Someone know what is going on in Cryptoland?

[Spinat]

All cryptos are negative today and since yesterday.. does someone know what is going on in Cryptoland in August 2020 ?

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[Ashitaka]

It seems a pullback‍ due to high correlation with gold and inverse towards dollar. DeFi is booming tho

 

[Spinat]

what is this, can you elaborate‌ please?

 

[Ashitaka]

It's the abbreviation for Decentralised Finance. Many projects are taking market share from centralised exchanges‌ via decentralised finance such as decentralised exchanges, automated market making and liquidity providing, non custodial‍ stable coins (usdt) savings accounts. All these projects bootstrap with their own tokens rewarding their⁠ users and keeping little to themselves contrary to centralised exchanges.

Google "DeFi guide decentralised finance"⁤ and you should find a bunch of videos and guides.

Be careful investing here since⁣ there are many scams and overvalued projects.

 

[DSCorp]

Crypto has been on‍ a run up all year, just a pull back thats all. If you have some,⁠ keep holding.

Yes it is!

 

[NewMorty]

DeFi would Bisq come under this and is it worth trading with such decentralised platforms?‌ As opposed to using Kraken, Binance etc

 

[DSCorp]

Yes Bisq would‍ be an example of a platform the fits in the DeFi category. To answer your⁠ other question, just understand the user experience might not be as streamlined as the centralized⁤ companies you mentioned, dependent on what pair you're buying, selling, or trading there could be⁣ solid volume to get execution of your trade or not, because it is purely peer-to-peer.⁢

 

[JohnLocke]

Everything looks like it is stabilizing again today, may indeed be something temporarily as usual.‌

 

[pedroff]

I've been related to cryptocurrencies for long so I will offer my experience.

#DeFi is‌ a short term for decentralized finance. Strictly speaking, it is the possibility to interact directly‍ against a blockchain without the need for any type of central entity. Mainly associated with⁠ Ethereum and smart contract capabilities.

Bisq is not DeFi. It is a decentralized software⁤ that enables people to get in contact for buying/selling crypto. You would still use a⁣ bank or cash to execute the payment or receiving the money. It would be an⁢ improvement against a webpage like localbitcoins.

#DeFi booming means: Ethereum's blockchain is attracting a huge︀ amount of investment towards its digital asset ETH.

 

[clemens]

Things seem to stabilize after they have gone down, that's the ever going on game‌ in cryptoland. One day you think s**t this is bad and the other day you‍ say s**t why didn't I buy more while the price is low.