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Bitcoin is an attempt to redesign the international monetary system by people who are clueless about economics. The result speaks for itself. A payment system
by lottin 5y ago
Bitcoin is an attempt to redesign the international monetary system by people who are clueless about economics. The result speaks for itself. A payment system that doesn't work and can't work, and a currency that would sink any country adopting it into a deep depression. Defi is to finance what bitcoin is to currency. A bunch of kids who wanted to "do finance" without actually knowing anything about finance. They still haven't figured out that you can't do finance with unconfiscatable assets. The main problem isn't lack of professionalism, but the fact that it's broken by design.
- diamond559 5y agoThere is about 80 billion being used in defi right now and growing, I'd say that they are "doing finance" pretty well. The scams are outliers, comparable to the number of scams pulled over the internet in general. Calling them kids is just rude, save your ad hominem attacks for another site.
- lottin 5y agoThat's a lot of money being used in defi (whatever that means) but do you have a single example of financing through defi? Financing means providing borrowers with resources (such as money) that they don't already have. I think you'll have a hard time finding examples, because it turns out financing requires the ability to seize assets from a defaulting borrower, an ability which defi lacks.
- diamond559 5y agoThat's just untrue, all borrowers from defi apps are required to be overcollateralized. The ability to pull from their collateral in case of a default is built into the smart contract.
- lottin 5y agoOf course, but that's not financing. If they post more collateral than the amount they're borrowing, the net amount borrowed is < 0.