[romeros]

This is really a popular opinion on HN. It is kind of self evident too.

Defi, NFT, Crypto all have Ponzi features. The people who win are early investors and the ones who lose are those who are late to the game. So, we invent "new" schemes like NFT, Defi etc.

There is no product. Nobody uses Defi to "borrow". 99.999% of the people want to put their crypto in and magically get some crazy XY.ABC% APR on their crypto. Everything runs on greater fool theory.

When the bear market hits there will be a lot of bag holders wondering why the hell they paid $10k on a monkey pic with sunglasses and a cigar.

During the euphoria phase people act like they are misunderstood geniuses and people who rightly call this a ponzi scam are those who don't get "it"!

[iskander]

>Nobody uses Defi to "borrow".

I mostly "use" crypto to keep USDC in DeFi sites like Aave for ~3-10% APY and some on Gemini for a FDIC insured 8% APY. This money primarily gets lent out for other people margin trading, but you don't really need to take on any of that risk for yourself.