Are DeFi projects trustless?

[bitzizzix]

It’s good that you create such awareness, people really need to open their eyes and make their DeFi choices wisely so they don’t end up investing in the wrong. Matters of security are things that shouldn’t be taken lightly, but as usual the team behind a project will never tell you that their security is poor, no matter how bad it is they will always claim to have the most advanced of security features.

And I presume that they all had learned the past when ICO projects did the hypes, the same thing that it happens to Defi which is some of them aren't then good for investment. We make choose of (some) Defi projects but it is necessary first to make research and avoid losses. We don't need to fall into hypes as many cases that it was only a clickbait that brought us into nothing. We need to be smart, think twice as possible, that is the only thing it helps.

Yeah right, the most important thing is to learn from before like ICO and from the start everything looks fine and over time many ICOs become scams that can harm many people.
Currently Defi is becoming a trend, and don't be too easy to believe before doing good detailed research and continue to learn from experiences or mistakes that have occurred so as not to regret and lose.

[nomenclatur]

an investment risk as to the project Defi will come to a lot of product Defi which appears the price of coin Defi in the early entrance exchange actually rose 100x but with time they also project the price would be significantly reduced so it all depends on the traders who will take advantage of the opportunity to obtain profit as much as possible.

[Nazmul012]

defi tokens like oikos, dia data able to gain incridible success. Especially wonder about dia data. around 5 cent was Ico price but the price of dia data is raised around 100x, about more than $5 ath. But suddenly the price dump 4x without any reason. Thats doubtful. Besides Another defi token Yearn Finance (YFI) cross $43.5k milestone and dump 2x which is really shocking. Can't trust such kind of defi tokens

[bitcon]

For it to still uphold the trust and faith of their investors and the crypto enthusiasts that is patronizing them, they must really be a trust-worthy and should be abused their power and to make their community grow time to time.

Those, who really affect cryptocurrencies market and make billions on it, say that DeFi projects are on the hype. However, as soon as this hype wave will grow in the nearest future months, it is worth investing in them. The most difficult thing here is to catch the peak of the popularity growth.

[AlexAtom]

If you said so, then you can say that bitcoin is trustless too because it has core team who has access to change the blockchain coding.
I think defi projects are still decentralized, not because it has no core team, but because it running on blockchain network which is decentralized, even if the project has core team behind it.

[puremage111]

It's only a matter of time until some DeFi developers will start abusing their admin keys privilege to scam people, this field is ripe for that - tons of investors blindly throwing their money in anything "DeFi", just like it was with ICO and blockchain in 2017. Anyone who is playing on this market right now needs to understand that sooner or later the hype will be gone, and when that happens, a crash will come.

THIS!

The main thing about decentralized finance is taking out a centralize party who could take control to run away with your money and etc
However in reality, the Terms used =/ what is implemented

Look at what happened over the past few months
Some Defi project Rugpulled = pull plug, some got their token stolen and more
Admin Keys = is like a key for ultimate changes/way of exit for scammers who plan to steal money

If people can't understasnd smart contracts, it is actually risky to put their money into the so called "DEFI"

DEFI itself is a good tools/product and it will continue and even evolve to something better, but matter of time

[MainIbem]

The reputation of DeFi projects is under scrutiny. The failures of some DeFi projects in recent time is actually making the community look intently to the trustworthiness or otherwise of DeFi.

[Simakura]

not all Defi projects are trusted, many people make a fake project claiming the project defi.

[carlisle1]

an investment risk as to the project Defi will come to a lot of product Defi which appears the price of coin Defi in the early entrance exchange actually rose 100x but with time they also project the price would be significantly reduced so it all depends on the traders who will take advantage of the opportunity to obtain profit as much as possible.

it is not what we called traders but manipulators is what you mean here and yeah they are the reason why the price of defi projects are really increasing but in time will reduce and some will truly fall.
actually some are starting to return to their level and some are staying very slow moving.

If you said so, then you can say that bitcoin is trustless too because it has core team who has access to change the blockchain coding.
I think defi projects are still decentralized, not because it has no core team, but because it running on blockchain network which is decentralized, even if the project has core team behind it.

well it can't be compared mate,because Bitcoin has been here since the beginning not like this defi thing that just brought to pump to make investors believe in their existence .

[libert19]

Just look at the recent kucoin hack, devs made the hacked tokens useless, although it was done for a good purpose, it still makes you question the so called decentralization.

[aryana42]

not all Defi projects are trusted, many people make a fake project claiming the project defi.

Yes, it is because of the scammers who take advantage of the trending opportunities in the DeFi system, so they create fake projects to scam many people in crypto especially investors.

[StyleForceOne]

It’s good that you create such awareness, people really need to open their eyes and make their DeFi choices wisely so they don’t end up investing in the wrong. Matters of security are things that shouldn’t be taken lightly, but as usual the team behind a project will never tell you that their security is poor, no matter how bad it is they will always claim to have the most advanced of security features.
It’s now up to the investors to look more into the project, and if there is anything that doesn’t seem right to you, it’s a sign that you should quit early, rather than continue and bear the consequences.

Meanwhile whole market is falling down its a good idea to invest in any major defi project, because most probably they're going to climb their value back up anytime soon.
Overall, it is always a good idea to dig into project's info before investing anything in it.

[Kong Hey Pakboy]

Defi projects are not totally trustless or scam. People think Defi projects are not worth investing because scam projects are increasing their numbers again, just like what happened in ICO projects from the year 2017 that it has a vast number of scam and unsuccessful projects. So the outcome investors and bounty hunters have left and stop participating in new projects.

[Velvet78]

Since the success of defi projects depends entirely on the dedication of the project team, we cannot say that all defi projects are reliable. There are too many projects carried out right now, and among these projects, there will be successful ones as well as unsuccessful ones.

[elvismicc]

98% of them are scam and useless, have witnessed alot of them vanished away few days ago my  colleague sold about $6000 worth of $BLZ and use the fund to buy a Presale it wasn't upto 34 hrs the project vanished oh my God I feel sorry for him anyway.

[Borocoin]

Now we have a lot of scams in Defi because of FOMO

A lot of tokens going down, it's important to find good project

I am now focused on YFFII, only 30 000 supply and 17$ price, it can easy go to 1000$

[Ozero]

defi tokens like oikos, dia data able to gain incridible success. Especially wonder about dia data. around 5 cent was Ico price but the price of dia data is raised around 100x, about more than $5 ath. But suddenly the price dump 4x without any reason. Thats doubtful. Besides Another defi token Yearn Finance (YFI) cross $43.5k milestone and dump 2x which is really shocking. Can't trust such kind of defi tokens

The YFI token has already more than halved. Now its price is $ 14,989. This drop is almost three times, and every day its price and capitalization continues to fall. Until recently, the YFI token had a capitalization of just over one billion dollars. Now $ 449 million is left of it. I would not be surprised if after a few days its price drops to the bitcoin price.
Therefore, one has to be very careful with DeFi projects. These are mostly governance tokens and have little value.

[cute nmp]

Well at the beginning there are not but recently I can say many of the defi-projects are trustless.Many investors are interested in defi-project because they tend to be more profitable than others and that is the major reason why many of the defi-projects are just out to scam people.Some of the defi-projects do not even have an actual team so one should be extremely careful before investing in those defi-projects to avoid scams.

[Abiky]

THIS!

The main thing about decentralized finance is taking out a centralize party who could take control to run away with your money and etc
However in reality, the Terms used =/ what is implemented

Look at what happened over the past few months
Some Defi project Rugpulled = pull plug, some got their token stolen and more
Admin Keys = is like a key for ultimate changes/way of exit for scammers who plan to steal money

If people can't understasnd smart contracts, it is actually risky to put their money into the so called "DEFI"

DEFI itself is a good tools/product and it will continue and even evolve to something better, but matter of time

Exactly. Unfortunately, there are many scammers willing to take advantage of the situation by using the concept of "decentralization" in a wrong manner. "De-Fi" is all about being trustless. Taking that away from "De-Fi" turns it into another banking system. Sadly, most people only care about doubling their investments in the shortest amount of time possible. They don't care whenever the platform their investing into is either centralized or decentralized. As long as this mindset continues, there will be substantial losses over the course of the "De-Fi" industry's lifetime. If you want to avoid using a "De-Fi" platform that is centralized (with a trusted third party), then the best way to do so is by checking the dApp's source code. But even this requires a certain level of technical knowledge to be able to differentiate the "good apples" vs the bad ones.

Nonetheless, there's nothing we can do about this as crypto/Blockchain tech's open source nature allows developers to do as they wish. It'll be the individual's responsibility to avoid centralized "De-Fi" platforms as much as possible. With due time, truly decentralized "De-Fi" platforms will remain on the scene while the rest will go down the drain. The market will determine each platform's fate in the crypto/Blockchain space. Just my opinion

[fammy]

In the current trend in the marketplace DeFi made a very important role that makes the cryptoworld alive and surviving once again amidst of this pandemic period which for me and I can totally say that DeFi is a very trust-worthy project and development if you are really looking for a very good and beneficial investment.