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DeFi: What is it?

Discussion in 'The Kruse Longevity Center' started by Jack Kruse, Jan 11, 2021.

  1. Jack Kruse

    Jack Kruse Administrator

    A bitcoin DeFi project (
    @SovrynBTC
    ) launched just a few weeks ago and it already has over $1 billion in total value locked. It is growing faster than almost every ethereum based “DeFi” project. Why don’t the DeFi people celebrate this great growth and adoption???
     
    GavinH and JanSz like this.
  2. Jack Kruse

    Jack Kruse Administrator

    For instance, when asked about centralization risks associated with exchanges, Caitlin Long noted that the digital asset industry is making some of the same mistakes as traditional financial services:

    “You cannot have perfect markets if you don’t have perfect information. The intermediaries in this industry are not doing proof-of-reserves and are not voluntarily disclosing financial statements to understand the counterparty risk associated with them. In some cases, with 100-to-1 or 125-to-1 leverage future contracts, the probability of loss is in the high 90th percentile. Would people actually trade those if they knew they were virtually guaranteed to lose money?”
    When asked about the ethos behind Avanti Financial, Long further remarked that “Satoshi gave us money that isn’t debt,” noting that Avanti is committed to solvency instead of liquidity. “A lot of folks are obsessed with liquidity, but Satoshi didn’t create anything designed to be leveraged and didn’t care about liquidity,” she said. Long additionally advised the audience to learn about circulation credit.
     
    GavinH, caroline, JanSz and 2 others like this.
  3. Jack Kruse

    Jack Kruse Administrator

    It should be obvious there is a future for DeFi with these numbers. I don't believe it will wind up on ETH but on BTC. PayPal in 2020: - settled $936 billion in payments. Ethereum 2021: - settled this same amount in about 17 days. (May 1 - May 17th)
     

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