Few painful truth that many still don't want to accept about crypto projects

FrozenBit

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Quote from: Eco_111 on September 03, 2020, 10:10:46 AM

The more I go deep into crypto the more scary it becomes, here are three points that I haven't been able to get over still

1. I believe that the word ' decentralized ' is a complete lie, I'd like stop start from decentralized ( dex ) exchanges, these exchanges are still been controlled by person, how is this decentralized?

2. Most Stablecoins too are unclean to me because there is no proof of been backed by anything, meaning most of them are illegal, unregistered or would rather say unlicensed.

3. 99% of Lending and borrowing DeFi projects are scam, might be hard to believe now but in time the truth will be revealed, it's all about having a deep thoughts about these projects, what's actually backing them? We are been controlled by con artists right under our nose once again after we've thought we've learned the worse in 2017.

Some will agree and some won't but it's a free world, can we really escape manipulations? I doubt that, what's your take on this? Do you agree or disagree? Don't hesitate to drop your comments

I don't agree with you about decentralized exchanges, still there are a lot of decentralized exchanges as good as IDEX, Folkdelta ... they are the best decentralized exchanges in this market and never You can control your private key. Only these bullshit exchanges take advantage of decentralization to try to scam money of investor

avikz

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Quote from: Eco_111 on September 03, 2020, 10:10:46 AM

1. I believe that the word ' decentralized ' is a complete lie, I'd like stop start from decentralized ( dex ) exchanges, these exchanges are still been controlled by person, how is this decentralized?

Decentralized exchanges don't control your funds. You will have to link the exchange software to your browser based wallet like metamask and carry on your trade. An exchange is a business entity so it cannot be completely decentralized.

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2. Most Stablecoins too are unclean to me because there is no proof of been backed by anything, meaning most of them are illegal, unregistered or would rather say unlicensed.

Partially true! But there are exceptions as well. Unfortunately the most popular stablecoin USDT has never audited their USD holdings.

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3. 99% of Lending and borrowing DeFi projects are scam, might be hard to believe now but in time the truth will be revealed, it's all about having a deep thoughts about these projects, what's actually backing them? We are been controlled by con artists right under our nose once again after we've thought we've learned the worse in 2017.

Right you are! This defi market will eventually become a free hunting ground for ponzi scammers if authorities don't start grilling the owners right now! Whenever I see a program offering interest return to their investors, I stay out of it!

Shallow

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Quote from: Eco_111 on September 03, 2020, 10:10:46 AM

The more I go deep into crypto the more scary it becomes, here are three points that I haven't been able to get over still

1. I believe that the word ' decentralized ' is a complete lie, I'd like stop start from decentralized ( dex ) exchanges, these exchanges are still been controlled by person, how is this decentralized?

2. Most Stablecoins too are unclean to me because there is no proof of been backed by anything, meaning most of them are illegal, unregistered or would rather say unlicensed.

3. 99% of Lending and borrowing DeFi projects are scam, might be hard to believe now but in time the truth will be revealed, it's all about having a deep thoughts about these projects, what's actually backing them? We are been controlled by con artists right under our nose once again after we've thought we've learned the worse in 2017.

Some will agree and some won't but it's a free world, can we really escape manipulations? I doubt that, what's your take on this? Do you agree or disagree? Don't hesitate to drop your comments

First, decentralization is not a complete lie, there are elements of truth in it, how? The only coin which is decentralized is Bitcoin and that's it, which is also the reason it is the most trusted, others be it decentralized exchanges, coins and tokens aren't decentralized, although some might display features of being decentralized but they aren't 100% decentralized.
Secondly, I agree with you about stablecoins, which is why I think it is not wise investing or holding them for long but just using them for a certain time and be done with it. Also, owing to the fact they are highly centralized is enough reason to be careful of them.
Thirdly, about Defi, I would say 95% are just scams which reached where they are today because of hype, and sooner than later the truth will be known.

ecnalubma

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Some are aware of the truth but some are just blind. Crypto is a chaotic investment and people should always put that in mind before they put their money in any projects they choose. There’s no safe investments though but lets not forget the basic rules when it comes to this things and don’t let greed dominate you.

adzino

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Quote from: Eco_111 on September 03, 2020, 10:10:46 AM

-snip-
3. 99% of Lending and borrowing DeFi projects are scam, might be hard to believe now but in time the truth will be revealed, it's all about having a deep thoughts about these projects, what's actually backing them? We are been controlled by con artists right under our nose once again after we've thought we've learned the worse in 2017.
-snip-

This is the part most people aren't getting. They are just following the hype and are hoping to make millions over night. They don't even bother learning about the project before investing anything. Most scam projects that were already dead just added the term "DeFi" to it and people are already falling for it.
It is true, history repeats itself. I won't be surprised to see hundreds of people losing their money after investing in those project.

ned.ryerson

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Quote from: taufik0911 on September 03, 2020, 11:01:52 AM

yes I think for overall decentralization it is not but if data decentralization is true
USDT is not really backed up with real USD, I think it is like that, even in the real world USD is in fact not backed up with gold and can be printed arbitrarily without requiring permission from the IMF
This is indeed a big fact, where many use cryptocurrency easily and are recognized by cryptocurrency enthusiasts

We already heard a lot of rumors about the fact that USDT is not supported by real dollars, but all these rumors have not been proven. I believe that this stable coin is the only one on the market that you can hold in your portfolio.

aprilnot

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I agree, but not DEX. DEXs like forkdelta, idex, and bancor are truly decentralized exchanges. So I still believe that where in the future DEX can grow and become popular. decentralized market is the solution to today's security problems. But at one point there are some problems such as the length of the transaction process due to network influence or lack of trading volume. but all of that can actually be resolved if development continues.

Tipstar

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1. Real Dex exchange don't keeps your coins. They just match buyers and sellers and after matching the price and amount, they just facilitate the transfer of coins. That's why they are called decentralized.
2. Most stable coins actually holds the fiat they are based on and are regularly audited by independent auditor. Just a few of them like USDT don't care about that.
3. Real defi platform works with smart contract, if the smart contract is verified, you can lend and borrow without a doubt. The current defi token price hype could be a bubble.

todiefor17

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DEFI projects that lend and borrow do not deliver real value, but rather a scam. When the cryptocurrencies you generate them lose value and everything becomes meaningless, we are too unable to lie still to get something free, it has to be from a real application.
It is for the reasons that you mentioned above that the charts of the crypto market do not follow any rules, which is manipulation. It lies in their nature that has prevented this market from developing strongly in the past 2 years.

Westfiled

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We can't really escape from the manipulation and this is a speculation market when everyone can do whatever they wanna do to the market. I quite agree with all of your opinions but remember those were pegged on their parent chain. that means if they were being decentralized caused by they have been using the blockchain as their parent chain to operate their protocol or service.

Ucy

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I think one of the main problems are centralized projects escaping accountability under the cover of decentralization, and insufficient or lack of right rules/standards for decentralized projects to be governed by.
It would be better for centralized projects to be captured and regulated by governments in the old fashion (unfortunately this will be to the detriment of the decentralized system/network they are built on) while the truely decentralized projects are openly regulated or governed by participants using the best rules/standards available.

optimisticcm

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You forgot to add many staking based coins which are based on ponzi model because they will paying the APR in their own coins which will result in continuous selling pressure and price will keep dumping for such coins obviously this process will take time but eventually this will be the fate of most of the high apr paying coins.

Rowenta

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Quote from: kingzpro on September 03, 2020, 10:15:55 AM

Yeah i partially agree with you but what do you think about other projects in crypto space like centralized exchanges and also centralized finance programs like nexo? Do you think that they are transparent and legit or you think that they are also like ponzi schemes without any real business or revenue?

I don't think OP create this post to go head to head with decentralized vs centralized, he is just clearing the fact that decentralized projects aren't real decentralized like they claimed if you understand what decentralized real means

taufik0911

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yes I think for overall decentralization it is not but if data decentralization is true
USDT is not really backed up with real USD, I think it is like that, even in the real world USD is in fact not backed up with gold and can be printed arbitrarily without requiring permission from the IMF
This is indeed a big fact, where many use cryptocurrency easily and are recognized by cryptocurrency enthusiasts

kingzpro

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DIFX - Digital Finacial Exchange

Yeah i partially agree with you but what do you think about other projects in crypto space like centralized exchanges and also centralized finance programs like nexo? Do you think that they are transparent and legit or you think that they are also like ponzi schemes without any real business or revenue?

Eco_111

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The more I go deep into crypto the more scary it becomes, here are three points that I haven't been able to get over still

1. I believe that the word ' decentralized ' is a complete lie, I'd like stop start from decentralized ( dex ) exchanges, these exchanges are still been controlled by person, how is this decentralized?

2. Most Stablecoins too are unclean to me because there is no proof of been backed by anything, meaning most of them are illegal, unregistered or would rather say unlicensed.

3. 99% of Lending and borrowing DeFi projects are scam, might be hard to believe now but in time the truth will be revealed, it's all about having a deep thoughts about these projects, what's actually backing them? We are been controlled by con artists right under our nose once again after we've thought we've learned the worse in 2017.

Some will agree and some won't but it's a free world, can we really escape manipulations? I doubt that, what's your take on this? Do you agree or disagree? Don't hesitate to drop your comments

Topic: Few painful truth that many still don't want to accept about crypto projects (Read 154 times)