4 ms·

defi is not far from replacing your^W my consumer bank - stablecoin - high apr savings account by lending to defi leverage pool - crypto.com visa card for re

defi is not far from replacing your^W my consumer bank - stablecoin - high apr savings account by lending to defi leverage pool - crypto.com visa card for real world offramp https://crypto.com/us/cards https://crypto.com/us/cards I'm a founder and my cost of living is $40k/yr post-tax cashflow mediated by wells fargo checking + credit card. I think it just became possible to get wells fargo out of my life!

dmitriid 5y ago
> defi is not far from replacing your consumer bank Where "not far" you mean "as far as it is from Mercury to Pluto", then yes, not that far. Easy question to gauge distance: how does defi handle refunds and enforcement?
- dustingetz 5y ago
  I don't have a refund or scam problem, what is enforcement? I think this approach would work for me right now! The only remaining issue is if I can get a mortgage – but I already have one. Everything else (like cars) I can purchase outright
- Tenoke 5y ago
  It differs from project to project. If you and your users want refunds or a specific type of enforcement there's nothing stopping you from writing the relevant logic in your smart contracts.
  - sanderjd 5y ago
    Yep. I really think more usage of escrow type solutions will be an important next step for this to go mainstream.
5e92cb50239222b 5y ago
> not far from replacing your consumer bank Compared to most users here, I live in the middle of nowhere. Most stores don't even accept credit cars or do so begrudgingly because cash payments allow them to pocket tax money. Even if this whole crypto-nonsense doesn't crash and burn in the end (which I consider highly unlikely, but what the hell do I know?), it will be ready to replace my bank in… let's say 50-60 years. Let's get extremely reliable internet connection to every shithole on the planet first, and then we'll see.
- dustingetz 5y ago
  1. I also think the crypto prices are going to collapse but everything I just listed is stablecoin denominated. The question is if all the stablecoins go down too - Matt Levine flipped me on this topic: https://archive.md/cQVJl https://archive.md/cQVJl 2. price "collapse" of 90% is actually not a collapse if it's up more than 10x in a small number of years 3. MEME-POWER is an incredible force, HODL may be enough to keep the perpetual motion machine moving. Markets are only as rational as humans! 4. the TIMING of collapse matters – covid/climate policy is perpetuating the bubbles and it seems governments might fracture before crypto fails, at which point where would you rather be, dollars or crypto? 5. the costs of inflation/bubbles is shouldered on the middle class and poor, so it actually is being paid for and may not actually be out of balance 6. We may be looking at a housing market generational situation. The answer is not to second guess the market, that's how you miss generational gains.
skybrian 5y ago
You should be asking why they are high interest and whether it really should be called a savings account. The key concept here is junior versus senior debt. If you're taking risk for someone else, it's not a savings account, more like a high risk junk bond or derivative.

dmitriid 5y ago

> defi is not far from replacing your consumer bank Where "not far" you mean "as far as it is from Mercury to Pluto", then yes, not that far. Easy question to gauge distance: how does defi handle refunds and enforcement?

dustingetz 5y ago
I don't have a refund or scam problem, what is enforcement? I think this approach would work for me right now! The only remaining issue is if I can get a mortgage – but I already have one. Everything else (like cars) I can purchase outright
Tenoke 5y ago
It differs from project to project. If you and your users want refunds or a specific type of enforcement there's nothing stopping you from writing the relevant logic in your smart contracts.
- sanderjd 5y ago
  Yep. I really think more usage of escrow type solutions will be an important next step for this to go mainstream.

5e92cb50239222b 5y ago

> not far from replacing your consumer bank Compared to most users here, I live in the middle of nowhere. Most stores don't even accept credit cars or do so begrudgingly because cash payments allow them to pocket tax money. Even if this whole crypto-nonsense doesn't crash and burn in the end (which I consider highly unlikely, but what the hell do I know?), it will be ready to replace my bank in… let's say 50-60 years. Let's get extremely reliable internet connection to every shithole on the planet first, and then we'll see.

dustingetz 5y ago
1. I also think the crypto prices are going to collapse but everything I just listed is stablecoin denominated. The question is if all the stablecoins go down too - Matt Levine flipped me on this topic: https://archive.md/cQVJl https://archive.md/cQVJl 2. price "collapse" of 90% is actually not a collapse if it's up more than 10x in a small number of years 3. MEME-POWER is an incredible force, HODL may be enough to keep the perpetual motion machine moving. Markets are only as rational as humans! 4. the TIMING of collapse matters – covid/climate policy is perpetuating the bubbles and it seems governments might fracture before crypto fails, at which point where would you rather be, dollars or crypto? 5. the costs of inflation/bubbles is shouldered on the middle class and poor, so it actually is being paid for and may not actually be out of balance 6. We may be looking at a housing market generational situation. The answer is not to second guess the market, that's how you miss generational gains.

skybrian 5y ago

You should be asking why they are high interest and whether it really should be called a savings account. The key concept here is junior versus senior debt. If you're taking risk for someone else, it's not a savings account, more like a high risk junk bond or derivative.