5 ms·

I work in DeFi development as well and I can feel your pain. Two things that I have to constantly keep in mind: 1. I have worked in stock markets for years be

I work in DeFi development as well and I can feel your pain. Two things that I have to constantly keep in mind: 1. I have worked in stock markets for years before crypto and felt the same: I have been criticized in a similar fashion by laymen who don't necessarily have the proper understanding of what a stock market is and what value does it bring to the society. And yes, people who lost money were of course the most vocal. 2. Someone recently wrote: "99% of DeFi is scam. The rest is the future of finances". I strongly believe that idea, albeit I'd say the ratio is different. --- One of the important things that is going to legitimize DeFi is deeper connection between DeFi protocols and real world use cases. One such example was for me when I fell on hard times and had to borrow on Aave to provide for the family. I had money available for me at a rate much lower than the bank, momentarily and with none of of the typical impossible soul-crunching KYC/AML bs. I recovered and paid back. I was happy. The lender was happy. Aave was happy. Stakers in Aave were happy. Absolute win-win all around. How is that not the future? --- Oh, and don't work for scam projects.

mudrockbestgirl 4y ago
> One such example was for me when I fell on hard times and had to borrow on Aave to provide for the family Can you explain how that worked? Aave loans are overcollateralized, so doesn't that mean you actually had capital available? That seems very different from a regular loan where you don't need liquid collateral since it's tied to your identity / credit score.
- egorfine 4y ago
  Yep, I had some bitcoins to put up as collateral. Didn't want to sell it. Re: regular loan: see, I live in a country other than the US.
  - mudrockbestgirl 4y ago
    "I have assets but I don't want to sell them" is very different from "I need a loan to provide for my family" - the latter is what banks typically provide, U.S. or not, while the former is just a financial instrument to manage exposure. You didn't have hard times, BTC is quite liquid, you just wanted to keep the exposure.
    - egorfine 4y ago
      > banks typically provide, U.S. or not or not. Very much not. So DeFi protocols were my only option. > you just wanted to keep the exposure Correct.
vasco 4y ago
I can also ride a car without a seatbelt and ignore the soul crushing speed limits and it'll be way better for me to get places faster. How is that not the future? Taking an existing process and removing safeguards that were added over time for good reason doesn't make something the future unless you can prevent the original problem in a new better way. If your solution is to just ignore the problem exists, it's hard to call it the future.
- egorfine 4y ago
  Good point. I can easily argument both for regulations in DeFi and against. I see it strong for both sides and I'm not sure what way is the right way. PS: Regulation of DeFi is close to impossible, so the question is moot anyway.
- aaaaaaaaata 4y ago
  This is close to the speed vs time argument that does go into city and highway speed limits. Notice how no nation caps their speed limit closer to a 0 fatality level?
  - roflyear 4y ago
    Most or all developed nations require strict and improving designs to new cars to help with safety. Better example IMO.
    - aaaaaaaaata 4y ago
      But...we only got to the point that the industry can afford to integrate those features because of mass economies of scale — which came from the tradeoff I'm referring to..

mudrockbestgirl 4y ago

> One such example was for me when I fell on hard times and had to borrow on Aave to provide for the family Can you explain how that worked? Aave loans are overcollateralized, so doesn't that mean you actually had capital available? That seems very different from a regular loan where you don't need liquid collateral since it's tied to your identity / credit score.

egorfine 4y ago
Yep, I had some bitcoins to put up as collateral. Didn't want to sell it. Re: regular loan: see, I live in a country other than the US.
- mudrockbestgirl 4y ago
  "I have assets but I don't want to sell them" is very different from "I need a loan to provide for my family" - the latter is what banks typically provide, U.S. or not, while the former is just a financial instrument to manage exposure. You didn't have hard times, BTC is quite liquid, you just wanted to keep the exposure.
  - egorfine 4y ago
    > banks typically provide, U.S. or not or not. Very much not. So DeFi protocols were my only option. > you just wanted to keep the exposure Correct.

vasco 4y ago

I can also ride a car without a seatbelt and ignore the soul crushing speed limits and it'll be way better for me to get places faster. How is that not the future? Taking an existing process and removing safeguards that were added over time for good reason doesn't make something the future unless you can prevent the original problem in a new better way. If your solution is to just ignore the problem exists, it's hard to call it the future.

egorfine 4y ago
Good point. I can easily argument both for regulations in DeFi and against. I see it strong for both sides and I'm not sure what way is the right way. PS: Regulation of DeFi is close to impossible, so the question is moot anyway.
aaaaaaaaata 4y ago
This is close to the speed vs time argument that does go into city and highway speed limits. Notice how no nation caps their speed limit closer to a 0 fatality level?
- roflyear 4y ago
  Most or all developed nations require strict and improving designs to new cars to help with safety. Better example IMO.
  - aaaaaaaaata 4y ago
    But...we only got to the point that the industry can afford to integrate those features because of mass economies of scale — which came from the tradeoff I'm referring to..