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Author Topic: Is DeFi benefiting Bitcoin?  (Read 817 times)
bayu7adi
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October 23, 2020, 02:14:16 AM
 #101

We must be able to distinguish between price increases on hype coins and price increases on ordinary coins. Hype coins can go up in price in a short time and the price goes down in a short time. Whereas ordinary coins that have loyal community support and support for a long-term development focus, will find a more stable chart and tend to rise when their business model is adopted by large companies or official companies from the government.
So in my opinion, there is no relationship between Bitcoin and Hype coin (DeFi)
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Debonaire217
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October 23, 2020, 03:07:52 AM
 #102

I see there are many people already classified Defi as scam, perhaps this isn't true since it is still part of the cryptospace that we all know are risky, there are many people who earn profit in Defi projects just making sure that they've chosen a legit one. This, thus impact bitcoin in a positive way as their earning could be used to go with the bitcoin price increase hype.

On the other hand, its negative impact is when scam projects uses some tornado cash mixers to take profit and sell their coins

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harding
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October 23, 2020, 03:06:50 PM
 #103

Legitimate use for these things is essentially zero, the only one you see people promote in any detail is the use of loans to avoid capital gains tax but that *does not work*, because that activity is a "constructive sale" as any clueful accountant could tell you.

Is this some consequence of the structure of "defi" lending contracts?  I hadn't paid them much attention, but a quick search showed several where you use BTC or ETH as collateral for a loan denominated in some "stablecoin".  That leaves you exposed to the risk of (paper) losses if BTC or ETH declines, so it doesn't seem like a constructive sale to me, unless the IRS is treating all cryptocurrencies as substantially similar assets (which might be warranted given the amount of obfuscation alts try to pull off).
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October 24, 2020, 12:19:54 AM
 #104

The DeFi bubble has significantly deflated. It was only a matter of time given the ridiculously high yield percentages which were unsustainable. It is likely that a lot of this value leaving DeFi has flowed into Bitcoin which is something which has real use cases besides ponzi pump and dumps.

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November 02, 2020, 09:47:19 AM
Last edit: November 02, 2020, 12:43:08 PM by Ratimov
 #105

On Twitter https://twitter.com/Bitdealer_/status/1322624548471267330 there was a recent post showing the correlation between Bitcoin and DeFi:


The infographics shows the serial negative correlation between BTC and DeFi.

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