As someone who got burned by DeFi, what is your take on DeFi?

Question

Anchor, Protocol Hacks, Debase. I was a massive supporter of DeFi, but now I am licking my wounds. What has been your real experience?

Abigail Salimpuran · Accepted Answer

@nicolasgohler nope, it's from my own experience haha omg sorry if it's too sound like a GPT answer. but seriously using DeFi can be risky like other but definitely good to use if we know how to use it.

Nicolas Gohler · Answer

@abigail_salimpuran Did you use ChatGPT for this answer?😂

Answer

Similar to cryptocurrencies, the price of DeFi assets is prone to sharp volatility. Both large profits and large losses may result from this volatility, particularly for people who make investments without fully appreciating the dangers.

Atticus Li · Answer

@jhony_srear That is the realization I needed, which is that it's not a currency. Currencies do not behave like BTC or ETH, etc. There is a reason why the dollar is the world's reserve currency. Other countries trust it.

Abigail Salimpuran · Answer

Navigating DeFi can indeed be a rollercoaster ride. While it promises financial freedom and innovation, the reality can be quite turbulent. I've had my fair share of ups and downs with DeFi projects. However, I quickly learned that DeFi comes with its own set of risks, from protocol vulnerabilities to impermanent loss. Despite the setbacks, I still believe in the transformative power of DeFi, but I've learned to approach it with a more cautious mindset, conducting thorough due diligence and only investing what I can afford to lose. It's a learning process, and while the journey may be bumpy, it's also filled with valuable lessons.

Nicolas Gohler · Answer

Like most things, DeFi is best when you know people in the space. You'll find it much easier with a group of like-minded individuals who have the same goals as you, sharing knowledge and resources.

As someone who got burned by DeFi, what is your take on DeFi?

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