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DeFi market cap one year ago was probably less than $7B. Now it's over $100B. That is value that has been created. Crypto is a worldwide, 24/7, permissionless

DeFi market cap one year ago was probably less than $7B. Now it's over $100B. That is value that has been created. Crypto is a worldwide, 24/7, permissionless market. It's likened to the wild west. There have been numerous rug pulls, but if you focused all your energy on snake oil salesmen and gangsters in the West, you'd miss the fact that there was real, sustainable value there. A lot of people left Bitcoin after the Mt. Gox meltdown in 2013. And yet the space continued to evolve and grow. If you're interacting with DeFi, especially if you're new to crypto, stick with the blue chips like Uniswap, Aave, Compound, and Bancor. They are battle tested. Look for projects that pay for audits, bug bounties, and do due diligence with regards to security. Don't chase a copycat fork of a popular project on a third rate chain because you feel you missed out.

malermeister 5y ago
Is it really value that has been created, though? Sure, numbers on computers went up, but is there any value to society in that?
ForHackernews 5y ago
> That is value that has been created. I have 1000 toenail clippings I've carefully collected over the last few years. Each is unique and carries a genetic signature that is very difficult to replicate. My toenails don't grow very quickly, so the supply is limited. This morning, I sold one toenail clipping to my wife for $100,000. My toenail shard pile now has a market cap of $100 million. That is value that has been created.
Daishiman 5y ago
What value was grown? The only thing that has been shown to have "value" is playing around with interests and staking to create unsustainable returns on speculation, nothing else, which I guess if you're into financial speculation can count as such. Who's actually using these coins to do anything in the real world?
- hammyhavoc 5y ago
  Nobody.

malermeister 5y ago

Is it really value that has been created, though? Sure, numbers on computers went up, but is there any value to society in that?

ForHackernews 5y ago

> That is value that has been created. I have 1000 toenail clippings I've carefully collected over the last few years. Each is unique and carries a genetic signature that is very difficult to replicate. My toenails don't grow very quickly, so the supply is limited. This morning, I sold one toenail clipping to my wife for $100,000. My toenail shard pile now has a market cap of $100 million. That is value that has been created.

Daishiman 5y ago

What value was grown? The only thing that has been shown to have "value" is playing around with interests and staking to create unsustainable returns on speculation, nothing else, which I guess if you're into financial speculation can count as such. Who's actually using these coins to do anything in the real world?

hammyhavoc 5y ago
Nobody.