darewaller
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October 26, 2020, 04:15:37 PM |
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I support the second comment that says DeFi is a supplement to centralized finance. There are no threats, they are there as a support. I don't know how some people expect this to be, but I think it needs to be a balance between the two. I see crypto as other assets, but it's quite different because unlike the others, you can easily transact/send it to anyone because it's digital.
All these assets, crypto, silver, gold, they are all the same, anyone you prefer to hold is your choice. Fiat is the main currency and these ones can either have more value or less than it. That's why we are using fiat to judge the value of all other assets.
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Yatsan
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October 26, 2020, 11:20:02 PM |
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The concept on the mind of people do always makes comparison and competency between Decentralized Finance (DeFi) and centralized finance making a rise for an issue if the existence of DeFi becomes a threat to the centralized body. Yes, there are certain advantage that DeFi can do provide so as the centralized finance as well. Both are two different bodies so no sense that we always bumping those two different finances for they work on different aims and purposes and people have their free will if they wanted to get into DeFi or just stick into the centralized finance. DeFi is not being existent to become a threat to the centralized finance. Such concept is just running freely on people's mindset.
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Clement Kaliyar
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October 26, 2020, 11:58:02 PM |
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Yes, there are certain advantage that DeFi can do provide so as the centralized finance as well. Both are two different bodies so no sense that we always bumping those two different finances for they work on different aims and purposes and people have their free will if they wanted to get into DeFi or just stick into the centralized finance. I would like to know about the positive aspect of the decentralized finance other than picking some random shit coins expecting that it could give you a huge profit and there are literally tons of scam projects and i find it as a pump and dump market rather than anything meaningful. You can change my mind if you have argument against that.
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TheUltraElite
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October 27, 2020, 06:12:55 AM |
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DeFi and CeFi are not even comparable. Heck what is CeFi meant to be anyway? We made up that word just to differentiate DeFi and non-DeFi. No company out there is marking themselves as CeFi - correct me if you can though.
They are supposed to complement each other, just like bitcoin is supposed to be a different mode of payment compared to fiat. Some may exxagarate that to other terms but this is the basic.
Point is that DeFi was here for longer time than ICOs and all that offering BS. People saw it because it was hyped recently.
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CryptopreneurBrainboss
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October 27, 2020, 11:32:49 AM |
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With the way DeFi started, it presented itself as a threat in the industry as you can see all centralized system trying to jump on the trend although greed took over and the focused changed. DeFi became a way to make quick bucks instead of the technology been focused on and improved. Uniswap showed the world the volumes of centralized exchanges can be achieved with dex before then we all taught utvwas impossible. Taking of loans and also lending because more accessible, DeFi made the centralized platforms that offers all this service become irrelevant. I think DeFi had a shot of posing a threat but got hijacked by quick bucks developers. No company out there is marking themselves as CeFi - correct me if you can though.
Binance exchange is, they're so focus on conquering the centralized finance Industry since it seems their efforts in dominating the decentralized industry isn't paying off, CZ seized every opportunity he sees to tweets the pros of CeFi. Recently they launch a similar feature of farming tokens but unlike with with the DeFi you'll have to stake on their exchange which is centralized.
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stompix
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October 27, 2020, 02:07:05 PM |
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I would like to know about the positive aspect of the decentralized finance other than picking some random shit coins expecting that it could give you a huge profit
I hope you don't plan on waiting for this ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) The madness caused by the huge gains with bitcoin triggered a madness, not only people who cling to every shittty token thinking or rather forcing themselves to believe that they will get rich just by holding it but also another myth, that everything needs to be decentralized. Seriously, sometimes when I constantly read posts after post on how decentralization is so good I feel like telling people to grab an ax and decentralize their brain first to see if decentralization in a thousand-piece sis that better. And currently, it is much easier for an ordinary person who is not connected with the cryptocurrency market to contact a traditional Bank.
Bitcoin is being supported by banks in the US. Regulations related to Bitcoin are being finalized. Bitcoin is being accepted at multiple locations across the United States and globally. The number of people using Bitcoin is increasing over time, and big companies are putting bitcoin in their reserves. If that number would be increasing that much we would be seeing more transactions than in 2017 which is not the situation. Besides, there is a technical limit to how many people can actually use bitcoin. And no, crypto payments via cards that run on Visa's network don't count. I don't think it's the pace that's the problem, but the direction. The focus is on all the wrong places. People care more about the speculation than they do about the technology. Everyone needs to stop treating it like it's a new way to make money.
Not going to happen, I mean, do you know a single thing that has Finance in its name and it's not about making money?
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DooMAD
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October 27, 2020, 02:57:13 PM |
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I don't think it's the pace that's the problem, but the direction. The focus is on all the wrong places. People care more about the speculation than they do about the technology. Everyone needs to stop treating it like it's a new way to make money.
Not going to happen, I mean, do you know a single thing that has Finance in its name and it's not about making money? Fair point, heh. I suspect most people are going to be disappointed when they lose money, though. Lambs to the slaughter.
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proTECH77
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October 27, 2020, 03:32:40 PM |
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The way Defi is trending right now that is making some people think it will take over from centralized finance which is more popular than Defi in the country. Since this pandemic started many defi users quite because of what they are hearing that the project will collapse soon because government is ready to print more money to rise the economy to reduce any kind of digital money. I think Defi is not a threat to centralized finance will has be existing over many years.
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lixer
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October 27, 2020, 07:03:12 PM |
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Companies do not call themselves cefi, cefi is just the "standard" regular thing, there is no name for it, there is a name for defi because it is not the standard regular thing which is why people put a name on it but that's it. I believe there is a big difference between regular and irregular in the bad sense but there is one in good sense as well.
Don't you believe that "irregular" could also mean anything that is a new invention? Ford for example famously said "if I asked people what they wanted, they would have said faster horses" and that is what defi could be, or may not be at all humanity is filled with failed inventions, there is a million failed attempt for every good one.
Defi is something we are trying right now, trying to get our own economy in our hands and if we can achieve it, it would be world changing, if not it would be just a failed attempt.
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tvplus006
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October 28, 2020, 09:49:32 AM |
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Bitcoin is being supported by banks in the US. Regulations related to Bitcoin are being finalized. Bitcoin is being accepted at multiple locations across the United States and globally. The number of people using Bitcoin is increasing over time, and big companies are putting bitcoin in their reserves.
But despite this, I must admit the fact that decentralized Finance is not being used by new entrants to the cryptocurrency market. And those who have been working with cryptocurrencies for a long time do not all understand the advantages of this type of lending. But using a traditional Bank helps avoid tax problems.
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FanEagle
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October 28, 2020, 05:14:08 PM |
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Things can co-exist together, not all the market takes a share from other markets, sometimes they create their own market which means there is also no need to be worrying about cex and dex or cefi or defi being so different from each other but growing all at the same time, because they can co-exist together.
Literally this is not something I would be knowledgeable about to comment on in an official situation, I am not an expert at all, I have been in crypto world for over 8 years now and I can tell you one thing I learned ; anyone can be wrong. However look at all the crypto coins coming into the market, they grow and become big, but bitcoin keeps growing big at the same time as well, one going up doesn't make the other one go down, hence I believe defi and others could do the same.
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Police Indo
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October 28, 2020, 11:37:46 PM |
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Maybe people won't need a bank in the future as they switch to DeFi services. and this has begun to be proven by the presence of many Chinese citizens when dealing with banks, they are dealing with Alipay and WeChat, at least doing this kind of financial behavior without going to the bank. This is proof that the application of DeFi is needed and can develop in the future
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stompix
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October 29, 2020, 06:48:16 PM |
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Maybe people won't need a bank in the future as they switch to DeFi services. and this has begun to be proven by the presence of many Chinese citizens when dealing with banks, they are dealing with Alipay and WeChat, at least doing this kind of financial behavior without going to the bank.
Let me guess, you think that not only there is no bank behind WeChat and AliPay but you also think that those two are decentralized? You are just fooling yourself by thinking you're not dealing with a bank, just as some people think that if they have a crypto card there is not a bank behind the payments done via the Visa and Mastercard network. Nobody is using those defi services, there is currently no real-life application for them all they do is swap tokens all day and pray they go up in price. Have ever used it for anything else? Ever? Defi is something we are trying right now, trying to get our own economy in our hands and if we can achieve it, it would be world changing, if not it would be just a failed attempt.
Again, the same question, how are you going to get your own economy in your hand? And more specifically, what's this thing called your economy? Things can co-exist together,
A lot of people argued the opposite, bitcoin was supposed to kill PayPal but, look what's happening, it was supposed to be a banking killer yet thousands each day buy and sell coins while dealing with wire transfers, there are still people who think this defi hype will replace something when in reality there is almost no need for its existence.
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deisik
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October 29, 2020, 08:07:38 PM Last edit: October 29, 2020, 08:49:20 PM by deisik |
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The you think defi a a threat to the future of centralized finance? What's your opinion? DeFi is not like cryptocurrencies Fiat and cryptocurrencies cannot live (well) together, and in this manner, it is possible to say that cryptocurrencies are threatening fiat (even if purely hypothetically). But financial services are just services rendered by one or another company. If they are now providing them in a decentralized fashion, the same services, can we then claim that there is some kind of threat involved? Personally, I don't think so. It is not correct to speak in terms of threat or danger here. It is the same stuff but done in a different way, yet another different way as there can be many, actually dozens
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AmoreJaz
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October 29, 2020, 09:44:52 PM |
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Maybe people won't need a bank in the future as they switch to DeFi services. and this has begun to be proven by the presence of many Chinese citizens when dealing with banks, they are dealing with Alipay and WeChat, at least doing this kind of financial behavior without going to the bank.
Let me guess, you think that not only there is no bank behind WeChat and AliPay but you also think that those two are decentralized? You are just fooling yourself by thinking you're not dealing with a bank, just as some people think that if they have a crypto card there is not a bank behind the payments done via the Visa and Mastercard network. Nobody is using those defi services, there is currently no real-life application for them all they do is swap tokens all day and pray they go up in price. Have ever used it for anything else? Ever? Defi is something we are trying right now, trying to get our own economy in our hands and if we can achieve it, it would be world changing, if not it would be just a failed attempt.
Again, the same question, how are you going to get your own economy in your hand? And more specifically, what's this thing called your economy? Things can co-exist together,
A lot of people argued the opposite, bitcoin was supposed to kill PayPal but, look what's happening, it was supposed to be a banking killer yet thousands each day buy and sell coins while dealing with wire transfers, there are still people who think this defi hype will replace something when in reality there is almost no need for its existence. you have good points regarding the actual usage of defi services. just take for example the yearn.finance, which reached their ATH just last month at about $43k (higher than what btc achieved so far!) , and now look at their current price a month after reaching that price, trading at $11k. but are you gonna ask yourself, where that price coming from? even if it already declines about 4x from its ATH, still that price is ridiculous for an empty platform! no active use case, still their platform is in forever beta stage and yet they have that price tag? sooner or later, these defi supporters will realize that most of these defi platforms are just pure talk and theres no actual devt going on so really not thinking here that they will be a threat to the centralised finance. they need to show how their products are influencing the market first, then lets talk if they can really compete with the centralised ones
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Golftech
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October 29, 2020, 10:04:55 PM |
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Maybe people won't need a bank in the future as they switch to DeFi services. and this has begun to be proven by the presence of many Chinese citizens when dealing with banks, they are dealing with Alipay and WeChat, at least doing this kind of financial behavior without going to the bank. This is proof that the application of DeFi is needed and can develop in the future
The good side of this system will enhance the true intension of crypto, no need to let your money being hold by any banks but it can now be access thru online, if this will be developed correctly and no hassle or no problem that take place, it will be supported by more people, it's just the knowledge for those who not aware yet that's needed to enhance letting this new system to be embrace.
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MCobian
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October 29, 2020, 10:36:10 PM |
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In fact, why many countries still hesitate to accept cryptocurrency, because crypto is considered a threat to centralized finances. Because the government is afraid that crypto will replace the bank system, even though it's just an excessive fear in my opinion. Similar to DeFi, which is currently trending, it is only used by whales to create hype to generate profits. So DeFi is not a threat to centralized finances, but only to complement the needs of users who cannot be given centralized finances. Or only to give huge profits that might not be obtained from centralized finances Because in the end, centralized finance and decentralized finance will go hand in hand.
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Wallflower28
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October 29, 2020, 11:10:05 PM |
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Although there have both similar in word finances, they are also different in perspectives. As decentralized finance is not being manipulated nor control by a single person, unlike with cefi or centralized finance. In other words, they are opposite idea that conquering the world of crypto. It is a threat for centralized finance since decentralized have the most valuable term in crypto. We love decentralization because government and bank sucks.
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DoublerHunter
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October 30, 2020, 10:13:05 AM |
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^ Defi remains an ideology that is applicable to some like us nowadays since we have not reached the global acceptance of decentralized currencies. For me, this Defi will still be the absolute answer for equality when it comes to the financial aspect of the economy where it is being backed up of the same value to all nations globally. And to answer OPs post, I can't consider Defi as a threat either a supplement because it has the characteristics of centralized finance as well aside from the fact that centralized is still subject to one absolute government that will control the circulation of the said currency and backed it up of the value which can only be determined by the one who will hold the central finance which Defi does nOt possess.
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imstillthebest
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October 30, 2020, 10:31:17 AM |
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Although there have both similar in word finances, they are also different in perspectives. As decentralized finance is not being manipulated nor control by a single person, unlike with cefi or centralized finance. In other words, they are opposite idea that conquering the world of crypto. It is a threat for centralized finance since decentralized have the most valuable term in crypto. We love decentralization because government and bank sucks.
not just simillar in the word finance but also simillar on how finance works except to thier system of course because one if centralize and the other is decentralize . you already explain above how these two system works but the overall object of the cefi and defi are i think still the same . to be honest i didnt knew that there are cefi too but cefi are those latoken and other ( i forgot ) that are related to lending ? because that is the first thing that came to my mind when i read the word finance . cefi are first to rise they didnt bloom as big as defi but there are still cefi till now but the question is if defi will also remain when the hype was over .
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