I've been in cryptocurrency for 5+ years and kept up with the times but I seem to be hitting a limit where I can no longer understand wtf is happening anymore. It's getting too abstract with all this DeFi stuff etc. This isn't just "decentralized currency" anymore and I think this is going to quickly go to a place where I can no longer understand it.
Is it just me or is this shit getting really complicated?
Carter Sanchez
Other urls found in this thread:
coindesk.com
twitter.com
Dylan Carter
weird abstract smart contracts that make no sense, etc
Wyatt Roberts
No need to understand it. The tech is a meme.
Henry Williams
defi is a scam. That's all you need to know.
Evan Scott
Yes, it can make you money because it launches, immediately moons, and you can sell it, but it's a gamble made for and by indian scammers. go figure
Owen Reed
I was like you and tried gambling 400 dollars on defi two weeks back without knowing anything besides a feeling that its all scam and I got into it p fast
Its not that complicated
Blake Miller
honestly, I'm glad I got in way back and not now when shit is just insane. pretty comfy holding.
Caleb Moore
Yeah Im also starting to get a little confused, my general approach is that if I cant understand a project then its probably a scam
Landon Garcia
glad im not the only one.
this might help a bit
coindesk.com
Jeremiah Jones
>Yes, it can make you money because it launches, immediately moons, and you can sell it
Great, you just discovered crypto, stocks and finance in general
Hunter Foster
defi is more or less another alternative to traditional banking
Sebastian Sullivan
Anything groundbreaking often starts with a bunch of failed experiments, scams and hidden pearls. This is how innovation works. This is how VC funding works. You have to pick the pearl avoiding all scams and failed ones. And for that you need to keep yourself updated what’s happening.
Luke Jones
its just hype shit like icos were in 2017 or staking coins or security coins ...
Adam Lopez
>stake useless emoji ERC20 token
>get more useless emoji ERC20 tokens as interest
>you now have more useless emoji ERC20 tokens, still totally worthless, only use case is being sold on uniswap
>you paid for a fucking ERC20 token in 2020 thinking it's an alternative to banking
Connor Parker
It's just fractional reserve banking, it's what the elites have been doing to the population for the last century
Julian Hall
>lol dude you just gotta stake your wrapped tokens on the defi balancer liquidity pools and get rewards
Defi is just a different flavour of 2017 ICOs
Connor Watson
Its maturing into a financial system akin to tradfi. We already have a short term money-market curve.
Ian Jenkins
Don't kid yourself. If you never knew how to copy-paste a crappy little coin on the ethereum network then you never understood crypto.
Joseph Richardson
Man, same. Farming by locking smart contract tokens in pool for a thing supposed to layer shard something I don’t even understand
Luis Jenkins
based retard can't see the bigger picture and doesn't understand how any of this works.
Robert Davis
if by defi you mean "food based ponzis" then thats obviously a scam. but if you dont understand how LINK/SNX/AAVE/YFI and defi as a whole have the capability to make archaic systems of traditional finance and middlemen obsolete then you should maybe find something else to do
Brody Mitchell
the fact that biz missed SNX/AAVE/YFI should be a sign that this place is losing its edge
Nicholas Miller
Jack Foster
crypto doesn't go from .10 to 4000 to .10 in a matter of a week and then cease to exist. Actual crypto has use outside of being an illegal get rich quick scheme.
Jayden Gomez
>staking a defi token to get more defi tokens
i think i know how it works buddy
>been in crypto since 2014
Juan Gutierrez
Ive been in crypto since 2016 and didnt make it yet. I started out very well, but subsequently lost my nerves and cant even stomach 10% volatility anymore without being a mental wreck.. its costing me physical and mental health
Nathaniel Foster
I honestly liked the times back in 2013/14 more when everything was on Qt clients and if you figured out how to mine LTC or DOGE on your graphics card, you were set. Now it's just layers of ponzi schemes.
Brandon James
Very few projects actually make sense. That is why I bought RSR. I understand what RSV is trying to do. All this other shit is just emoji themed scams.
Elijah Turner
it was so easy back then.. only handfuul of cryptos to choose.. 50 bucks investment made you five figures... now theres thousands and thousands of shit and you need to be alert 247 or else you miss potential gems
Jack Ramirez
How is it complicated? I can answer any questions you have. DeFi is literally what the jewish economies have been doing for the past 300 years. This is just the first time you've witnessed a creation of wealth.
Ethan Reed
It's almost like all these new scams are designed to get your BTC and LINK before the next bullrun....
Chase Morris
>50 bux
tfw tried to buy BTC for first time and got roped into trading platform cause it said "Buy Bitcoin" then after that fucked up I learned the practical and purist way, by buying drugs on the deepweb. I didnt have money to save at the time, I was just trying to make a quick buck. This never works.
Matthew Nelson
>NOOOO MY MEME FOOD COIN CRASHED. AAAAA FUCK CRYPTO ITS TO COMPLICATED AAAAAA
Angel Williams
If you play the long game, you guys will be able to make it much MUCH easier than watching hourly or daily charts chasing the next 100x. But you need to pick yourselves back up, literally now. Ask yourselves—what is this latest project out to accomplish? It’s attempting to transfer my wealth into their pocket. What is that? My already valuable BTC, ETH, LINK. exchange for their potentially valuable, no working product, promisecoin.
Think, user.
Jordan Green
You can trade ERC20 tokens on IDEX but I do actually agree with you that 99% of DeFi is pajeet scam bullshit.
My tip is to just stay away from DeFi and shitty ERC20 token yield farming. If you're desperate to do something like that then just stake something like FTM instead. And if you still can't help yourself then head over to one of the thousand discord servers associated with these meme token 'farms': They are all clusterfucks of headless chickens running around and freaking out about gas prices, cashing out, tokens in tailspin, misplaced tokens, and all the rest.