Despite a lot of skepticism about DeFi projects, I see them as a good prospect, as they offer real financial services to participants in this market. The emergence of various civil transactions on blockchain technology and using smart contracts solves issues that were previously in the hands of banks. Now DeFi began to really compete with banks, because loan, credit, and deposit agreements have ceased to be the privilege of banks.
The Defi concept, similar to ICOs, is not a scam, however its implemenation with the backing of speculative assets that are very volatile in nature might cause it to implode during bear markets. You know how the cryptospace bear markets are hehehe. It is a dump of more than 10% on the first day and continues to lose up to 90% of value in most cases. |
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However, clearly bitcoin's data transparency is more of a disadvantage than an advantage. It will create a scenario where coins are not valued the same. This is also why we have mixers and the argument that everyone should mix their coins regularly to create a big, indistinguishable, anonymous pool of transactions.
This is not that clear, imo. In the long term, when there will be no authoritarian regimes with their ridiculous laws, transparency will be a bad thing only for terrorists, fraudsters and other outlaws. Normal citizens will not suffer from it at all. Since I'm an optimist and I believe that those good times are approaching, I think Bitcoin, with its transparency, is perfect money for the future world. I am not thinking about this from a good user and a evil user attitude. I am thinking about this from the attitude that blockchain data transparency might have an undesirable effect on bitcoin's fungibility and acceptance and its value. |
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I'm past caring about Tether myself. They have 'won' and become a fact of life.
I absolutely do not believe it arrives out of thin air. If that was true it would've lasted a few days at most, not several years. I'm sure there have been periods of time where they played fast and loose with reserves but they make it up again.
Their real genius is offloading the backing onto everyone else too. Every person who trades USD/USDT is now their backer. Every exchange who says they'll make good on the peg even if Tether don't is their backer as well.
You might not care, however, we should be aware of the transition that Tether has become similar to banks and fractional reserve banking. They can manipulate the money supply to pump the cryptospace economy and this always ends in a big short similar to the different financial crisis that have occured in the past. Has this community given up on the ideals of bitcoin's creation? |
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@estenity. That thought and reaction is really what the Grin development team wants hehehe. It might take 4 years or more before it can find its own pull on the market. The early inflation is too great for demand, however, good for wider distribution if the Grin community work on it.
Grin devs also received and sold $10m in early investor money right after launch. I suppose you Could say that’s how they “diluted early investors” 🤣🤣 $10mil split between 4(?) devs is a healthy payout for starting something new. It would easily fund full time development for 5+ years. You are talking about a different project. Grin has never received any funding from early investors. Grin relies on donations from the community. It has received some small donations and 100 bitcoins that came directly from the coinbase transactions of 2 early solo miners for 50 bitcoins each. |
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The restaurant's entire cash reserves? I reckon the most ardent of maximalists will not go to that extreme hehehe. How will he pay the restaurant's suppliers, the monthly bills and also, what would he do if a bad wallet sent a transaction to his address and the government labeled it as also bad?
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@Kemarit. Agreed! You tell them hehehe. However, it appears no one cares about the lessons of the ICO boom of 2017. Also this article. Defi is described as a zero sum game. If there is someone profiting, there is someone else paying. Similar to a ponzi? Ethereum’s yield farming space is reaching such a fever pitch that some of its biggest proponents are asserting that they’re skeptical of the longevity of this fad.
“Weeb Mcgee,” a developer whose real name is John Lim, recently asserted that he thinks the ongoing “yield farming meta” is “an unsustainable zero sum game.” Mcgee is best known for launching yieldfarming.info, a site that provides timely data on DeFi protocols.
“Yep. I’m on the record saying yield farming meta is an unsustainable zero sum game. The big winners here are protocols benefitting by capturing permanent value via inflated prices / sudden movements of funds,” Mcgee said.
Mcgee isn’t the only proponent of Ethereum to have recently asserted that the yield farming trend is getting a bit out of hand.Source https://cryptoslate.com/defi-yield-farming-is-an-unsustainable-zero-sum-game-ethereum-innovator/ |
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I would not agree that freedoms are actually increasing, especially financial ones were in many countries everything is already under the full control of Big Brother. The whole set of laws introduced by the Americans after the attack 9/11 actually allowed not only the USA to become a totally controlled state, but the pressure from the Americans on other countries is constantly increasing to do the same. If you think you are free then you haven't been paying attention. Even the things we know about are horrendous. I do not know from what you conclude that I think I am free, because on the contrary I think that all human freedoms are constantly diminishing in all countries, especially in the so-called great democracies of the Western world. In my country which is a member of the EU, for years there is absolute control of the tax administration over all bank accounts, every and the smallest transaction is visible to the authorities. It is quite clear to me that we live in a totally spy society, all social networks, computers, mobile phones, cameras on the streets and shops are networked and monitor every person - and I am also aware that things are happening in the background far from the public eye, we only see what they want.
Betwrong&bbc.reporter, BTC blockchain is public, all the data is available to anyone to monitor and study as much as they want. Some call it the advantage that BTC has over the existing financial system, others might say that it is a weakness that the authorities will take advantage of if the need arises. Realistically, as one US congressman said, Bitcoin is still a small baby that can be very easily manipulated and does not pose a great danger. I have no doubt that things will become completely different if a small baby becomes too dangerous for those who rule the world. However, clearly bitcoin's data transparency is more of a disadvantage than an advantage. It will create a scenario where coins are not valued the same. This is also why we have mixers and the argument that everyone should mix their coins regularly to create a big, indistinguishable, anonymous pool of transactions. |
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@gentlemand. I created a thread arguing that bitcoin and the cryptospace might be in the early phase of a big short scenario similar to what occured in the movie of the same title. Many disagreed with my argument and they were close to call it fud. https://bitcointalk.org/index.php?topic=5250676.0Now that you see the printing of billions of tether and the hoarding of bitcoin by unknown companies, how do you see this ending? |
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Dana should go back to Abu Dhabi for the next events, I reckon. I am certain that this will not be the last infection on a UFC athlete if this stays in Las Vegas. They are putting themselves at risk!
In any case, @YuginKadoya, our cute Japanese doll has lost the fight hehehehe.
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I want to join for near the lower part of the .003 - .005 range. I am only a casual fan and I only want to have fun while watching the games. This will also be my first time to play fantasy football, I might only be wasting some coins hehehehe.
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@davis196. However, we should reflect on what the cryptospace should be for us all, be that as it may. Are we only here to support its compliance and submission to the authority of the governments and the banks so we can get rich quick?
I am also sometimes guilty of this, I admit.
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This is someone's journey in the cryptospace, what she has learned and what it must be. It is very easy to be lost from the way because the many of us want compliance and submit to the government and get rich quick.This article is a reminder and lesson on what the cryptospace should be for all of us.  By suppressing its crypto-anarchist roots and whitewashing its aims to appeal to bankers, crypto has cut itself off from its source of power.
Maybe it was my state of mind, but it felt like the dissonance between cryptocurrency’s stated aims and its material reality was reaching a fever pitch. The general effort toward compliance was not only enabling certain forms of oppression but at times actively supporting it.
At that moment, I decided that anonymity is where all philosophy of technology collides. In technical terms, it is synonymous with freedom. Practically, it can mean life or death. Read in full https://www.coindesk.com/bitcoin-lost-way-subversive-roots |
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The Barstoolsports CEO is also having quite an experience with bitcoin and the cryptospace with a small difference. He was gambling on Link and Orchid then lost $25k when the market pumped and dumped on him hehehehe.
This is the Winklevoss twins' doing. They introduced him to bitcoin hehe
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@Lucius. I reckon not only in America, in China, Russia, Israel, Singapore and many other countries can label your address as bad and would threat exchanges to have their licenses removed if they do not deny bad wallets.
It would also be easier for exchanges to deny or freeze users' accounts than face the problem.
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Also, Dana has a problem. A good problem hehehe! Who will fight Stipe first?
Jon Jones and Francis Ngannou are his pets and Dana hates Stipe because he is not marketable. I reckon that he might let his pets fight Stipe subsequently and hope one of them wins hehe.
From what I saw today it seems Dana has already decided that Francis has to fight Stipe first and Bones needs to have a fight or 2 before he gets a chance to fight for the title in heavyweight. Dana really hopes and wants Francis to be his poster boy for heavyweight division and Stipe stands in the way, not marketable Stipe... I don't think it will go this way as Dana has planned, Bones won't like this and Stipe will also have a thing or two to say about this first. Let's see how this will untangle. I do not trust Dana. This is what I predict will occur, Dana will organize Jon Jones versus Francis Ngannou for an eliminator or interim championship on December. I speculate that Stipe might not fight again for the rest of 2020. Dana will create a reason hehehehe. @tokeweed. Look at Mizuki Inoue, she is favorite with favorable odds on 1.78. Also, where is @mich? He will also like her hehehe.  |
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@estenity. That thought and reaction is really what the Grin development team wants hehehe. It might take 4 years or more before it can find its own pull on the market. The early inflation is too great for demand, however, good for wider distribution if the Grin community work on it.
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Also, his statement about online gambling is also wrong. It is still an industry that earns billions of dollars every year so I do not know what he was telling everyone.
It’s impossible to know what the person in question was thinking at the time of that tweet, but he obviously had some sort of vision of his own future in which there was no room for Bitcoin and online gambling. Maybe he thought that the West would start censoring the Internet in the same way that China and Russia did, and then things would be much different from they are today. I reckon his no action might cause a series of overreactions hehehe. He will be holding internet gambling stocks, bitcoins, altcoins, ICO tokens, Defi yielding tokens, all of them! I will not be surprised. |
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@Betwrong. Agreed, ethically the government should not label any address as bad without proof, however, we cannot trust them to act ethically all of the time. They can assume or imply that your coins are dirty, declare it in public and tell exchanges to deny you.
In transparent blockchains, we can be considered guilty until we can prove our innocence by ourselves.
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@bigslimvdub. Agreed because most cryptocoin projects have a monetary policy that encourages buying and only holding. This can be simply fixed by adopting a monetary policy with infinite supply. Dilute the coins of early adopters who want to get rich quick.
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That's incredible, raising $ 42 million in token sales in just under 4.5 hours, perhaps with the underlying marketing and technology offered and sold by the experts, it looks amazing.
The project might be not a scam, however, raising $42 million in under 4.5 hours should be questionable. It might be the same people behind the project putting in their own money or money they borrowed to start the deposits hehehe. |
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