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The DeFi Chronicle: Why I’ve Become a Bitcoin Maxi for the Foreseeable Future
When there’s smoke, there’s usually fire. Unfortunately, it’s getting pretty smoky in the DeFi world these days. Here’s why and how I’m hedging my risks.
Some things are common sense. You don’t get truck stop sushi in the middle of the desert. You don’t try petting a rottweiler or a pitbull who is snarling at you. And you probably wouldn’t ask for hygiene advice from somebody with long messy hair and a ripe scent at a music festival. Other things are not so obvious such as popular scams people continually fall for, carrying a lot of credit card debt when you have money in savings, or not getting multiple quotes for things like insurance. In our current state, I would argue that DeFi exposure is moving from the numerous insurance quotes portion of the spectrum to the I’m starving, and all I see is a truck stop section.
It’s hard for me to write this. I’ve been a proponent of DeFi, and I believe DeFi will play a massive role in finance in the future. But there are too many question marks to make me comfortable committing funds to most projects in this space. So rather than try to fight the tide, I’m going to perch myself on the beach and try watching from afar as history plays out.
