Viewing profile — zeroclip

I'm not sure you are replying in good faith. But, you are still making the claim that a decentralized smart contract protocol would be better replaced with a centralized traditiona…

Uniswap is a good application of smart contracts. Your comments explicitly suggest that Uniswap would be better run on something like sqlite, which needs a centralized owner, which…

Your point is that centralized financial services on sqlite is good, decentralized protocols on a blockchain is bad? If that is your point, it's a funny one to make in a thread abo…

Do you really feel that Uniswap is better run with sqlite on a Raspberry Pi? If so, you are advocating for putting your money into a CEX, because somebody has to own and control th…

Uniswap, AAVE, MakerDAO traders will disagree with you. I am one of these people: I had funds locked into a CEX, was lucky to pull them out some days before turmoil but others not …

Depends where you look. Solend and Uniswap have different risks, to use comparison AAPL and some new hot unknown tech stock have different risks. Uniswap does not have code to paus…

> In that way, "DeFi" feels the same about the finance industry. How? DeFi protocols are behaving predictably and not pausing user withdrawals or hiding billion dollar black holes …

A protocol is just code, code can have bugs. Another risk is around governance. Some protocols use proxy contracts, so a single developer or team can upgrade them. But they can acc…

Yes, a regulated centralized exchange is valuable for on and off ramp. All they would need to do is process user transactions, take a small fee, and not gamble with user funds. Reg…

They are widely used and process billions per day.[1] There are other problems with DeFi: protocol risk, transaction fees, speed, UX. They are newer and less known than CEXes and m…

Here's a bigger list for you[1], the top 10 all have $1B+ TVL. [1] https://defillama.com/

Yes, it's a risk. If a contract or protocol is several years old, processing billions per day, and the code is un-upgradeable, you might say the risk is lower. I'd rather gamble wi…

Different category of risk. CEX and DEX can both have hacks. An open source DEX can be verified, formally tested, and made immutable and un-upgradable on chain, like Uniswap. Unisw…

A lot of crypto investors are day traders or naive hodlers who have no idea what blockchain and DeFi means. But DeFi protocols like Uniswap and Aave are holding up fine and are inc…

A lot of day traders on FTX are learning first hand the value of DeFi and self custody.

A lot of the same things that these failing CEXes are doing. Custody of coins, trading, exchanging tokens, long and short positions, borrowing and lending. Most people on FTX are d…

Another reason not to depend on CEXes. Real end game for crypto is DeFi and DEXes, not a shady company with a marketing team.

Beginning of the end for unregulated centralized exchanges. Possible beginning for DeFi and regulated CEXes. Or possible that regulators fail to distinguish them, and crypto stays …

> No one just sits on USDC dude Plenty do, and plenty just use it as a stable coin instead of chasing yield. > because savings accounts are at 3% these days Not everybody lives in …

USDC does not offer yield, but it is still useful. Ethereum staking is actually a sustainable yield as long as there remains demand for block space.

The price can go very low and stable coins and DeFi protocols around those can still function exactly as they ever have. A well regulated stable coin will function like any other f…

What exactly is going to happen? You can’t hide a multibillion $ black hole of debt in Uniswap.

But you can analyze funds and flows, this is how DeFi protocols works.

This happens all the time in crypto, look at DeFi which is very transparent and analyzable. If you build a custodial centralized unregulated exchange then yeah, this kind of auditi…