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The hacks of Defi projects is the new normal. Most times we see Defi projects as a gold mine, but in real fact its a risk trap that has ensnared many. The prevalence of the hacks on Defi projects should be an indicator of the weakness of the projects and that should be taking into consideration when one making investment decisions.
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It's nice joining an active telegram group, because it means that one could easily get the needed assistance when necessary and get to know more about the project and the cryptocurrency industry from the discussions in the group. I prefer active telegram groups because the news about the happenings in the space is readily available and shared thereby making one up to date in the happenings of the industry.
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Giving up is not an option in this space. The journey to make it in this industry requires a great deal of patience and resilience. One has to consistently strive despite the challenges and negativity. The space could be very lucrative, if one is lucky and makes the right choices. I'll advise that we continue the hussle irrespective of the challenges of the market.
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There are different signals to look out for while trying to decide the credibility of a project, one has to see if the project is actually telling the truth in terms of the information they make available to the public. Most scam projects peddle lies to the public and when we detect these lies they find a way to cover it up or ignore. Another checklist to consider is the whitepaper, when the whitepaper is plagiarised, it's a red flag.
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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.
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The dump in the market is quite discouraging and I feel really sad because I anticipated a bullish trend this period. I really do hope that the market correction does not last too long. We all need to be patient with the market and before long this correction would pass away.
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It's quite unfortunate that EterbaseExchange has joined the league of hacked exchange. I got to know from the conversation on their telegram group and it feels so bad because I swapped all my xbase tokens for the new one and I'm yet to sell because I was anticipating an increase in the value of xbase. As it stands there's yet to be an official announcement in this regard as the telegram Admin says investigation is still ongoing.
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I'm one of those who are sceptical about investing in new ICO's because of my past experiences. Investing in new projects is twice as risky as compared to investing in popular coin which falls on the first 20 list in the coin market cap. I'm particularly keen on established projects when it comes to cryptocurrency investment and I prefer a trading coin. Perhaps its because of the predominance of scam ICO's
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At the onset when bitcoin was established, it took a great deal of effort to establish a cryptocurrency because the team had to set up the blockchain and several other edifice from scratch, but with ethereum where creating a smart contract takes less than 5 minutes and the doesn't require technical knowledge, tokens and projects are flooding the cryptocurrency Airways. Several of them lack use case and others have no bearing, so they end up adding to the number of cryptocurrency without volume.
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I've traded on several exchanges like bittrex, Poloniex, yobit, hotbit, to mention a few. But the exchange which seems to catch my fancy because it posses all the features I would ever need is Binance. The exchange has a competitive withdrawal fee and trading fee is almost free when paying with bnb. I love the fact that I can exchange crypto for fiat and withdraw into my bank account in few minutes.
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When I read about the volatility of Defi projects, I cringe to my bones I was depressed when I read of a token - Hotdog that dropped from $4,000 to $1. It simply shows that Defi is more of a gamble than investment. I know several persons have made it big with the Defi Hype, but many more have lost a lot especially the small traders and low earners.
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We all have a large number of old coins that are no longer useful, most of these projects existed with the advent of ethereum protocol which gave them the opportunity to create tokens. In year 2017, we had a large list of ICO's and these projects were created for several reasons and purpose, most of the projects failed and we're stuck with them.
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The ethereum network has been experiencing a huge surge in transaction fees and that explains why you could be charged for transactions even more than the value of what is being transacted. We really can't do anything about it and the best you can do is wait for the transaction fee to reduce.
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There's no doubt that Defi projects has been making a good return on investment for holders lately. The issue of one may need to be careful Inorder to avoid falling victim to scam Defi projects which are getting popular by the day. The most prominent Defi project that recorded the highest return is the YFI tokens which is over 2 btc presently.
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There's no guarantee for results in this space. My greatest regret was selling out too quickly when I collected hydro airdrop few years ago, but I was also burnt last year for not selling my bcnex tokens and expecting the value to increase. Its just for one to discern the right project to hold and the ones to sell.
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I received LEND some years back as an airdrop and was fortunate to stumble into the coin and found out that the value has risen substantially. Since the project is Defi in nature, I can say that the value is still going to rise. You'll be wise to hodl for a while and see how it turns out. Lend is one of the most popular Defi tokens and its surely worth considering for long term hold.
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Instead of investing in one unknown coin that was introduced to you, why not go for the known coin like bitcoin and ethereum. Most of the unknown coin we get to hear about outside this space are not even cryptocurrencies or they're ponzi scheme, just like someone saying that forsage is a coin or one coin is a coin when they're well known ponzi and MLM schemes.
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Which wallet do you like the most? Personally I really like Exodus, the only con is that it's not fully open source, but other than that it's a great wallet!
Are there any wallets which allow you to have multiple addresses?
When you need a wallet that supports multiple platforms or blockchain, my best bet is Trust Wallet. The wallet support ethereum, bitcoin, tron, EOS, bnb and several other blockchain. I was using Imtoken and MEW, until I found out that Trust wallet has a multiple wallet that can support many cryptocurrency without hitches. I know, the hardware wallet like the ledger nano are more secured, but they're expensive for low crypto earners. |
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I feel the Defi hype is worth the hype because its the birth of something great and wholesome in the cryptocurrency industry and its worth getting excited about it. On the other hand, ICO's were simply projects that wanted to get funds from users for the purpose of establishing structures, but most ICO's were basically pumps and refined ponzi scheme, because several of them added nothing significant to the space, but carted away with users funds.
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