Pool: are there any bitcoiners who use Ethereum DeFi?
30 sats \ 5000 boost \ 49 comments \ @notgeld 20 Mar 2023 bitcoin
We are in the rapidly changing market and regulatory environment. We have few but very good P2P non-custodial exchanges which are Bitcoin only. However, I kindly ask to participate in survey about how bitcoiners look at DeFi. I'd like to know if we would like to re-consider some points.
I do NOT use Ethereum DeFi86.3%
I'd have a look into DeFi2.0%
I use it for buying spot0.0%
I use it for stablecoins2.0%
I use it for noKYC derivatives2.0%
I use it for lending3.9%
I use it for buying NFTs3.9%
51 votes \ poll ended
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761 sats \ 13 replies \ @DarthCoin 20 Mar 2023
People using these things are NOT bitcoiners.
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126 sats \ 11 replies \ @phygit 20 Mar 2023
Sorry, but this comment is so ridiculous...
A "bitcoiner" is someone owning/using Bitcoin. There is no reason in the world why you would not use some other blockchains or cryptos as well.
That would surprise you, but some of us love Bitcoin AND love Ethereum at the same time.
Grow up, and stop with your maxis BS. It's tiring after a while.
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234 sats \ 0 replies \ @grayruby 20 Mar 2023
"There is no reason in the world why you would not use some other blockchains or cryptos as well".
I am a normal human being, work hard, take care of my family, own a home, own some stocks, save in bitcoin. Why in the world do I need to use some other blockchains or cryptos?
This is the crux of the problem, the feature set of ethereum and other chains is not really needed by the vast majority of people. Sure if you are a trader, speculator, technologist, or arbitrager, you might have some use case but most of the world doesn't need it.
The best argument I can see for Ethereum or other chains to have any sort of future is the movement of stablecoins. I mean, I guess being the rails for future CBDCs could be a pretty huge TAM, but I thought escaping the corrupted system not embracing the corrupted system was the ethos.
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183 sats \ 0 replies \ @nerd2ninja 20 Mar 2023
The shitcoinery is tiring. I'm tired of "bitcoin" somehow being synonymous with "crypto". I'm tired of explaining in detail the need for bitcoin to someone only for them to wrecked by shitcoin scams like etheream and blaming me for it. I have to really hold a noobies hand for their first 4 years just so they don't hurt themselves.
It really is like "here's this fair well respected money" and then as soon as that comes out "here robux ran by the roblox corporation. Its a digital asset just like Bitcoin"
So fucking annoying.
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36 sats \ 1 reply \ @0xtr 20 Mar 2023
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21 sats \ 0 replies \ @DarthCoin 20 Mar 2023
Perfectly explained. Thank you!
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3 sats \ 0 replies \ @sudonaka 20 Mar 2023
You must be new here
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7 sats \ 4 replies \ @DarthCoin 20 Mar 2023
As I always said for all those "crypto boys" like you...
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0 sats \ 3 replies \ @phygit 20 Mar 2023
Are you 12?
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7 sats \ 2 replies \ @DarthCoin 20 Mar 2023
I have 12 years being a Bitcoin Toxic Maxi.
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0 sats \ 1 reply \ @phygit 20 Mar 2023
Wow, so impressive... You beat me by 1 year. You just ruined my day!
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25 sats \ 0 replies \ @DarthCoin 20 Mar 2023
yes, but you were doing shitcoining. We are not the same.
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0 sats \ 0 replies \ @notgeld OP 20 Mar 2023
Even assuming that DeFi projects did some regulatory arbitrage while being in fact centralized entities, Bitcoin companies might learn something.
Bittr has closed long time ago as soon as AML5 appeared on the horizon. That's it.
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0 sats \ 0 replies \ @notgeld OP 20 Mar 2023
No problem. That means for you is the first answer only and thank you for an opinion.
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141 sats \ 3 replies \ @TheL0wner 20 Mar 2023
defi is just people trying to be banks, no thank you. becoming the problem is not a solution.
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0 sats \ 2 replies \ @notgeld OP 20 Mar 2023
Do you have bank account?
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21 sats \ 1 reply \ @TheL0wner 20 Mar 2023
no.
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0 sats \ 0 replies \ @notgeld OP 20 Mar 2023
Respect then.
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47 sats \ 4 replies \ @nerd2ninja 20 Mar 2023
I remember when I was a shitcoiner. I tried to self custody things that were not meant to come off an exchange I think lol. Scary times with some of those scams. Over time I learned to ask the right questions and once I learned that, I learned Bitcoin was the only thing that had the correct answers to those questions.
Etheream is not what you want in a money, a cloud platform, or anything. The way Etheream is set up, with its authoritative head, would be better done as a publically traded company that runs as a franchise so that franchise owners can add in their server farms to the network. It is that level of centralized already and it operates poorly by comparison to a properly made company.
Stablecoins are literally specie which is meant to represent fiduciary media. Stablecoins are to the dollar what the dollar was to gold under the gold standard. They could be better done under a chaumin mint e-cash system.
Defi is for suckers who still don't realize that for every leverage, there is a deleverage. "When we create debt, we create cycles" but its your money, you can continue to lose it. I'll just be here getting everyone I see and know to stay the fuck away from your insanity.
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0 sats \ 2 replies \ @om 20 Mar 2023
They could be better done under a chaumin mint e-cash system.
There's one problem with this: the government closes such projects immediately while USDC and USDT are still more alive than dead.
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0 sats \ 1 reply \ @nerd2ninja 20 Mar 2023
But it makes no sense in terms of technical reality. Its only ignorance or perception or some mind game of some sort that keeps them open I think lol. Because they could be shut down now especially the ones under US jurisdiction.
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0 sats \ 0 replies \ @notgeld OP 20 Mar 2023
Yes. The reality somewhat confirmed expectations of many Bitcoiners. However, they tried to operate in gray area and I think some companies deserve respect because there is Liberty Reserve case. Nobody likes jails.
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0 sats \ 0 replies \ @notgeld OP 20 Mar 2023
Thank you
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20 sats \ 6 replies \ @grayruby 20 Mar 2023
Ethereum "defi" got bailed out by the fed because it is almost completely collateralized by USDC which was going to zero before the Feds bailed out SVB. Just saying.
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10 sats \ 5 replies \ @notgeld OP 20 Mar 2023
In fact, yes. I think those who work in DeFi should think about their next move.
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0 sats \ 1 reply \ @grayruby 20 Mar 2023
DeFi is a nice idea but when it operates on a centralized chain, with centralized apps, using centralized collateral it is kind of a joke. Besides that the complexity involved with some of the defi stuff is absurd. The only way a normie would be able to use it would be through a fund manager. I was reading about an exploit in one defi protocol and they are like no problem just move to this and then swap to that and get liquidity from this and then enter that smart contract and you will be fine. And I was just thinking, you guys are completely nuts if you think regular Joe who works his ass off and just wants to put some money away for his kids college and his retirement is going to ever use this shit.
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0 sats \ 0 replies \ @notgeld OP 20 Mar 2023
Yes. This is nonsensical. But regular Joe also may not like trading as an activity. So this is a place where sound money shine.
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0 sats \ 2 replies \ @sudonaka 20 Mar 2023
Exactly. They should move into jail
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0 sats \ 1 reply \ @notgeld OP 20 Mar 2023
Call your representative and report on ETH. Or whatever you like to report on.
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0 sats \ 0 replies \ @sudonaka 20 Mar 2023
Don’t worry bud Gary is already on the case
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20 sats \ 8 replies \ @franzap 20 Mar 2023
Received a payment in USDT and I was forced to buy ETH in order to swap it for Bitcoin. Felt dirty.
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0 sats \ 4 replies \ @sudonaka 20 Mar 2023
Why not trade ogre
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0 sats \ 3 replies \ @franzap 20 Mar 2023
Sorry trade what?
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0 sats \ 2 replies \ @sudonaka 20 Mar 2023
Tradeogre it has a btc/usdt pair
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0 sats \ 1 reply \ @franzap 20 Mar 2023
No - I couldn't move the funds out of the wallet without ETH to pay for the fees
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0 sats \ 0 replies \ @sudonaka 21 Mar 2023
Yeah that’s gross
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0 sats \ 2 replies \ @notgeld OP 20 Mar 2023
And by the way, it wasn't USDT on Tron.
Seriously, you might like FixedFloat however it has not really good reputation nowadays.
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1 sat \ 1 reply \ @franzap 20 Mar 2023
Correct, it was USDT on Ethereum. FixedFloat or Sideshift are good but they have minimums (around $15)
But I'm not talking about that. I'm saying I was forced to buy ETH to be able to move them, when this crap should be able to use USDT itself to pay for fees. In addition, it's expensive (almost $4)
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0 sats \ 0 replies \ @notgeld OP 20 Mar 2023
Okay. Thank you. I understand your situation.
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10 sats \ 3 replies \ @ama 20 Mar 2023
Money-on-chain, RGB, RIF, Sovryn, Tropikus, Babelfish, etc, etc, etc... Why would anybody need to look outside of BTC?
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0 sats \ 2 replies \ @notgeld OP 20 Mar 2023
Agree. LN wallets have superior UX if compared to Metamask. And turns out that such places like LNMarkets or Kollider provide far easier onboarding. Nonetheless DeFi has far more liquidity and markets tend to like it. This is why in particular Liquid is so slow to take off and Sovryn too, it seems.
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0 sats \ 1 reply \ @sudonaka 20 Mar 2023
“Markets like it” the scam and Ponzi receives new funds daily from suckers like you
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0 sats \ 0 replies \ @notgeld OP 20 Mar 2023
Do you reject idea of markets or their preference for more liquidity?
You know half of the world happily uses Binance p2p and genuinely don't care even about Uniswap. So. Whats your point? I just came and ask. I am curious about other people but there's an option for you, too.
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6 sats \ 1 reply \ @legxxi 20 Mar 2023
DeFi is basically another name for TradFi. There is nothing new in that over-financialization being played again with different names. And nothing decentralized either.
Let's call the things by their names: it's shitcoinery!
If you wanna play the casino, you already have Wall Street.
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0 sats \ 0 replies \ @notgeld OP 20 Mar 2023
Okay thats #1. Thank you.
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5 sats \ 1 reply \ @om 20 Mar 2023
I used it for providing liquidity to AMMs, but now it's not worth the APR anymore.
I think it's great that Ethereans experiment with new tech. I think their DAOs are interesting and their RAI is promising.
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0 sats \ 0 replies \ @notgeld OP 20 Mar 2023
Thank you.
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1 sat \ 1 reply \ @phygit 20 Mar 2023
Poll is badly formulated (should be multiple choices).
People using Ethereum or DeFI usually do most of the things listed here (often buying, stablecoins, and NFTs).
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0 sats \ 0 replies \ @notgeld OP 20 Mar 2023
Yes. I should have add "All of them string or something". I am not that deep in these things actually.
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