> "The big elephant is the cybercoins, and it's just a weird time to declare them a failure. It's like no one remembers 2017, this has practically been a carbon copy"
Exactly. This has been a re-run of 2017, and that is plenty enough reason to declare them a failure.
What happened to all the 2017 projects that raised billions during the last hype cycle based on breathless promises of decentralized wonderlands? They delivered absolutely nothing that anyone is using in the real world. "DeFi" is bullshit leverage products for speculators. NFTs are cryptokitties but somehow more stupid.
The whole scene is just a Ponzi Construction Kit for the gullible and greedy.
> "DeFi" is bullshit leverage products for speculators
No. With Compound, Aave and dydx you have DeFi-Dapps that allow you to borrow Dollars (I.e. stable coins pegged to the dollar) and earn interest between 2-15% APR (there are no savings accounts out there that will get you that rate, at least in Europe with negative interest rates). All apps are integrated in the Coinbase wallet. In contrast to speculation on rising Bitcoin or Ether this is a rather safe investment. It’s only still hampered by the Ethereum transaction fees which are currently really high (but not all of the time).
Furthermore, there are decentralized exchange Dapps that seem to have been going on well so far even through the current dump.
If I were you, I would invest a little bit of your savings in Ether and just wait what happens. It’s got a huge potential to disrupt the banking business and change finance forever.
"apps that allow you to borrow Dollars (I.e. stable coins pegged to the dollar) and earn interest between 2-15% APR"
The very definition of "bullshit leverage products for speculators". This is a rather safe investment in the same sense that subprime mortgage-backed securities were in 2007.
Exactly. This has been a re-run of 2017, and that is plenty enough reason to declare them a failure.
What happened to all the 2017 projects that raised billions during the last hype cycle based on breathless promises of decentralized wonderlands? They delivered absolutely nothing that anyone is using in the real world. "DeFi" is bullshit leverage products for speculators. NFTs are cryptokitties but somehow more stupid.
The whole scene is just a Ponzi Construction Kit for the gullible and greedy.