11–20 of 27 posts
It's a P0NzI sChEMe. Something completely different ;)
You know, before emojis we had these things called smilies, which are composed of several different characters to express some intent. It works like this ;) - aka wink wink, I'm not serious.
Ethereum (and whatever other chains support smart contracts) literally only exist as a platform upon which to build Ponzi schemes.
Sorry but I can't do anything with DeFi. It's just juggling more crypto around. I've had multiple tell me I can get a loan on it but this is just False for any practical reason. I can't say get a loan for a car and use the car itself as collateral like I can do at literally any bank. I have to put up 100% of collateral in crypto. It blows my mind that there are people on this site who are proponents of DeFi in its current form.
DeFi (or “decentralized finance”) is an umbrella term for financial services on public blockchains, primarily Ethereum. . . . DeFi takes the basic premise of Bitcoin — digital money — and expands on it, creating an entire digital alternative to Wall Street, but without all the associated costs (think office towers, trading floors, banker salaries). This has the potential to create more open, free, and fair financial markets that are accessible to anyone with an internet connection.
It's a P0NzI sChEMe. Something completely different ;)
Jesus. Joking not allowed on Hackernews. Thanks for the downvotes. You know, before emojis we had these things called smilies, which are composed of several different characters to express some intent. It works like this ;) - aka wink wink, I'm not serious.
Earlier quoted context omitted.
Jesus. Joking not allowed on Hackernews. Thanks for the downvotes. You know, before emojis we had these things called smilies, which are composed of several different characters to express some intent. It works like this ;) - aka wink wink, I'm not serious.
It's not that people are against jokes, yours just didn't land. Have some humility.
Earlier quoted context omitted.
I'm wondering if newer projects like Cardano are trying to address reversibility at all. To me this looks like the real roadblock for crypto. No financial institution wants to go broke because of a bug in the code. Granted, this can also happen in traditional finance, albeit with crypto it looks a lot easier to achieve.
Is this an evolutionary mechanism that weeds out buggy DeFi contracts? Not saying the process to get to the end with a few trusted contracts/systems is going to be painless.
It's a Ponzi scheme built upon a Ponzi scheme. Ethereum (and whatever other chains support smart contracts) literally only exist as a platform upon which to build Ponzi schemes. Sorry but I can't do anything with DeFi. It's just juggling more crypto around. I've had multiple tell me I can get a loan on it but this is just False for any practical reason. I can't say get a loan for a car and use the car itself as colla…
But I agree that if it's always overcollateralized then there is obviously much less utility created (though definitely some - similar to how you can get a loan against your home).
The project mentioned, Goldfinch, has already distributed 4.5M in uncollateralized loans to emerging markets using DeFi rails and liquidity already (https://medium.com/goldfinch-fi/goldfinch-raises-11m-from-an...). My 2c is that it's a sign of what's to come.
It's a Ponzi scheme built upon a Ponzi scheme. Ethereum (and whatever other chains support smart contracts) literally only exist as a platform upon which to build Ponzi schemes. Sorry but I can't do anything with DeFi. It's just juggling more crypto around. I've had multiple tell me I can get a loan on it but this is just False for any practical reason. I can't say get a loan for a car and use the car itself as colla…
To be fair, you do have to start with over-collateralized loans before you can get under/no collateral loans with plenty of projects trying to do the latter. That's how lending itself started ( https://www.provenir.com/resources/collateral/history-of-len... ). But I agree that if it's always overcollateralized then there is obviously much less utility created (though definitely some - similar to how you can get a loa…
Yeah but also the collateral always has to be cryptocurrency right?