Topic: Quick Defi Learnings (Read 75 times)
tl;dr only go with bitcoin if you don't want to watch what's happening in the broader cryptocurrency space. I've made far more money investing in altcoins, but it cost me a lot of sleep and time. There's a beauty with Bitcoin + DCA: whereas you really don't need to give a crap on whatever is happening in the markets. You just simply add weekly/monthly.
You arent wrong but we cant assume a perfect defi product amongst those are in the line of centralized. Even on decentralized, those projects are still at risk but a good defi product can be achieved if all those you mentioned can be supplied by a perfect team and has capability to produce a good and reliable ecosystem.
Just like it has always been, in a bear market the safest coin to hold is btc.
Stable coins might be quiet handy now as well, if you trust USDC/USDT/BUSD will be able to hold the peg to USD.
Any other altcoin is very dangerous to hold, and leaving any coin in an exchange now is terrible.
Even binance is blocking BTC withdrawals. This is the time where exchanges fall apart, shitcoins goes to zero and small fishes and newbies get rekt.
Stable coins might be quiet handy now as well, if you trust USDC/USDT/BUSD will be able to hold the peg to USD.
Any other altcoin is very dangerous to hold, and leaving any coin in an exchange now is terrible.
Even binance is blocking BTC withdrawals. This is the time where exchanges fall apart, shitcoins goes to zero and small fishes and newbies get rekt.
1) Not your keys, not your coin. Thousands have gotten their funds stuck in Celsius verily due to this.
2) Know where your yield comes from. As long as money comes in you are blind. When ground shatters, you realize your naivety and red flags that were right in front of you.
3) Smart contracts can get hacked, insurance platforms themselves get hacked and audited contracts get hacked.
4) No matter what price, it can go another and another 100% down from there.
5) Read TnC, They won't be responsible for anything, you alone will be.
2) Know where your yield comes from. As long as money comes in you are blind. When ground shatters, you realize your naivety and red flags that were right in front of you.
3) Smart contracts can get hacked, insurance platforms themselves get hacked and audited contracts get hacked.
4) No matter what price, it can go another and another 100% down from there.
5) Read TnC, They won't be responsible for anything, you alone will be.
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