I am having exactly these thoughts.

I’ve just pulled the trigger on buying a lightning network node and am looking to go all in on BTC while tinkering with lightning network as my “Defi” alternative.

I fully understand your thoughts, as someone who never got into "DeFi" in the first place for those sorts of reasons.

I would also like to warn against complacency around "wrapped bitcoins". It sounds very algorithmic and nice, and a way to have your cake and it it, too – a promise that you can have bitcoin and use the popular DeFi protocols at the same time. But "wrapped bitcoins" are just tokens issued against real bitcoins that a central party promises they have in custody. WBTC is backed by coins BitGo say they have in their custody, soBTC was backed by bitcoins FTX lied about having in their custody, but didn't.

So "wrapped bitcoins" are no different than having bitcoins on an exchange – you have counterparty risk. And since you don't know what your counterparty's counterparty risk is, you can't quantify your own risk.

I did this a long time ago, I had all these POS coins and was in Liquidity pools and then when I did the math on the potential satoshis I could have had with a lot less effort I took the dick punch and sold it all and recovered what I could, moved it into cold storage and I've been stacking ever since.

If you're in it for the gains, I encourage you to measure all your traders and DEFI in satoshis and if you're not coming out above 20% higher than basic stacking you just wasted your time and should just stack sats

Unpopular opinion: You may wanna keep a bit of ETH bc it reforms better during recoveries and the dump on institutions to acquire more BTC. If you are interested in Defi on btc check out BIP300/300 (drivechain.info)

Yeah, at some point I had ca. 15-20% in ETH and when I was ready mentally to get rid of it, I just checked the ETH/BTC chart, swapped meth to sats and never looked back. It was an immense relief! I didn't expect that feeling actually.

u surely better get out ... you can hear my story with DeFi as an insider

I think it's safe to say that 95% of the people on SN have come to the same conclusion.

Yeah, stick to BTC

There are huge risks in all the 1000's other coins.

This was basically my thought process when I swapped over to Bitcoin from every other coin. Makes everything simpler and less stressful. Great to see that I wasn't alone!

Thank you all for your feedback. This really rocked my weekend

I just think this thing of "Defi" it's a marketing creation from private companies to monetize a nich while they can.

It's just doesn't exist, same as "web3", there are marketing people doing their thing.

Wolfs in the skin of sheeps

Stay humble, stack sats.

Yes.

Agree with everything and dump your eth immediately

i recommend using https://boltz.exchange to facilitate the ETH-to-BTC switch. it's a reliable kyc-free service.

Just wait for better Defi on btc and lightning. Preferably lightning, im pretty iffy about chains like RSK

good idea

This is the way ;)

подумай. сколько прошло времени от слова блок чейн до момента когда ты понял что нужно делать. первым все равно оказался биткоин. кто тебя повел не по правельному пути?

Почему ты оказался в токенах. что тебя побудило следить за пулом? какова причина установки метамаск?

If one moves from the CrYpTo world into bitcoin, then it is only correct to describe this as "getting INTO defi."

Bitcoin is decentralized. Crypto is not.

more power to you fam

Of course, I do. Have a look at: #96412 #96356 #96415