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Regulation makes sense, as it will allow it to become mainstream. Also a lot more clarification and guidelines needed around taxation with DeFi and related prod
by kerng 5y ago
Regulation makes sense, as it will allow it to become mainstream. Also a lot more clarification and guidelines needed around taxation with DeFi and related products - government really has to do tremendous catch up.
- BrissyCoder 5y agoI balk whenever someone calls DeFi 'a product'. You can't actually do anything with it. It's just a bunch of hand waving and shuffling more crypto around. The emperor has no clothes.
- kerng 5y agoComments like this make me wonder how misunderstood a lot of the crypto space is and how little many know about it. It's very normal in finance to call financial offerings, lending, loans, etc. products. Some DeFi products offer nice rewards even - like somewhere around 12% pa for more risky, but about 6% pa for low risk products. We are far from close to mainstream usage and early adopters probably will benefit the most.
- BrissyCoder 5y agoWhat's to understand? I can get a loan on crypto but I have to put the same amount of crypto as collateral. What is the point of this? If I go to a bank I can get a loan for a car and use the car I'm purchasing itself as collateral.
- kerng 5y agoThat is one product. The benefit is related to growth and related taxation (but might depend on the country you are in).
- BrissyCoder 5y ago> The benefit is related to growth Right... so pure speculation then with no underlying utility.
- deleted 5y ago[deleted]