DeFi coins have turn the market into confusion - page 4.

stomachgrowls

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Quote from: CryptopreneurBrainboss on August 19, 2020, 09:57:10 AM

I won't say confusion because all the big exchanges cashing out of this hype aren't confused probably the new Investors looking for new opportunity are the ones that would be getting confused. Using greed in the statement above should be the right word. Something like 'Defi coins has turned the market into a state of greed'. Kucoin exchange can't stay a day without tweeting about the next big DeFi project they'll new listing which just make me begin to hate the exchange the more. Guess that won't matter because all exchange are guilty in some way on this issue.

DeFi as a trend has brought impressive profit to some traders so has it made many find themselves in unrecoverable losses, you just have to be cautious to avoid them losses. I have a been on both side of the coins so I know that feeling. The easiest way to play it safe is to keep sating bitcoin and ignore the hype.

Very well said and its no surprise that most exchange will surely jump in with the trend even with the most popular platforms out there since we know that hype can really give out potential profits yet people
will surely dive in and make use which will really add up on exchange total volume and of course in revenue itself.

I dont know why people are really much being hyped with this and for new people who do just recently know about crypto through DeFi projects then these fellas would definitely experience loss yet they dont know on
how this market do behaves when it comes to pure pump and dump projects that had been just masked up by the current trend.

For those people who had been here on this market for a while can really take advantage or do take the risk on riding with this and make money.Later on, they do cash out smartly since
they are already aware on what would happen next.

rodskee

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Quote from: target on August 19, 2020, 12:47:26 PM

The Defi projects made them money by lending and doing so made people invest because they can also make money.

Its a magnet when people see opportunities to earned surely they will be attached without any doubt
and start following and participate to the this trend.

Quote from: target on August 19, 2020, 12:47:26 PM

With this enough motivation to hype, there is no doubt that they will also be jumping into these projects and even trading those Defi tokens is worth doing. If they were listed by big exchanges, it must be worth investing.

More people get attached when project/s being offered inside big exchange, interest are flowing
as investors doesn't want to be left behind.

Quote from: target on August 19, 2020, 12:47:26 PM

The Defi platforms is a lot more confusing though. I have tried Aave for once and I got lost easily thinking only the best minds can learn how it would work. Grin

It takes time and dedications to learn how you wanted to work with DeFi and those offers behind
this system.

rexxarofmoknathal

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Quote from: bitgolden on August 19, 2020, 12:07:04 PM

Defi is not useless, it is not irrelevant, it is definitely something that could be used, but people are overreacting to it and overspending on it.

That indeed sadly seems to be the response. To some the buzzword 'DeFi' is anonymous to money but of course that's not true because there are so many 'DeFi' projects coming through that by chance some if not most will be blatant scams.

The word of caution here is that just because its a DeFi project doesn't mean it will succeed or that it requires no research. This is the same hype as we first saw with crypto initially, so history sort of repeats itself but this time with DeFi.

Lorokan

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I do not think that defi coins have turned the market to confusions, instead I say investors are the one confused about when or if not to invest in defi coins. At the moment, defi platforms allows more profit for investors and virtually all projects can run defi irrespective of the stage of development.

It is up to investors to do their own research and avoid confusion

target

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The Defi projects made them money by lending and doing so made people invest because they can also make money. With this enough motivation to hype, there is no doubt that they will also be jumping into these projects and even trading those Defi tokens is worth doing. If they were listed by big exchanges, it must be worth investing.

The Defi platforms is a lot more confusing though. I have tried Aave for once and I got lost easily thinking only the best minds can learn how it would work. Grin

mk4

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I'm pretty sure these "DeFi" platforms thingy has been a thing for a while now, even before the 2017 bull market. It's just that the Ethereum bulls have found a new good sort of "title" for these projects to make it sound more brand new and revolutionary.

And surely so, some people(especially the newer ones) think that "DeFi" is some sort of big deal.

bitgolden

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I am finally glad that someone figured it out, I have said the same thing over and over again for a million times but unfortunately I am just one person but I will not stop saying this because when the day comes and people realize that defi is not really something you should have invested but something people hyped about too much, I will be right and I will be able to provide a proof of it with my messages later on when I will tell people "I have said so" before they lost their money and warned them. At the end of the day there is really nothing you can do but create awareness about it to people, that is the only thing we have the power to do.

Defi is not useless, it is not irrelevant, it is definitely something that could be used, but people are overreacting to it and overspending on it.

adaseb

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Basically what is going on with DeFI is pretty much what happened with most small-medium cap coins back in 2017. There were ICOs or coins with little value that pretty much went 100x for no reason. Remember Crytopia, I remember that people pretty much bought any coin on that exchange because it was a given that they would at least 10x their investment.

This is pretty much what is happening with DeFI right now and if you look at the ETH gas fees you will see that most of them are a result of these DeFI transactions. Hence its starting to get a little out of hand. And the proof is when Arthur tweets about investing on his Twitter.

CryptopreneurBrainboss

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I won't say confusion because all the big exchanges cashing out of this hype aren't confused probably the new Investors looking for new opportunity are the ones that would be getting confused. Using greed in the statement above should be the right word. Something like 'Defi coins has turned the market into a state of greed'. Kucoin exchange can't stay a day without tweeting about the next big DeFi project they'll new listing which just make me begin to hate the exchange the more. Guess that won't matter because all exchange are guilty in some way on this issue.

DeFi as a trend has brought impressive profit to some traders so has it made many find themselves in unrecoverable losses, you just have to be cautious to avoid them losses. I have a been on both side of the coins so I know that feeling. The easiest way to play it safe is to keep sating bitcoin and ignore the hype.

Cryptoababe

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Quote from: stompix on August 19, 2020, 04:52:14 AM

Quote from: Cryptoababe on August 18, 2020, 05:31:20 PM

Now that DeFi is Around, I've seen some project with no purpose related to DeFi but they are also a DeFi projects.

What's new?
From the start of the shitcoin madness in 2013, there have been coins that served no purpose.
Then blockchain naming madness started, companies that nothing to do with the IT&C sector suddenly became "blockchain" companies.
With ETH up and running we had tokens that were claiming to bring water to Africa, education to SE Asia, provide medical cures, revolutionize everything, you could start a smart contract with your cat...and basically that was all.
And now it's defi, a term so vague and at some times applied to such so idiotic projects that will also come and go.

Poor IEOs, they were such a fad, never got their chance.

Quote from: Cryptoababe on August 19, 2020, 03:04:11 AM

I don't think yam is scam. The drop was caused by bugs because there wasn't proper audit before launch and there was an abnormal increase in total supply due to the rebase feature of the token, many investors get larger amount of yam.

How do you call things that are rushed and launched without double checks in order to get as much money as fast as they can?
Maybe it wasn't a scam..., but money got burned in an instant, how would people that have bought that shit react, they have lost their money on false promises which still sounds a lot like a scam, so in the end no matter how many times you go round the bush and beat the crap out of it, it's still a scam. Grin

You have a point about the Yam project. If I've look at it in this way too, I would have said Yam is relating to scam. The dump might actually be part their plan to get enough funds and put blame on something else.

cryptomaniac_xxx

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Quote from: Cryptoababe on August 18, 2020, 05:31:20 PM

Now that DeFi is Around, I've seen some project with no purpose related to DeFi but they are also a DeFi projects. And they once trend too. A lot of people are investing in these projects and I can sense great loses coming to traders or holders in future.
My Advice for everyone is to invest responsibly and if you want to invest irresponsibly, invest on a DeFi project with well know team and good partners.

It's cyclical, now everyone wants to launch Defi+x name of the project, so bring more hype. This is really similar to 2017, but we haven't seen anything yet. This is just the beginning and it could explode more. than ICO.

Quote from: Cryptoababe on August 18, 2020, 05:31:20 PM

By the way, I will like to see more advice and opinions of others. I know we can all learn more from experienced people here.

Just used our common sense, be rational and don't FOMO.

@stompix is right, they lost their own governance, what a waste, almost $750k was lost because of that critical bug, no testing whatsoever.

stompix

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Quote from: Cryptoababe on August 18, 2020, 05:31:20 PM

Now that DeFi is Around, I've seen some project with no purpose related to DeFi but they are also a DeFi projects.

What's new?
From the start of the shitcoin madness in 2013, there have been coins that served no purpose.
Then blockchain naming madness started, companies that nothing to do with the IT&C sector suddenly became "blockchain" companies.
With ETH up and running we had tokens that were claiming to bring water to Africa, education to SE Asia, provide medical cures, revolutionize everything, you could start a smart contract with your cat...and basically that was all.
And now it's defi, a term so vague and at some times applied to such so idiotic projects that will also come and go.

Poor IEOs, they were such a fad, never got their chance.

Quote from: Cryptoababe on August 19, 2020, 03:04:11 AM

I don't think yam is scam. The drop was caused by bugs because there wasn't proper audit before launch and there was an abnormal increase in total supply due to the rebase feature of the token, many investors get larger amount of yam.

How do you call things that are rushed and launched without double checks in order to get as much money as fast as they can?
Maybe it wasn't a scam..., but money got burned in an instant, how would people that have bought that shit react, they have lost their money on false promises which still sounds a lot like a scam, so in the end no matter how many times you go round the bush and beat the crap out of it, it's still a scam. Grin

Anonylz

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Well to me investing in DeFi project is not a bad idea after all the main goal of majority in crypto is to maximize profit be it through a Defi project or none Defi project, but what investors should put into account is knowing the type of Defi project to invest in and also know the time frame you want your investment to exist, short, mid or long term base, this can help in managing losses,
In my opinion I think some of the Defi project are worth holding in a while given their road map and project fundamentals, but I won't be making any recommendations to anyone, do your due diligence.

Cryptoababe

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Quote from: Yogee on August 18, 2020, 11:55:24 PM

Quote from: Cryptoababe on August 18, 2020, 05:31:20 PM

.....So, these Remind me of 2017 where there are many cryptocurrency scams and shit projects like this image below with one man Team.

I've seen that "one man" team before. I can't remember exactly but it was like a tutorial on how you present yourself in your website or blog. The one image was just used to compare the difference in appearance.

Quote

My Advice for everyone is to invest responsibly and if you want to invest irresponsibly, invest on a DeFi project with well know team and good partners.

YAM meets your criteria of a project with well known team and good partners but look at what happened to them. It immediately dropped because it was found out there's a bug which affects the token's total supply. It almost died instantly, from $100+ to less than $1 real quick https://coinmarketcap.com/currencies/yam/historical-data/

Follow the discussion here https://bitcointalksearch.org/topic/defi-yam-yam-yam-a-scam-5268501

I don't think yam is scam. The drop was caused by bugs because there wasn't proper audit before launch and there was an abnormal increase in total supply due to the rebase feature of the token, many investors get larger amount of yam.
Anyways, thanks. I will follow the discussion

Yogee

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Quote from: Cryptoababe on August 18, 2020, 05:31:20 PM

.....So, these Remind me of 2017 where there are many cryptocurrency scams and shit projects like this image below with one man Team.

I've seen that "one man" team before. I can't remember exactly but it was like a tutorial on how you present yourself in your website or blog. The one image was just used to compare the difference in appearance.

Quote

My Advice for everyone is to invest responsibly and if you want to invest irresponsibly, invest on a DeFi project with well know team and good partners.

YAM meets your criteria of a project with well known team and good partners but look at what happened to them. It immediately dropped because it was found out there's a bug which affects the token's total supply. It almost died instantly, from $100+ to less than $1 real quick https://coinmarketcap.com/currencies/yam/historical-data/

Follow the discussion here https://bitcointalksearch.org/topic/defi-yam-yam-yam-a-scam-5268501

Cryptoababe

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What is DeFi or (Decentralized Finance)?

DeFi is an ecosystem of Decentralized Applications (Dapps) that provide
financial services built on top of distributed networks with no governing authority OR the movement that allows users to utilize financial services such as borrowing, lending, and trading without the need to rely on centralized entities or third parties. All these Services are provided trough Dapps. And Most of these Dapps are on Ethereum blockchain. But not Ethereum Blockchain only.

So, Recently, I noticed that Every coin related to DeFi is trending everywhere or trending on most cryptocurrency market tracking websites such as coingecko and coinmarketcap. So, these Remind me of 2017 where there are many cryptocurrency scams and shit projects like this image below with one man Team.

Then, it was because new people are just coming into the cryptocurrency and they feel like everything is safe. So, they just wanna keep buying.

Now that DeFi is Around, I've seen some project with no purpose related to DeFi but they are also a DeFi projects. And they once trend too. A lot of people are investing in these projects and I can sense great loses coming to traders or holders in future.
My Advice for everyone is to invest responsibly and if you want to invest irresponsibly, invest on a DeFi project with well know team and good partners.

By the way, I will like to see more advice and opinions of others. I know we can all learn more from experienced people here.

Topic: DeFi coins have turn the market into confusion - page 4. (Read 668 times)