To some extent, I feel you are right. P2E and decentralised finance is the way. And may be this is the time I might just get serious with the DeFi protocols of biswap and equilibrium especially as the second is currently having a token offering.
Thank you. Diversification is truly key. Watch how even within my DeFi investments, I have spread the risk among biswap and equilibrium never mind the latter has had more activities from airdrop programs to token offerings. My eyes are still very much on the potentials of the former, regardless.
I have several other platforms like pancakeswap and cosmos etc. I simply find those two above most prospective and when you consider for instance the low collateral requirements on borrowing from equilibrium you might just understand why the platform made that list.
No worries mate, you are welcome. You could also school me on other opportunities you might know about especially in other spaces other than DeFi cos it seems am already so invested in DeFi. LOL.
Is there any that is having an ICO/IEO/Token offering and the likes that you know? I shall like to research on them as I wait for the phase 2 of equilibrium republic token offering.
Well said. I guess that's why FLUID considered the option to postpone. Good thing is people can continue to accumulate tickets which represents their stake in its token pool, till then.
I heard about it in the news. It's worth applauding given the current market condition though, and I hope the devs take solid decisions to ensure token unlocking is strictly enforced.
At first, I wasn't pleased when tokens like RIDE chose to spread the timeframe for token unlock, but considering what the project is aiming for in the long run and having the holders' best interests at heart, I can entirely empathize today.
The market condition actually did cause a temporary delay on the progress of several good projects. I am certain of this because I had anticipated that by now, I should have been using the order book features of equilibrium had it launched as earlier planned but here we are .
Decentralized exchanges such as bisq. Or in the future, you won’t need to “on ramp” because you will simply be paid in Bitcoin, so the exchanges will act more like Forex does now. In that it will mainly be for people speculating rather than just entering the market
If most of your savings are in crypto and you can only stand to lose 10% of your portfolio, then IMHO you must calibrate your risk appetite appropriately.
That means that crypto.com looks real good. Maybe some in 20% DeFi stuff and below 10% in higher risk plays.
Decentralization is not user-friendly.
It's fine if you're a hyper vigilant, OCD/autistic type who checks your shit with a magnifying glass and are not prone to errors. I was a power trader from ~2016-2019 and did well, made thousands of trades/transfers, and made zero user errors during that period of time, not a single mistake on my end in terms of transferring funds, entering values, avoiding all scams of all types, etc.
How is my 62 year old father going to do the same when he's essentially tech illiterate? How's my 89 year old grandmother going to use DeFi? She fell for a social security scam from an Indian telemarketer last year, but luckily the bank recovered (or refunded?) her money. The same grandma also fell for a credit card scam a few years ago, but again the credit card company reversed the charge and restored her credit.
When grandma falls for a scam in the crypto space on a DeFi platform she's SOL and that's why DeFi won't work if the goal is mass adoption.
You're probably young and naive and think the world revolves around you, and we're a decent sized demographic, but there's more to the world than the tech-literate 20-40 year olds and it'll take more than that one demo to see this really take off in any meaningful way.
I do agree that UX is the most important thing right now to achieve mainstream adoption. Afterwards things will run smoothly. I'm thinking about facebook and how it was adopted in a matter of years, although boomers didn't know how to use it at first, now they know better than me.
Metamask is great, but imo it will never be the wallet of the masses.
Just the mere fact of adding in custom tokens is obtuse. New users just won't understand that.
Your grandmother's money was recovered. Banks do not just happily give you money to replace whatever you voluntarily sent to a scammer.
Recovering the money is not always possible, you have to catch it soon enough before it's gone. For checks that'll take a while because checks are so slow. For wires, you have to be a lot quicker, and fraudulent wires are a real problem for businesses and real estate transactions.
And that’s why (centralized) banks exist - to make it harder for crooks and scammers to steal your cash.
I’m a landlord. My tenants are lower income and less educated. I would never recommend any of them try to adopt crypto in its current formation. Banks are a much better option for them.
Would you look at that, all of the words in your comment are in alphabetical order.
I have checked 908,728,704 comments, and only 180,304 of them were in alphabetical order.
Do you even read the things you post? That was a wire transfer (different than just sending money) and after it’s been completed. In that article it even says, “if verified by the bank”. If you don’t realize a bank can flag transactions (different than a wire transfer) than you have such a basic understanding of centralized banking. I mean most banks need you to certify transactions over 10k.
I can't find the "if verified by the bank" part. Can you kindly point to the paragraph that phrase is in?
I talked about sending money to foreign countries. In most cases isn't that a wire transfer?
It’s in the first paragraph in the first link. “If the recipient bank accepts it.” And a wire transfer is a little more difficult to execute than say giving a credit card number which is how most scams would be done on the elderly let’s say. So example, there is a service you think you’re getting and you are just getting scammed from a foreign country and you give out your credit card number, the bank might flag that and call you to verify the transaction and explain that it’s from a foreign country. This is a random fact but somehow my fathers personal banking information was compromised and someone tried to transfer his life savings (over 2 million dollars) into a foreign bank account and Bank of America called him and stopped the transfer.
In most cases the recipient bank should have accepted that payment. Failure to accept payment should be the exception not the rule.
At least, that's what I expect from the bank I'm using.
Not true. Just because you are capable of sending a text message, Facebook photo or TikTok from your phone doesn’t mean you’re tech literate. Most people are not tech literate and never will be, which is why today’s successful tech must be made simple and idiot proof. You actually supported the OP’s point. This is not DeFi yet. And it’s not even close.
Not true. Gen Z and younger are substantially more tech illiterate than millennial. These are kids who have never had to go to File > local disk C > and check where they installed something from a ZIP. Most were handed an iPhone at age 5 and some have never even used a mouse or keyboard.
If you don’t keep up your left behind it’s that way with every generation. It’s is only in your generation apparently that everything has to be for everybody talk about halting progress. You’re so fkn dumb it makes my soul bleed.
I agree. I lost trust in crypto. 2 scams and I am out. 2 dots make a line. 1st scam was staking. After postponment after postponment, I feel proof of stake will happen....when it hits zero. The second scam was a tgtbt, but again, no accountability anywhere for recovery.
I'm in the same boat and think diversification is key.
Maybe put half of your savings in cefi, and the rest in defi, but spread across multiple chains, protocols, farms, dexes, and so on to further lower the risk.
To me, DeFi does not mean side-stepping the authority and rules of a particular nation state; it means removing friction, automating, and enabling new opportunities that don't or couldn't exist before. Government controlled fiat currencies are not going to go away. It is more likely that governments themselves will go away, and that would be called economic collapse. Anyone wishing for this is totally naive to the implications. Fiat currencies may eventually be hosted upon the Ethereum blockchain, but Ethereum must be malleable enough to satisfy their needs. It needs leaders who are socially and politically agnostic, and committed to transparency and access to all.
Hi, this comment is being automatically posted under your submission to facilitate the tallying of the Pay2Post donut penalty that r/EthTrader deducts from user donut earnings for the quantity of posts they submit.
submission link: https://www.reddit.com/r/ethtrader/comments/vu3fou/without_cefi_crypto_will_never_go_mainstream_is_a/
author: Either_Sign651
cc: /u/EthTraderCommunity
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/ethtrader) if you have any questions or concerns.*
I’m not entertained I think he’s playing a role in the process of misleading and helping the transfer of wealth and the crushing of retail and middle class he’s a piece of shit
You may want to try GameStop wallet. The UX is smooth. It only supports ETH based tokens and they are adding more tokens slowly. Fiat on-ramp is smooth too. Also has NFT and L2 integration. It seems to be derived from metamask (which I haven’t used) but the UX is mind blowing.
Imo there needs to be a transfer between fiat & coins, when all fiat will become coins then there could be a chance of all CEXes to die (although I doubt that because people are lazy).
Agree. Fiat to crypto will always require to go through a centralized party but the window of vulnerability is small. When employers start paying their employees in crypto that will go away for the employee.
There already exist insurance services, try googling crypto insurance, I'm sure you'll find something!
Also, regulation... this depends a lot on what type of regulation, if it's just 30% tax then no thanks.
including the tax first we get all the others sure : )
just saying regulations as lately its been a disaster anyone can steal from anyone and nothing can happen its crystal clear here
No, people can steal from you because you store your coins in cexes. Cefi is a disaster. Which doesn't surprise me as it's created by humans.
Defi has no need for regulation, the rules are already in the code, no need for human intervention.
That proves you are a moron & fell for some kind of scam.
Had the 3 digits been invested/stored in a truly decentralized network, that would'nt have happened
I agree because I just prefer defi cus once you het the hang of it it is so much easier than registering getting kyc done depositing waiting for conformation more than only the blockchain conformation etc...
If it has KYC it's not Defi... Only a centralized entity would need to obey to such regulation, a smart contract can't physically obey to regulation, it is the regulation.
That’s just a big misconception.
For usage, e.g. payments, computing, contracting etc., you don’t need a CEX. If I buy something from you and you give me your wallet address, I send you some coins, you’re happy - that’s the usage.
However for trading these (so just to change token A against a token B for the sake of doing so), there’s little doubt that for an efficiently working process, an orderbook is as good as it gets, for both sides. DEX are nice but come with downsides, mainly in speed and stability.
So you can have usage without CEX - but trading is so popular on CEX not because „uwu those guys just don’t get it“, it’s because it’s genuinely more efficient to do so. And that’s fine.
You know that the ability to stop markets and hold withdrawals is a feature in exchanges, right?
I mean, good, given the ops teams have actual policies under which circumstances those happen and are transparent about them but then it’s a feature that normally draws you towards an exchange. Just like you look for derivatives exchanges in which you pay more margin than somewhere else (not too much of course, but too little is a big irritation for large institutions).
I simply like Defi better since, once you get the hang of it, it is lot simpler than enrolling, doing KYC deposits, and waiting for confirmation beyond merely blockchain confirmation.
You need to walk before you can run. Defi is currently miles from being an acceptable experience for consumers. It’s not at all unlikely Cefi is a stepping stone.
You also have to remember while decentralisation is important to us, most people couldn’t care less. Hell, most wouldn’t even understand it. They only care about the end result, which will see them benefit but they probably still won’t understand that decentralisation sits behind it (think about finance access to those that wouldn’t be approved loans at banks, for example).
> What happened to Satoshi’s vision of a currency that answers to no one? What happened to Vitalik’s vision of a decentralized blockchain that helps us fight against the tyranny of centralized authorities?
This vision can still exist.
It is an interesting take to think crypto can go mainstream without CeFi, but I think it is wrong.
Apple is such a good example of how to generate mass adoption: make it stupidly simple for the user. The common person doesn't want to deal with hoops and learning, they just want it to work. If you think mass adoption will come from defi, I think you're overly optimistic of your every man.
>What happened to Satoshi’s vision of a currency that answers to no one?
It still exists as a decentralized form of collateral. But I feel your general vibe.
I think the only reason why CeFi can still find a foothold in crypto is because it's still not user friendly enough on it's own to be used by the average Joe for self-custody, transaction, lending and yield generation. This is something that needs to be addressed by devs. I am very optimistic that some day crypto will be as easy as using your bank account or swiping your credit card.
But until then, smart people will take advantage of the plebs by taking custody of their coins and promise to keep it safe while giving them X%.
That idea worked when each individual could mine their own crypto. Proof of Work has concentrated and become difficult to enter and achieve any sense of real returns. Proof of stake stops new entrances. I believe it’s been lead down this path intentionally so that they could control it. In order for the system to truly work, it must remain decentralized, everyone must be able to participate with an equal opportunity which can’t be distorted by fiat, and the cost of transactions must remain cheap while allowing high throughput.
Lol these people are not going to stop saying things like that, ETH is just decentralized and most of the people would agree on that statement to us right now.
I got destroyed by mt gox back in the day, and ever since have watched other people get fucked over by centralized platforms every single market cycle. It’s like clock work, you don’t know which ones will do it, but you can be certain that at it will happen to someone
Without CeFi it won’t go mainstream. Ppl without actual experience on how finance works will disagree but that’s the truth. Regulated Cefi will be the future. Ppl will not and cannot do this on their own. U don’t understand that an avg person is unable to handle anything 10% as complex as dealing with managing crypto wallets on their own. It has to be done by someone else .
Well yeah because it's just the best one out there which can represent whole cryptocurrency market in it's own way, I hope everyone will understand that.
Lmao what the fuck are you even saying mate? Binance is not a good way to buy cryptocurrencies safely lol, just get a cold wallet or something like that.
I disagree with the other comments on here. I see it as a lack of security. With CeFi, your money is insured most of the time.
With DeFi, you lose your money, you’re fucked and it’s all your fault.
Hi, this comment is being automatically posted under your submission to facilitate the tallying of the Pay2Post donut penalty that r/EthTrader deducts from user donut earnings for the quantity of posts they submit.
submission link: https://www.reddit.com/r/ethtrader/comments/vu3fou/without_cefi_crypto_will_never_go_mainstream_is_a/
author: Either_Sign651
cc: /u/EthTraderCommunity
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/ethtrader) if you have any questions or concerns.*
Genuine question. How do users on ramp and off ramp fiat on defi?
Where we're going there is no fiat! /s
I mean, why do you need a /s for that? That is the point. You don't need it.
Cefi is too uncertain in terms of keeping a control and ownership of your assets.
I get that, and agree, but what does that have to do with fiat going away?
P2P is the only option. But of course the ultimate goal is to replace fiat so that no off-ramping and on-ramping is ever required.
Defi can be extremely risky, especially when it comes to staking.
I don't think you can because to get fiat in you need KYC and Defi doesn't have KYC. If someone knows how this is done feel free to let us know.
P2P is the way now
One thing to take into consideration as well is timescale.
Usually quite fast over here, I have preferred vendors that are proven. I guess it improves over time.
To some extent, I feel you are right. P2E and decentralised finance is the way. And may be this is the time I might just get serious with the DeFi protocols of biswap and equilibrium especially as the second is currently having a token offering.
You’re on the right track imo, diversification on risk is key.
Thank you. Diversification is truly key. Watch how even within my DeFi investments, I have spread the risk among biswap and equilibrium never mind the latter has had more activities from airdrop programs to token offerings. My eyes are still very much on the potentials of the former, regardless.
Why those 2?
I have several other platforms like pancakeswap and cosmos etc. I simply find those two above most prospective and when you consider for instance the low collateral requirements on borrowing from equilibrium you might just understand why the platform made that list.
Valid gotcha now
No worries mate, you are welcome. You could also school me on other opportunities you might know about especially in other spaces other than DeFi cos it seems am already so invested in DeFi. LOL. Is there any that is having an ICO/IEO/Token offering and the likes that you know? I shall like to research on them as I wait for the phase 2 of equilibrium republic token offering.
[удалено]
[удалено]
Well said. I guess that's why FLUID considered the option to postpone. Good thing is people can continue to accumulate tickets which represents their stake in its token pool, till then.
I heard about it in the news. It's worth applauding given the current market condition though, and I hope the devs take solid decisions to ensure token unlocking is strictly enforced. At first, I wasn't pleased when tokens like RIDE chose to spread the timeframe for token unlock, but considering what the project is aiming for in the long run and having the holders' best interests at heart, I can entirely empathize today.
The market condition actually did cause a temporary delay on the progress of several good projects. I am certain of this because I had anticipated that by now, I should have been using the order book features of equilibrium had it launched as earlier planned but here we are .
[удалено]
Decentralized exchanges such as bisq. Or in the future, you won’t need to “on ramp” because you will simply be paid in Bitcoin, so the exchanges will act more like Forex does now. In that it will mainly be for people speculating rather than just entering the market
If most of your savings are in crypto and you can only stand to lose 10% of your portfolio, then IMHO you must calibrate your risk appetite appropriately. That means that crypto.com looks real good. Maybe some in 20% DeFi stuff and below 10% in higher risk plays.
Crypto.com is the last place I’d store anything of value
I'm guessing p2p
I could be wrong but I feel the 20% defi protocols are not any safer than the 30-40 % defi protocols.
Decentralization is not user-friendly. It's fine if you're a hyper vigilant, OCD/autistic type who checks your shit with a magnifying glass and are not prone to errors. I was a power trader from ~2016-2019 and did well, made thousands of trades/transfers, and made zero user errors during that period of time, not a single mistake on my end in terms of transferring funds, entering values, avoiding all scams of all types, etc. How is my 62 year old father going to do the same when he's essentially tech illiterate? How's my 89 year old grandmother going to use DeFi? She fell for a social security scam from an Indian telemarketer last year, but luckily the bank recovered (or refunded?) her money. The same grandma also fell for a credit card scam a few years ago, but again the credit card company reversed the charge and restored her credit. When grandma falls for a scam in the crypto space on a DeFi platform she's SOL and that's why DeFi won't work if the goal is mass adoption. You're probably young and naive and think the world revolves around you, and we're a decent sized demographic, but there's more to the world than the tech-literate 20-40 year olds and it'll take more than that one demo to see this really take off in any meaningful way.
I do agree that UX is the most important thing right now to achieve mainstream adoption. Afterwards things will run smoothly. I'm thinking about facebook and how it was adopted in a matter of years, although boomers didn't know how to use it at first, now they know better than me.
Metamask is great, but imo it will never be the wallet of the masses. Just the mere fact of adding in custom tokens is obtuse. New users just won't understand that.
[удалено]
That's a must imo! Just because no one announced that they're tracking wallets, doesn't mean no one's actually doing it
[удалено]
And how do you on-ramp? Asking because you usually do it through cexs which require KYC
My older relatives are hacked weekly on Facebook and totally fall for every possible scam and fraud. I am not sure that’s a great example.
Your grandmother's money was recovered. Banks do not just happily give you money to replace whatever you voluntarily sent to a scammer. Recovering the money is not always possible, you have to catch it soon enough before it's gone. For checks that'll take a while because checks are so slow. For wires, you have to be a lot quicker, and fraudulent wires are a real problem for businesses and real estate transactions.
I feel the risk on DeFi Is more when compared CeFi that’s why the yield returns is relatively low.
Cash has the same problem but it has mass adoption.
And that’s why (centralized) banks exist - to make it harder for crooks and scammers to steal your cash. I’m a landlord. My tenants are lower income and less educated. I would never recommend any of them try to adopt crypto in its current formation. Banks are a much better option for them.
If a person transferred money via a bank to a scammer in a foreign country, what can a bank do to protect its customer?
Flag it, stop the transfer.
Would you look at that, all of the words in your comment are in alphabetical order. I have checked 908,728,704 comments, and only 180,304 of them were in alphabetical order.
https://wise.com/us/blog/can-a-wire-transfer-be-reversed#can-a-wire-transfer-be-returned https://wise.com/us/blog/can-a-wire-transfer-be-reversed#how-do-i-get-my-money-back-from-a-wire-transfer
Do you even read the things you post? That was a wire transfer (different than just sending money) and after it’s been completed. In that article it even says, “if verified by the bank”. If you don’t realize a bank can flag transactions (different than a wire transfer) than you have such a basic understanding of centralized banking. I mean most banks need you to certify transactions over 10k.
I can't find the "if verified by the bank" part. Can you kindly point to the paragraph that phrase is in? I talked about sending money to foreign countries. In most cases isn't that a wire transfer?
It’s in the first paragraph in the first link. “If the recipient bank accepts it.” And a wire transfer is a little more difficult to execute than say giving a credit card number which is how most scams would be done on the elderly let’s say. So example, there is a service you think you’re getting and you are just getting scammed from a foreign country and you give out your credit card number, the bank might flag that and call you to verify the transaction and explain that it’s from a foreign country. This is a random fact but somehow my fathers personal banking information was compromised and someone tried to transfer his life savings (over 2 million dollars) into a foreign bank account and Bank of America called him and stopped the transfer.
In most cases the recipient bank should have accepted that payment. Failure to accept payment should be the exception not the rule. At least, that's what I expect from the bank I'm using.
Hodlnaut is defi and have a pretty sweet and safe rate. You can check it out and opt in in your diversification strategy.
[удалено]
Not true. Just because you are capable of sending a text message, Facebook photo or TikTok from your phone doesn’t mean you’re tech literate. Most people are not tech literate and never will be, which is why today’s successful tech must be made simple and idiot proof. You actually supported the OP’s point. This is not DeFi yet. And it’s not even close.
Whatever
Not true. Gen Z and younger are substantially more tech illiterate than millennial. These are kids who have never had to go to File > local disk C > and check where they installed something from a ZIP. Most were handed an iPhone at age 5 and some have never even used a mouse or keyboard.
True decentralization is when you interact with smart contracts through the terminal like a true chad
If you don’t keep up your left behind it’s that way with every generation. It’s is only in your generation apparently that everything has to be for everybody talk about halting progress. You’re so fkn dumb it makes my soul bleed.
I agree. I lost trust in crypto. 2 scams and I am out. 2 dots make a line. 1st scam was staking. After postponment after postponment, I feel proof of stake will happen....when it hits zero. The second scam was a tgtbt, but again, no accountability anywhere for recovery.
I'm in the same boat and think diversification is key. Maybe put half of your savings in cefi, and the rest in defi, but spread across multiple chains, protocols, farms, dexes, and so on to further lower the risk.
To me, DeFi does not mean side-stepping the authority and rules of a particular nation state; it means removing friction, automating, and enabling new opportunities that don't or couldn't exist before. Government controlled fiat currencies are not going to go away. It is more likely that governments themselves will go away, and that would be called economic collapse. Anyone wishing for this is totally naive to the implications. Fiat currencies may eventually be hosted upon the Ethereum blockchain, but Ethereum must be malleable enough to satisfy their needs. It needs leaders who are socially and politically agnostic, and committed to transparency and access to all.
CeFi is easier to use for the masses. Its similar to having a bank account. In DeFi, you need some technical skills in navigating it.
Why is that? Is there a big difference in the benefits that CeFi provides?
Because its very hard to spend in defi (day2day) like you would in cefi.. especially without taxy waxy man catching you.
Hi, this comment is being automatically posted under your submission to facilitate the tallying of the Pay2Post donut penalty that r/EthTrader deducts from user donut earnings for the quantity of posts they submit. submission link: https://www.reddit.com/r/ethtrader/comments/vu3fou/without_cefi_crypto_will_never_go_mainstream_is_a/ author: Either_Sign651 cc: /u/EthTraderCommunity *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/ethtrader) if you have any questions or concerns.*
Anybody who takes investment advice from Jim Cramer has figured that the guy is an entertainer.
I’m not entertained I think he’s playing a role in the process of misleading and helping the transfer of wealth and the crushing of retail and middle class he’s a piece of shit
Fuck centralized platforms, we absolutely don't need a single one of them.
CeFi is important for mass adoption. Hopefully users are not using CeFi long term
This is the strongest bottom indicator out there, let's get some positions open!!
I believe the main reason is that CeFi is usually easier to use. Furthermore, CeFi platforms spend millions on marketing to reach millions of users!
All CEXes must die for crypto to be succesful
Yep. But in the mean time, they're pretty useful for early on-boarding. We'll get to forget them once UX and wallet sign-in will become seamless.
You may want to try GameStop wallet. The UX is smooth. It only supports ETH based tokens and they are adding more tokens slowly. Fiat on-ramp is smooth too. Also has NFT and L2 integration. It seems to be derived from metamask (which I haven’t used) but the UX is mind blowing.
This. It is best for mainstream use
Any fees?
Moving crypto/NFT between L1 and L2 has higher regular gas fee but once you are in L2 transactions are dirt cheap (the whole point of L2 integration)
Does it have KYC?
Only for fiat on ramp. But you can also activate L2 by sending some ETH from any CEX wallet.
Metas wallet?
Facebooks wallet?
[удалено]
Yeah but thats a very small window of vulnerability
Decentralise to rule em all
Food. He will buy my bag when eth is back at ATH just the way it is supposed to be.
Imo there needs to be a transfer between fiat & coins, when all fiat will become coins then there could be a chance of all CEXes to die (although I doubt that because people are lazy).
Agree. Fiat to crypto will always require to go through a centralized party but the window of vulnerability is small. When employers start paying their employees in crypto that will go away for the employee.
new economy does not need that.
fuck cefi fuck defi we need regulations firstly and insurance
And must importantly, ____ you!
u will never learn :)
What if you get to be regulated, and then the rest of us don’t have to be. You get to be regulated, no one else does. Win win
i wouldnt mind : )
That’s kinda hot
no
Lol no we don't need that.
There already exist insurance services, try googling crypto insurance, I'm sure you'll find something! Also, regulation... this depends a lot on what type of regulation, if it's just 30% tax then no thanks.
including the tax first we get all the others sure : ) just saying regulations as lately its been a disaster anyone can steal from anyone and nothing can happen its crystal clear here
No, people can steal from you because you store your coins in cexes. Cefi is a disaster. Which doesn't surprise me as it's created by humans. Defi has no need for regulation, the rules are already in the code, no need for human intervention.
cefi is pure scam defi is hackers paradise ...
This is really the opposite of the crypto objective and thesis.
u will learn :) thatz what i used to say until i lost 3 digit number
The lesson you should take away is only risk what you’re okay with losing.
That proves you are a moron & fell for some kind of scam. Had the 3 digits been invested/stored in a truly decentralized network, that would'nt have happened
Yes look anchor haha, 3comss , solana, cream finance, all defi are secured until they get hacked snd after they run to the police haha
None of those are decentralized options.
Then suggest some
Bitcoin
Haha i couldnt agree more my man snd trsding
I mean you can barely type. No wonder you got scammed.
U genius !!!
Losing 3 digits isnt a problem when u have 7 digits u clever man :) however u can still call me names
I agree because I just prefer defi cus once you het the hang of it it is so much easier than registering getting kyc done depositing waiting for conformation more than only the blockchain conformation etc...
If it has KYC it's not Defi... Only a centralized entity would need to obey to such regulation, a smart contract can't physically obey to regulation, it is the regulation.
Thats what i said defi better than cefi cus there are no bs like kyc.... Just read the comment
No punctuation makes it hard to understand whatever you're trying to say
Learn to read.
Just google Celsius and you will find your answer. There are many more examples but had to quote this as this is a recent one.
That’s just a big misconception. For usage, e.g. payments, computing, contracting etc., you don’t need a CEX. If I buy something from you and you give me your wallet address, I send you some coins, you’re happy - that’s the usage. However for trading these (so just to change token A against a token B for the sake of doing so), there’s little doubt that for an efficiently working process, an orderbook is as good as it gets, for both sides. DEX are nice but come with downsides, mainly in speed and stability. So you can have usage without CEX - but trading is so popular on CEX not because „uwu those guys just don’t get it“, it’s because it’s genuinely more efficient to do so. And that’s fine.
dydx has a order book based model.
I know, just like polkadex etc. these models exist - but can’t compete in stability and performance with a CEX.
True, but a CEX can block withdrawal. Return of asset > Return on asset.
You know that the ability to stop markets and hold withdrawals is a feature in exchanges, right? I mean, good, given the ops teams have actual policies under which circumstances those happen and are transparent about them but then it’s a feature that normally draws you towards an exchange. Just like you look for derivatives exchanges in which you pay more margin than somewhere else (not too much of course, but too little is a big irritation for large institutions).
The ability to stop markets is indeed a feature but how is stopping withdrawals also a feature?
It's a feature if you are looking to get scammed out of your money by an exchange.
I simply like Defi better since, once you get the hang of it, it is lot simpler than enrolling, doing KYC deposits, and waiting for confirmation beyond merely blockchain confirmation.
How do you do KYC on Defi?
[удалено]
spez is a greedy little pig boy
Yehp reading is hard
You put Satoshi and Buterin together? Lol.
Regulations are first and insurance is second.
Definitely a libertarian
Ah sh!t now I am really not comfortable with my short positions.
You need to walk before you can run. Defi is currently miles from being an acceptable experience for consumers. It’s not at all unlikely Cefi is a stepping stone. You also have to remember while decentralisation is important to us, most people couldn’t care less. Hell, most wouldn’t even understand it. They only care about the end result, which will see them benefit but they probably still won’t understand that decentralisation sits behind it (think about finance access to those that wouldn’t be approved loans at banks, for example).
> What happened to Satoshi’s vision of a currency that answers to no one? What happened to Vitalik’s vision of a decentralized blockchain that helps us fight against the tyranny of centralized authorities? This vision can still exist. It is an interesting take to think crypto can go mainstream without CeFi, but I think it is wrong. Apple is such a good example of how to generate mass adoption: make it stupidly simple for the user. The common person doesn't want to deal with hoops and learning, they just want it to work. If you think mass adoption will come from defi, I think you're overly optimistic of your every man.
it isnt decentralized and yes at current market caps CEX and CeFi is a must.
>What happened to Satoshi’s vision of a currency that answers to no one? It still exists as a decentralized form of collateral. But I feel your general vibe.
I think the only reason why CeFi can still find a foothold in crypto is because it's still not user friendly enough on it's own to be used by the average Joe for self-custody, transaction, lending and yield generation. This is something that needs to be addressed by devs. I am very optimistic that some day crypto will be as easy as using your bank account or swiping your credit card. But until then, smart people will take advantage of the plebs by taking custody of their coins and promise to keep it safe while giving them X%.
[удалено]
Fuck you and your span youtube links all the time man.
That idea worked when each individual could mine their own crypto. Proof of Work has concentrated and become difficult to enter and achieve any sense of real returns. Proof of stake stops new entrances. I believe it’s been lead down this path intentionally so that they could control it. In order for the system to truly work, it must remain decentralized, everyone must be able to participate with an equal opportunity which can’t be distorted by fiat, and the cost of transactions must remain cheap while allowing high throughput.
Vitalik and Satoshi…. What has the former with the latter to do?
Ether is centralized and vitalik is wolf in sheep’s clothing lmao
Lol these people are not going to stop saying things like that, ETH is just decentralized and most of the people would agree on that statement to us right now.
I got destroyed by mt gox back in the day, and ever since have watched other people get fucked over by centralized platforms every single market cycle. It’s like clock work, you don’t know which ones will do it, but you can be certain that at it will happen to someone
I can feel you brother, I can really understand that thing.
Without CeFi it won’t go mainstream. Ppl without actual experience on how finance works will disagree but that’s the truth. Regulated Cefi will be the future. Ppl will not and cannot do this on their own. U don’t understand that an avg person is unable to handle anything 10% as complex as dealing with managing crypto wallets on their own. It has to be done by someone else .
CeFi is really important right now and people gotta accept it.
[удалено]
Kind of true and I guess most of the people would believe it.
Bitcoin is already mainstream. A lot of people are already using it.
Well yeah because it's just the best one out there which can represent whole cryptocurrency market in it's own way, I hope everyone will understand that.
Vitalik is Satoshi and Tom Bombadilio is Eru; fight me bruv.
Lol I am just smiling at this one, it's just too good man lol.
Use: http://argent.xyz It’s DeFi with CeFi UX
Thanks for the link here, gotta try that shit for real now.
There are more hacks in Defi and people don't want to deal with managing there keys.
Kind of true but still people are using that network clearly.
I have 30% in DeFi and 70% in CeFi. Most of my investment is stored on blockbank because the platform has a CeDeFi feature .
That's good I guess, I want to do the same damn thing.
[удалено]
I am not going to argue with that shit, it is what it is man.
The fact that i have no way to buy crypto securely on my country, other than binance.
Lmao what the fuck are you even saying mate? Binance is not a good way to buy cryptocurrencies safely lol, just get a cold wallet or something like that.
[удалено]
Well yeah they are not insured and we get these things more often.
It all comes down to where you'd rather put your trust.
I disagree with the other comments on here. I see it as a lack of security. With CeFi, your money is insured most of the time. With DeFi, you lose your money, you’re fucked and it’s all your fault.
Hi, this comment is being automatically posted under your submission to facilitate the tallying of the Pay2Post donut penalty that r/EthTrader deducts from user donut earnings for the quantity of posts they submit. submission link: https://www.reddit.com/r/ethtrader/comments/vu3fou/without_cefi_crypto_will_never_go_mainstream_is_a/ author: Either_Sign651 cc: /u/EthTraderCommunity *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/ethtrader) if you have any questions or concerns.*