Topic: Can DeFi still be trusted?? - page 4. (Read 792 times)
From the first thats the main point of loosing money on defi there always a risk of hacking or other thing but its not only defi virtual currency different types of exchange also loosing by hacking or other thing thats very irritating in this sector! Also lots of project doing rug thats also lost of trust!
DeFi averages only to be reliable in the short term. I've seen how DeFi projects last only a few weeks and at most they will last for a few months before they disappear completely. If DeFi is said to be trustworthy I think it is yes as long as it works but we have to know that DeFi is not for long term.
You need to watch carefully, which DeFi project it is. Not all DeFi is similar and some DeFi are very reliable.
A very reliable DeFi is Uniswap.
It's hard to compromise because Uniswap is suited for easy swaps. Good product and it will be used for decades. It is why Uniswap was so famous and I'm sure, in a new bull market cycle, it will be famous again. Swaps will continue to be used.
A very reliable DeFi is Uniswap.
It's hard to compromise because Uniswap is suited for easy swaps. Good product and it will be used for decades. It is why Uniswap was so famous and I'm sure, in a new bull market cycle, it will be famous again. Swaps will continue to be used.
no one we can trust because everything is centralized from their system and Crypto theft is frequent and not only Defi projects is it just propaganda or something thats why new projects should be built and have good security though i just feel some projects hacked are pure error from within.
Am sure all the turmoil affecting the crypto market right now including those classified as DeFi platforms can push down the trust and confidence of the many on decentralized finance thing. We have to remember that there is a big and strong expectations from the users that they are dealing with safe and potentially lucrative platforms here and only to be dismayed when they find out that what they trusted too much has been hacked and is now a candidate to just be another relic in the frauds and scams infested industry we are in. Personally speaking, I am no so sure when will I ever trust DeFi again.
if WEB3 is still running and more and more people are using it, so will Defi, because we all know Defi is on WEB3, just like NFT,
therefore Defi's project can still be trusted, but we must know that the project is a crypto-currency altcoin we have to look at the fundamentals,
don't just choose a coin, if you don't want to be scammed.
therefore Defi's project can still be trusted, but we must know that the project is a crypto-currency altcoin we have to look at the fundamentals,
don't just choose a coin, if you don't want to be scammed.
Defi purpose was to provide anonymous transactions which is not that true to some extent. But where are good people there are also bad evil minds there too. People are not using their talent to enhance the functionalities of the Defi ecosystem but their are just stealing money from the protocols, As it's totally decentralized so it become a little bit hard to find the hacker or intruders than the centralized hacker or intruder. No doubt some-times platform itself leaves some loop holes to get into the system and announce that someone got into our system and uses these protocols to steal money. Now what we can do. in the last 2 years, billions of dollars were stolen due to these poor protocols and i don't think that these developer are that unqualified, To make such an authentic platform they need some good developers, to save the expenses many platform hire low profile developers to do the task but that's a gambling with our money, so over all we can't trust defi unless some good developers came into field to put their hardwork into defi ecosystem with less profits
Leveraging is bad if you use it uncontrollable in a volatile market like crypto market.
Answering your question, DeFi will still be here and trusted or not, it depends on each DeFi project. You can not judge it generally.
Bitcoin is good for everyone but there are scam projects that have Bitcoin as one of their payment methods.
DeFi is good but there are scam projects with DeFi concept. Some DeFi projects collapse not because they are scam. It's because they are bad with risk and finance management. Bad management is not scam.
Bitcoin, blockchain, cryptocurrency, DeFi will be here. They will be changed to be better but they will not going anywhere.
Answering your question, DeFi will still be here and trusted or not, it depends on each DeFi project. You can not judge it generally.
Bitcoin is good for everyone but there are scam projects that have Bitcoin as one of their payment methods.
DeFi is good but there are scam projects with DeFi concept. Some DeFi projects collapse not because they are scam. It's because they are bad with risk and finance management. Bad management is not scam.
Bitcoin, blockchain, cryptocurrency, DeFi will be here. They will be changed to be better but they will not going anywhere.
It seems that this kind of incident is nothing new in DeFi. Based on data compiled by CryptoSec, there have been 101 cases of exploitation and hacking on DeFi so far. I agree with what @cryptomaniac_xxx said, trust is subjective. And developers should be more careful in developing their projects, Maybe by developing an advanced security system.
Reference:
[1] https://cryptosec.info/defi-hacks/
Reference:
[1] https://cryptosec.info/defi-hacks/
If the DeFi Platform is hacked, then I believe the developer who created the smart contract made a mistake by giving the contract access to one of the teams who then wanted to make a quick profit. In general DeFi is decentralized but if hackers can get into the protocol, I think something is wrong with the team's performance, because so far the developers seem to be blaming hackers to avoid a lot of demands from investors.
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DEFI is shit now. Just like how celcius was suspending all of withdrawal. This is shittiest platform that i have ever seen that only used gimmick to be fully decentralized. This gives us very important lesson about not your keys and not your coin. Mostly of defi lending platforms are so garbage.
Look at how garbage celcius, 4AC and some defi that were starting to collapse. DEFI was still an experiment and this is not even decentralized.
People's money hodl by the owner of platforms without any eta about when the platform will be able to be used again.
Look at how garbage celcius, 4AC and some defi that were starting to collapse. DEFI was still an experiment and this is not even decentralized.
People's money hodl by the owner of platforms without any eta about when the platform will be able to be used again.
DeFi itself has nothing to do with these kinds of incidents. Most of these incidents are mistakes by the project itself. So I won't blame DeFi because there are some projects who got no problem at all and they are very careful because we all know that there is a lot of money involved with their project.
For sure it is a mistake also because they forgot or not aware of it for sure.
For sure it is a mistake also because they forgot or not aware of it for sure.
Not anymore. There are defi projects that weren't very popular which their token was worth about $3 when it starts now, its gone. The Defi needs a savior which I guess the government will step in to make themselves a savior in this space of crypto. Since Luna there were lots of them crashing even the old projects with staking and lending on it.
DEFI was in the way to collapse maybe next year if the bearish market will still continue. More and more defi were facing huge problem caused by these defi must face a chance to get a margin call which can make defi becomes bankrupt and it can't pay anyone who have their amounts in the defi
This platform needs so many solutions to fix the problem. Celcius and many more defi can't be trusted right now. They can freeze your money anytime as they want.
This must become a huge red alert for anyone to avoid defi for now.
This platform needs so many solutions to fix the problem. Celcius and many more defi can't be trusted right now. They can freeze your money anytime as they want.
This must become a huge red alert for anyone to avoid defi for now.
Defi can't be trusted. You shall be careful with defi. Celcius was being investigated by some countries along with the new case that was coming from the babel finance. DEFI is just a scam. This is not decentralized caused by the owner has control over your money.
You must be careful when facing with the defi. There are bunch of defi were doing shady things. During the bearish market and so many defi facing various liquidity problem and they were suspending their platforms without any notice.
I also heard this news, Celsius is being investigated and that really worries investors who join their staking program. Honestly, I learned a lot from this, I bought $banana at a price of $1.2 but now the price is not up to $0.1, This makes me lose a lot, I don't know when the $banana price will go up again! You must be careful when facing with the defi. There are bunch of defi were doing shady things. During the bearish market and so many defi facing various liquidity problem and they were suspending their platforms without any notice.
Defi can't be trusted. You shall be careful with defi. Celcius was being investigated by some countries along with the new case that was coming from the babel finance. DEFI is just a scam. This is not decentralized caused by the owner has control over your money.
You must be careful when facing with the defi. There are bunch of defi were doing shady things. During the bearish market and so many defi facing various liquidity problem and they were suspending their platforms without any notice.
You must be careful when facing with the defi. There are bunch of defi were doing shady things. During the bearish market and so many defi facing various liquidity problem and they were suspending their platforms without any notice.
DeFi platforms are still subject to hacks and attacks, even after passing security audits. Some teams seek to secure user funds or recover losses, but there is no complete guarantee of security. As DeFi projects increase, there will also be more hacks despite advances in technology and security, so either take the risk or don't invest.
Seems like it. But even having security audits can still be at risk for some defi product. Well lets say that black hat hacker are way smarter than them and able to manuever their defense.Its not that easy to find an exploit with those smart contract its just that these guys are way trying hard to make this possible to a point they need every loopholes just to secure a perfect exploit.
In recent years, after the explosion of blockchain technology, especially the Defi trend in the cryptocurrency market, has been a place where cybercriminals are more active, with both large and small-scale hacks. I feel this is still a problem that needs to be carefully considered every time developers release a product to go into operation. As users are afflicted with such incidents, it gives a negative view to outsiders as well as insiders when hearing about the market. Perhaps crypto theft has taken place in various forms since early 2022. With hackers using mining and phishing methods to steal millions of dollars from platforms and online from users, It is difficult to determine the effect of this large-scale theft on industry growth. However, it is definitely not a positive thing.
DeFi platforms are still subject to hacks and attacks, even after passing security audits. Some teams seek to secure user funds or recover losses, but there is no complete guarantee of security. As DeFi projects increase, there will also be more hacks despite advances in technology and security, so either take the risk or don't invest.
"Trust" is subjective, and it Defi market, it's open and hackers can exploit it anytime. So it's not about trust, it's how they build the project and how they are going to update it and protect their code from such hackers. Because if they are not, then cases like this will happen over and over again. So they have the full responsibility and the accountability if something wrong happen to them and cyber criminals stole from their project and the money of their investors.
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