- This topic has 1 reply, 1 voice, and was last updated 6 days, 4 hours ago by DSOURCE1991.
- Thursday, November 24th, 2022 at 13:30 #409951gyrhaeddawxParticipant
We are all aware of the current market situation, which clearly shows how dangerous CeFi platforms can be. This is yet another reason we need to embrace decentralization, which crypto was truly designed for. CeFi platforms are easier to use, but they also carry a greater level of risk.
Most CeFi platforms now look like ticking time bombs because they operate like banks; remember, if it’s not your key, it’s not your money.
When Celsius crashed a few months ago, I was less concerned because I wasn’t caught up in it. I only told myself that the bear market was only taking its effect, which is a good thing because it’s rooting out the bad projects and leaving the real projects with nice utilities to survive, not realizing that I was also using one of the bad, soon to be rooted out projects called FTX.
FTX crashed and ruined my EOY plan of taking a nice vacation to Switzerland with my soon-to-be fiance. I had no idea that saving on CEX was the same as setting my house on fire while relaxing inside it. It would have been an even bigger mess if I hadn’t withdrawn 50% of the stablecoins I had on it to SpoolFi a few months ago, to stake on several yield farming protocols via its smart vault.
To be honest, I thought I had a perfect plan and that all I needed was a 10% APY or even less and I’d be set for the year until FTX crashed.
That’s my fair share of this bear market; let me know if you know of any other good DeFi platforms out there that I can build within this period, and FYI; she turned down my proposal because I canceled the trip.Thursday, November 24th, 2022 at 13:30 #409952DSOURCE1991
The fault is on us… We could sell btc 60k,eth 4k, but we were greedy and wanted to go higher… Now we must wait and see if another bull comes
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