DeFi became a huge thing in the crypto space these days and I have reading/seen all kinds of stuff about it on the internet... like "Diversify your assets", "Don't time the market", "DeFi is a big scam".
I think they are good advice in a sense that people want you to understand that DeFi and crypto involve risks, huge risks!
But crypto is like life there is no manual to become successful and rich, and also there is no instruction to avoid that risks completely.
One success crypto story won't make you or me successful even if we follow the exact same steps.
So what I normally do is to set a boundary and allow myself to fail so that I have a safe space to play and fail. It is kind of a sandbox idea in programming.
You create a virtual space so that you can build stuff and play with it and see how it works. You can build it, test it, break apart and repeat as many time as you want. Sometimes you can build awesome stuff but most of the time, stuff doesn't work and fail miserably... but that is okay. That is what the sandbox for.
I kind of do the same thing for crypto. I set up a "sandbox boundary" and allow myself to be excited about "fear"(crypto) so that I can chase DeFi, yield farming, time the market, FOMO or whatever.
If I can make some money, that is great, and I have done that couple times. If I lose some money, that is okay too because that is still in my range that I set up. I learn by doing and learn from my mistakes so I won't make the same mistakes.
People are always overhyped about some new projects, but I know the bubble will eventually burst. So my fear of DeFi isn't much about the risks that come with it.
My biggest fear right now is the gas price π±
Gas price is way too expensive and it is way beyond my boundary. So DeFi and everything is getting out of my reach and I can't even move my assets. That is my fear...
It is not just me, small fish, but also affecting DeFi projects like Argent or Dharma
Argent wallet used to cover transaction fees so you could send assets for free.
Dharma is still doing token swap for free but they have $75 minimum so that any assets less than $75 can't be traded π©
- If you want to save on token swaps, 1inch have a Chi option that you can use to save on gas.
- If your transaction gets stuck, there is a new cancel transaction app
I wanted to test these dapps and posted here, but right now it is just too expensive to do anything so I couldn't.
source
Fear of DeFi is real...
What is your approach to crypto?
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