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Symmetrick (OP)
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September 13, 2020, 11:43:40 AM
Last edit: November 30, 2023, 06:09:31 PM by Symmetrick
Merited by dbshck (10), fillippone (2), Husna QA (1), Ridwan Fauzi (1), Dragonfund (1)
 #1
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Cadaver20
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September 13, 2020, 03:33:56 PM
 #2
My knowledge about DeFi was very poor. After reading this tutorial, I got a lot of ideas about DeFi. But one thing is not clear to me. You call DeFi a trustless ecosystem.
Quote from: Ratimov on September 13, 2020, 11:43:40 AM
trustless ecosystem of financial applications / services based on public blockchains, predominantly Ethereum.
So why is everyone running after this trustless ecosystem?
CucakRowo
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September 13, 2020, 03:48:41 PM
 #3
Quote from: Cadaver20 on September 13, 2020, 03:33:56 PM
-snip-
As my understanding.
1. Maybe because defi's dev team usually anon. Means, Investors risk of losing their money will be even wider. (example, https://cointelegraph.com/news/another-defi-exit-scam-just-made-off-with-20m-in-investor-funds)
2. Possibility of a price dump (like sushi).

Quote from: Cadaver20 on September 13, 2020, 03:33:56 PM
So why is everyone running after this trustless ecosystem?
1. Fomo
2. Hopium
3. Unique ecosystem.
defi made a surprise and attracted many investors due to YFI. New Defi's project at least expected to (at least) match with YFI price. Imo, number 1 & 2 are the main priorities.
Btw, i'm not saying all defi projects are bad.
bbc.reporter
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September 29, 2020, 01:57:58 AM
 #4
Also, calling their projects Defi is only a promotional tool. They are Cefi hehehe.

Read this article. I support the affected exchange and projects to do everything to stop the hacker, however, this is not how a real decentralized Defi protocol is supposed to work.



Orion Protocol has updated its smart contract to render $8.5 million stolen tokens obsolete, Covesting has frozen the $520,000 stolen, and KardiaChain has invalidated $9 million worth of tokens.

Crypto company Velo Labs announced that it will invalidate all of the 122 million VELO tokens stolen in the hack, worth about $76 million. VIDT Datalink will freeze 14 million VIDT, worth about $6.4 million. SilentNotary will replace all of its tokens, including the $94,692 affected, and Ocean Protocol paused its smart contract after $8.6 million was lost.

Source https://decrypt.co/43066/130-million-of-kucoin-hackers-haul-to-be-frozen-by-crypto-projects
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