20 sats \ 6 replies \ @grayruby 20 Mar 2023 \ on: Pool: are there any bitcoiners who use Ethereum DeFi? bitcoin
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.
In fact, yes. I think those who work in DeFi should think about their next move.
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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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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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Exactly. They should move into jail
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Call your representative and report on ETH. Or whatever you like to report on.
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Don’t worry bud Gary is already on the case
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