Our new economic model could be defi

[cryptoboss2020]

When they say that fiat debt based not good...
But I know and Everybody knows Bitcoin is not solution...

Defi could be the new solution for the New economic system.
Your money can do more for you and the defi are very well together with stable coins.

I dont think that DEFI is just quick scam... I think it has some bigger meaning.

Yes, I never thought Defi was meaningless in the Crypto market. If it didn't make sense then the Defi projects are dead and Uniswap is not in need of trading as much as it is now.
Defi was created due to the slowness of the bank, many people need to borrow money to use in business investment but banks are too late. Their technology slowdown has affected the economy a lot and that is why the Defi project is being appreciated at the moment.
Defi is addressing the needs of the crowd and that's why a lot of money is being poured into potential Defi projects.

Im afraid defi is not small thing and its young by investing Now it could be beneficial in the Future

[arapgeceleri]

I don't know much about DeFi. But I saw a lot of topics about DeFi in the forum. DeFi seems to be popular, but I hope it's not a scam project.

[AicecreaME]

Defi is not as secure as you thought it is. Unlike Bitcoin, Defi still needs to upgrade its design and feature. It’s more risky than btc’s nature as most of it is reported to be scam. We don’t want to invest into something we’re not sure of, aren’t we?

There are a lot of other emerging cryptocurrency possessing a potential almost the same to BTC, but always be on your guard because its security isn’t certain yet. I think its still safer to invest on btc and gold since the two already proven their worth over time. However, when it comes with the economic model, I guess fiat would still be globally used despite of its risk to inflation and deflation. Bitcoin might be next in line to fiat, but as you know, it isn’t legal in most countries yet and a lot still lack of knowledge regarding it.

[nemey]

I also don't believe that Defi is just a scam. Because what I see is the type of Defi kin also increasingly diverse. This shows the progress that has occurred in Defi. And Defi enthusiasts also began to arrive. I am sure Defi will be able to compete with good coins like Ethereum and Bitcoin.

[shoreno]

I also don't believe that Defi is just a scam. Because what I see is the type of Defi kin also increasingly diverse. This shows the progress that has occurred in Defi. And Defi enthusiasts also began to arrive. I am sure Defi will be able to compete with good coins like Ethereum and Bitcoin.

defi exist for a reason and a solution but there are people that abuse and make use of the name defi to scam . this is the same as btc , btc do also has a purpose but starting btc was use in the dark market and also use on many scam schemes as payment tool people already mistaken it as a scam and its repuation were affected ,

 that is happening on defi too but the reputation of btc is being restored but defi was in critical state right now and people are leaving instead of joining .

[YOSHIE]

I dont think that DEFI is just quick scam...

How about this: Topic: 💩DeFi scams [history]💩  (Read 1207 times), over 1, 207 people have read their history.

Topic: List of Defi scams  (Read 716 times), over 716 people already saw.

Defi could be the new solution for the New economic system.

for now you see, but wait a year or two to come you will see your cash box will be empty.

[Furious 7]

I also don't believe that Defi is just a scam. Because what I see is the type of Defi kin also increasingly diverse. This shows the progress that has occurred in Defi. And Defi enthusiasts also began to arrive. I am sure Defi will be able to compete with good coins like Ethereum and Bitcoin.

defi exist for a reason and a solution but there are people that abuse and make use of the name defi to scam . this is the same as btc , btc do also has a purpose but starting btc was use in the dark market and also use on many scam schemes as payment tool people already mistaken it as a scam and its repuation were affected ,

 that is happening on defi too but the reputation of btc is being restored but defi was in critical state right now and people are leaving instead of joining .

The reason this is indeed strong from that is the influence on DeFi which many groups of people misuse to keep earning more money, so it is impossible for DeFi to become a bigger economy like the first goal but now due to the trend so the chances of benefit are still high but don't know if this is. it's getting dimmer do they believe in DeFi anymore?
Investors already know that there are a lot of irregularities that happened that DeFi was initially good but was misused for its own purposes.

[el kaka22]

If we could somehow build the crypto world around defi features as much as we can, and have this huge community behind it that supports not just the profits they make but the idea itself as well, we could potentially see it in outside world as well.

Defi is not something that is only economy related, it could very well be something that is doable in other parts of the world and industries as well, which means as long as we get to have defi and a lot of population behind it, we are going to see defi world gradually increasing and having non-crypto stuff in it as well. Obviously this will take a lot of time, but gradual steps to take and become bigger and bigger are very important and they will definitely be bigger in few years if we support it.

[chip1994]

Yep, I agree with your point.  As you can see, people criticized the Defi trend and criticized it as useless when the Defi top coin such as YFI, Compound, ... fell 40% deeper in just a few days.  But now you see, they praise Defi coin when many coins are profitable for them like Base, KiraNetwork, Folder Protocol.
So this is the time when Defi coin exploded, I think we should use our money to invest in Defi projects instead of holding Bitcoin with meager profits.

[Dragonfund]

I also don't believe that Defi is just a scam. Because what I see is the type of Defi kin also increasingly diverse. This shows the progress that has occurred in Defi. And Defi enthusiasts also began to arrive. I am sure Defi will be able to compete with good coins like Ethereum and Bitcoin.

The system hasn't been working that's why there is urge to move into DeFi but don't you think the aim is defeated. We now have series of DeFi project with limited ability who boast to replace an existing plan but you will be supprise at the end of the day that the goal is just money. I'm not suprise why yearn.finance founder left the project because his aim was trash into trashcan and was never followed by the investors and team members.
Few will survive the jungle but take it that about all will die, DEGO finance that I once hope own has failed me after the price crashed. 

[exstasie]

The deciding factor will be what actual law makers do to it. ICO bros thought they were magically exempt from that boring old law stuff because 'it's on the internet' and then the last few years have been spent slowly hunting them down and mopping them up.

It seems regulators are already catching up. According to this thread from Brian Armstrong, there are rumors of new Fincen regulations in the works that could force KYC on Defi counterparties.

https://twitter.com/brian_armstrong/status/1331744884856741888

This could also make WBTC or stablecoins much harder to use, and could affect regular medium of exchange use cases. I'm not looking forward to seeing what comes out of this.

[stompix]

Yes, I never thought Defi was meaningless in the Crypto market. If it didn't make sense then the Defi projects are dead and Uniswap is not in need of trading as much as it is now.

Volume doesn't mean it is something important for the world, the real world continues on its own even as hundred of coins reach billions in fake volume, in real-world applications all this defi madness has proven it has literally zero value or impact.

Defi was created due to the slowness of the bank, many people need to borrow money to use in business investment but banks are too late.

Yeah right, and how can you solve the basic problem for a starting business with defi and no banks?
I have an idea, I have an average wage that allows me to pay back a loan but I have zero collateral.
Tell me, where should I apply for a loan, at a DeFI project or a bank?

But now you see, they praise Defi coin when many coins are profitable for them like Base, KiraNetwork, Folder Protocol.

So, it's basically speculation on its price, not usage...just like all other shitcoins around.

[jaysabi]

The deciding factor will be what actual law makers do to it. ICO bros thought they were magically exempt from that boring old law stuff because 'it's on the internet' and then the last few years have been spent slowly hunting them down and mopping them up.

It seems regulators are already catching up. According to this thread from Brian Armstrong, there are rumors of new Fincen regulations in the works that could force KYC on Defi counterparties.

https://twitter.com/brian_armstrong/status/1331744884856741888

This could also make WBTC or stablecoins much harder to use, and could affect regular medium of exchange use cases. I'm not looking forward to seeing what comes out of this.

I would expect anyone attempting to be in the finance space to be required to abide by current finance regulations, including KYC and AML.  If this renders stuff like defi untenable, that's not a big loss in my book.  From this twitter thread, points like this: 

Finally, many recipients (in the U.S. or abroad) who value their financial privacy, may simply not want to upload more identifying documents to various companies, which could be hacked or stolen.

don't really sway me. Yeah, a lot of people would value privacy in all manner of their financial lives, but you're not allowed to open a bank account anonymously for some pretty good reasons. A decentralized system just isn't compatible with our society because there are too many bad people doing too many bad things, and this would be far worse without accountability.

[exstasie]

I would expect anyone attempting to be in the finance space to be required to abide by current finance regulations, including KYC and AML.  If this renders stuff like defi untenable, that's not a big loss in my book. 

When you say things like "the finance space" and "Defi" what are you referring to exactly? Do you think all forms of peer-to-peer finance (including 2 people engaging in an off-exchange trade, or a micro-loan, etc.) should have AML and KYC requirements attached? Traditionally these are requirements for businesses but not for casual users.

I'd like to think you and I could use a smart contract to engage in a trade or other financial transaction that benefited both of us, without being subjected to government mandated reporting. That's certainly possible with many other currencies and investment assets.

[24Kt]

If we could somehow build the crypto world around defi features as much as we can, and have this huge community behind it that supports not just the profits they make but the idea itself as well, we could potentially see it in outside world as well.

Defi is not something that is only economy related, it could very well be something that is doable in other parts of the world and industries as well, which means as long as we get to have defi and a lot of population behind it, we are going to see defi world gradually increasing and having non-crypto stuff in it as well. Obviously this will take a lot of time, but gradual steps to take and become bigger and bigger are very important and they will definitely be bigger in few years if we support it.

That is an ideal scenario. But the fact that these scammers are using now the DeFi hype to enter and ruin this industry, the trust from people will be destroyed also. As only few of them will emerge as successful, I don't think they can cover the needs of the large population in the future.

[Shasha80]

DeFi is indeed very popular this year, and I have also benefited from DeFi. Maybe because I have done my research first,
so I chose the right DeFi projects. But the problem is that many scammers take advantage of this situation, by creating
DeFi for personal gain. Therefore, there are so many DeFi projects that are scams nowadays, so always be careful choosing
DeFi for investment. I agree that DeFi can help the economy and make it bigger meaning, we must give DeFi an opportunity
to develop.

[Ayiranorea]

Defi has made a big change this year. Previously IEO and ICO served the market. Everytime something gets new into the market, the same gains importance and gives new dimension. Everytime scammers ruin the system, developing something resembling the real ones. People get to be lucky to profit out of defi, because we it is completely unpredictable. The one that is predicted doesn't grow high whereas the unexpected projects give big return on investments.

[VictorProsh]

You look too narrowly at things only within your home/neighborhood and no more.
The existence of a fully decentralized economy is physically impossible because a very large number of enterprises are connected to each other simply through a sequential production cycle. And this is not to mention the General tax base, General accounting regulations and rules, and General principles of calculation.
In your beautiful world of a decentralized economy, everyone can do whatever they want with all this, and all this will very quickly get bogged down in a wild bureaucratic avalanche of all sorts of contracts on top of contracts, conversion processes, translation of documentation from one standard to another, and so on.
The economy cannot be decentralized also because the economy is built by the state and the people in it and the economy is almost the heart of the state. Just as the heart cannot be separate from the body, so the body cannot exist without the heart (for example, a human).

I only agree with you that every state is trying to adjust the monetary system, which does not always correspond to a sound economy. Comparison of the economy with the heart of the state is possible, but what about the heart affected by the disease of alcoholism or other objective ailments, where are the criteria that allow even the patient to strive for an objective recovery? Today, the world economy is ruled by the dollar, and tomorrow it is possible the yuan, but each of them strive for sole management with benefits, primarily for themselves, ignoring other participants in the world economy. Therefore, my opinion is that the world economy should be decentralized, the contribution to it should be adequate to the investment of each state of its GDP, and the total profitability will spread in proportion to the invested funds to all participants who agreed to participate in the new economic system. The main incentive is everyone's benefit in overall development.

[Mauser]

When they say that fiat debt based not good...
But I know and Everybody knows Bitcoin is not solution...

Defi could be the new solution for the New economic system.
Your money can do more for you and the defi are very well together with stable coins.

I dont think that DEFI is just quick scam... I think it has some bigger meaning.

I agree with you that FIAT is not the solution and should be abandoned in the long run. DEFI might be a solution but we shouldn't forget bitcoins, so many people these days know and actually use bitcoins. We should try and build up the popularity of bitcoins. DEFI doesn't look like a quick scam to me either.

[marlo1001]

And our new IPO could be ICO..
Man, there already was hype like this before. After several years everyone will forget about it