Keep learning in the DeFi space

Defi 101 Course
#184

The opportunities I see are in building protocols which permit poor and average people to enter DeFi willingly and profit from it. I’m learning this is to risky and complicated for them. Currently, they come into crypto because there is some currency crisis in their country. They have to move out of native currency because of the same people in the old system. Unfortunately, players in the old system are disproportionately benefiting from the structure of the new one.

I went through the DeFi Overview spreadsheet. Some projects I understood others I did not. Again, I still have more to learn to fully understand how all the parts work. Most people will not get it or are not interested. How will they get into DeFi and benefit from it? This remains the question for me.

The way we can strength this new parallel system is to build ways distribute the wealth. I am not talking about taking from the rich and giving to the poor. There are enough creative minds to come up with the solution.

Thank you for the course. You got me thinking with this one.

1 Like
#185

Ok new DeFi concern. I’m watching scammers switch back from Monero to using BitCoin to fake some legitimacy. So I’m wondering “those idiots, how are they going to move BitCoin? Those addresses are going to be instantly blacklisted and watched”. Normally you need to mix, or go through some shady OTC desk at high fees to get away with a BitCoin scam.

Then it occurs to me: they can permissionlessly tokenize the BitCoin into DeFi, sell out for stablecoins, and walk away, nobody the wiser. And now DeFi has a new problem: tainted collateral. There’s a detokenizing risk that you may get stuck holding marked, and therefore worse than useless bags of BitCoin.

A few BitCoin from twitter scammers here and there, no problem. But what about OneCoin? If I’ve thought of it you can bet they’re already doing it…in bulk.

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3 Likes
#186

The speech to be made on the DeFi field, but also of the crypto world in general, is very long and complex. I believe there is still a lot of mistrust for everything new on the internet. For now the only things that average people know is that cryptocurrencies are scams or something not to be taken into consideration because they are too volatile and “tied” to a world where only money is lost. First of all we must aim at the simplification of everything, the masses don’t like technicalities. Next, you need to create something that doesn’t have to be forced into, but simply takes the place of something less efficient. As happened with the machinery in the factories, which started to replace man in some jobs during the industrial revolution (they worked faster and better, so if you didn’t want to be cut out of business you had to update yourself). Or as with computers … initially mistreated or deemed not very useful, but necessary later because they carried out calculations very quickly (not forcibly introduced). Sorry for this long speech, but I felt inspired :slight_smile: . I wanted to know what you think of Synthetix @amadeobrands , because I think it’s a project that is able to bring a lot of money into the crypto space.

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#187

Thanks for the course, a lot of really interesting ideas to think about as well as imagine how this will evolve in the 2020’s.

#188

Experimental I farm it sell it but would watch out

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#189

Is it just me or does MakerDao seem to be in a decline in liquidity/market cap. Maybe I suck at reading the charts. Still thinking of opening a vault, any thoughts/alternatives?

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#190

Hi Amadeo!

Good job, enjoying your content

I have a question about one project I researched a bit.
It is BIDAO, a defi project that is in the beginning with plans to run it on Binance network, with their own stable coin, governance coin
There is a preICO going right now for this governance coin BID
https://www.bidaochain.com/
Have you heard/researched?
What do you think?

To me looks promising

1 Like
#191

Well
I believe the whole idea is that you are locking your asset as collateral, and that asset is volatile… You generate stable coin and borrow stable coin, invest, give it back, and hope that during that time your collateral has increased in value.
Lock 100 ETH at 240$ per coin, borrow DAI, then pay back DAI, and during this time lets say ETH increased in value 20%
You are not required to buy back your ETH at increased price if you were to sell your ETH, invest and then come back to buy ETH back, and it is more expensive. BUt this works only if ETH appreciates in price. What if ETH goes down in price?. Well hopefully its temporary and you are still holding an asset with growing potential
What do you think, guys?

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#192

So to understand clearly, if you deposit ETH at 250$ and borrow DAI .
After a period, if you sell the DAI to ETH but ETH has gone up to 300$ do you get less ETH or is it the same ETH you locked in?

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#193

This course has shown me just how early we are in this space.
Lately when I discuss crypto with people I enjoy watching their eyes gloss over and retreat from the conversation…Look Squirrel!..
When and how defi will come in the daily language among the pop. probably years away.
Glad I am getting my feet wet so I can find a niche for myself .
The only thing I must face is the FEAR each time stuff does not appear after a transaction.
Like when you make a big trade you think you can do easily but…OMG where are my coins/tokens…did I just loose all that money…did I make a mistake…omg…
Then after a while…FFFFEEEEWWWWW, there it is.!!
blood pressure dropping back to normal again…lol
Hope I am not alone with this.
Love the crypto space to teach focusing.

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#194

Of course you get same amount of ETH you have deposited
/That is the whole point. You get your collateral back, the same amount of ETH tokens, regardless what is the price of ETH

It is like getting home equity loan. You provide your house as a collateral, get the money, use it, return it back to the bank with interest, get your house back
No need to sell the house and then buy it back

But…
If your collateral, your ETH price,( while that ETH is locked ), goes down…
The contract will potentially liquidate it (automatically sell it )at some point… And you might loose your ETH and im not sure what you are getting back in that case, probably $
Lets say you deposit 10Eth priced 250$, borrow 2000$ DAi, then ETH price goes down, when the price is lets say 220, or 210, or 200 (specified in the smart contract), the contract, dapp, will automatically sell it on the market , so your collateral is never less than amout you borrowed (what if you never return DAI, they want to keep their money!)

2 Likes
#195

Hello
Good course, got tired at the middle but the end got me going. Need more home work/assigments.

I don’t know if this is the right place to post one project that I found but I’ll do it anyway.

Meridian Network

Meridian Network is intended as a platform to be used for Dapps and as a community DAO, making use of the LOCK token ( currently MRDN token, swapped for LOCK upon our beta launch ).

  • Variable staking rewards
  • Deflationary supply
  • Community DAO
  • Dapps

Regards

1 Like
#196

This was an amazing course! so much information! Ill be watching and going over those again and again! I see great value in the whole DeFi ecosystem. I cannot wait to get further along in my studies here as I am so new to everything I am taking in right now. But I have this great fire that this course has ignited inside of me. One that has given me the drive to take this to wherever it will lead me. I see so much opportunity where one is only limited to his imagination, creativity and functionality of the next great idea. Thank you so much!

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#197

Enjoying the Federico Nitidi interview so far! Just subbed too!

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#198

It’s tough for me to say what building block of DeFi I want to work on. I can’t yet say that I’m a competent programmer, so once I finish the courses on programming and have a few projects under my belt, I can revisit the DeFi space and see if any new or pre-exisiting projects catch my attention. I watch Ivan’s videos on Youtube so I’ll be getting a general overview of the space on the weekly as I learn the possibilities of programming on the blockchain.

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#199

Amadeus
Your DeFi Ecosystem overview is amazing - thank you and keep up the great work!!
The whole course was very interesting and it has sent me down a few rabbit holes!
I am a newbie and have zero programming or blockchain experience!
I am a lot less afraid of the block explorers but by no means am I 100% comfortable.
Is there any course here that explains how to use Etherscan and Ethexplorer (and now Bloxy!!) a little more extensively.
My only criticism is that, although the content was great, I found each lecture length way too long.
(Or is it that my attention span is a little too short??!!)
i think you’re awesome and you should have MORE CONFIDENCE in that!!! :slight_smile: :smiley: :smiley:

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#200

Can you imagine the first car loan system based on DeFi. You don’t want to cash out your crypto to buy a car instead just put it up for collateral with a smart contact. Lots a regulations to over come but I could see the usefulness of the whole system.

2 Likes
#201

Need help. I just did a swap in Uniswap of Dai swap for Trustswap, but I just have my transaction on my meta mask but not the tokens. Do I need to down load the token wallet before if I dont have that token. Because I try but serch came emty. I will like to send my Trustswap token to another wallet but I dont know how. It just ssems that the transaction when true but I dont have the tokens.

Swap Exact Tokens For Tokens

Details

From: 0x4d975FA5835f8636B4712d9d22b25e99936c1DCF

To: 0x7a250d5630B4cF539739dF2C5dAcb4c659F2488D

Transaction

Nonce

16

Amount

0ETH

Gas Limit (Units)

203100

Gas Used (Units)

171241

Gas Price (GWEI)

133

Total

0.022775ETH

$7.36USD

Activity Log

Transaction created with a value of 0 ETH at 10:43 on 7/27/2020.

Transaction submitted with gas fee of 0 WEI at 10:44 on 7/27/2020.

Transaction confirmed at 10:44 on
thatks

1 Like
#202

Create a market for developing areas where people can use paper currency, bartering goods, and cryptocurrency. The primary use case: cheap, simple, and accessible. Leverage existing technology but allow them to leverage crypto as well - bridge archaic and new.

3 Likes
#203

Thanks for the course Amadeo, it’s been interesting.
I’m curious as to what Cardano are going to bring to the table.
Shelly is live and Goguen is next up, but what actual projects are working on DeFi on Cardano?
I see Lykke maybe doing something similar to Celsius (after their announced partnership this year), but are there any projects actually working towards this goal now?

1 Like