There are lot of defi platforms but almost all of them wash their hands of with 'vulnerable to smart contract hacks/risks', so there isn't really anything that is risk free.
Okay I thought De-Fi was like peer 2 peer networks or like torrents where there's no centralised point on the map to hack or target.
So you saying the smart contract part of de-fi is exposed to hacks? How can a de-fi coin get hacked or targeted?
Xrp Ripple for example is centralised where the SEC can easily target them like they did.
Please explain.
The centralized party is replaced with smart contracts in defi, and those smart contracts are codes which are not perfect, they can get hacked, wallets can get drained.
Okay when do you think smart contracts will mature and be used everywhere after the coding gets better or after debugging smart contracts?
there are some exchange where you can lend your token to bitcoin, from other traders, or stake your coin, these are some of the ways to earn passive income, although it's not that big, why not try ico, and ido investments, which are currently the craze there is a risk, of course, all investment have risk, but if you want income to choose the best one, try ethereum staking for example and others.
Do you mean lent my alts for bitcoin collateral?
I know the ico craze back in 2017 but whats a ido?
Love to stake Eth but cant afford to buy 32 Eth which is required for staking
Okay which exchanges you speak of, do you mean decentralized exchanges?
you need to take some thing into consideration:
1 - cryptocurrencies are very volatile, just as they increase a lot in price, they can also fall a lot in price.
2 - in the particular case of altcoins that in most cases their owners are not anonymous the risk becomes very great
by this I want to tell you that it is better that you buy and hold and set a price target that you want to sell
example:
bitcoin purchases for $47,000 and decisions you will sell when the price reaches $70,000
you will have control of your investment.
Yeah crypto is volatile and obviously the next bear market cycle will come that will last a few years.
For All Time High buyers that bought crypto at the top price and soon after experience a follow up crash that crashes into that new bear market cycle, these ATH buyers have 2 options:
- Sell their crypto at a loss.
- Or HODL their crypto and putting their crypto to work by getting Passive Income on it during the bear cycle and thus making more money at the next new bull cycle if they sell at that.
So I'm hoping this thread can help crypto bag holders with their decision.
However risk losing all your crypto with a counterparty is much worse than selling all your crypto at a 80% loss
Surely there must a proven reliable de-fi or a true decentralised service with no risk where bag holders can get passive income on their crypto. Theres 6000 coins in the crypto space, surely there's must be at least 1 offering such service
[moderator's note: consecutive posts merged]
