/biz/ - Business & Finance

[Anonymous No.19927693]

He has a point. This is not going to end well.

[Anonymous No.19927788]

>stupid faggot #2349872347 is going to miss out
i weep for him

[Anonymous No.19927811]

>>19927788
if you weren't around when BitConnect was thriving in 2017 you wouldn't know stupid fuck, DeFi has exactly the same vibes right now in crypto and this time it will bring the entire crypto market down with it

[Anonymous No.19927829]

>>19927811
Better sell the vibes then bro, sit this one out.

[Anonymous No.19927832]

Life must be a struggle for you when your intellect is this low. I weep for you

[Anonymous No.19927841]

>>19927832
>>19927788
samefag, kys

[Anonymous No.19927857]

>>19927811
Oh wow, they have the same VIBES???
Oh man I never thought of that, brb selling right now!

[Anonymous No.19927916]

>>19927832
yes, a low intellect billionaire Max Keiser who has been screaming at the world to buy bitcoin since it was $1........

[Anonymous No.19927948]

>>19927811
>DeFi has exactly the same vibes right now in crypto
When did Bitconnect partner with Coinbase?

[Anonymous No.19927984]

Same with all the other pajeet coins.
We need a massive drop in crypto again to rid the marketplace of all the shitcoins and scamcoin forks.

[Anonymous No.19928000]

>>19927693
JP Morgan and Chase Bank are mostly no different in substance and methodology than BitConnect

[Anonymous No.19928088]

>>19927693
If bitcoin dumps here, liquidations will be abound and we will see if any of these shitscams can stand up to it. It’s going to be the makerDAO liquidations frenzy again x10 because greedy boys are being naughty.

[Anonymous No.19928236]

Utility is still king

[Anonymous No.19928408]

OP struggling

[Anonymous No.19928411]

>>19927693
Based

[Anonymous No.19928537]

>>19927693
>>19927811
Bitconnect’s promise was that they had an algorithm that made small trades every day, buying and selling quickly.
This is a clear scam. Anyone savvy knows not to trust day-traders, and essentially what they were saying is that they can not only tell the future, but read other people’s minds.

Bitconnect had a massive tier system of rewards. You would have to stake your money for 100 days or so, and depending on how much you put in, your interest would increase. This is clear Ponzi scheme behavior.
Bitconnect also had an MLM aspect, where you would make money on the people who you signed up.

They had entire conferences dedicated to telling people bitconnect would give them “financial freedom”, “they would never have to work again”.
Everything about bitconnect screamed scam. The fact that anyone believed this is mind boggling, and the comparison to defi is unreasonable.

[Anonymous No.19928643]

>>19928537
Isn’t defi just the ability to make transactions like Loans pretty simple and other items.

[Anonymous No.19928649]

>>19928537
That is literally the proposition these defi firms are making.... “liquidity mining” ie loaning our high risk short term loans against derivative products or just outright lying about assets under management.

[Anonymous No.19928667]

>>19928537
is this much different to stock trading and the promise you buy when you invest with them?

[Anonymous No.19928778]

DMM is pretty much a On-chain bank that connects real world assets onto the blockchain.

On one of the documents they failed to redact the assets were Linked back to Finova financial which is owned by Gregory Keough.

I'm sure Coinbase, ChainLink, Huobi and Tim Draper are all smart enough to do their own due diligence and wouldn't be getting involved with this if there were any legitimate red flags..

See you all at $5

[Anonymous No.19928793]

>>19928537
I guarantee that 70% of $$ value in defi is vulnerable to a liquidity crunch and I sincerely hope bitcoin plummets so we get to see... the maker liq run just disappeared from consciousness

[Anonymous No.19928798]

>>19928778
Thanks, Timo

[Anonymous No.19928878]

>>19928649
>That is literally the proposition these defi firms are making....
yeah, an algorithm that promises gains is totally the same thing as providing liquidity to individual borrowers at a percentage.
You absolute brainlet.

[Anonymous No.19929122]

>>19928088
Bitcoins gonna stay/go low until after the 1 billions in options expire this week then bounce, the idiot's gotta be the idiot, and the exchange's gotta be the exchange you know? I feel for the saps that get liquidated but honestly they should know better.

[Anonymous No.19929241]

>>19927693

Oh yeah you wouldn't want to invest in a liquidity aggregator like Orion Protocol and 1000x your money, that would be retardeeeeed

[Anonymous No.19929244]

Why are people so attached to the idea that you need to have a custodian solution to provide you interest while pocketing 90 percent of the difference?

[Anonymous No.19929344]

>>19928878
>an algorithm that promises gains
Are you retarded? Is this is level of comprehension in defi? What do you think that algorithm does you dumb cunt? Where do you think those loans are going?

[Anonymous No.19929398]

>>19929344
You have no idea what an algorithm is, do you?

[Anonymous No.19929408]

Financially
Independently

[Anonymous No.19929443]

>>19929344
I agree with you but there's no point arguing
simpletons don't see that "defi" (where the most profitable ones are ironically centralized) is just wallstreet's plan to wipe out bad debt

[Anonymous No.19929467]

>>19929244
Stockholm syndrome.

[Anonymous No.19929540]

Bitconnect was better

[Anonymous No.19929543]

>>19929443
>>19929344

Imagine not knowing the difference between a bot that guarantees returns, and people who pay you interest for a loan.

[Anonymous No.19929608]

Oops

[Anonymous No.19929734]

>>19927693
another shitcoin from Bitconnect times was Safex, lots of noobs bought it and then got delisted, crash was worst from 1000 to 18 sat. hey hey trevon even promoted Safex kek

[Anonymous No.19929747]

>>19929543
That isn't the problem, but every defi product still relies on a centralized arrangement of oracles, and if every human was honest we wouldn't need DLT to begin with. And new defi products like DMM are actual wallstreet scams.

[Anonymous No.19929809]

>>19929747
>still relies on a centralized arrangement of oracles
No they don't.

>if every human was honest we wouldn't need DLT to begin with
Jesus fucking christ.

[Anonymous No.19929834]

one bad crash and the entire system will chain liquidate like the march crash. People are retarded and are creating a house of cards on top of eth right now. Borrowing at insane rates to farm governance tokens to dump back on the open market. It's absolutely ridiculous

[Anonymous No.19929850]

>>19929543
Can you please tell me where this magical bot that makes value out of fresh air is? How do you think loaned assets make money?

[Anonymous No.19929863]

>>19929809
>No they don't.
Give me 1(one) DEFI product that offers returns on loans, that does not rely on a centralized arrangement of oracles.

Protip, if it uses chainlink, it's centralized.

[Anonymous No.19929883]

>>19929850
>Can you please tell me where this magical bot that makes value out of fresh air is?
lmao, that's the point.
It was a scam.

>How do you think loaned assets make money?
They do or they don't.
Either way the borrower has to pay a fee.

>>19929863
>Chainlink is centralized
You're retarded.

[Anonymous No.19929900]

>>19929863
Chain link is a scam because they can’t overcome the fact that primary data sources are singular and can’t be distributed without introducing Chinese whisper errors.

[Anonymous No.19929915]

>>19929883
how is chainlink not centralized?
honest question, from everything i've read it looks like the decentralization is minimal.

[Anonymous No.19929918]

>>19929883
>selected nodes that have to KYC and are audited by the chainlink team is a decentralized structure

[Anonymous No.19929941]

>>19929918
>selected nodes that have to KYC
There have been tons of non-KYC nodes for a long time now.
Please try to keep up.

>>19929915
It uses a multitude of independent oracles to come to a single answer.

[Anonymous No.19929952]

>>19929883
You just walked back everything you said and made my point for me. Defi is a pyramid built on the price of bitcoin and when bitcoin dips again it’s going to be a repeat of the exact same liquidation that happened to the makerfags 2 months ago.

[Anonymous No.19929966]

wow this thread is full of seething pajeets

[Anonymous No.19929977]

>>19929952
>You just walked back everything you said and made my point for me.
You only think that because you're an absolute retard.

Bitconnect: "give us coins and our bot will guarantee returns"

Defi: "borrowers pay a fee to borrow coins, whatever the outcome"

[Anonymous No.19930031]

>>19928088
>>19928649
>>19928793
>>19929344
>>19929850
>>19929900
>>19929952

Why are you being so salty with retard level fud?
I'm guessing you bought the top on Uniswap before the public sale

[Anonymous No.19930090]

>>19929941
>There have been tons of non-KYC nodes for a long time now.
[citation needed]

[Anonymous No.19930098]

>>19928667
Bitconnect was promising impossible gains, about 1% daily I believe. Stock trading is when you swing the underlying asset for limit gains, and it's nowhere near as insane/lucrative as 1% daily. 1% MONTHLY long term already beats the S&P 500.

[Anonymous No.19930119]

>>19930090
Here's one example.

[Anonymous No.19930201]

>>19930119
>A literal investment firm
>not KYCd

[Anonymous No.19930346]

>>19930201
That's one of the three top non-KYC nodes.

See here: https://market.link/search/nodes
All the nodes without a little Chainlink hexagon next to their name are non-KYC.
They start appearing on page 2.

[Anonymous No.19930929]

>>19928649
It's not a fair comparison in form, but in substance, sure. DeFi is not much different from the derivatives that trade in traditional markets. It's not a ponzi, but it certainly has the ability to blow up like one.

[Anonymous No.19931006]

>>19928649
>>19930929
Yeah by that logic most traditional finance is a ponzi, which actually isn't far from the truth. That's not what DeFi is about; DeFi is about decentralizing these financial instruments so they are not only beholden to banks and the initiated. With DeFi anyone can become a jew and profit from our usury ridden world. Alternatively, it becomes possible to loan money without getting shafted by loan sharks and bank shenanigans.

[Anonymous No.19931038]

It's maybe the ultimate avatar of the financial capitalism, i.e. create value out of nothing
As long as it stays afloat long enough to make us stupid rich I'm all right with it

[Anonymous No.19931093]

>>19927811
>muh vibes

[Anonymous No.19932305]

Look there is a lot of truth in this fud if that makes any sense. I am invested in defi but it is a house of cards with a heap of risk... one project crashes and the whole thing tumbles... E.g. MCO absolute unsustainable model... what if they just exit scammed? Not saying they would ... But what if? Stranger things have happened. Link away o me project... what if it gave a heap of false prices... probably won't happen ...but hey this is crypto. AAVE the smart contracts fk up and burn all funds... anything like this can happen any time and probably will. This is a very risky financial space we are in. Enjoy make bank and be careful af.

[Anonymous No.19932355]

>>19927693
Statera has it worse.

[Anonymous No.19932437]

>>19932355
go back to your STONKS thread, bottom feeder

[Anonymous No.19932453]

>>19927811
Crypto.com is the new bitconnect

[Anonymous No.19932464]

>>19927693
>max keiser

[Anonymous No.19932519]

>>19932437
I was thinking about a word to describe the pathetic anons that reside in those obvious pnd scam threads. The newfags who have no clue, actual 3rd worlders, youngfags playing with lunchmoney. I just couldn't find an apt word to describe them. I totally forgot about bottomfeeders. Thanks for bringing it to my attention anon

[Anonymous No.19932536]

>>19927693
the bitcoin maximalist cries in pain as he strikes you

[Anonymous No.19932906]

You sell when normies make memes about staking.

[42 No.19933153]

>>19927811
>DeFi has exactly the same vibes right now
mfw VIBIN' right now

[Anonymous No.19933276]

>>19927788
there is def no bubble! keep buying hand over fist!

[Anonymous No.19933471]

>>19927811
except ones a scam which can (and did) exit whereas defi is not centralized

[Anonymous No.19933549]

im all in defi, in the process of selling my house and currently in the process in applying for a loan out of a bank to get deeper into DEFI, you cannot get these kinds of annualized returns anywhere else and im going to become a millionaire

[Anonymous No.19933624]

Defi has a lot of promise but yeah, right now it's all about using tokens as collateral to take out even more tokens and use them as collateral to take out even more tokens etc... obvious overleveraged unsustainable bullshit. Maybe if we had the ability to link the blockchain uo to the real world in a reliable, decentralized and tamperproof manner, we could actually use defi to do cool things like trustless derivatives contracts for real assets.

Anyone know of a project like that? Which links blockchains to the real world? Someone should definitely start one if it doesn't exist, it could fundamentally supercharge the defi space.

[Anonymous No.19934648]

>>19927693
thats not a point thats an opinion retard