, in both wallet you don't have your control. Like atomic wallets offering very good staking rewards. Still some people dream of becoming yearn finance holders when YFI becomes Bitcoin. YFI listed exchange this year, just a few months ago.

I think it's a lame copy of binance savings , Binance did it earlier and give you some APR and luck your money , the important thing in my view is safety, If anything leaks from the exchange your money is gone , something that happened with BZRX today and it dropped 35% only in one day!

New Bitcoin?? hell noo..  how can Bitcoin be compared to Altcoin (yfi) which suddenly appears at an absurd price.  I will not agree with trying to compare Bitcoin with other Altcoins because Bitcoin is Bitcoin and yfi is yfi and not the new Bitcoin..

Not only bets can make the price of altcoins swing. This is influenced by a huge number of factors. And the most important of them is the price of bitcoin. As soon as bitcoin starts a strong movement in the price range, altcoins always immediately follow it. They are co-dependent on each other.

Of course, with the help of staking and loans, we pump up the bubble, but sometimes you can participate in this, especially when you are sure that this situation will last for some time. The crypto market is very risky and we are all ready to take risks for the sake of big money.

If you think that the token YFI, is Bitcoin today, you are wrong and wrong, you should not look at the current price, indeed, if the price is higher than Bitcoin, it doesn't mean YFI is the newest Bitcoin.

https://coinmarketcap.com/currencies/yearn-finance/

You can see about the YFI token link above, there are many reasons for YFI's current price is higher, one of which is the very small supply of only 30,000 coins available.

If, Bitcoin only 30,000 pieces were created, not 21 million pieces, maybe the current Bitcoin price could reach more than $ 1 billion, it could be.

You will be surprised if you see another coin on this one: wrapped-bitcoin (https://coinmarketcap.com/currencies/wrapped-bitcoin/), once topped the $ 40,000 level, in 2019, higher than YFI, That's not what it means: (wrapped-bitcoin) can be said to be new Bitcoin. currently the price is only: $ 10,000 from the highest price in 2019, this could be the case with YFI coins.

So, Bitcoin currently has no competitor in the market, Bitcoin is also used by all people in the crypto market today.
Very different from YFI, it can only be traded in certain markets, it cannot be exchanged or you can spend it in public markets, malls, restaurants, tolls etc.
You can use bitcoin anywhere that accepts payments with crypto in general.

Very wrong if you say YFI is the new Bitcoin.

People who don't want to risk YFI use the other coins because they want to minimize the risk. I see the price of YFI can jump down too hard and back to the high price in the next second. So that makes people worry if they make a buy at the wrong time. If you have spare money and want to feel the high risk in trading, you can trade with both YFI and bitcoin. But you should be careful this time because both YFI and bitcoin still not stable, and it can go down again.

YFI project profits have decreased significantly since the week when YFI was fully exploited. Some money has been withdrawn from YFI's liquidity pools.
YFI cannot be compared to BTC.
BTC has a long mining history and is more popular among people.
YFI is a new DEFI project where people lock their assets on the app and receive interest. If people stopped doing that this project could go to zero.

Bitcoin is a very popular to investors which they have invested and got a massive benefit in return compare to yearn finance which is still new to investors.

People prefer to take a risk to a coin they know very well in the areas of investment, than a coin they don't really know how active it is in the market place. Some time if you can take that big risk and try, that new coin that people are avoiding in the market, just because they are not use to such project and make them to understand that, the new coin are good for future profit.