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Being an avid HN reader, I've been loosely following the crypto/NFT market with various sentiments oscillating between disbelief and facepalm. The real questio

Being an avid HN reader, I've been loosely following the crypto/NFT market with various sentiments oscillating between disbelief and facepalm. The real question would be: is there anything that is not a scam in this market?

rufusroflpunch 4y ago
Owning and holding Bitcoin is not a scam. That's about it.
- kayamon 4y ago
  Not your keys not your coins. If you put your money in someone else's bank then they'll loan that money out against your will.
- mritchie712 4y ago
  It'd be pretty easy to create a "defi credit union" that's not a scam, it'd just be hard to cut thru all the noise. Give 3% to 5% yields on saving, lend at 8% to 12%. The problem is people see "230% yields" (which are scams) and wouldn't know your legit 5% yield is for real.
  - shawabawa3 4y ago
    There are tons of legit projects that do exactly that The most well known is probably Maker https://makerdao.com/en/ https://makerdao.com/en/ But there's also Aave, Benqi, and a bunch of others.
    - mritchie712 4y ago
      yeah, I'm with you, it's just hard to tell which ones are reputable
  - JumpCrisscross 4y ago
    > be pretty easy to create a "defi credit union" that's not a scam, it'd just be hard to cut thru all the noise. Give 3% to 5% yields on saving, lend at 8% to 12% This is a bank. Running a bank is not easy.
  - yellowapple 4y ago
    Or just stake some proof-of-stake cryptocurrencies. Most Cardano stake pools (for example) are right around that ~4% yield figure, last I checked.
Aaronstotle 4y ago
I've been in the crypto-sphere for a bit, a majority of projects are scams. I personally believe in the large projects, and few niche ones. My buy and hold coins are BTC, ETH, Monero (XMR), MATIC (ETH L2), and Sol. Monero is the truest "crypto-currency" in my view, and I believe there should be a digital cash equivalent if we're moving to a digital world. ETH has smart contracts and lots of companies are using ETH L2s like Matic to run smart contracts (Instagram is using Matic for NFTs). Solana looks like a promising ETH alternative, the risk for Sol is that it's tied up to SBF/Alameda, but their chain is very fast (albeit it goes down too frequently, still in beta though) Please do not take a stranger's advice and do your own research on projects before investing, and don't invest more than you can afford to lose. I prefer bear markets for crypto, it acts like a forest fire and clears the grift away.

rufusroflpunch 4y ago

Owning and holding Bitcoin is not a scam. That's about it.

kayamon 4y ago
Not your keys not your coins. If you put your money in someone else's bank then they'll loan that money out against your will.
mritchie712 4y ago
It'd be pretty easy to create a "defi credit union" that's not a scam, it'd just be hard to cut thru all the noise. Give 3% to 5% yields on saving, lend at 8% to 12%. The problem is people see "230% yields" (which are scams) and wouldn't know your legit 5% yield is for real.
- shawabawa3 4y ago
  There are tons of legit projects that do exactly that The most well known is probably Maker https://makerdao.com/en/ https://makerdao.com/en/ But there's also Aave, Benqi, and a bunch of others.
  - mritchie712 4y ago
    yeah, I'm with you, it's just hard to tell which ones are reputable
- JumpCrisscross 4y ago
  > be pretty easy to create a "defi credit union" that's not a scam, it'd just be hard to cut thru all the noise. Give 3% to 5% yields on saving, lend at 8% to 12% This is a bank. Running a bank is not easy.
- yellowapple 4y ago
  Or just stake some proof-of-stake cryptocurrencies. Most Cardano stake pools (for example) are right around that ~4% yield figure, last I checked.

Aaronstotle 4y ago

I've been in the crypto-sphere for a bit, a majority of projects are scams. I personally believe in the large projects, and few niche ones. My buy and hold coins are BTC, ETH, Monero (XMR), MATIC (ETH L2), and Sol. Monero is the truest "crypto-currency" in my view, and I believe there should be a digital cash equivalent if we're moving to a digital world. ETH has smart contracts and lots of companies are using ETH L2s like Matic to run smart contracts (Instagram is using Matic for NFTs). Solana looks like a promising ETH alternative, the risk for Sol is that it's tied up to SBF/Alameda, but their chain is very fast (albeit it goes down too frequently, still in beta though) Please do not take a stranger's advice and do your own research on projects before investing, and don't invest more than you can afford to lose. I prefer bear markets for crypto, it acts like a forest fire and clears the grift away.