Defi Space

Discussion in 'Digital Currencies' started by REDBACK, Aug 24, 2020.

  1. REDBACK

    REDBACK Well-Known Member Silver Stacker

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    Hi Guys
    Just wanting to create a DeFi specific thread where we can discuss everything related to DeFi and post articles, youtube references,Top ten picks for SS individuals & analysts, loans,interest rates etc.
    Rules no dick swinging,arguements just pure information and open minded discussion re projects..
    The space is evolving rapidly and id like to put our combined minds together so we can make profits along the way.
     
    Last edited: Aug 24, 2020
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  2. REDBACK

    REDBACK Well-Known Member Silver Stacker

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    https://defipulse.com
    What is DeFi? (DefiPulse definition)
    DeFi is an abbreviation of the phrase decentralized finance which generally refers to the digital assets and financial smart contracts, protocols, and decentralized applications (DApps) built on Ethereum. In simpler terms, it's financial software built on the blockchain that can be pieced together like Money Legos


    DeFi Pulse is an excellent information source and has a 'DeFi List' that is broken down into subsections of


    • Lending
    • Trading
    • Payments
    • Wallets
    • Interfaces
    • Infrastructure
    • Analytics
    • Education
    • Podcasts
    • Newsletters
    • Communities
     
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  3. dozerz

    dozerz Well-Known Member Silver Stacker

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    marketing, be vary careful buying into this. the new crypto buzzword.
     
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  4. Revils

    Revils Well-Known Member Silver Stacker

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    I've got an Oasis CDP open at the moment - used ether as collateral to borrow DAI, used the DAI to buy more ether.
    Opened at ~$189USD in May so it has since doubled. I think I'm going to let it ride until Eth 2.0 launches (at least).
     
  5. REDBACK

    REDBACK Well-Known Member Silver Stacker

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    Youtube channel resources that I find in one way or another add to my knowledge of this space and others in no particular order.
    I will highlight the main channels in bold that I go to first then sift thru others for info,snippets.
    This list will be different for everyone for various reasons but its a start.
    Some information may be the same but presented differently and easier to understand when presented in multiple different formats.
    Realise that there can be Excellent,good to no relevant content on a day to day basis and always delve deeper past the initial information received for better perspective.
    • Ivan on Tech
    • Data Dash
    • Real Vision
    • Coinbureau
    • Altcoin Daily
    • Hashoshi
    • ChicoCrypto
    • Boxmining
    • Cryptotalk
    • Aimstone
    • 99Bitcoins
    • CryptoLove
    • Digital Asset News
    • Tai Zen
    • Nuggets News
    • Crypto talk
    • Crypto Casey
    • BitBoyCrypto
    • Lark Davis
     
    Last edited: Aug 24, 2020
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  6. Andy28

    Andy28 Well-Known Member

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    Friends have been recommending Bancor-BNT. Any thoughts on this? This is another that was around in the 2017 buzz, but not sure whats happening since then.
     
  7. REDBACK

    REDBACK Well-Known Member Silver Stacker

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  8. REDBACK

    REDBACK Well-Known Member Silver Stacker

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    Haven't looked into BNT before,3 videos in and I have no clear understanding of its potential yet.
    I'll keep going, if anyone can wrap BNT up in a nut shell that would be appreciated.

    https://support.bancor.network/hc/e...311-How-is-Bancor-different-than-an-exchange-
     
    Last edited: Aug 24, 2020
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  9. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    BNT is a pretty simple premise - you can swap your coin for any other coin, without needing someone else to complete the exchange with

    As you know, when you are trading on an exchange someone is buying and someone is selling, where as BNT takes away the need to rely on someone else to buy your holdings essentially

    I was close to investing in BNT and had it on my shortlist, but decided there were other projects that I liked more

    As for DeFi, it's been all the craze - certainly feels like DeFi 2020 is what ICO 2017 was, in terms of getting the market pumping again, however DeFi is actually a lot more than just that.

    I've spent the past couple of months right back in the space, so am pretty up to date with everything that's going on lately but I'm not going to shill my bags or suggest any particular projects - you really need to DYOR. What I will say though is that anything remotely linked to "DeFi" is getting shilled and pumped up, so just be careful and be diligent, because there definitely is very good stuff coming through, but there's going to be a lot of DeFi projects that will bust, just like ICO's did

    Also keep in mind, if you're just getting into things now, a lot of DeFi projects have already pumped a lot, so don't get caught holding someones bag

    As for that list of YouTubers, I haven't checked out a lot of them (I do watch DataDash, Lark Davis and CoinBureua as I feel they provide relevant, and for the most part unbiased information) but for the love of crumb cake don't waste your time with that BitboyCrypto fool - nothing but shilling his crap - I blocked him so he doesn't even come up in my recommendations
     
    Last edited: Aug 24, 2020
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  10. REDBACK

    REDBACK Well-Known Member Silver Stacker

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    Soprano
    This means that converting a cryptocurrency does not require matching two parties in real-time with opposite wants; rather, it can be completed by a single party directly through the token’s smart contract.
    Can you explain this in more detail as on an exchange buying and selling happens behind the scenes and is an instantaneous transaction for the seller.So how does it make a sellers experience different.What are the advantages that BNT substantially offers over exchanges?
    It would be nice to see your picks to research more into projects, thats why the thread was created.
    So saying that these are the majority of DeFi coins I have money in that I recall off the top.
    • LINK
    • REN
    • OMG
    • WAVES
    • XRP
    • STELLAR

    I just realised when asking these questions I am coming from the perspective of why would I invest in BNT and trying to asses its investment value case against other coins available.So while BNT may offer differences & cause disruptions in the DeFi arena how much of a major use case do you believe it may have.God that was a hard one to string together.
     
    Last edited: Aug 24, 2020
  11. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    When you jump onto an exchange to buy (a proper exchange, not something like Coinspot), you need someone who is selling to buy from. You place your buy order and set what price you are prepared to pay, and if there is a seller who is willing to sell at that same price, your orders are matched and filled. Vice versa for when you want to sell

    BNT on the other hand doesn't require the need to find a matching buyer/seller

    Say for example you have some shitcoin that you no longer want - well, you might have trouble selling it on an exchange - perhaps your exchange has low liquidity, or people just aren't looking to buy at your price etc. With BNT, it doesn't matter - you just dump/sell your coin and BNT converts it into the coin of your choosing (albeit they need to be coins supported on the BNT network)

    Not needing/relying on someone to match your buy/sell order is the appeal of BNT

    Keep in mind, if you use Coinspot for example, they're not an exchange. They advertise themselves to us as an exchange, but they are not one. With Coinspot, you can just buy and sell whenever you like - behind the scenes Coinspot is trading (mostly on Binance) and charging the user fees to do so. Buying and selling is super easy with Coinspot as you would know, but that's because they are simply providing a platform that allows you to buy and sell, however you are not "exchanging" technically

    All the coins that Coinspot offer (it's no coincidence 99% of their coins are Binance listed) Coinspot themselves have a certain amount of each coin in their hot wallets - when Aussie users place a buy order, they credit your account instantly, but then if you attempt to send those coins to your own private wallet for example, you will notice that sometimes there can be a delay in them sending it - that's because they need to process the transfer request themselves (your request is not live like it is on an exchange) and if their hot wallets are low, they will then buy on Binance, then action your send request

    Basically, Coinspot is just a 3rd party application which makes buying and selling crypto really easy for it's users. Just think of them as someone who actually does the trading/sending on your behalf, and they charge their fee to do so. This is why a lot of people just use Coinspot as a gateway to deposit and withdraw AUD - deposit AUD, buy BTC for example, then send it to a real exchange and do their own trading as the fees on Binance etc would be less than what Coinspot charge

    Hope that makes sense

    As for the coins you have listed - they're all well established and strong holdings :)
     
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  12. REDBACK

    REDBACK Well-Known Member Silver Stacker

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    Awesome explanation,thanks mate
    Appreciated
    RB
     
  13. Andy28

    Andy28 Well-Known Member

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    How does it actually do it though? You get rid of X amount of shitcoin and turn it in to ETH via Bancor, but how is bancor actually acquiring the eth if no one wants your shitcoin?
     
  14. dozerz

    dozerz Well-Known Member Silver Stacker

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    bancor enables liquidity pools or providers to enter the market. there is always someone ready to buy your shitcoin as long as the liquidity cap is not reached.
     
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  15. REDBACK

    REDBACK Well-Known Member Silver Stacker

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    Anybody else willing to post their picks,resources to help fellow SS grow in this space?
     
  16. dozerz

    dozerz Well-Known Member Silver Stacker

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    polkadot network, just launched and dots today are already up to $4.65 each. stake them for a 12% return, kraken is also offering staking bonuses.

    some of the projects on polkadot with market cap under $100mil currently:
    rws
    xrt
    kton
    oax
    dock
    pcx
    xor
    ring
    akro
    celr

    do your own research, defi currently has the moniker of DEFInietly lose money.
     
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  17. REDBACK

    REDBACK Well-Known Member Silver Stacker

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    Thanks dozerz
    Any coins you have invested in?
     
    Last edited: Aug 25, 2020
  18. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    Polkadot is certainly all the hype at the moment

    I was going to buy at $4.00 AUD on Saturday just gone but was hesitant and it seems to have cost me so far

    That said, it already has a Top 10 marketcap, and that was partially why I was hesitant - I read that their investors paid approx 18-25c per coin, and as soon as DOT started hitting exchanges it was 15-20 times that price, so that was a turn off for me.

    If they deliver on everything they have said than it's certainly going to be pushing ETH and be right up there, so there is still potential for big gains, but for now I am just monitoring it closely

    There's more and more DeFi coins coming out, and it's all the craze - it's just too hard to keep up to date with all of them, but a few that I've been monitoring for a while now (that still have relatively low marketcap) are Kava, Bancor, Loopring and Band Protocol (although it's had it's pump now)

    My 2 big regrets this year are Aave and Synthetix Network. I was looking at Aave at 17c AUD and SNX at about $2 - I kept hoping they would pull back but they never really did :( There seems to be a correlation between the two as well, I've noticed they follow each other almost always in terms of price going up or down

    DeFi is certainly worth spending time in to get yourself up to date with everything that is going on, but remember - when everyone is doing one thing (DeFi) it usually pays to do the opposite, look at coins like OMG, ICX etc - OG's that have been around for years and actually have a lot of real world product/relationships/adoption, not like hype and promises on a whitepaper (like most DeFi at this stage)
     
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  19. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    Just a follow up on the YouTubers

    https://www.reddit.com/r/CryptoCurrency/comments/ifuve6/as_if_his_cancerous_thumbnails_and/

    As I said above, CoinBureau, DataDash and Lark Davis are the only 3 people on YT that I watch

    Benjamin Cowen seems pretty legit too

    CoinBureau, because he does a really good job at providing detailed information with his coin/project reviews, and DD/Lark just to keep up to date with the latest news and happenings (and a little TA)

    I don't think you need to waste your time with anyone else on YT tbh
     
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  20. dozerz

    dozerz Well-Known Member Silver Stacker

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