avatar of @edje
LeoFinance Badge
3 min read

This more than an hour video is my first steps into the Binance chain. But WTF: these APY's and gains can't be real while they are real at the time of the video I suppose. I don't believe too much that Binance will pull some kind of scam, they have too much to lose. Meaning, I don't see too many risks in the chain itself, regardless of its governance system. However, I do see the risks in many of these pools. The smart contracts can be hacked, or those who set them up can take the money. But I suppose, many of them are more or less legit, but we don't know which ones.

Like some of the guys in the video, I'm likely too old to take advantage of all of this DeFi stuff. Though someone in the video stated it's all not too complex, I think crypto space with all these DeFi services, the complexity we see in the fiat world, is ported to the crypto world and adding even more complexity. In the fiat world, we kinda know most of the services and companies can be trusted. The added complexity in crypto is the fact we can't trust anything. No laws are around that can be applied. The additional complexity is that setting up something, ie add some liquidity to some pool at Binance chain, takes a few steps in between. Maybe I shall explore this by using some small money, just to see how this works, but somehow it puts me off as well since I feel I don't understand what I'm doing anyway.

I noticed that many of the millennials are going crypto. Especially since the recent boom in the market. That said, this was also the case 4 years ago, middle to end 2017. Since the bust in early 2018, many of them lost much of what they pushed into. Some sold just before the crypto winter started, they got lucky. None of them I know, those who got out the right time, and those who lost much of their fiat they put into crypto, returned to crypto. They stay away from it. I feel this may happen again. Now so much new money is flowing into crypto, because of the boom, because of mainstream media and social media talking about crypto in combination with the boom itself. I suspect many of them get wrecked, since many of them are greedy, jumping on whatever is hyped while they do not understand what they are doing. Loing story short, I feel like when I enter these games of massive gains, with much more knowledge then the average crypto guy or girl joining the crypto game as of recent, I'm stealing from them. On a macro scale, we could see what's happening in crypto, the move of money from one to another hand is very similar to what happens in the fiat world. In the end, we ending up with an inverse Robin Hood (not the service, but the Robin Hood from the stories, books, and movies. Stealing from the poor and giving to the rich.

Euhmmmm, didn't want my comment to go this way :) But now written it, I'll leave it like it is :)

I wonder what you think of chains supporting smart contract without having transactions fees. Like HIVE chain when it will go the direction to support Smart Contracts. Or KOINOS, the chain that is in development. No transaction fees to these chains. Can these chains be the next thing to DeFi? Or do you think the chains itself require some form of transaction fees to be suitable for DeFi projects?

Posted Using LeoFinance Beta